1. Ricardo Elevators merger - filing by end of May 2026, completion during FY27, low-single-digit dilution Partial - At the Q3 FY26 call, management guided the Ricardo merger filing would happen after March 2026 numbers, with indicative dilution of 2-3%. At the Q4 FY26 call, the filing was guided for end of May 2026, with dilution very low single digit, and non-transcript filings state completion during FY27. As of 14 July 2026, no disclosure of the merger filing having been submitted is in our record - the end-of-May 2026 deadline has passed, though operational integration is underway with production against Ricardo orders being executed by L.T. Elevator from March end/April 2026.
2. New integrated manufacturing facility - commissioned by Q4 FY27, capacity ₹350-400 cr top line / 1,500-2,000 elevators On track - At the Q3 FY26 call, management guided the new facility would go live between December 2026 and March 2027, with capacity up to ₹300-400 cr. At the Q4 FY26 call, commissioning was narrowed to Q4 FY27, with capacity refined to ₹350-400 cr top line and 1,500-2,000 elevators, and total cumulative capex of roughly ₹25 cr. Construction work is already underway, additional machinery has been purchased, and preferential issue proceeds of up to ₹15 cr are allocated for capex on the new factory.
3. B2C (Ricardo) business mix - 50-60% of overall mix by FY28-FY29; FY27 target \~35% On track - At the Q3 FY26 call, management stated the B2C (Ricardo) business mix is expected to reach 50-60% of overall mix by FY28-FY29. At the Q4 FY26 call, the FY27 B2C mix target was set at roughly 35%, with the revenue mix target: 35% B2C, \~30-35% B2G, \~30% B2B, \~5% exports. In FY26, B2C was almost negligible, while Ricardo order book grew from ₹45 cr to ₹70-80 cr, with order inflows at \~₹6 cr per month annualised to ₹70+ cr.
4. FY27 revenue growth - roughly 80%+ growth target Pending - At the Q4 FY26 call, management guided a target to grow roughly 80% plus in FY27. FY26 revenue was ₹111.7 cr, representing \~97% YoY growth, and the combined order book stands at ₹289 cr with 90% executable in the next 18 months. FY27 has not concluded - no revenue disclosure in our record yet.
5. FY27 EBITDA margins - similar to FY26 Pending - At the Q4 FY26 call, management guided that EBITDA margins for FY27 will be similar to FY26, with long-term blended EBITDA margin generally at 25%. FY26 EBITDA margin was 23.9%, with OPM per the financials at 23.64%. FY27 has not concluded - no margin disclosure in our record yet.
6. Shillong project - ₹30 cr Phase 2 completion in FY27; ₹33 cr and ₹43 cr government projects fully completed by end of FY27 On track - At the Q4 FY26 call, management guided that ₹30 cr of work will be completed in FY27 for Phase 2 of the Shillong project, and that by the end of FY27, a ₹33 cr single project and a ₹43 cr single project for government will be fully completed. Phase 1 of the ₹43 cr Shillong project, with \~₹13 cr billing, was completed and inaugurated in FY26, and Phase 2 is underway with active billing across multiple government projects.
7. International expansion - country partner/distributor agreements in Dubai/UAE, Oman, Thailand, Indonesia over remainder of 2026 On track - Non-transcript filings state Ricardo Elevators expects to formalise country partner/distributor agreements in Dubai/UAE, Oman, Thailand, and Indonesia over the remainder of 2026. At the Q4 FY26 call, management stated plans to set up in Thailand, Indonesia, Philippines, and possibly Vietnam and Cambodia in the next few months. Exports to Malaysia and Australia have commenced, channel partners are established in both countries, and roughly 25 elevators have been sold under the Ricardo brand across Malaysia and Australia.
8. Home elevator market share - ambition to gain 15% by 2030 Pending - Non-transcript filings state the Company has an ambition to gain 15% market share in the home elevator market by 2030. Management stated the home elevator market is roughly ₹2,000 cr, and Ricardo was the second-highest order-per-month company in the home elevator D2C space, with order inflows of \~₹6 cr/month annualised to \~₹70+ cr, implying a current market share of \~3.5%. Horizon not reached - 2030 is long-dated.
9. Potential acquisition - international patent holding company in car parking space, completed before H1 FY27 ends Pending - At the Q4 FY26 call, management guided that the potential acquisition of an international patent holding company in the car parking space is expected to be completed before H1 of FY27 ends, with the company currently under NDA and due diligence. As of 14 July 2026, our record holds no disclosure of this acquisition having been completed or abandoned - H1 FY27 ends 30 September 2026, horizon not yet reached.