Please find attached the transcript of Investor Conference Call held on 19th January, 2026
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L.T. Elevator held its first post-listing investor call, primarily to detail its proposed merger with Ricardo Elevators, a D2C home elevator brand. Ricardo, operational since February 2024, did about Rs.5.5 crore revenue in FY25 and currently procures 50–60 orders per month through Meta Ads, growing 15–20% month-on-month from 2,000–2,500 monthly enquiries. Management values Ricardo at roughly Rs.12–13 crore, payable via 2–3% equity in L.T. Elevator (locked 3–4 years). Combined B2C revenue run-rate is pegged at Rs.60–70 crore for FY27, with B2C expected to form 50–60% of the mix by FY28. Management confirmed a planned Rs.300–400 crore new manufacturing facility (live by Dec 2026–March 2027) and flagged the need for a future preferential fundraising to support bigger capex.
The Ricardo acquisition opens L.T. Elevator to the fast-growing Rs.2,000 crore home elevator market and adds a digital-first revenue stream that should lift blended margins by about 5% once scaled. Short-term shareholders face 2–3% equity dilution and likely a future preferential issue, but the FY27–FY28 growth trajectory looks materially higher than pre-acquisition plans, which is a positive catalyst for the stock.