LT Elevator

L.T. Elevator discontinued its proposed merger with Ricardo Elevators and cancelled the binding term sheet governing the transaction. Its board instead approved a share purchase agreement to acquire all of Ricardo through a share swap, subject to shareholder and regulatory approvals, with completion expected within 120 days. The company planned to issue up to 461,000 shares at ₹281.86 each, valuing the non-cash consideration at up to ₹12.99 crore; Ricardo’s turnover rose from ₹4.04 crore in FY25 to ₹12.08 crore in FY26. Ricardo would become a wholly owned subsidiary and support L.T. Elevator’s expansion of a pan-India B2C distribution channel for elevator systems. L.T. Elevator’s home-elevator business had crossed ₹100 crore in annual recurring bookings by August 2026, while FY26 revenue was ₹111.34 crore. The company had also begun work on a ₹25 crore integrated facility targeted for commissioning in the fourth quarter of FY27.

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L.T. Elevator discontinued its proposed merger with Ricardo Elevators and cancelled the binding term sheet, replacing it with a proposed acquisition of Ricardo’s entire equity through a share purchase agreement and share swap, subject to approvals. The company approved the issue of up to 461,000 shares at ₹281.86 each, putting the non-cash consideration at a maximum of ₹12.99 crore. Ricardo, incorporated in 2024, had turnover of ₹12.08 crore in FY26 and was engaged in assembling, trading and exporting elevator systems; the acquisition was intended to establish a pan-India B2C distribution model. L.T. Elevator reported FY26 revenue of ₹111.34 crore and an order book above ₹250 crore excluding Ricardo, while its ₹25 crore integrated manufacturing facility was targeted for commissioning in Q4 FY27.

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L.T. Elevator said its board would meet on 13 August 2026 to consider issuing equity shares or other eligible securities through a preferential issue or another permitted route. The proposal would be subject to regulatory and shareholder approvals, and the board would also consider fixing the date, time and place of a general meeting. The company had completed a preferential allotment of 10.8 lakh shares to Bandhan Small Cap Fund on 29 July, giving the investor a 5.08% stake. L.T. Elevator reported revenue of ₹111.34 crore for FY26 and was developing a ₹25 crore integrated manufacturing facility.

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L.T. Elevator announced a share purchase agreement to acquire 66.45% of Dongyang PC, Inc., a Seoul-based manufacturer of mechanical parking systems, at USD 2.85 per share. On completion, Dongyang will become a subsidiary, and the company will cause it to buy back and cancel 500,000 shares held by a Saudi investor, taking ownership to 100%. Dongyang supplies automated parking infrastructure across 35 countries, holds 12 patents and 21 registered trademarks, and carries an order book of about €65 crore, expected to contribute roughly ₹30 crore of revenue to L.T. Elevator for the remainder of FY27. The deal follows the company's acquisition of car-parking subsidiary Park Smart Solutions in December 2024.

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L.T. Elevator has entered into a Share Purchase Agreement to acquire DYPC Inc., a South Korean manufacturer of automated mechanical car parking systems, marking its entry into global automated parking technology. The acquisition brings proprietary SMART PARKING® technology, international IP including 12 patents, and an established client base across the USA, UK, Mexico, Thailand and other markets. Management expects a ₹30 crore revenue contribution from DYPC for the remainder of this fiscal, and the company brings an order book of ₹65 crore, including ₹45 crore won last week, supported by a bid pipeline of ₹700 crore. The order book includes an ₹8 crore order from the USA, giving the company a foothold in that market. DYPC's technology complements the existing car parking operations of L.T. Elevator's wholly owned subsidiary Park Smart. The acquisition follows the company's strategic expansion into D2C home elevators via the Ricardo acquisition, and its home elevator business has crossed ₹100 crore in annualised run-rate order bookings, ahead of internal targets. The company's integrated manufacturing facility, expected to commission in Q4 FY27, is intended to produce DYPC-designed parking systems domestically.

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L.T. Elevator executed a share purchase agreement on 4 August to acquire 66.45% of South Korea's Dongyang PC for USD 2.85 per share, covering 996,675 equity shares. The target designs and manufactures automated mechanical parking systems, elevators and material handling equipment, with operations across more than 35 countries. Dongyang PC is expected to become a wholly-owned subsidiary after a buyback and cancellation of 500,000 shares held by a Saudi investor at the same price, scheduled within 60 days of closing. Completion is targeted by 30 September, subject to RBI overseas investment approval and other conditions precedent. LT Elevator reported revenue of ₹111.34 crore for FY26 and already owns car-parking business Park Smart Solutions, while beginning exports to Malaysia and securing regulatory approval in Australia.

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Bandhan Small Cap Fund, managed by Bandhan AMC, acquired a 5.08% stake in L.T. Elevator Ltd through a preferential allotment of 1.08 million shares on July 27, 2026. The company, an elevator manufacturer, had listed on the BSE SME platform in September 2025, raising funds for working capital and investment in its car-parking solutions arm. Revenue for the year ended March 2026 stood at ₹111.34 crore, nearly double the prior year. The order book exceeded ₹250 crore, excluding the pending merger of its direct-to-consumer brand Ricardo Elevators.

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LT Elevator Limited performed a Bhoomi Pujan ceremony on July 13, 2026, formally starting construction of its new integrated manufacturing facility on a recently acquired land parcel in West Bengal. The plant is expected to be commissioned by the fourth quarter of fiscal 2027 and will boost installed manufacturing capacity by roughly 2.5 times, enabling annual production of up to 2,500 elevator units and 8,000 car parking spaces. Peak revenue potential from the fully ramped facility is projected at approximately ₹400 crore. Equipped with advanced machinery including a TRUMPF CNC punching centre and laser welding systems, the facility will consolidate manufacturing, sourcing, and execution in-house. Director Yash Gupta described the groundbreaking as a declaration of intent that will materially transform the company’s capacity, cost structure, and ability to pursue larger institutional and government contracts.

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July 15 (Reuters) - LT Elevator Ltd LTEL.BO:

• LT ELEVATOR - COMMENCES CONSTRUCTION OF INTEGRATED MANUFACTURING FACILITY, FACILITY EXPECTED TO BE COMMISSIONED BY Q4 FY27

• LT ELEVATOR - FACILITY EXPECTED TO DELIVER PEAK REVENUE POTENTIAL OF ABOUT 4 BILLION RUPEES

Source text: ID:nBSE77QqRQ

Further company coverage: LTEL.BO

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May 15 (Reuters) - LT Elevator Ltd LTEL.BO:

• LT ELEVATOR LTD - BOARD TO CONSIDER FUND RAISING VIA EQUITY OR EQUITY-LINKED SECURITIES

Source text: ID:nBSE84jJ9d

Further company coverage: LTEL.BO

(([email protected];))

Jan 9 (Reuters) - LT Elevator Ltd LTEL.BO:

• LT ELEVATOR LTD - ANNOUNCES STRATEGIC MERGER OF RICARDO ELEVATORS

• LT ELEVATOR - MERGER OF RICARDO ELEVATORS FOR ENTRY INTO PREMIUM D2C HOME ELEVATOR MARKET

Source text: ID:nBSEbgXrzT

Further company coverage: LTEL.BO

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