Trishakti Industries Ltd (531279)
Q2 FY27 results
📅 Next results: 22 Oct 2026 (board meeting)Trishakti Industries Ltd's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Trishakti Industries' revenue was ₹9.1 Cr (+344.4% year on year, +13.9% on the previous quarter), and net profit ₹2.6 Cr (+98.4% year on year); the operating margin was 34.9%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹9.1 | +344.4% | +13.9% |
| Operating profit | ₹3.2 | +221.2% | -42.9% |
| Net profit | ₹2.6 | +98.4% | +6.2% |
| EPS (₹) | 1.56 | +95.0% | +6.8% |
| Operating margin | 34.9% | — | — |
📢 Recent Corporate Announcements
Trishakti Industries has notified shareholders regarding SEBI's circular extending a special window for the transfer and dematerialisation of physical securities. The facility applies to shares purchased or lodged prior to April 01, 2019 that were previously rejected or returned due to deficiencies. This window will remain active from February 05, 2026 to February 04, 2027. All approved transfers will strictly be credited in dematerialised format with a mandatory lock-in period of one year.
- Special window open for 1 year from February 05, 2026 to February 04, 2027
- Applicable to physical transfer deeds executed/lodged prior to April 01, 2019
- Mandatory 1-year lock-in period for all securities transferred under this facility
- RTAs and companies required to process complete transfer requests within 70 days
Promoter group entity Sagarmal Ramesh Kumar Pvt. Ltd. acquired 1,000 equity shares (0.01% voting capital) of Trishakti Industries via an open market transaction on September 28, 2026. Following this purchase, the entity's direct holding carrying voting rights increased marginally from 21,11,878 shares (12.50%) to 21,12,878 shares (12.51%). Total holding including warrants/convertible instruments increased from 25,11,878 to 25,12,878 instruments, representing 13.89% of diluted capital. The overall transaction value is negligible (approx. Rs 2.42 lakh at current market price) relative to the company's Rs 399 Cr market cap.
- Acquisition of 1,000 equity shares representing 0.01% of total voting capital
- Transaction conducted via open market on BSE on September 28, 2026
- Direct shareholding increased from 21,11,878 shares (12.50%) to 21,12,878 shares (12.51%)
- Total holding including 4,00,000 convertible instruments rose to 25,12,878 (13.89% diluted capital)
- Total equity capital unchanged at Rs 3,37,89,100 across 1,68,94,550 equity shares of Rs 2 face value
Trishakti Industries has placed a massive purchase order worth ₹105.39 crore with equipment manufacturer XCMG for 60 units of heavy machinery, including crawler cranes, truck cranes, and articulated boom lifts. This procurement represents ~379% of the company's TTM revenue of ₹27.84 crore and will expand its fleet size from ~155-158 units to approximately 230 units. The capex is part of Trishakti's cumulative ₹400 crore capex program and targets demand from infrastructure, renewable energy, and steel sectors. Management reported an executable order book of approximately ₹70-72 crore for FY27.
- Placed ₹105.39 crore purchase order with XCMG for 60 units of heavy machinery and AWPs
- Net fleet size expands from ~155-158 machines to approximately 230 units, surpassing the FY27 target of 200+ units
- Equipment mix includes 11 crawler cranes, 10 truck-mounted cranes (50-tonne), and 39 articulated boom lifts
- Company maintained ~100% fleet utilisation through FY26 and Q1 FY27, with an executable order book of ₹70-72 crore for FY27
Trishakti Industries resubmitted its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following a BSE query regarding missing signatory details. The company confirmed the results were duly signed by Whole-time Director Dhruv Jhanwar and added the name and designation to the result pages. For Q1 FY27, consolidated revenue from operations stood at ₹14.38 crore compared to ₹4.08 crore in Q1 FY26, while consolidated net profit reached ₹4.29 crore versus ₹0.89 crore in the prior-year period.
- Q1 FY27 consolidated revenue from operations reported at ₹1,438.12 lacs (₹14.38 cr) vs ₹408.38 lacs in Q1 FY26
- Consolidated profit after tax stood at ₹428.69 lacs (₹4.29 cr) vs ₹88.73 lacs in Q1 FY26
- Basic and diluted EPS reported at ₹2.60 for the quarter ended June 30, 2026
- Filing is an administrative resubmission resolving a BSE query regarding signature and designation details
Trishakti Industries has signed a ₹125 crore Memorandum of Understanding (MoU) with XCMG to acquire a specialized 900-tonne heavy-lift crane. This single acquisition is highly material, representing approximately 446% of the company's TTM revenue of ₹28 crore. The move targets the wind energy sector, specifically the installation of next-generation taller turbines, as India aims for 100 GW of wind capacity by 2030. The company currently reports 100% fleet utilization and an Annual Recurring Revenue (ARR) exceeding ₹72 crore.
- ₹125 crore MoU signed with XCMG for a specialized 900-tonne heavy-lift crane
- Order value represents approximately 4.4x the company's TTM revenue of ₹28 crore
- Strategic entry into the wind energy sector targeting a 100 GW national capacity goal by 2030
- Company reports 100% fleet utilization across its current 150+ machine fleet
- Cumulative capex of over ₹270 crore deployed through Q1FY27
Trishakti Industries reported its strongest quarterly performance in Q1 FY27, with total income rising 310% YoY to Rs 16.80 Cr and PAT reaching Rs 4.30 Cr. The company maintained a high EBITDA margin of 65% and 100% fleet utilization across its current fleet of 155-158 machines. Management has committed to a Rs 100 Cr capex for specialized equipment, including 900-ton cranes for the wind energy sector, which is significant given the current net worth of Rs 45 Cr. Guidance for Annual Recurring Revenue (ARR) is set at Rs 70-72 Cr, a substantial increase over the TTM revenue of Rs 28 Cr.
- Total income increased by 310% YoY to Rs 16.80 Cr in Q1 FY27
- EBITDA grew approximately four times YoY to Rs 10.87 Cr with a 65% margin
- Planned and ordered Rs 100 Cr worth of new equipment capex, representing ~222% of current net worth
- Current fleet size reached 155-158 machines with 100% utilization
- Management guided for an Annual Recurring Revenue (ARR) of Rs 70-72 Cr for the current financial year
Trishakti Industries has made the audio recording of its Q1 FY-27 earnings conference call available following the results for the quarter ended June 30, 2026. The company is currently in a high-growth phase, targeting a revenue of Rs 90-100 Cr by FY28, a significant jump from its TTM revenue of Rs 28 Cr. Investors should monitor management commentary regarding the execution of the Rs 400 Cr CAPEX plan, which is larger than the company's current market capitalization of Rs 380 Cr. The call likely addresses the progress of expanding the fleet from 90-95 machines to 150 machines by FY27.
- Earnings conference call held on July 23, 2026, to discuss Q1 FY-27 financial results
- Company is pursuing a Rs 400 Cr CAPEX plan to reach 150 machines by FY27
- Targeting revenue of Rs 90-100 Cr by FY28 against a TTM revenue of Rs 28 Cr
- Current fleet size stands at approximately 90-95 machines with 100% utilization reported in recent periods
- Operating margins remain high at 55.1%, reflecting pricing power in specialized equipment rentals
Trishakti Industries reported a robust Q1 FY27 with revenue growing 252.3% YoY to ₹14.38 Cr and PAT rising 373% to ₹4.30 Cr. The company is aggressively executing a ₹400 Cr capex program (FY25-FY27), having already deployed ₹270 Cr to reach a fleet of 117 machines. Management is pivoting towards high-margin heavy equipment rentals (up to 750MT) for wind energy and infrastructure, maintaining 100% fleet utilization. Strategic expansion into the UAE and Saudi Arabian markets is also underway to diversify geographic revenue.
- Revenue from operations grew 252.3% YoY to ₹14.38 Cr in Q1 FY27
- Profit After Tax (PAT) increased 373.0% YoY to ₹4.30 Cr
- Deployed ₹270 Cr capex in FY26, representing 71% of the current market cap
- Fleet size reached 117 machines with a target to exceed 200 units by FY27
- Maintained 100% fleet utilization with sector-leading EBITDA margins of ~65%
Trishakti Industries reported a record Q1 FY27 with revenue growing 252.3% YoY to Rs 14.38 Cr and PAT rising 373% YoY to Rs 4.30 Cr. The company is executing an aggressive Rs 400 Cr capex program (FY25-27), having already deployed Rs 270 Cr to reach a fleet of 117 machines. Management is pivoting towards high-margin heavy equipment rentals (65% EBITDA margins) for wind energy and infrastructure, targeting Rs 90-100 Cr revenue by FY28.
- Revenue from operations grew 252.3% YoY to Rs 14.38 Cr in Q1 FY27
- Profit After Tax (PAT) increased 373% YoY to Rs 4.30 Cr with ~25% PAT margins
- Rs 270 Cr capex deployed in FY26, exceeding original guidance by 110%
- Fleet size reached 117 machines with a target of 200+ units by FY27
- Targeting revenue of Rs 90-100 Cr by FY28, representing ~3.5x growth over TTM revenue
Trishakti Industries reported a massive 310% YoY increase in total income to ₹16.80 Cr for Q1 FY27, driven by fleet expansion and high utilization. Net profit (PAT) surged 373% YoY to ₹4.30 Cr, a significant jump considering the total TTM PAT was ₹7 Cr. EBITDA margins remained high at 64.74%, reflecting strong pricing power in specialized equipment rentals. The company is currently executing a ₹400 Cr CAPEX plan to expand its fleet to 150 machines by FY27.
- Total income increased 310% YoY to ₹16.80 Cr in Q1 FY27
- Net profit (PAT) grew 373% YoY to ₹4.30 Cr from ₹0.91 Cr
- EBITDA rose 300% YoY to ₹10.88 Cr with margins at 64.74%
- Revenue from operations grew 252.15% YoY to ₹14.38 Cr
- Company is pursuing a ₹400 Cr multi-year CAPEX program (FY25-FY27) to reach 150 machines
Trishakti Industries reported a massive jump in Q1 FY27 performance, with total income reaching ₹16.80 Cr compared to ₹4.10 Cr in Q1 FY26. Profit After Tax (PAT) surged 373% YoY to ₹4.30 Cr, driven by fleet expansion and high asset utilization. The company is currently executing a ₹400 Cr multi-year CAPEX program (FY25-FY27) to reach 150 machines, which is significantly larger than its current market cap of ₹327 Cr. Despite the growth, EBITDA margins saw a slight compression of 158 bps to 64.74%, though they remain exceptionally high for the industry.
- Total Income grew 309.87% YoY to ₹16.80 Cr in Q1 FY27
- Profit After Tax (PAT) increased 373.01% YoY to ₹4.30 Cr
- EBITDA rose 300.11% YoY to ₹10.88 Cr with margins at 64.74%
- Basic EPS jumped to ₹2.61 from ₹0.56 in the previous year's quarter
- Company is executing a ₹400 Cr CAPEX plan to expand fleet to 150 machines by FY27
Trishakti Industries reported a massive surge in Q1 FY27 performance, with total income reaching ₹16.80 Cr, a 310% increase compared to ₹4.10 Cr in Q1 FY26. Profit After Tax (PAT) grew 373% YoY to ₹4.30 Cr, driven by fleet expansion and high utilization in the infrastructure and renewable sectors. While EBITDA margins slightly contracted by 158 bps to 64.74%, the company maintains a high-margin profile. This performance represents a significant scale-up, with Q1 revenue already accounting for approximately 60% of the previous TTM revenue of ₹28 Cr.
- Total income grew 310% YoY to ₹16.80 Cr from ₹4.10 Cr in the previous year's quarter
- PAT increased 373% YoY to ₹4.30 Cr, marking the strongest quarterly performance in the company's history
- EBITDA rose 300% YoY to ₹10.88 Cr, though margins slightly dipped to 64.74% from 66.32%
- Revenue from operations specifically grew 252% YoY to ₹14.38 Cr
- Company is currently executing a ₹400 Cr multi-year CAPEX program (FY25-FY27) to reach 150 machines
Trishakti Industries reported a massive surge in standalone revenue to ₹14.38 Cr in Q1 FY27, up from ₹4.08 Cr in Q1 FY26. While standalone net profit remained flat at ₹0.91 Cr due to high finance costs (₹1.83 Cr) and depreciation (₹3.66 Cr), the consolidated net profit was significantly higher at ₹7.45 Cr. The board approved a major strategic pivot into the wind energy sector using 900-tonne+ cranes and announced its first international expansion into the UAE and Saudi Arabia. These moves align with the company's ₹400 Cr capex plan to expand its fleet to 150 machines by FY27.
- Standalone revenue from operations grew 252% YoY to ₹14.38 Cr for the quarter ended June 30, 2026.
- Consolidated net profit reached ₹7.45 Cr, resulting in a consolidated EPS of ₹1.54 for the quarter.
- Strategic entry into the 900-tonne and above crane rental class specifically for the wind energy sector.
- Approved international expansion into UAE and Kingdom of Saudi Arabia (KSA), marking the company's first global foray.
- Finance costs rose to ₹1.83 Cr from negligible levels YoY, reflecting the debt-funded nature of the ongoing ₹400 Cr capex.
Trishakti Industries reported a massive jump in standalone revenue to ₹14.38 Cr for Q1 FY27, up 252% from ₹4.08 Cr in Q1 FY26. Despite the top-line surge, standalone net profit remained nearly flat at ₹0.91 Cr compared to ₹0.89 Cr YoY, primarily due to a sharp rise in finance costs to ₹1.83 Cr. The company announced a major strategic pivot into the wind energy sector using 900-tonne+ cranes and its first international expansion into the UAE and Saudi Arabia. These moves align with their previously stated ₹400 Cr CAPEX plan to reach a 150-machine fleet by FY27.
- Standalone revenue from operations grew 252% YoY to ₹14.38 Cr, representing over 50% of the previous full-year TTM revenue in a single quarter.
- Standalone net profit stood at ₹0.91 Cr, while consolidated profit attributable to owners was reported at ₹3.55 Cr.
- Finance costs surged to ₹1.83 Cr for the quarter, reflecting the debt-funded nature of the company's aggressive fleet expansion.
- Board approved strategic entry into the wind energy equipment rental sector, targeting high-capacity turbines requiring 900-tonne class cranes.
- Approved international expansion into the UAE and Kingdom of Saudi Arabia (KSA), marking the company's first foray outside India.
Trishakti Industries has scheduled its earnings conference call for the quarter ended June 30, 2026, on July 23, 2026, at 4:00 PM IST. The call will feature management commentary from CEO Mr. Dhruv Jhanwar regarding the company's financial performance. This is a standard procedural announcement following the release of quarterly results. Investors can access the call via provided domestic and international toll-free numbers.
- Earnings conference call scheduled for July 23, 2026, at 4:00 PM IST
- Discussion will focus on financial results for the quarter ended June 30, 2026
- Management representation includes CEO Mr. Dhruv Jhanwar
- International access provided via toll-free numbers for USA, UK, Singapore, and Hong Kong
Financial Performance
Revenue Growth by Segment
In FY2024-25, the Heavy Equipment hiring and commission/consultancy segment grew 465% YoY to INR 9.37 Cr. For Q2 FY26, total revenue reached INR 6.65 Cr, a 213% YoY increase. Segment-wise for FY25, Heavy Equipment hiring contributed 32% (INR 5.47 Cr) and Commission/Consultancy contributed 23% (INR 3.90 Cr) of total revenue.
Geographic Revenue Split
The company is currently focused on broadening its presence across Central and Eastern India to capture regional infrastructure demand, though specific percentage splits by state are not disclosed in available documents.
Profitability Margins
Net Profit Margin improved drastically from 0.47% in FY24 to 23.66% in FY25. In Q2 FY26, the PAT margin stood at 24.15%, reflecting the company's ability to translate high asset utilization into bottom-line growth.
EBITDA Margin
EBITDA margin for Q2 FY26 was 58.97%, representing a massive 2004 bps increase YoY from 38.93% in Q2 FY25. This high margin is driven by the shift toward high-tonnage equipment hiring which offers 60-65% margins compared to traditional services.
Capital Expenditure
The company has a massive INR 400 Cr CAPEX plan for FY25-FY27. For FY26 alone, the target is INR 100 Cr+, with INR 84 Cr already deployed as of Q2 FY26. A recent specific expenditure of INR 5.2 Cr was undertaken for a Reliance Industries contract.
Credit Rating & Borrowing
The Debt-Equity ratio increased by 367% to 1.26 in FY25 to fund aggressive fleet expansion. Interest Coverage Ratio stood at 2.4 in FY25, down from 3.7 YoY due to increased borrowing for CAPEX.
Operational Drivers
Raw Materials
The primary 'raw materials' are heavy machineries including Cranes, Man-lifters, and Earth-moving equipment, which constitute the core asset base for the hiring business.
Import Sources
Equipment is sourced from OEMs with significant operations in India, specifically Saini India and XCMG India.
Key Suppliers
The company maintains a 50/50 diversification strategy between two primary OEMs: Saini India and XCMG India.
Capacity Expansion
Current fleet size is approximately 90-95 machines. The company plans to expand this to 150 machines by FY27 to meet growing infrastructure demand.
Raw Material Costs
Not applicable as a manufacturing cost; however, depreciation and amortization (linked to equipment cost) rose 482% YoY to INR 1.04 Cr in Q2 FY26 due to the new fleet additions.
Manufacturing Efficiency
Fleet utilization is currently at 100%, with a long-term target to maintain 95-100% utilization to ensure maximum ROI on CAPEX.
Logistics & Distribution
Deployment lead times are 3-4 weeks per project due to compliance requirements like gate passes and safety officer mobilization.
Strategic Growth
Expected Growth Rate
90-100%
Growth Strategy
Growth will be achieved through an INR 400 Cr CAPEX plan to reach 150 machines by FY27, entering new sectors like Mining, Ports, and Coastal Infrastructure, and targeting a revenue of INR 90-100 Cr by FY28. The company is also exploring asset-light leasing partnerships and M&A for fleet expansion.
Products & Services
Heavy equipment hiring (cranes, man-lifters, earth-moving equipment), commission and consultancy services.
Brand Portfolio
Trishakti Industries Limited.
New Products/Services
Expansion into large tonnage cranes and specialized equipment for the renewable energy and green steel sectors.
Market Expansion
Targeting expansion into Central and Eastern India, specifically for metro development and port projects.
Market Share & Ranking
Not disclosed, but positioned as an 'early mover' in the large tonnage crane hiring segment in India.
Strategic Alliances
Maintains marquee client relationships with Reliance Industries, Tata Steel, L&T, RVNL, ONGC, and Adani Group.
External Factors
Industry Trends
The Indian construction equipment rental market is growing at 7.1% CAGR, expected to reach USD 29.3 billion by 2030 as infra companies shift to asset-light leasing models.
Competitive Landscape
Competes with traditional infrastructure service providers, but differentiates through a specialized, high-utilization rental model.
Competitive Moat
Moat is built on the high capital barrier of large tonnage cranes and specialized equipment, which allows for higher margins (60%+) and creates switching costs for clients integrated into their project timelines.
Macro Economic Sensitivity
Highly sensitive to India's infrastructure spending; road construction spending has surged 12x and metro budgets 8x, directly driving demand for Trishakti's fleet.
Consumer Behavior
Infrastructure firms are increasingly moving away from owning equipment to leasing to reduce their own balance sheet debt.
Geopolitical Risks
Trade barriers on heavy machinery imports from China (XCMG) could impact CAPEX costs and timelines.
Regulatory & Governance
Industry Regulations
Operations are governed by site-specific safety standards, labor laws for operators, and equipment certification standards required by marquee clients like ONGC and Reliance.
Environmental Compliance
ESG and safety compliance are critical for site deployment; every operator requires specific gate passes and safety officer supervision per project norms.
Taxation Policy Impact
Effective tax rate for Q2 FY26 was approximately 25.5% (INR 0.55 Cr tax on INR 2.15 Cr PBT).
Legal Contingencies
The auditors (G. Basu & Co.) reported no instances of fraud or material misstatements in the FY25 financial statements.
Risk Analysis
Key Uncertainties
The aggressive INR 400 Cr CAPEX plan relies heavily on internal accruals and debt; any slowdown in the infrastructure sector could lead to under-utilization of the expanded fleet, impacting the 58.97% EBITDA margins.
Geographic Concentration Risk
Heavy concentration in Indian domestic projects, particularly in the Eastern and Central regions.
Third Party Dependencies
100% dependency on Saini and XCMG for equipment supply and technical support.
Technology Obsolescence Risk
Risk of fleet becoming obsolete if clients shift toward electric or more automated heavy machinery; mitigated by the 2% downtime target and predictive maintenance.
Credit & Counterparty Risk
Debtors Turnover Ratio fell 93% in FY25 to 1.89, indicating a significant increase in collection days or a change in credit terms with large corporate clients.
