L.T. Elevator Limited has announced its FY26 annual performance, marking a landmark year with the company crossing the ₹100 crore revenue milestone for the first time. The company reported a total income of ₹111.70 crore for FY26, registering approximately 97% year-on-year growth compared to ₹56.70 crore in FY25. Profit after tax (PAT) stood at ₹17.00 crore, up from ₹8.90 crore in the previous year. The management attributed this growth to disciplined execution, scalable operations, and an expanding geographical reach, alongside the strategic integration of Ricardo Elevators.

FY26 Financial Performance

The following table summarises the consolidated financial performance for FY26 versus FY25. These figures do not include Ricardo Elevators, which is being reported separately as the merger is currently underway.

EBITDA = PBT + Finance Costs + D&A | Margin % as % of Total Income | All figures on consolidated basis

H2 FY26 registered 70% growth over H2 FY25. Management noted that while H2 FY25 margins were lumpy, the full-year comparison is more indicative of the company's topline and earnings trajectory.

Strategic Outlook and Capacity Expansion

During the investor conference call, management outlined aggressive expansion plans for FY27 and beyond. The company is targeting a revenue mix of approximately 35% from B2C, 30-35% from B2G, and 30% from B2B segments, with exports contributing around 5%.

A key highlight is the development of a new integrated manufacturing facility on a 6.5-acre land parcel, expected to be commissioned by Q4 FY27. The total capex for this facility is estimated at ₹25 crore, which will increase installed manufacturing capacity by approximately 2.5 times. The management targets a top-line potential of ₹350 crore to ₹400 crore from this facility by FY28-29.

Ricardo Elevators Acquisition

The merger with Ricardo Elevators is currently underway, with the filing expected by the end of May 2026. Ricardo operates on a positive working capital cycle and is currently PAT positive. Its order book stands between ₹70 crore and ₹80 crore. Management highlighted that the D2C segment offers higher gross margins of 58% to 60% compared to the 50% gross margins in the B2B/B2G segments, which is expected to be margin accretive in the long term.

Order Book and Projects

The current executable order book for L.T. Elevator and LT ParkSmart exceeds ₹250 crore, split roughly 55% elevators and 45% car parking. Notable projects include the Phase 1 completion of a ₹43 crore multi-level car parking project in Shillong, with Phase 2 execution involving approximately ₹30 crore of work scheduled for the current financial year. The company is also pursuing larger government projects, including a ₹33 crore single project and a ₹43 crore single project aimed for completion in FY27.

Conference Call Details

The investor conference call was held on Thursday, May 14, 2026, at 2:00 PM IST. Mr. Yash Gupta, Whole Time Director, represented the management to discuss the financial results and business outlook.

L.T. Elevator Limited (formerly known as L.T. Elevator Private Limited) convened a Board of Directors meeting on May 8, 2026, commencing at 19:30 PM and concluding at 20:45 PM, at which the board approved the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. The results were submitted to BSE Limited pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditor KSA & Co., Chartered Accountants (Firm Registration Number: 003822C), issued an unmodified audit report on both sets of financial statements.

Standalone Financial Performance

On a standalone basis, L.T. Elevator Limited delivered notable growth across key financial metrics for FY26. Revenue from operations rose to ₹7,074.26 lakhs in the year ended March 31, 2026, compared to ₹4,687.78 lakhs in the year ended March 31, 2025. Total income, including other income of ₹29.77 lakhs, stood at ₹7,104.03 lakhs for FY26 against ₹4,703.75 lakhs in FY25. The following table summarises the standalone financial results:

For the second half of FY26 (half year ended March 31, 2026), standalone revenue from operations was ₹3,887.50 lakhs and net profit was ₹560.46 lakhs, compared to ₹2,732.18 lakhs and ₹557.65 lakhs respectively in the half year ended March 31, 2025.

Standalone Balance Sheet Highlights

The standalone balance sheet as at March 31, 2026 reflected significant expansion in the company's asset and equity base. Total assets and total equity and liabilities both stood at ₹13,028.26 lakhs as at March 31, 2026, compared to ₹7,921.38 lakhs as at March 31, 2025. Key balance sheet items are presented below:

On the cash flow front, the standalone net cash from operating activities was -₹1,328.48 lakhs for the year ended March 31, 2026, while net cash flow from investing activities was ₹2,352.76 lakhs. Net cash used in financing activities was -₹71.81 lakhs. Cash and cash equivalents at the end of the year stood at ₹1,342.12 lakhs, compared to ₹389.65 lakhs at the beginning of the year.

Consolidated Financial Performance

On a consolidated basis, which includes the company and its subsidiary, L.T. Elevator Limited reported strong growth in FY26. Consolidated revenue from operations reached ₹11,134.32 lakhs for the year ended March 31, 2026, compared to ₹5,652.14 lakhs in FY25. Total consolidated income, including other income of ₹38.74 lakhs, was ₹11,173.07 lakhs against ₹5,673.91 lakhs in the prior year. The table below presents the key consolidated financial results:

For the second half of FY26 (half year ended March 31, 2026), consolidated revenue from operations was ₹6,445.00 lakhs and consolidated net profit was ₹1,056.64 lakhs, compared to ₹3,696.54 lakhs and ₹785.96 lakhs respectively in the half year ended March 31, 2025.

Consolidated Balance Sheet and Cash Flow

The consolidated balance sheet as at March 31, 2026 showed total assets and total equity and liabilities of ₹14,235.05 lakhs, up from ₹8,699.35 lakhs as at March 31, 2025. Notable movements included an increase in consolidated trade receivables to ₹4,571.84 lakhs from ₹2,193.93 lakhs, and consolidated cash and cash equivalents rising to ₹1,097.19 lakhs from ₹427.42 lakhs. Consolidated short-term borrowings stood at ₹1,895.28 lakhs as at March 31, 2026, compared to ₹1,632.35 lakhs in the prior year. On the cash flow front, consolidated net cash from operating activities was -₹1,662.75 lakhs, net cash flow from investing activities was ₹2,296.39 lakhs, and net cash used in financing activities was ₹36.13 lakhs for the year ended March 31, 2026. Consolidated cash and cash equivalents at the end of the year were ₹1,097.19 lakhs, compared to ₹427.42 lakhs at the beginning of the year.

Auditor's Report and Compliance

KSA & Co., Chartered Accountants, issued an unmodified (clean) audit opinion on both the standalone and consolidated financial statements for the year ended March 31, 2026. The auditor confirmed that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India. Key compliance observations from the auditor's report include:

• The company has disclosed the impact of pending litigations as on March 31, 2026 on its financial position (Refer Note-30).
• The company does not have any long-term contracts, including derivative contracts, for which there were any material foreseeable losses.
• No amounts were required to be transferred to the Investor Education and Protection Fund during the year ended March 31, 2026.
• No dividend was declared by the company during the year.
• The company used accounting software with an audit trail (edit log) facility, which operated throughout the year for all relevant transactions, and no instance of tampering with the audit trail was identified.
• The internal financial controls over financial reporting were found to be adequate and operating effectively as at March 31, 2026.
• Director remuneration paid during the year is in accordance with the provisions of Section 197 of the Companies Act, 2013.
• None of the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164(2) of the Act.