SME GEMS • HIDDEN CHAMPIONS OF THE SME PLATFORM

India's Only Listed Pure-Play Elevator Maker

Now adding India's fastest-growing D2C home elevator brand. Three engines, one factory.

Market Cap

₹284 Cr

Listed Sep 2025 at ₹78

FY25 Revenue

₹57 Cr

H1 FY26: ₹47 Cr

Order Book

₹289+ Cr

Combined Visibility

ROCE (FY25)

33%

ROE 3-Yr Avg: 31%

Executive Summary

Promoted by Arvind, Usha & Yash Gupta, L.T. Elevator Ltd (BSE SME: 544518) leverages 17 years of engineering DNA to build vertical transport infrastructure. The company operates core B2B elevators, a booming B2G automated parking subsidiary (Park Smart), and is acquiring a hyper-growth D2C home lift brand (Ricardo) to structurally improve working capital and margins.

02 • COMPANY JOURNEY

17 Years of Engineering DNA

Building The Foundation

2008: Incorporated in Kolkata; began elevator design & manufacturing.
2018: ISO 9001:2008 certification achieved — quality systems institutionalised.
2020: Expanded to 20 branch offices; 8,000+ installations under AMC service.
2021: Park Smart Solutions launched (WOS) for automated car parking systems.

The Acceleration Phase

2023: Revenue crosses ₹34 Cr; Smart City project wins in Silchar & Imphal.
Sep 2025: SME IPO at ₹78 raises ₹39 Cr for capacity & working capital.
Nov 2025: H1 FY26 blockbuster results (+140% Rev YoY).
Jan 2026: Ricardo Elevators merger term sheet signed — D2C home entry.

03 • BUSINESS VERTICALS

Three Distinct Engines

All feeding from a single manufacturing platform

01. B2B Elevators (Core)

800 units/yr capacity (62% util).
Passenger, goods, hospital lifts.
Strong in East India; now 50%+ orders outside East.
8,000+ AMC installations.

02. Park Smart (B2G/B2B)

Automated multi-level parking.
1,600 units/yr capacity (71% util).
H1 FY26: ₹16 Cr revenue (Hypergrowth).
New 324 decimal land acquired.

03. Ricardo (D2C Homes)

Compact bungalows/duplex lifts.
₹10–11 L avg selling price.
60 orders/month; ₹6 Cr/month bookings.
18 Pan-India experience centers.

04 • FINANCIAL PERFORMANCE

Profitability Inflection

H1 FY26 Results (Unaudited)

Revenue: ₹46.99 Cr (+140% YoY)
EBITDA: ₹10.01 Cr (21.3% Margin)
PAT: ₹6.45 Cr (+597% YoY)
PAT Margin: 13.6%
TTM Revenue: ₹84 Cr
TTM PAT: ₹14 Cr

Historical Trajectory

Metric	3-Yr CAGR	FY25 Target
Revenue	31%	₹57 Cr Base
PAT	184%	Steep Acceleration
ROCE	-	33% (Capital Efficient)

H1 typically represents ~40% of the annual revenue, with H2 historically stronger (~60%). Structural margin growth is clearly visible.

05 • RICARDO ACQUISITION

Manufacturing meets D2C

Adding ₹60-70 Cr of entirely incremental FY27 revenue.

The D2C Engine (Ricardo)

100% digital acquisition via Meta/Insta. Spending just ₹10-12L/month to generate 2,500+ inquiries and ~60 orders.

₹45 Cr+ Current Order Book.
~₹5.5 Cr revenue in first full year.
3-6 month delivery cycle.

Why It Makes Sense

Ricardo outsourced 100% of production. LT brings it in-house, fixing quality & margins.

Cash Flow: B2C pays 95-100% upfront (vs slow B2G).
Geographic Match: East (LT) + Pan-India 18 centers (Ricardo).
Terms: 2-3% equity dilution; 3-4 year lock-in.

06 • UNIT ECONOMICS

The B2C Margin Premium

ASP & COGS

Avg Selling Price is ₹10-11 Lacs. COGS (incl. installation) is ~₹6 Lacs (55-60%). Bringing manufacturing in-house expands this spread.

Opex & Marketing

Digital marketing is extremely efficient (2-5% of ASP). Branch & team opex is ~10%. High leverage as volume scales.

Target Margins

B2G Elevators & Parking yield ~13-15% net margins. B2C Home Lifts target 20%+. Combined target: 18-22% net margin.

07 • GROWTH ROADMAP

Executing The Order Book

Combined Order Book: ₹289 Cr (90% executable in 18 months)

1. Factory Capex

Base capex and Howrah land acquisition are already funded via IPO. Q4 FY27 Go-Live targets 2.5x capacity. Planned preferential allotment will act as a war chest for strategic M&A and accelerated scaling.

2. Ricardo Integration

Executing the ₹60-70 Cr FY27 run-rate. Expanding from 18 to 30 experience centers. Scaling ad spend safely.

3. Park Smart Saturation

Near 100% util in FY26. 324.5 decimal dedicated land acquired for parking vertical expansion. Diversifying beyond East India.

08 • VALUATION OPPORTUNITY

Growth Not Yet Priced In

De-rating via Earnings

Current State: ₹284 Cr Mkt Cap. TTM P/E ~20x.
FY26E Compression: As blockbuster H1 flows through entirely, P/E naturally compresses further.
FY27E Potential: If mgmt guided capacity (₹170-180 Cr Core + ₹60-70 Cr Ricardo) is delivered at 13-15% net margins...

At an implied ~10x FY27E Forward P/E, the current valuation appears to assign minimal premium to the successful execution of the Ricardo integration and upcoming capacity expansion.

09 • KEY RISKS

What Could Break the Thesis

1. Negative Operating Cash Flow

OCF was -₹3 Cr in FY24/FY25. Normal for high-growth project phases, but must improve as B2C advance-payment mix scales up.

2. Working Capital Stretch

Inventory days rose to 478 in FY25. Cash conversion cycle hit 515 days. Close quarterly monitoring of WC compression is required.

3. Integration Execution

Migrating 100% outsourced Ricardo manufacturing to in-house involves process and quality risks. Delivery slippage affects the D2C brand.

4. Preferential Execution

While initial capex is IPO-funded, aggressive M&A and further scale rely on a planned preferential raise. Pricing, dilution, and promoter participation are key watch points.

10 • WHAT TO TRACK

Quarterly Execution Checklist

OCF Trajectory (Watch): Ricardo advance payments should pull OCF positive in FY26.
Working Capital Days (Critical): Needs to compress from 133 days/478 inventory days as B2C scales.
Ricardo Order Intake (Watch): Maintain >60 orders/month and 15% MoM growth.
Factory Timeline (Watch): Disclosures on Q4 FY27 progress (land already secured).
Preferential Allotment (Critical): Needed for M&A scale. Promoters subscribing is a strong confidence signal.
MNC Entry (Watch): Are Otis/Kone pushing aggressively into the D2C home space?

11 • THESIS SUMMARY

Opportunity vs. Risk

Strengths & Upside

Only listed pure-play elevator co.
31% Rev / 184% PAT 3-yr CAGR.
Ricardo + Park Smart = Triple engine.
B2C pivot fixes structural cash flow.
FY27E implied P/E ~10x (Provides margin of safety).

Risks & Watch-points

Historical OCF negative (-₹3 Cr).
Inventory days massively elevated (478).
Aggressive M&A relies on timely preferential raise.
Ricardo merger execution unproven.
High promoter remuneration ratio.

Disclaimer

L.T. ELEVATOR LTD · BSE SME: 544518 · March 2026

IMPORTANT NOTICE:

This presentation is prepared solely for educational and informational purposes. It does not constitute personalised investment advice or a recommendation to buy, sell, or hold any security. SME stocks carry elevated risk due to limited trading liquidity, smaller scale, and evolving governance standards. All financial data is sourced from publicly available filings: BSE disclosures, company press releases, RHP, and concall transcripts. Readers must independently verify all information and consult a SEBI-registered advisor before making any investment decision. The author may or may not hold positions in the securities discussed.