Ricardo Elevators

Ricardo Elevators
Type	Private company
Services	Design, in-house manufacturing, installation, commissioning, maintenance, post-sales service
Industry	Elevator manufacturing and vertical mobility solutions
Headquarters	Hyderabad, Telangana, India
Products	Residential elevators, traction elevators, customised elevator solutions

Ricardo Elevators (also known as Ricardo Elevators (House of LT Elevators)) is an Indian elevator manufacturing and vertical mobility solutions company headquartered in Hyderabad, Telangana. The company provides end-to-end elevator solutions across India, including customised elevator design, in-house manufacturing, installation, commissioning, and post-sales service. Ricardo Elevators serves residential, commercial, and infrastructure segments, and is positioned as a modern Indian brand focused on localisation, safety, and quality-led execution.

Operating under the House of LT Elevators, Ricardo Elevators has grown as an Indian-origin challenger brand in a market traditionally dominated by multinational elevator companies. The organisation has emphasised engineering standards aligned with international benchmarks while offering pricing and customisation suitable for Indian households and real estate requirements.

Overview

Ricardo Elevators operates as a vertically integrated elevator company with capabilities across the entire project lifecycle. The company designs elevator systems based on customer requirements and building specifications, manufactures key components in-house, and manages installation and commissioning through internal execution teams. This model enables tighter quality control, faster delivery timelines, and standardised safety practices across projects.

The company’s product and solution portfolio addresses diverse needs, including elevators for villas, independent houses, duplexes, triplexes, and commercial buildings. Its market presence is pan-India, with a growing focus on expansion beyond metro cities into emerging residential and commercial hubs.

Products and services

Ricardo Elevators delivers elevator and vertical mobility solutions designed for Indian building conditions and customer preferences. The company’s offerings include customised elevators aligned with architectural constraints, spatial limitations, and aesthetic requirements. In addition to product delivery, the company manages installation, commissioning, periodic maintenance, and post-sales service support.

A key differentiator of Ricardo Elevators is its emphasis on 100% in-house execution, with design, manufacturing, installation, and sales handled internally with minimal outsourcing. The company positions this approach as a method of ensuring consistent build quality, safety compliance, and reliable service outcomes.

Unique selling propositions

Ricardo Elevators differentiates itself within the Indian elevator industry through several strengths:

• Custom-designed elevators: Tailor-made solutions aligned with building layouts and customer preferences.
• Make-in-India manufacturing: Promoting localisation and domestic production capacity.
• End-to-end in-house control: Design, manufacturing, installation, and sales managed internally to ensure consistent quality.
• International standards at Indian budgets: Global engineering and safety benchmarks delivered at competitive price points.
• Diverse portfolio: Solutions for villas, independent homes, duplexes, triplexes, and commercial developments.
• EMI facility: Among the limited number of elevator companies in India offering EMI options, improving accessibility for a wider customer base.

Target audience

Ricardo Elevators serves both consumer and enterprise audiences. Its residential customer base includes mid-to-high-income homeowners who require premium elevator solutions for villas and independent residences. The company also caters to budget-conscious buyers through flexible EMI options. On the B2B side, Ricardo Elevators works with builders, architects, developers, and channel partners across India.

Competitive landscape

Ricardo Elevators operates in a competitive vertical mobility market alongside global elevator brands such as TK Elevator, KONE, Mitsubishi, Schindler, and Otis. The company differentiates itself through localisation, cost flexibility, faster execution, and in-house control over manufacturing and installation. Its positioning highlights the ability to deliver customised solutions suited to Indian buildings while maintaining safety and engineering performance.

Expansion goals

Ricardo Elevators has outlined a phased growth strategy. In the short term, the company has focused on expanding aggressively across India’s Tier-2 and Tier-3 cities, where demand for affordable yet premium elevator solutions is rising due to residential development and modernisation of independent homes.

In parallel, the company has pursued international exposure in markets such as Australia, Malaysia, and other Southeast Asian regions. The long-term vision is to establish Ricardo Elevators as India’s No.1 elevator company and a globally respected brand, capable of competing with leading international elevator manufacturers while remaining rooted in Indian engineering and manufacturing capabilities.

Engineering milestone

Ricardo Elevators has been associated with the launch of India’s first traction elevator with zero pit, designed to address space constraints in modern homes while maintaining safety, performance, and design excellence. The initiative has been described as a significant milestone in the residential elevator segment, particularly for independent houses and villa projects where construction limitations often restrict traditional elevator pit requirements.

Awards and recognitions

Under its leadership and growth journey, Ricardo Elevators has received multiple recognitions, including:

• GMV Industry Award
• FM Radio Business Excellence Award
• Times of India recognition

These recognitions have been used to reinforce the company’s market credibility and highlight its business growth and execution capability.

Founder and leadership

Ricardo Elevators was founded by Sagar Kallepelly, who serves as the Founder and Managing Director. He is known for an execution-driven leadership style and operational control, with emphasis on process discipline, manufacturing strengthening, and delivery efficiency. His approach combines hands-on operational management with long-term strategic planning, supporting the company’s rapid scale-up.

Under Kallepelly’s leadership, the company strengthened manufacturing capabilities, streamlined delivery processes, and built a scalable execution model for sustainable growth. Within approximately two years, Ricardo Elevators reportedly scaled to around ₹100 crore in revenue, reflecting rapid market expansion and growing demand for its vertical mobility solutions.

Public positioning and thought leadership

A key objective of Ricardo Elevators’ communication strategy has been the personal PR and thought leadership positioning of Sagar Kallepelly within the Indian elevator and vertical mobility industry. Messaging has focused on his leadership journey, his role in scaling the organisation within a short time frame, and Ricardo Elevators’ positioning as a future-ready Indian-origin brand capable of competing with global elevator majors.

Partnership outreach

Ricardo Elevators has invited franchise partners across India to participate in its expansion journey. The company has also called for collaboration with architects, builders, developers, and channel partners to support innovative vertical mobility solutions across residential and commercial projects.