LCC Projects Q1 FY27: consolidated PAT falls 15% YoY to ₹65.8 Cr even as OPM expands
PAT -17.05% YoY · revenue -15.12% · margins flat
₹802.59 Cr
-15.12% YoY
₹65.76 Cr
-17.05% YoY
8.11%
₹2.34
LCC Projects' first quarterly print since its September 17, 2026 listing shows consolidated revenue of ₹802.6 Cr, down 15.1% year-on-year from ₹945.5 Cr in Q1 FY26, with consolidated PAT (owners' share) of ₹63.7 Cr, down 17.1% YoY from ₹76.8 Cr; total consolidated PAT including minority interest was ₹65.8 Cr, down 15.6%. Standalone tells a consistent story — revenue ₹778.0 Cr (-14.3% YoY) and PAT ₹61.1 Cr (-18.6% YoY) — so the two bases do not diverge materially and both point to the same volume-driven slowdown. Sequentially, revenue fell 31.1% and owners' PAT fell 33.0% from the March 2026 quarter, but this is a seasonal pattern rather than a fresh deterioration: EPC/irrigation contractors like LCC typically see peak billing in the Q4 (Jan-Mar) pre-monsoon push and a slower Q1 (Apr-Jun) as monsoon conditions curb site execution, so the QoQ drop should not be read as a trend break.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The margin picture is mixed and worth separating from the topline decline. Segment operating margin actually expanded to 14.9% of revenue from 13.5% a year ago, implying better cost control or project mix even as volumes contracted. That operating improvement was offset below the line: finance costs rose 25.2% YoY to ₹24.5 Cr and depreciation rose 37.6% YoY to ₹11.2 Cr, both consistent with capex/debt taken on ahead of and around the IPO, which left net margin roughly flat-to-down (owners' PAT margin ~7.9% versus ~8.1% a year ago) despite the operating-line gain.
We have no prior numeric guidance on record for this company and no management press release was available to extract or quote, so there is nothing from management's own framing to reconcile against the print. We also found no brokerage previews or consensus estimates for this quarter — unsurprising for a name that completed its IPO (₹427.1 Cr raised: ₹176.7 Cr fresh issue plus a ₹115.85-lakh-share offer for sale) only weeks before this result — so street comparison is not available. Our own event record from the October 5, 2026 board meeting already flagged this as a revenue/PAT decline in the company's first post-IPO quarter; this filing's figures are consistent with that.
W1
Whether Q2 FY27 execution recovers from this quarter's 31% QoQ revenue drop as the monsoon-affected site season ends
W2
Conversion of the ₹653.34 Cr irrigation L-1 bid (Sept 24, 2026) into a confirmed order and ramp-up on the ₹60.35 Cr Reliance Industries order (Sept 26, 2026)
W3
Finance cost and depreciation trajectory (up 25% and 38% YoY this quarter) as post-IPO capex/debt plays out, and whether it continues to offset the operating-margin gain
Filing is for quarter ended June 30, 2026 (Q1 FY27), not the Q2 FY-2027 expected in our records — flagging this mismatch; the DB's 'previous quarter' comparison record (revenue ₹802.59 Cr, PAT ₹65.76 Cr, EPS 2.34) is numerically identical to this quarter's consolidated figures, so it appears to be the same Q1 FY27 print rather than a distinct prior quarter — QoQ/YoY below instead use the March-2026 and June-2025 columns printed in this statement. Consolidated PAT of ₹65.76 Cr includes ₹2.01 Cr non-controlling interest and ₹0.21 Cr share of associate profit; EPS is computed on the ₹63.75 Cr owners' share. No exceptional items this quarter (prior quarter had an immaterial ₹0.83 Cr Labour Code impact). Standalone and consolidated statements both reviewed (not audited) by Surana Maloo & Co.; four subsidiaries' unaudited figures (₹24.6 Cr revenue, ₹6.2 Cr PAT) are unreviewed and management-certified as immaterial to the group.