L. T. Elevator shareholders have unanimously approved all resolutions at its 18th Annual General Meeting, including the strategic acquisition of Ricardo Elevators Private Limited via a share swap.

The meeting, chaired by Managing Director Arvind Gupta, concluded at 2:28 pm on September 9, 2026. The scrutinizer's report confirms that all six ordinary and special business resolutions were passed with 100% of the votes cast in favour.

Voting Results

A total of 12,113,989 votes were polled out of 19,163,055 outstanding shares as on the record date of September 2, 2026, representing a participation rate of 63.22%. The voting was conducted entirely through remote e-voting.

Promoter group members, holding over 62% of the total shares, participated fully in the e-voting process. Public non-institutional shareholders had a lower participation rate of 1.13%, while no institutional public shareholders voted.

Strategic Resolutions Approved

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

• Ricardo Elevators Acquisition: Issue of equity shares through a preferential issue to acquire Ricardo Elevators Private Limited by way of a share swap.
• Capital Structure: Increase in authorized capital and alteration of the memorandum of association.
• Board Powers: Increase in board borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
• Asset Disposal: 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 (DIN: 02261425), 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. The results were filed with the Bombay Stock Exchange in compliance with Regulation 44 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

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.