L.T.Elevator Makes Stellar Debut with 74.49% Premium, Lists at ₹136.10 Following Exceptional Subscription

L.T.Elevator Limited, the elevator manufacturing and installation company, made an outstanding debut on BSE SME on September 19, 2025. After closing its IPO bidding between September 12-16, 2025, the company commenced trading with a remarkable 74.49% premium at ₹136.10, significantly exceeding the issue price of ₹78 and reflecting strong investor confidence in the elevator technology sector.

L.T.Elevator Listing Details

L.T.Elevator Limited launched its IPO at ₹78 per share with a minimum investment of 3,200 shares costing ₹2,49,600. The IPO received an exceptional response with a subscription of 182.95 times - retail investors at a strong 158.90 times, NII at an outstanding 356.16 times, and QIB at a solid 95.10 times, indicating overwhelming investor enthusiasm across all categories with particularly robust institutional and HNI confidence in the elevator manufacturing business.

First-Day Trading Performance Outlook

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• Listing Price: L.T.Elevator share price opened at ₹136.10 on BSE SME, representing a premium of 74.49% from the issue price of ₹78, delivering exceptional gains for investors and reflecting strong market confidence in India's infrastructure and real estate growth story.

Growth Drivers and Challenges

Growth Drivers:

• Comprehensive Solution Provider: Full-service elevator company offering manufacturing, installation, commissioning, and annual maintenance with EPC and O&M services operating under "Customer First Philosophy" ensuring complete project lifecycle management.
• Strong Financial Turnaround: Revenue grew 40% to ₹56.74 crore in FY25 with PAT surging 182% to ₹8.94 crore, demonstrating exceptional operational leverage and successful business scaling in elevator manufacturing.
• Exceptional Profitability Metrics: Strong ROE of 20.52%, impressive ROCE of 30.50%, healthy PAT margin of 15.82%, and robust EBITDA margin of 26.94% indicating superior operational efficiency and pricing power.

Challenges:

• Sustainability Concerns: Dramatic PAT surge of 182% in FY25 raises questions about earnings sustainability and whether such growth rates can be maintained in a competitive elevator market environment.
• Construction Sector Dependence: Heavy reliance on real estate and construction industry cycles creates vulnerability to property market fluctuations, infrastructure spending patterns, and economic downturns affecting demand.
• Competitive Market Dynamics: The Elevator industry is facing intense competition from established multinational players and domestic manufacturers, requiring continuous innovation, cost optimisation, and service excellence.

Utilisation of IPO Proceeds

• Working Capital: ₹20.00 crore for working capital requirements supporting inventory management, project execution, and operational scaling in the elevator manufacturing business.
• Subsidiary Investment: ₹8.80 crore for investment in subsidiary Park Smart Solutions Limited for funding working capital requirements in the smart parking solutions business.
• General Corporate Purposes: Supporting business operations, strategic initiatives, and corporate development activities for long-term growth and competitiveness.

Financial Performance of L.T.Elevator

• Revenue: ₹56.74 crore for FY25, showing robust growth of 40% from ₹40.63 crore in FY24, reflecting strong market demand and successful business execution in the elevator sector.
• Net Profit: ₹8.94 crore in FY25, representing exceptional growth of 182% from ₹3.17 crore in FY24, indicating substantial operational leverage and margin expansion benefits.
• Financial Metrics: Strong ROE of 20.52%, impressive ROCE of 30.50%, moderate debt-to-equity ratio of 0.38, healthy PAT margin of 15.82%, robust EBITDA margin of 26.94%, and estimated market capitalisation of ₹149.47 crore.