1. Opening Hook
L.T. Elevator listed, skipped the usual boring “steady growth” call, and instead dropped a surprise—
they’re buying an Instagram-powered elevator brand.
While legacy elevator giants were busy pitching architects over filter coffee, L.T. quietly figured out that people are buying ₹10–11 lakh home elevators after clicking Meta ads.
No plant inauguration.
No government tender chest-thumping.
Just straight-up D2C ambition in an industry that still thinks brochures are cutting-edge tech.
The Ricardo acquisition isn’t about one small brand—it’s about cracking a distribution hack that most industrial companies didn’t even know existed.
Read on. It gets more disruptive (and slightly uncomfortable for incumbents) from here.
2. At a Glance
- Ricardo FY25 revenue ~₹5.5 Cr – Two years old, already acting like a startup on steroids.
- Net profit ~₹30–35 lakh – Thin margins today, optionality tomorrow.
- 50–60 elevators/month orders – Instagram reels doing what sales teams couldn’t.
- ₹46 Cr current order book – From ₹10–12 lakh monthly ad spend. Insane ROAS.
- ASP ₹10–11 lakh per lift – Premium pricing without MNC branding.
- Execution lag 6–8 months – Growth visible, revenue patiently waiting.
3. Management’s Key Commentary
“We realized there is a D2C business in elevators.”
(Translation: Turns out elevators can be sold like Boat headphones
😏)
“Almost 100% of Ricardo’s leads come from Meta Ads.”
(Architects found unemployed by Instagram algorithms)
“They generate 2,000–2,500 enquiries per month.”
(More leads than some real estate brokers)
“The home elevator market is ~₹2,000 crore.”
(Big enough for ambition, small enough to dominate early)
“Large MNCs are sleeping on this opportunity.”
(Otis still waking up from brochure-era hangover 😴)
“Ricardo struggled with backend engineering.”
(Marketing was sexy, operations were painful)
“We bring manufacturing; they bring the consumer.”
(Classic brains + brawn merger)
4. Numbers Decoded
Metric | Reality Check
-------------------------------|-----------------------------------------
Ricardo ASP | ₹10–11 lakh per elevator
COGS + installation | ~₹6 lakh (post in-house manufacturing)
Ad spend | 2–5% of sales (ridiculously low)
Sales + experience centers | ~10% of revenue
Net margin potential (B2C) | 20%+ long term (vs 15% B2B)
Monthly order intake