L. T. Elevator Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript L. T. Elevator Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
L.T. Elevator reported FY26 revenue of roughly Rs 111.7 crore, close to 100% growth, with profit after tax above Rs 17 crore. Management discussed the pending Ricardo Elevators merger, expansion of a new manufacturing facility with capacity for Rs 350-400 crore of revenue, and progress on government car-parking projects including Shillong Smart City. Management also answered questions on order book composition, working capital cycles, export expansion, and margin drivers.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR111.7 crores (FY26)
p. 3
“Roughly our top line was INR111.7 crores, representing a growth of very close to 100%.”
Yash Gupta, page 3 of the filed PDF · View the filing
Profit after tax: INR17 crores plus (FY26)
p. 3
“we've maintained decent profitability and reported a profit after tax of INR17 crores plus.”
Yash Gupta, page 3 of the filed PDF · View the filing
Shillong project billing (Phase 2): INR12-13 crores completed, another INR30 crores planned (FY26/FY27)
p. 5
“we've already completed roughly INR12 crores of, INR13 crores of work there in FY26. This year we will be completing another INR30 crores of work there.”
Yash Gupta, page 5 of the filed PDF · View the filing
Order book split (elevator vs car parking): 55%-45%
p. 5
“At this point, the elevator and car parking is almost 55%-45% in order book.”
Yash Gupta, page 5 of the filed PDF · View the filing
New facility capex: Roughly INR25 crores
p. 6
“Roughly INR25 crores. Total cumulative. Yes.”
Yash Gupta, page 6 of the filed PDF · View the filing
Ricardo order book: INR70 crores to INR80 crores
p. 12
“At this point, that order book will be INR70 crores to INR80 crores.”
Yash Gupta, page 12 of the filed PDF · View the filing
D2C gross margin vs B2B/B2G gross margin: 58%-60% vs roughly 50%
p. 4
“our B2B, B2G business, if it operates at roughly 50% kind of gross margin, D2C does operate at a higher 58% to 60% kind of gross margin, right?”
Yash Gupta, page 4 of the filed PDF · View the filing
FY26 revenue mix by segment: B2C negligible, 43-44% B2G, rest B2B (FY26)
p. 15
“So B2C for 26 was almost negligible. 43%-44% is B2G and the rest is B2B.”
Yash Gupta, page 15 of the filed PDF · View the filing
Export pricing premium: 50% higher than India pricing
p. 16
“the pricing that we have offered to them is 50% higher than our India pricing.”
Yash Gupta, page 16 of the filed PDF · View the filing
Elevators sold under Ricardo brand abroad: roughly 25 elevators
p. 16
“we have roughly 25 elevators that our partners have sold under the Ricardo brand across these two, three countries.”
Yash Gupta, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
New facility commissioning — commissioned and operational · Q4 FY27
stated firmly by Yash Gupta
p. 6
“expecting that by March next year, which is Q4 of FY27, we would have commissioned and moved our operations there.”
Yash Gupta, page 6 of the filed PDF · View the filing
New facility revenue capacity — INR350 to 400 crores top line
stated firmly by Yash Gupta
p. 6
“Total capex expected by the time we are done and building capacity for approximately 350 to 400 crores top line out of that facility.”
Yash Gupta, page 6 of the filed PDF · View the filing
B2C elevator exit run-rate — 100 plus elevators per month from B2C · exit of financial year
stated as an aspiration by Yash Gupta
p. 6
“We want to exit the financial year at 100 plus elevators per month from B2C alone.”
Yash Gupta, page 6 of the filed PDF · View the filing
Revenue growth — roughly 80% plus · this year
stated conditionally by Yash Gupta
p. 14
“The target is to grow roughly 80% plus this year.”
Yash Gupta, page 14 of the filed PDF · View the filing
EBITDA margin — similar to FY26 · FY27
stated as an aspiration by Yash Gupta
p. 10
“It's too early in the year. So similar to FY26, I would think.”
Yash Gupta, page 10 of the filed PDF · View the filing
Long-term EBITDA margin — 25% EBITDA margin
stated as an aspiration by Yash Gupta
p. 15
“Long term between the combination of everything that we currently do, it is generally speaking a 25% EBITDA margin kind of business.”
Yash Gupta, page 15 of the filed PDF · View the filing
FY27 revenue mix by segment — 35% B2C, 30-35% B2G, 30% B2B, 5% exports · FY27
stated as an aspiration by Yash Gupta
p. 15
“FY27 we are targeting 35% from B2C, roughly 30% to 35% from B2G and about 30% from B2B.”
Yash Gupta, page 15 of the filed PDF · View the filing
Ricardo merger completion — merger filing · end of May
stated firmly by Yash Gupta
p. 11
“The merger filing will happen end of May.”
Yash Gupta, page 11 of the filed PDF · View the filing
International patent-holding acquisition — transaction completion · before H1 end of this financial year
stated conditionally by Yash Gupta
p. 18
“Most certainly, yes.”
Yash Gupta, page 18 of the filed PDF · View the filing
Government raw material cost pass-through — pass on raw material price increases to government departments · this year
stated conditionally by Yash Gupta
p. 10
“by this year the target certainly is that whatever hit we are taking on raw material price increase side, we are able to pass on to the various government departments that we have contracts with.”
Yash Gupta, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Near term similar to existing businesses; long term margin accretive as marketing spend normalizes.
Answered by Yash Gupta
Asked by Maitri Shah: What EBITDA margins are expected from the Ricardo B2C business?
p. 4
“In the long term, we see that it can be margin accretive.”
Yash Gupta, page 4 of the filed PDF · View the filing
No specific order book target; focus is on monthly B2C growth momentum.
Answered by Yash Gupta
Asked by Maitri Shah: What is the revenue/order book guidance for FY27?
p. 6
“I don't have any order book targets to be honest.”
Yash Gupta, page 6 of the filed PDF · View the filing
Increasing B2C mix reduces working capital need since B2C payments are largely advance.
Answered by Yash Gupta
Asked by Divya Agarwal: How will working capital be funded as revenue doubles?
p. 7
“payments are pretty much in advance before material gets shipped out, which helps us increase our working capital cycle and just has much lesser working capital requirement.”
Yash Gupta, page 7 of the filed PDF · View the filing
Elevator side strategy is set; next acquisition target is within car parking space, still exploratory.
Answered by Yash Gupta
Asked by Ashish Soni: What acquisition verticals are being pursued?
p. 10
“So the next acquisition we are looking for is within the car parking space.”
Yash Gupta, page 10 of the filed PDF · View the filing
No historical hedging; price increases implemented from April and escalation clauses used in government contracts.
Answered by Yash Gupta
Asked by Puneet Shah: How are rising steel prices affecting margins and hedging?
p. 10
“from April we have done price increases on our product as well that we sell in the market.”
Yash Gupta, page 10 of the filed PDF · View the filing
Management could not answer immediately and offered to follow up.
Answered by Yash Gupta
Asked by Sonia Keswani: Why is there a 7 crore goodwill impairment this year?
p. 11
“I mean, our CFO could not join this call, but I have to check this.”
Yash Gupta, page 11 of the filed PDF · View the filing
Not yet improved; March payments came through in April against old invoices.
Answered by Yash Gupta
Asked by Sonia Keswani: Has the government payment delay improved this year?
p. 11
“Not yet. So I mean, the one thing that did happen this financial year is March generally we get a lot of payments cleared. This year that did not happen.”
Yash Gupta, page 11 of the filed PDF · View the filing
Company is already expanding capacity via outsourcing, added machinery and rented space to avoid being capacity constrained.
Answered by Yash Gupta
Asked by Sanket: Does current manufacturing capacity limit FY27 revenue given the large order book?
p. 12
“We've also purchased additional machinery where the bottlenecks get identified and rented a small shed next to our factory.”
Yash Gupta, page 12 of the filed PDF · View the filing
Dilution will be very low single digit, not as high as 15%.
Answered by Yash Gupta
Asked by Sanket: What will the shareholding dilution be from the Ricardo merger?
p. 13
“I think the dilution from that transaction will be low single, very low single digit, right.”
Yash Gupta, page 13 of the filed PDF · View the filing
Historically 40:60 H1:H2, expected to even out as B2C and export grow.
Answered by Yash Gupta
Asked by Abhishek Sharda: What is the H1 vs H2 revenue seasonality?
p. 14
“H1 is usually 40% of our overall business, H2 is 60%.”
Yash Gupta, page 14 of the filed PDF · View the filing
Risks flagged
Rising steel/raw material prices since the war, not historically hedged
p. 10
“Raw material prices have gone up significantly in last two months since the war.”
Yash Gupta, page 10 of the filed PDF · View the filing
Slower government payment collections compared to prior periods
p. 7
“last six, seven months, maybe last year we felt that on the government side the payments are not as fast and smooth as they used to be prior to this period.”
Yash Gupta, page 7 of the filed PDF · View the filing
Bill validation and payment delays on government contracts, taking about four months
p. 7
“at this point on the B2G side the bills are taking roughly four months to get cleared, three to four months.”
Yash Gupta, page 7 of the filed PDF · View the filing
Land constraints limiting expansion at existing facility due to residential area growth
p. 16
“Today where we are located has sort of become a residential area and therefore there is not a lot of cheap land available to keep growing.”
Yash Gupta, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.