L.T. Elevator Limited has announced its FY26 annual performance update, marking the company's first full financial year following its listing on BSE SME on September 19, 2025. The company crossed ₹111 crore in topline revenue for FY26, registering approximately 97% year-on-year growth over FY25 revenue of approximately ₹56.5 crore, while broadly maintaining operating margins. FY26 also marks the first time in the company's history that annual revenue has crossed ₹100 crore — a milestone underpinned by disciplined execution, scalable operations, expanding geographical reach, and design-led engineering capabilities. Alongside this update, the company has also announced an investor conference call scheduled for Thursday, May 14, 2026, at 2:00 PM IST, to discuss the Ricardo Elevators acquisition and overall business outlook.

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 with L.T. Elevator Limited is currently underway. Ricardo is PAT positive and its financials are expected to reflect in L.T. Elevator's consolidated numbers from FY27 onwards.

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

H2 FY26 registered 70% growth over H2 FY25; however, the numbers are not fully representative due to lumpy margins booked in H2 FY25 versus H1 FY25. The full-year comparison of FY26 versus FY25 is considered more indicative of topline and earnings growth.

Conference Call Details

Investors and participants may join the call using the following dial-in details. Participants are advised to dial in 10 minutes prior to the scheduled time to ensure timely connectivity. Mr. Yash Gupta, Whole Time Director, will represent the management during the call.

International toll-free access is available across multiple geographies including the USA (18667462133), UK (08081011573), Singapore (8001012045), Japan (00531161110), Australia (0080014243444), and several other countries.

Key Developments in FY26

Ricardo Elevators Acquisition

The merger of Ricardo Elevators into L.T. Elevator Limited is currently underway, strengthening the company's pan-India retail presence and direct-to-consumer sales capabilities across the home elevator segment. Key highlights of the Ricardo business include:

Ricardo operates on a positive working capital cycle, complementing the relatively higher working capital requirements of the company's elevator and automated parking businesses, thereby improving the overall cash conversion profile of the combined entity.

Multi-Level Car Parking Project in Shillong

Through its wholly-owned subsidiary LT ParkSmart, the company successfully completed Phase 1 of a ₹43 crore multi-level car parking project in Shillong — described as the largest multi-level car parking project in the North East. Phase 1 was inaugurated by the Chief Minister of Meghalaya, underscoring the company's capability to deliver large-scale, high-visibility infrastructure. Phase 2 is currently underway.

Order Book

The current executable order book exceeds ₹250 crore, comprising smart city projects, premium residential developments, D2C home elevators, and government infrastructure contracts, providing strong revenue visibility for upcoming financial cycles.

Strategic Priorities

The company has outlined several strategic initiatives across its business segments for FY27 and beyond.

Elevator Business

• Ricardo integration: Completing the full merger during FY27 to unlock synergies across manufacturing, sourcing, execution, and distribution
• Home elevator scale-up: Accelerating expansion in the home elevator segment across India through the combined L.T. Elevator and Ricardo retail and distribution network
• International expansion: Strengthening presence across Malaysia, Australia, and select international markets as part of the company's long-term global growth strategy

Car Parking Segment

• Larger-ticket project wins: With a stronger balance sheet, established execution track record, and enhanced eligibility post-listing, the company is actively pursuing significantly larger projects than its historical average order size
• Automated parking leadership: Expanding presence via LT ParkSmart, while evaluating strategic inorganic opportunities — including the potential acquisition of an international patent-holding company in the rotary car parking space

Manufacturing & Capacity

• Integrated manufacturing facility: Progressing toward completion during Q4 FY27 on the recently acquired land parcel; upon commissioning, the facility is expected to increase installed manufacturing capacity by approximately 2.5x, supporting the next phase of scale and operational growth

Management Commentary

Commenting on the performance, Mr. Yash Gupta, Director, stated: "Crossing ₹111 crore in revenue with ~97% year-on-year growth, while surpassing the ₹100 crore milestone for the first time in the Company's history, marks an important moment in our growth journey. However, we believe this is only the beginning of the next phase of scale. The Ricardo acquisition significantly strengthens our retail reach and positions us to scale across India and selected international markets, while building a stronger consumer-facing brand. With a healthy execution pipeline and integration initiatives underway, we remain confident of sustaining strong growth momentum in FY27 and beyond."

Incorporated in 2008 and headquartered in Kolkata, L.T. Elevator Limited is a leading East India-based manufacturer offering end-to-end elevator solutions across passenger, goods, hospital, and home segments, as well as automated parking systems through LT ParkSmart. Following the acquisition of Ricardo Elevators, the company is also expanding into the D2C home elevator segment. The company operates an ISO 14001:2015 certified plant in West Bengal and maintains 21 offices across India.

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.