Kolkata-headquartered LT Elevator is setting ambitious financial targets, with the company aiming to surpass the Rs 400-crore revenue milestone by the fiscal year 2028. This growth strategy is bolstered by recent strategic moves, including a significant acquisition and plans for international collaboration.
Current Financial Performance and Near-Term Goals
According to Yash Gupta, Director of LT Elevator, the company currently generates an annual revenue of Rs 100 crore. However, with the acquisition of Ricardo Elevators, LT Elevator is on track to cross the Rs 150-crore mark by the end of the current fiscal year. This acquisition is a key driver in their expansion plans, providing a solid foundation for future growth.
Strategic Acquisition of Ricardo Elevators
The merger with Ricardo Elevators involves not only the company itself but also its existing order book. As part of this integration, Ricardo Elevators' operations and team will be fully incorporated into LT Elevator Ltd. Neeraj Hemnani, the founder and CEO of Ricardo Elevators, will continue with the organization, leading the home elevator division. Gupta emphasized that this merger significantly strengthens LT Elevator's growth engine by combining their engineering-led manufacturing platform with Ricardo's strong retail presence and execution capabilities.
Expansion Plans and Manufacturing Facilities
LT Elevator is also exploring global expansion through inorganic opportunities overseas. Domestically, the company is enhancing its manufacturing capacity. One of its group companies recently acquired land near Uluberia for a second manufacturing facility in West Bengal. The current facility, spanning 1.2 lakh square feet, produces 600 elevators annually. The new facility, which will cover 2.5 lakh square feet, is expected to double production to 1,200 elevators per year.
Partnerships and Market Position
In addition to acquisitions, LT Elevator is planning to form a partnership with a South Korean company to advance its mechanical parking systems. Gupta highlighted that the company is one of the largest players in mechanical car parking in eastern India, and this partnership aims to further solidify their market position. The focus remains on maintaining discipline on costs and margins while scaling revenue.
Overall, LT Elevator's multi-pronged approach—combining acquisitions, manufacturing expansion, and strategic partnerships—positions the company for robust growth in the coming years, with a clear target of achieving over Rs 400 crore in revenue by FY 2028.
