L.T. Elevator Limited has announced a strategic merger with Ricardo Elevators Private Limited, marking a significant expansion into the premium home elevator market. The company's Board of Directors approved the merger on January 9, 2026, during a meeting that commenced at 11:00 AM and concluded at 12:30 PM. A binding term sheet has been executed for the transaction, with Managing Director Arvind Gupta authorized to finalize the agreement.

Strategic Transaction Details

The merger involves the complete integration of Ricardo Elevators' operations and team into L.T. Elevator Limited. As part of the arrangement, Neeraj Hemnani, Founder and CEO of Ricardo Elevators, will continue with the organization and assume leadership of the newly formed Home Elevator Division.

Financial Performance and Market Position

Ricardo Elevators brings substantial revenue momentum to the combined entity, currently generating monthly order inflows of ₹6.00 crore. The company operates with a 3-6 month delivery cycle, providing visibility into future revenue recognition. This acquisition positions L.T. Elevator Limited for significant growth in upcoming financial cycles through immediate access to Ricardo's established order book and execution capabilities.

Strategic Benefits and Integration Plan

The merger is designed to deliver multiple strategic advantages across L.T. Elevator's operations. The company expects faster and sustainable revenue scale-up through immediate addition of Ricardo's order inflows, which will strengthen execution momentum and support materially higher run rates in coming periods.

Manufacturing integration represents a key value creation opportunity, as Ricardo's currently outsourced manufacturing will be progressively integrated into L.T. Elevator's in-house, engineering-led manufacturing platform. This integration is expected to enable:

• Better cost control and quality consistency
• Enhanced operating leverage as volumes scale
• Improved margin profile through manufacturing efficiencies
• Strengthened competitive positioning in premium segments

Market Expansion and Growth Outlook

The transaction provides L.T. Elevator with enhanced market reach and pricing power through access to Ricardo's pan-India retail footprint and premium direct-to-consumer brand. This expanded presence enables cross-selling opportunities and stronger customer recall across residential segments, particularly in the growing home elevator market.

According to company management, the integration is expected to contribute meaningfully to revenue momentum, with the combined entity positioned for significant growth trajectory. Director Yash Gupta commented that the merger "meaningfully strengthens our growth engine" by combining L.T. Elevator's engineering-led manufacturing platform with Ricardo's execution and retail presence.

Investor Communication and Next Steps

L.T. Elevator Limited plans to release a detailed investor presentation outlining the strategic aspects of the transaction. The company has scheduled an investor conference call for January 19, 2025, with specific details to be shared separately. This communication strategy reflects the company's commitment to transparency regarding the merger's strategic rationale and expected benefits for stakeholders.

L.T. Elevator Limited has announced a strategic merger with Ricardo Elevators Private Limited, marking a significant expansion into the premium home elevator market. The company's Board of Directors approved the merger on January 9, 2026, during a meeting that commenced at 11:00 AM and concluded at 12:30 PM.

Board Approval and Transaction Structure

The board has approved the execution of a binding term sheet between L.T. Elevator Limited and Ricardo Elevators Private Limited. The term sheet outlines the principal commercial terms and conditions for the proposed strategic and commercial arrangement.

Strategic Integration and Leadership

As part of the merger, Ricardo Elevators' operations and team will be integrated into L.T. Elevator Limited. Mr. Neeraj Hemnani, Founder & CEO of Ricardo Elevators, will continue with the organization and will head the newly formed Home Elevator Division.

Financial Performance and Market Position

Ricardo Elevators currently demonstrates strong operational momentum with consistent order generation. The company's financial performance shows robust market demand in the home elevator segment.

Strategic Benefits and Growth Drivers

The merger is expected to deliver multiple strategic advantages for L.T. Elevator Limited. The integration aims to create synergies across manufacturing, market reach, and operational efficiency.

Key strategic benefits include:

• Revenue Scale-Up: Immediate addition of Ricardo's order inflows to strengthen execution momentum
• Manufacturing Integration: Progressive integration of Ricardo's outsourced manufacturing into L.T. Elevator's in-house platform
• Enhanced Market Reach: Access to Ricardo's pan-India retail footprint and premium D2C brand
• Cross-Selling Opportunities: Stronger customer recall across residential segments

Management Commentary and Future Outlook

Mr. Yash Gupta, Director of L.T. Elevator Limited, commented on the strategic significance of the merger: "This merger meaningfully strengthens our growth engine. The combination of LT's engineering-led manufacturing platform with Ricardo's execution and retail presence positions us for a significantly higher revenue scale ahead, while maintaining discipline on costs and margins."

Investor Communication Schedule

L.T. Elevator Limited has planned comprehensive investor communication regarding the merger. The company will release a detailed investor presentation outlining the strategic aspects of the transaction.

The merger positions L.T. Elevator Limited for significant growth in upcoming financial cycles, combining the strengths of both organizations to capture opportunities in the expanding home elevator market.