L. T. Elevator
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Sept 2025 | ₹45 | +57.69% | ₹54,700 | ₹123 | ₹72,000 |
| 18 Sept 2025 | ₹43 | +55.13% | ₹52,300 | ₹121 | ₹68,800 |
| 17 Sept 2025 | ₹41 | +52.56% | ₹49,900 | ₹119 | ₹65,600 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 12 Sept 2025 – 16 Sept 2025
- Listing date
- 19 Sept 2025
- Face value
- ₹10 per share
- Issue price
- ₹78 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹39.37 Cr
- Market cap at offer price
- ₹149 Cr
- Promoter holding
- 85.14% → 62.71% pre-issue → post-issue
- ISIN
- INE0TJ801010
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- Capricorn Nest 3, Gobinda, Auddy Road, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,36,800 | — | — |
| Market maker | 2,52,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹78
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,24,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,49,600 |
| S-HNI (max) | 8 | 12,800 | ₹9,98,400 |
| B-HNI (min) | 9 | 14,400 | ₹11,23,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹78 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.34 | 4.67 |
| P/E (×) | 12.30 | 16.70 |
| Price to book (×) | 2.35 | — |
| Market cap | — | ₹149 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.68%
- ROCE
- 30.50%
- Debt / equity
- 0.38
- PAT margin
- 15.82%
- EBITDA margin
- 26.94%
- NAV per share
- ₹33.24
- Price to book
- 2.35
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About L. T. Elevator
L.T. Elevator Limited, incorporated in 2008 and converted to a public company in 2024, provides end-to-end elevator system solutions including manufacturing, installation, commissioning, and servicing under annual maintenance contracts. The company offers EPC (engineering, procurement and construction) and O&M (operations and maintenance) services with products designed for energy efficiency and safety. Its subsidiary, Park Smart Solutions Limited, executes turn-key multi-level car parking solutions including design, engineering, supply, installation, commissioning, and operation/maintenance of automated multi-level car parking systems. The company is registered in Kolkata, West Bengal, with manufacturing operations in South 24 Parganas.
Company Analysis
from RHPL.T. Elevator Limited manufactures and services elevators and provides smart parking solutions through its subsidiary, spanning the vertical transportation and automated parking systems industries.
L.T. Elevator Limited, incorporated in 2008 and converted to a public company in 2024, provides end-to-end elevator system solutions including manufacturing, installation, commissioning, and servicing under annual maintenance contracts. The company offers EPC (engineering, procurement and construction) and O&M (operations and maintenance) services with products designed for energy efficiency and safety. Its subsidiary, Park Smart Solutions Limited, executes turn-key multi-level car parking solutions including design, engineering, supply, installation, commissioning, and operation/maintenance of automated multi-level car parking systems. The company is registered in Kolkata, West Bengal, with manufacturing operations in South 24 Parganas.
Objects of the Issue
- Funding of working capital requirements of our Company Upto ₹2,250.00 lakhs p.22
- Investment in our subsidiary Park Smart Solutions Limited, for funding of its working capital requirement Upto ₹800.00 lakhs p.22
- General corporate purposes p.22
- Working Capital Requirements to meet the existing order book and to build bandwidth to onboard more orders ₹2,000.00 lakhs p.97
- Investment in subsidiary Park Smart Solutions Limited, for funding of its working capital requirement ₹800.00 lakhs p.101
- General corporate purposes p.96
- Working Capital Requirements - Subsidiary ₹880.00 lakhs p.125
- General Corporate Purposes p.103
Issue Structure
- Total Issue
- Upto 50,48,000 Equity Shares aggregating Up to ₹ [•] lakhs
- Fresh Issue
- Up to 50,48,000 Equity Shares of ₹ [•]/- aggregating up to ₹ [•] Lakhs
- Offer for Sale
- NA
- Face Value
- ₹ 10/-
Business Model
Revenue is generated through: (1) elevator system solutions - manufacturing, installation, commissioning, and servicing with 12-month quality guarantees; (2) annual maintenance contracts for elevators; (3) turn-key multi-level car parking solutions for design, engineering, supply, installation, commissioning, and operations/maintenance through its subsidiary. The company operates on an EPC and O&M service model.
Business Segments
SWOT Analysis
- • Strong revenue growth trajectory(p.24)
- • High profitability with consistent growth(p.24)
- • ISO certification demonstrating quality commitment(p.35)
- • End-to-end solution capability in elevators(p.21)
- • Diversification into complementary smart parking business(p.21)
- • Strong net worth growth(p.24)
- • Experienced management team leveraging industry knowledge(p.51)
- • No significant attrition of key managerial personnel in past 3 years(p.51)
- • Quality control processes reduce product defects(p.52)
- • Registered trademark providing brand recognition(p.54)
- • Established insurance coverage for operational risks(p.54)
- • ISO certification for quality management system(p.226)
- • Diversified product portfolio across elevator types(p.226)
- • Improved capacity utilization trend(p.230)
- • Strong revenue growth (40.82% YoY)(p.229)
- • Significant PAT margin improvement to 15.76%(p.230)
- • Recent acquisition of parking solutions subsidiary(p.226)
- • Strong revenue and profit growth trajectory(p.233)
- • Substantial improvement in profitability(p.233)
- • Improved operational efficiency and margins(p.233)
- • Strong EBITDA growth(p.234)
- • Reduced debt burden(p.234)
- • Established market presence with long operational history(p.324)
- • Heavy geographic concentration in West Bengal(p.36)
- • Dependence on single manufacturing facility(p.30)
- • High unsecured loans repayable on demand(p.32)
- • Significant financial leverage with secured borrowings(p.33)
- • Recurring delays in statutory compliance including GST and payroll taxes(p.37)
- • Delays in ROC filings across multiple statutory forms(p.46)
- • Inability to obtain bank statement for historical rights issue(p.30)
- • Dependence on attracting and retaining skilled workforce(p.51)
- • Related party transactions with potential conflicts of interest(p.51)
- • Management discretion in use of Net Proceeds may not achieve expected objectives(p.51)
- • Existing indebtedness and potential for additional borrowings(p.52)
- • Concentration risk with electricity supply dependency(p.52)
- • Promoter control may disadvantage minority shareholders(p.53)
- • Incomplete regulatory compliance due to company name change(p.53)
- • Dependence on concentrated customer base(p.230)
- • High reliance on single manufacturing facility(p.227)
- • Significant short-term borrowings requiring frequent refinancing(p.193)
- • Unsecured loans from related parties repayable on demand(p.227)
- • Promoter personal guarantees on bank loans(p.221)
- • Historic issue with Bank Statement for Share Issue in 2012 and 2014(p.227)
- • Negative operating cash flow(p.234)
- • Working capital management challenges(p.234)
- • Material litigation involving promoters and directors(p.237)
- • Service quality and warranty issues(p.238)
- • Recent conversion to public company may indicate governance transition complexity(p.324)
- • Global elevator market growth(p.21)
- • High-growth smart parking market(p.21)
- • Expansion into new geographic markets(p.36)
- • Investment in working capital to support growth(p.23)
- • Strategic investment in subsidiary for smart parking expansion(p.23)
- • Increase working capital bandwidth to capture larger orders and expand customer base(p.97)
- • Geographic expansion and market penetration in underserved regions(p.100)
- • Capacity utilization improvement from current 62% utilization(p.97)
- • Product diversification and technology integration(p.100)
- • Subsidiary growth through car parking solutions business expansion(p.101)
- • Strengthen marketing team for expanded market reach(p.101)
- • Expansion into complementary parking solutions market(p.227)
- • Growing demand for energy-efficient elevator solutions(p.226)
- • End-to-end EPC and O&M service model(p.226)
- • 24/7 service support capability differentiation(p.226)
- • Customer base expansion through institutional/corporate channels(p.231)
- • Scaling operations and market expansion(p.233)
- • Leverage SME platform for growth(p.250)
- • Migration to main board post-listing(p.268)
- • 100% FDI permitted in company's sector under automatic route(p.309)
- • Unrestricted foreign investment in most sectors unless specifically restricted(p.309)
- • Access to multiple investor categories through structured allotment framework(p.298)
- • Disruption risk to single manufacturing facility(p.30)
- • Failure to renew critical business licenses(p.31)
- • Risk of product defects and recalls(p.35)
- • Economic dependence on India market(p.36)
- • Third-party transportation dependency(p.33)
- • Regulatory penalties for statutory non-compliance(p.37)
- • Economic slowdown affecting demand for products(p.62)
- • Electricity shortage disrupting manufacturing operations(p.52)
- • Changing regulations and compliance requirements(p.61)
- • Inflation increasing operational costs(p.63)
- • Interest rate volatility affecting debt servicing costs(p.57)
- • COVID-19 pandemic or future health emergencies disrupting operations(p.62)
- • Political instability and civil unrest affecting market conditions(p.64)
- • Terrorist attacks and violence impacting financial markets and business(p.65)
- • Regulatory licensing and approval risks(p.227)
- • Dependence on logistics and transportation infrastructure(p.227)
- • Exposure to interest rate and refinancing risks from multiple lenders(p.227)
- • Seasonal and cyclical business fluctuations(p.227)
- • Exposure to litigation from Directors and Promoters(p.227)
- • Changing consumer preferences and market trends(p.227)
- • Highly competitive fragmented industry(p.235)
- • Supplier payment disputes and litigation(p.238)
- • Customer default and payment risks(p.238)
- • Regulatory changes in IPO listing timelines affecting capital deployment(p.298)
- • Compliance requirements for different investor categories may limit subscription(p.309)
- • Foreign exchange and sectoral cap limitations on overseas investors(p.309)
- • Regulatory framework complexity for NRI and FPI investments(p.310)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Arvind Gupta | Promoter | 61.29% | — |
| Usha Gupta | Promoter | 22.91% | — |
| Yash Gupta | Promoter | 0.47% | — |
| Arvind Gupta | Promoter/Managing Director | 61.29% | — |
| Usha Gupta | Promoter/Whole-time Director | 22.91% | — |
| Yash Gupta | Promoter Group | 0.47% | — |
| Arvind Gupta | Promoter/Managing Director | — | — |
| Usha Gupta | Promoter/Whole-time Director | — | — |
| Arvind Gupta | Promoter/Managing Director | 61.29% | — |
| Usha Gupta | Promoter/Whole-time Director | 22.91% | — |
| Yash Gupta | Promoter/Non-Executive Director | 0.47% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.