I was able to successfully build lxml-4.0.0.win-amd64-py2.7.exe from the sources. Thanks a lot for all your help. I can share the exe if its useful to someone. Let me know. Special thanks to Mr. Stefan Behnel for all his help and suggestions. Basically I am not a Python developer. I started supporting a python project recently and start learning the environment. Once again thanks to all lxml team members for the support.
Following sources were used for the same.