L. T. Elevator held its 18th Annual General Meeting on September 9, 2026, to approve key strategic moves including a proposed acquisition via share swap.

The meeting, chaired by Managing Director Arvind Gupta, concluded at 2:28 pm after shareholders voted on ordinary and special business resolutions. The company complied with SEBI Listing Obligations and Disclosure Requirements Regulations for the proceedings.

Strategic Resolutions

The special business agenda focused on expanding the company's capital structure and operational flexibility:

• Increase in authorized capital and alteration of the memorandum of association.
• Issue of equity shares through a preferential issue to acquire Ricardo Elevators Private Limited by way of a share swap.
• Increase in board borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
• Empowerment of the board to sell, lease, or dispose of the whole or substantially the whole of the undertaking under Section 180(1)(a).

Ordinary Business

Shareholders also addressed routine governance matters:

• Adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.
• Re-appointment of Mrs. Usha Gupta, who retires by rotation and offered herself for re-election.

The voting process was scrutinized by Mr. Himanshu Gupta of Himanshu S K Gupta & Associates. Results are expected within 48 hours.

L.T. Elevator reported consolidated revenue of ₹111.3 crore for FY26, marking a 97% year-on-year increase from ₹56.5 crore in FY25. Net profit rose to ₹17.0 crore, up from ₹8.9 crore in the prior fiscal year.

The company participated in the Alpha Ideas SME Stars 2026 Edition on September 6, 2026, in Mumbai. Officials shared an investor presentation outlining growth across three business verticals: core commercial elevators, the D2C residential brand Ricardo, and automated parking solutions via its subsidiary Park Smart and acquired entity DYPC Inc.

Financial Performance

Revenue growth accelerated significantly over the last four years. The company posted a compound annual growth rate (CAGR) of 47.9% from FY23 to FY26. EBITDA margins expanded from 11.8% in FY23 to approximately 25% in FY26, while net profit margins improved from 3.6% to 15.3% over the same period.

Business Verticals

The core elevator segment operates with gross margins of approximately 50% and net margins of 13-15%. The D2C home lift brand, Ricardo, commands higher gross margins of 58-60% and targets long-term net margins of around 20%. Ricardo achieved an annual recurring revenue (ARR) milestone of ₹100 crore six months ahead of schedule. The automated parking segment, bolstered by the acquisition of DYPC Inc., reports net margins of 13-16%.

Order Book and Expansion

As of January 2026, the combined order book stood at ₹289+ crore, with 90% executable within 18 months. The company also disclosed a bid pipeline of approximately ₹700+ crore for DYPC, with ₹550+ crore linked to US market opportunities. A new integrated manufacturing facility in West Bengal is under construction and scheduled for commissioning in Q4 FY27. This facility will increase capacity to 2,500 elevator units and 8,000 parking spaces per year, representing a 2.5x expansion.

What the Numbers Show

The divergence between gross and net margins in the B2B segment highlights operational leverage. While gross margins remain stable at ~50%, net margins expanded from 3.6% in FY23 to 15.3% in FY26. This suggests that fixed costs are being absorbed more efficiently as revenue scales nearly tripled over the period. Additionally, the high gross margins of the Ricardo D2C segment (58-60%) compared to the core business indicate that future revenue mix shifts toward D2C could be accretive to overall profitability.