India's Only Listed
Pure-Play Elevator Maker

Three engines — B2B Elevators, Automated Parking, D2C Home Elevators. Target ~80%+ YoY FY27 Growth. Expanding aggressively across SE Asia.

₹399 Cr MCap
FY26 PAT ₹17 Cr
₹320+ Cr Combined Orders
FY27 Target ~80%+ Growth
Explore the Deck
01 • Company Snapshot

IPO Guidance Was Just the Warm-Up.

At IPO, management guided ~50–70% growth for FY26. Having smashed that with 97% growth, management is now setting an aggressive new target of ~80%+ YoY growth for FY27.

FY26 Topline (Consol.)
₹111 Cr
~97% YoY
FY27 Growth Target
~80%+
Rapid B2C & B2G Scale
Market Cap
₹399 Cr
CMP ₹207
Combined Orders
₹320 Cr+
Executable Pipeline
The Story So Far

Promoted by Arvind, Usha & Yash Gupta. LT Elevator operates core B2B elevators, a booming B2G automated parking subsidiary (LT ParkSmart), and is integrating Ricardo Elevators, a high-margin D2C home brand. ParkSmart delivered Phase 1 of the NE's largest parking project. With 21 pan-India offices, exports ramping across Malaysia, Australia, and greater SE Asia, and active debottlenecking underway to push past current capacity limits before a new ₹25 Cr integrated facility comes online in Q4 FY27, LT is built for hyper-scale.

02 • Company Journey

From a Kolkata Workshop to ₹100 Cr+

Click to reveal

2008 — Founded in Kolkata

Incorporated in Kolkata. Began elevator design, manufacturing, and installation from the ground up with a focus on engineering excellence.

Sep 2025 — IPO at ₹78 (183x Oversubscribed)

Listed on BSE SME platform raising ₹39 Cr for capacity expansion and working capital. Listed at a 74.5% premium.

FY26 — First ₹100 Cr Year (Audited May 2026)

Audited consolidated topline ₹111 Cr (~97% YoY growth). PAT ₹17 Cr. Phase 1 of ₹43 Cr Shillong multi-level parking completed.

FY27 & Beyond — The Hyper-Scale Phase

Management explicitly guides for ~80%+ YoY revenue growth. Target FY27 mix: 35% B2C, 32-35% B2G, 30% B2B, and 5% Exports. Active debottlenecking (outsourcing, extra machinery, rental shed) is in place to exceed the current ₹160 Cr capacity ceiling before the massive ₹25 Cr integrated factory goes live Q4 FY27, unlocking ₹350-400 Cr annual topline potential.

03 • Guidance vs. Reality

What They Said. What They Delivered.

A track record of beating expectations heading into a massive FY27.

IPO & Beyond (Sep 2025)
  • FY26 topline target: ~50–70% revenue growth
  • Maintain 13-15% net margins on core business
  • H2 historically contributes ~60% of annual revenue
  • Ricardo merger to complete in FY27
FY26 Audited Delivery & FY27 Upgrades
  • ✓ ₹111 Cr actual — ~97% YoY, heavily beating guidance
  • ✓ 15.2% PAT margin delivered
  • ✓ Seasonality held, but guided to even out in FY27
  • ↑ New FY27 Guidance: ~80%+ YoY growth target
  • ↑ New facility: ~₹25 Cr capex unlocking 2.5x capacity
04 • Business Verticals

Three Engines, Executing ₹320 Cr+

01. B2B Elevators

Core business — passenger, goods, hospital lifts.

Click to reveal
  • Target Mix: ~30% of FY27 revenue.
  • Strong East India base; scaling pan-India to 21 offices.
  • Inflation Defense: Price hikes implemented April '26; escalation clauses in govt contracts protect against steel inflation.
02. Park Smart (B2G)

Automated multi-level parking systems.

Click to reveal
  • Target Mix: ~32-35% of FY27 revenue.
  • Shillong Portfolio (~₹70 Cr total): Comprises a ₹43Cr project (₹7Cr billed), a ₹13.5Cr project (₹3-4Cr billed), and a 30% JV.
  • Macro Reality: Govt payment cycles remain elongated at 3-4 months (March billings slipped to April).
03. Ricardo (D2C Home)

Home elevators. Merger filing end-May '26.

Click to reveal
  • Standalone Orders: ₹70–80 Cr.
  • Target Mix: ~35% of FY27 revenue.
  • Cash Flow Engine: 30% booking advance, 20-25% on production, 40% on completion, 10% on install.
  • Targeting 100+ elevator orders/month by exit FY27.
05 • The Working Capital Buffer

Navigating a Tough Macro Environment

Since Dec '25, wars and elevated crude prices have tightened global working capital. Ricardo is the counterweight.

The Macro Reality
  • The broader macro environment (crude spikes, geopolitical strain) has stretched traditional B2B and B2G payment cycles.
  • Govt projects (ParkSmart) are currently seeing elongated 3-4 month post-invoice collection cycles, with some March FY26 billings slipping into April.
  • Management is deploying escalation clauses, but working capital remains a pressure point across the SME sector.
The B2C Defense (Ricardo)
  • Ricardo structurally mitigates this macro drag. By driving ~35% of FY27 revenue through D2C, LT secures a vital cash flow buffer.
  • The 30/25/40/10 Model: Customers pay 30% advance on booking, 20-25% at production start, 40% on completion, and 10% post-install.
  • Superior Margins: B2C gross margins sit at 58-60% vs ~50% for standard B2B/B2G, providing much-needed operational padding.
06 • Growth Roadmap

Breaking The Capacity Ceiling

Aggressive Debottlenecking + SE Asia Expansion + Patent Acquisitions

Scaling Production

The current facility maxes out at ~₹160 Cr. To hit the ~80% growth target before the new Q4 FY27 factory goes live, management is aggressively debottlenecking via process outsourcing, supplementary machinery purchases, and renting an adjacent shed.

Aggressive Exports

Targeting 5% of FY27 mix. Malaysia & Australia already shipping. Deep pipeline forming in Thailand, Indonesia, Philippines, Vietnam & Cambodia. Export pricing commands a ~50% premium vs India.

Tech Acquisitions

ParkSmart has an NDA in place to acquire an international patent-holding company in the rotary car parking space. Targets H1 FY27 closure to unlock global approvals & complete spectrum tech.

07 • Valuation

Hyper-Growth at ~23x Trailing Earnings

The Re-rating Case
  • FY26 actuals (consolidated): ₹111 Cr revenue • ₹17 Cr PAT • Trailing P/E ~23.4x at ₹207 CMP (₹399 Cr MCap).
  • FY27E Guidance: Management targeting ~80%+ YoY growth. Blended topline path squarely points to ₹200+ Cr in FY27.
  • Margin Profile: Sustainable EBITDA guided at ~24-25%. With B2C gross margins hitting 58-60%, cash generation strengthens despite heavy ad spend for the 21-office pan-India rollout.
  • Forward Multiples: If LT hits its 80% growth target with blended ~14-15% net margins, the stock is trading at an implied mid-teens forward P/E.
08 • Scenario Analysis

Two Potential Realities

Cases for FY27E execution at ₹207 CMP / ₹399 Cr MCap.

✓ If It Works (The ~80% Target)
  • Ricardo merger successfully brings ~35% of revenue via B2C, structurally insulating OCF via the 30/25/40/10 advance model.
  • Debottlenecking measures hold up, allowing revenue to scale past the ₹160 Cr ceiling.
  • New factory (₹25 Cr capex) goes live Q4 FY27 to seamlessly absorb FY28 order loads.
  • Market re-rates to 25-30x on proven multi-year execution and pan-India D2C branding.
Implied Target MCap
₹750–900 Cr
⚠ If It Doesn't Work
  • Macro Pressures: Global inflation and crude spikes further delay B2G payment cycles beyond 4 months, squeezing liquidity.
  • Ricardo merger stalls or D2C ad spends cannibalise EBITDA margins heavily near-term.
  • Debottlenecking fails, capping revenue at ₹160 Cr before Q4 FY27, choking the guided ~80% growth rate.
  • Market de-rates the stock as the macro environment overwhelms growth.
Implied Floor MCap
₹250–300 Cr
09 • What to Track

FY27 Catalyst Checklist

  • Ricardo Merger Close: Expected filing end-May '26. Watch for exchange filings confirming legal close.
  • International Patent Acquisition: NDA is signed for rotary car parking IP. Target closure is H1 FY27. This immediately expands ParkSmart's tech suite and export approvals.
  • OCF Amidst Macro Headwinds: Monitor the receivables ratio. With govt cycles stretched to 3-4 months, Ricardo's 30/25/40/10 advance payment structure MUST execute flawlessly to protect liquidity.
  • Debottlenecking & Capex: Track how well the rented shed and outsourced processes handle the near-term volume surge, and ensure the ₹25 Cr capex buildout hits its Q4 FY27 deadline.

Disclaimer

L.T. Elevator Ltd • BSE SME: 544518 • May 2026 — Post FY26 Results Update

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 and concall transcripts. Readers must independently verify all information and consult a SEBI-registered advisor.

Research & Analysis: SME Gems

@sachprat07