Alternative Headline: Hybon To Invest Rs 100 Crore, Expand To 20 New States In Five Years
Premium elevator maker plans entry into 15-20 new states over five years, banking on rising demand from luxury housing and branded residences
Premium elevator manufacturer Hybon will invest more than Rs 100 crore to expand manufacturing capacity and strengthen its pan-India footprint as it looks to tap rising demand from luxury housing and branded residences, senior company executives told BW Businessworld. The company, which is growing at 30-35 per cent annually, also plans to enter 15-20 new states over the next five years as part of its expansion strategy, senior executive told BW Businessworld.
“We are growing at a healthy pace of 30-35 per cent year on year, which is three times the growth of the market,” said Ratan Singh Sehgal, Managing Director (MD), Hybon, while speaking with BW Businessworld at the sidelines unveiling of luxury elevator collection in partnership with Italian luxury lifestyle brand Tonino Lamborghini.
To support its growth ambitions, Hybon has accelerated investments in manufacturing infrastructure, land acquisition and machinery. The company has already acquired a 16-acre land parcel and expects the expansion to significantly enhance production capabilities as it scales its premium and luxury offerings.
“I think for this year’s plan, we have crossed more than Rs 100 crore. We are aiming for Rs 100 crore investment, including the last PR which you saw, because we have already purchased a new 16 acres land for our expansion. And we also ordered the machinery and everything,” said Hybon Chief Executive Officer Prabodh Kumar.
Capacity Expansion
According to the company, preparatory work for the expansion programme is at an advanced stage, with land acquisition completed and key equipment already ordered. The company expects the expanded manufacturing facility to become operational within the next two quarters.
“Most of the boxes have been ticked, land acquired, layouts made, machines ordered, so most of it has been ticked. We will go live in the next two quarters,” Sehgal said.
While speaking with reporters, company executives said the first phase of its new manufacturing facility in Pilkhuwa on the Hapur highway will have an annual production capacity of 5,000 units, compared with 2,000 units at the existing Noida Phase-2 plant, which is currently operating at full utilisation. The Pilkhuwa facility is designed to be scaled up to produce as many as 10,000 units annually.
The company reported revenue of around Rs 150 crore in FY26, supported by capacity expansion, product additions and a wider sales and service network, executives said during the media interaction. Hybon also expects its order book to exceed 2,000 units in FY27, up from around 1,500-1,600 units in FY26.
Pan India Growth
Hybon currently operates across Delhi-NCR, Punjab, Uttarakhand, Bengaluru, Hyderabad and Nagpur, among other markets, and plans to significantly broaden its geographic footprint over the next five years.
“In our five-year strategic plan, we have identified or we have fixed that three new states at least will be added every year to our map,” Sehgal told BW Businessworld.
The company is evaluating opportunities in Maharashtra, Rajasthan and Uttarakhand as part of its immediate expansion roadmap. Sehgal also hinted at a major upcoming development in Gurugram, although he did not disclose specific details.
“We are looking at Maharashtra, Rajasthan and Uttarakhand in a big way. Haryana people generally consider as part of Delhi, but we are going to come up with a breaking story on Gurgaon, where we are planning something really big,” Sehgal said.
Hybon expects rising affluence, increasing adoption of branded residences and sustained growth in luxury housing to create long-term opportunities across both established and emerging urban markets.
The collaboration with Hybon, marks Tonino Lamborghini’s first entry into the vertical mobility segment globally. The current collection comprises four signature cabin designs, Impero, Marte, Sommo and Dinamico, featuring metallic finishes, carbon-fibre-inspired textures and bespoke interiors. Designed and manufactured by Hybon in India, the elevators target luxury residential, hospitality and commercial developments.
The collection incorporates artificial intelligence-enabled facial recognition access, destination control systems, interactive digital displays, climate-controlled cabins and app-based monitoring capabilities. Each installation can be customised according to project specifications, including speed, capacity, finishes and cabin configurations.
Residential Segment Drives Growth
Premium residential projects and private homes currently contribute around 70-75 per cent of Hybon’s revenue, with the remainder coming from commercial developments, executives said during the media interaction. The company expects this business mix to remain largely unchanged despite increasing traction in the commercial segment.
Hybon said luxury housing remains its primary growth driver, although demand from Tier 2 cities is increasing rapidly as affluent buyers increasingly opt for premium villas and customised homes.
“Tier 1 is our primary market because of the nature of products. Also, now tier 2 is coming up very fast,” Sehgal said.
The company is also targeting the retrofit market through house-lift solutions designed for existing homes and villas. Hybon sees significant potential in this segment as ageing homeowners increasingly seek accessibility solutions without undertaking major structural modifications.
“There is a very big market of existing villas or bungalows or houses, which did not provide for a regular lift when it was constructed 20-30 years back. Now, as people are growing old, they wanted to instal a lift,” Sehgal said.
Executives further said that inflation in raw materials, including microchips and other components, has increased input costs by 10-15 per cent, prompting selective price hikes. Despite these pressures, the company expects luxury housing, branded residences and premium hospitality projects to sustain growth momentum in the coming years.
