September 10, 2025
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L.T.Elevator IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 12 Sept. 2025 |
| IPO Closes on | 16 Sept. 2025 |
| Allotment on | 17 Sept, 2025 |
| Credit of shares on | 18 Sept. 2025 |
| Tentative Listing on | 20 Sept. 2025 |
L.T.Elevator IPO Condenses Verdict
L.T. Elevator Limited has shown strong growth in revenue and profitability with PAT rising to Rs. 8.94 crore in FY25 from Rs. 1.25 crore in FY23. Net worth has expanded sharply to Rs. 45.43 crore. However, the company’s working capital is under stress—inventory of Rs. 30.32 crore and trade receivables of Rs. 21.93 crore appear very high compared to monthly sales of just Rs. 4.71 crore. Another concern is the sharp fall in raw material cost ratio from 50% in FY23 to 40% in FY25, which raises doubts about its sustainability. While growth looks attractive, investors need to weigh these risks before applying.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
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About L.T.Elevator
Incorporated in August 2008, L.T. Elevator Limited is engaged in providing quality elevator system solutions with strong emphasis on service, engineering and technical excellence. The company undertakes complete solutions including manufacturing, installation, commissioning and annual maintenance of elevators. It also provides EPC (Engineering, Procurement & Construction) and O&M (Operations & Maintenance) services under its “Customer First Philosophy.”
Its product portfolio covers Elevators, Manual Elevators and Semi-Automatic Elevators. The company has developed innovative modular designs backed by advanced engineering and offers 24×7 service support. It also maintains an in-house testing laboratory for quality checks, supervised by qualified personnel.
The manufacturing facility is located at Chakchata, West Bengal, with an annual capacity to produce 800 elevators. The plant is equipped with modern machinery, ensures strict quality control, follows sustainable practices and also serves as an innovation hub. As on 31 March 2025, the company employed 319 people on its payroll.
L.T.Elevator IPO Details
|
Sector: Retail sector |
|
| IPO opens on | 12 September 2025 |
| IPO closes on | 16 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 50,48,000 Shares / Rs 39.37 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 2,52,800 Shares |
| Net offer to Public | 47,95,200 Shares Rs. 37.40 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 76-78 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,52,800 (5.01%) |
| QIB Shares Offered | 23,96,800 (47.48%) |
| NII (HNI) Shares Offered | 7,20,000 (14.26%) |
| Retail Shares Offered | 16,78,400 (33.25%) |
| Total Shares Offered | 50,48,000 (100.00%) |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 3,200 | 2,49,600 |
| Retail (Max) | 2 | 3,200 | 2,49,600 |
| S-HNI (Min) | 3 | 4,800 | 3,74,400 |
| S-HNI (Max) | 8 | 12,800 | 9,98,400 |
| B-HNI (Min) | 9 | 14,400 | 11,23,20 |
Who are the Promoters of L.T.Elevator IPO?
The promoters hold 85.14% of the pre-IPO capital
What are the Objects of L.T.Elevator IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Working Capital Requirements Rs. 20.00 Crore
+Investment in subsidiary Park Smart Solutions Limited, for funding of its working capital requirement Rs. 8.80 Crore
+General Corporate purposes
| Registered Office of the Company |
| L.T.Elevator Ltd. Capricorn Nest 3, Gobinda Auddy Road, Kolkata, West Bengal, 700027 |
| Email: cs@ltelevator.com |
| Lead Manager of the IPO |
| Horizon Management Pvt ltd |
| Who is the Registrar to the IPO?
Cameo Corporate Services ltd |
L.T.Elevator Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 86.99 | 42.78 | 42.68 |
| Total Income | 56.74 | 40.63 | 34.73 |
| Profit After Tax | 8.94 | 3.17 | 1.25 |
| EBITDA | 15.23 | 6.67 | 4.05 |
| Net Worth | 45.43 | 10.74 | 7.57 |
| Reserves and Surplus | 31.77 | 6.13 | 2.96 |
| Total Borrowing | 17.3 | 14.02 | 13.64 |
| Amount in Rs. Crore | |||
Key Financial Indicators
| KPI | Values |
| ROE | 20.52% |
| ROCE | 30.50% |
| Debt/Equity | 0.38 |
| RoNW | 19.68% |
| PAT Margin | 15.82% |
| EBITDA Margin | 26.94% |
| Price to Book Value | 2.35 |
| EPS | 6.34 |
| PE R | 12.31 |
How L.T.Elevator IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| L. T. Elevator Limited | 19.68 | |
| Aaron Industries | 43.54 |
L.T.Elevator IPO Review
by Paresh Gordhandas, CA & Research Analyst
Business Profile
L.T. Elevator Limited, incorporated in 2008, provides elevator manufacturing, installation, commissioning, and maintenance services. It also offers EPC and O&M solutions, with a “Customer First Philosophy.” The company’s portfolio includes elevators, manual elevators, and semi-automatic elevators. Its West Bengal facility has a capacity to manufacture 800 elevators annually.
Financial Performance
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Revenue Growth: Total income rose from Rs. 34.73 crore in FY23 to Rs. 56.74 crore in FY25, a steady CAGR.
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Profitability: PAT has improved significantly from Rs. 1.25 crore in FY23 to Rs. 8.94 crore in FY25. EBITDA margins have expanded from Rs. 4.05 crore in FY23 to Rs. 15.23 crore in FY25.
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Balance Sheet: Net worth jumped to Rs. 45.43 crore in FY25 vs. Rs. 7.57 crore in FY23, supported by reserves build-up. Borrowings remain moderate at Rs. 17.30 crore.
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Concerns:
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Working Capital Stress: Inventory (Rs. 30.32 crore) and receivables (Rs. 21.93 crore) are disproportionately high against monthly sales (Rs. 4.71 crore).
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Material Cost Ratio: Decline from 50% of revenue (FY23) to 40% (FY25) may not be sustainable. Any reversion to higher costs could sharply reduce margins.
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Valuation & Verdict
The IPO size is modest (Rs. 39.37 crore), and valuations need to be viewed against sustainability of margins and heavy working capital needs. Though growth looks promising, cautious investors may wait and watch. The issue may attract only those with high-risk appetite.
The IPO opens on 12 September 2025 and closes on 16 September 2025. The allotment is expected on 17 September 2025 and listing on 19 September 2025 at BSE SME.
The IPO is a fresh issue of Rs. 39.37 crore. The price band is Rs. 76 to Rs. 78 per share.
The lot size is 1,600 shares. Minimum retail investment is Rs. 2,49,600 (3,200 shares). HNIs must apply for at least 3 lots (4,800 shares), amounting to Rs. 3,74,400.
Revenue and PAT have grown strongly over the past 3 years. PAT rose from Rs. 1.25 crore (FY23) to Rs. 8.94 crore (FY25). However, high inventory and receivables indicate stressed working capital, and sustainability of low material costs is uncertain.
While the company shows growth and profitability, working capital imbalance and margin sustainability are concerns. Only investors with high-risk appetite may consider applying; conservative investors should avoid.
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