Ricardo Elevators lands in Australia with first three orders
LT Elevator's subsidiary secured SafeWork NSW approval and has already sold three home lifts. It's now in Malaysia, with UAE and Thailand talks ongoing.
— 2 earlier stories on LT Elevator Ltd. →What's new
- Ricardo Elevators got SafeWork NSW approval to sell home lifts in Australia.
- The unit has three confirmed Australian orders and is exporting to Malaysia.
- New experience centres opened in Lucknow and Jammu; target is 40 touchpoints by end-2026.
Why this matters
For a ₹447 crore market-cap company with ₹111 crore in revenue, landing regulatory clearance in a stringent market like Australia and locking in three orders is a material first step into developed-world sales. The domestic footprint is also more than doubling, from 21 to a targeted 40 touchpoints, which could meaningfully change the revenue profile if executed.
What we're watching
- Whether the three Australian orders convert to repeat business or reference sites.
- How quickly the 40-touchpoint domestic target gets hit.
- Outcome of partner discussions in UAE, Oman, Thailand, Indonesia.
The full read
LT Elevator's subsidiary Ricardo has cleared its first international regulatory hurdle. SafeWork NSW approved its home lifts for sale and installation in Australia, and three customers have already placed orders. The unit is also exporting to Malaysia and talking to potential partners in the UAE, Oman, Thailand, and Indonesia. For a company with ₹111 crore in annual revenue and a ₹447 crore market cap, this is not symbolic. Regulatory approval in a developed market like Australia is a product-quality stamp, and three orders turn it from a certification story into a commercial one. Domestically, Ricardo is doubling its retail footprint from 21 touchpoints to a target of 40 by end-2026, with new centres in Lucknow and Jammu already open. The risk is execution: going from three orders to a pipeline that moves the needle on ₹111 crore in revenue requires sales infrastructure Australia doesn't yet have.
Questions answered
- What regulatory approval did Ricardo Elevators receive?
- It received clearance from SafeWork NSW, the New South Wales workplace safety regulator, to sell and install its home lifts in Australia. This is a prerequisite for market entry and signals product acceptance in a stringent regulatory environment.
- How large is LT Elevator, and why does an Australian order matter?
- LT Elevator has a market cap of ₹447 crore and annual revenue of ₹111 crore. Securing three orders and regulatory approval in Australia gives it a foothold in a developed market that could diversify revenue away from India.
- What is the domestic expansion plan?
- Ricardo opened new experience centres in Lucknow and Jammu and plans to grow its customer touchpoints to 40 by end-2026, up from 21 currently. That's a near-doubling of its retail footprint.
- Which other markets is the company exploring?
- It's in discussions with potential country partners in the UAE, Oman, Thailand, and Indonesia to extend its international presence beyond Australia and Malaysia.
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All notes on LTELEVATOR →- 1 Jun 2026 · 3:32 PM IST Ricardo Elevators lands in Australia with first three orders
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