L. T. Elevator LtdQ4 FY27Industrial Manufacturing

L. T. Elevator Ltd

Q4 FY27 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

5 of 5 growth signals are positive — a strong management growth story.

Revenue guidance

Category 1

→Current facility can support Rs.170-180 crores revenue; operating two shifts already.
→New facility planned with Rs.300-400 crores capacity, expected to go live between Dec 2025 - Mar 2026.
→Combined capacity will shift to new facility, targeting utilization in FY27 but top-line estimate is unclear.
→Post Ricardo acquisition, production target is approx. 1,500 to 2,000 elevators in FY28, about one-sixth of India's largest elevator company’s volume.
→Ricardo brings rapid order growth: 50-60 new orders/month, growing 15-20% month-over-month.
→Ricardo’s execution run rate expected ~Rs.60-70 crores for FY27.
→Aim to increase B2C business share to 50-60% by FY28, improving working capital.
→Projected overall growth around 40% in traditional business; Ricardo acquisition to add substantially.
→Planning bigger CAPEX and possible preferential fund raising to support expansion.

Category 1

→Post Ricardo acquisition, L.T. Elevator aims to produce 1,500 to 2,000 elevators by FY28, significantly increasing volume.
→Anticipates a 40% growth in traditional L.T. Elevator and Park Smart business.
→Home elevator (B2C) business margins potentially 5% higher than B2B, currently around 15%-20% EBITDA margin.
→Ricardo's current FY26 net margin estimated at 8%-10%; expected to improve after operational efficiencies.
→Payment terms improve with B2C business, where 95%-100% payments are received upfront, aiding working capital.
→Capacity expansion planned to increase revenue potential from Rs.170-180 crores currently to Rs.300-400 crores in new facility.
→Long-term—aim to build a premium D2C brand with improved margins and scale.
→Preferential fund raise likely to support CAPEX for increased capacity and growth.
→EPS expected to grow in line with revenue growth, driven by scaling operations and margin improvements.

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Yes

→L.T. Elevator Limited plans to raise additional funds through a preferential equity issue once market conditions improve, as current markets are not favorable for raising the desired capital.
→The preferential fundraising is primarily to support increased production capacity, targeting 1,500 to 2,000 elevators in FY28, which is a significant ramp-up from prior targets.
→They have already acquired land for a new facility and are planning a larger CAPEX to expand manufacturing capacity accordingly.
→No new company acquisitions in the elevator segment are planned currently; focus is on executing well with existing assets.
→On the debt side, no specific mention was made about new borrowings during the call.
→The company is considering fundraising to support growth in both B2C (direct-to-consumer) and B2G (business-to-government) segments, reflecting higher growth ambitions post Ricardo merger.

Yes

→Ricardo's current monthly order pick-up is around Rs. 6 crores, translating to an expected run rate of Rs. 60-70 crores for FY27.
→Ricardo typically has a project cycle of 3 to 6 months.
→The overall order book includes about Rs. 12-13 crores as pending orders for Ricardo, approximately 10-20% of their total order book.
→L.T. Elevator aims to produce around 1,500 to 2,000 elevators in FY28 post-Ricardo merger, signifying significant capacity ramp-up.
→New manufacturing capacity (Rs. 300-400 crore facility) is planned to meet growing demand, expected live between Dec 2025 to March 2026.
→Organic and inorganic growth strategies target expanding beyond East India, leveraging Ricardo’s 18 experience centers pan-India.

Yes

→L.T. Elevator is planning a new manufacturing facility with a capacity of Rs.300 to Rs.400 crores to support increased production, especially post-Ricardo merger.
→The new facility is expected to go live between December 2026 and March 2027.
→Current facility capacity supports roughly Rs.170-180 crores of revenue, and the new facility will replace it entirely.
→With increased capacity, the company aims to produce around 1,500 to 2,000 elevators in FY28.
→There is likely to be a bigger CAPEX spend soon to accommodate higher production needs due to the acquisition and demand growth.
→The company may raise funds through preferential issues once market conditions improve to support this capital expenditure.
→On the parking systems side, exploration of growth opportunities including potential international expansion is underway, though still early stage.

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