TRISHAKTI Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹8 Cr
verification pending
Revenue YoY
357%
reported change
EBITDA
₹5.61 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Thrishaki Industries reported exceptional Q3 FY26 results with standalone revenue of ₹8 crore (+357% YoY) and EBITDA of ₹5.61 crore (+369% YoY) driven by accelerated capex deployment and 100% fleet utilization. The company has already deployed ₹154 crore of its ₹400 crore capex program (vs. original FY26 target of ₹100 crore), with 117 machines operating at full capacity. Revenue guidance of ₹20-22 crore for FY26 will be significantly surpassed; annualized run-rate stands at ₹49.48 crore. PAT margin guidance of 25-30% expected to sustain as depreciation benefits and GST input credits flow through. Key risks include client concentration (45% renewable energy exposure), potential margin compression post-3 years when OEM maintenance warranties expire, and cyclicality in infrastructure capex cycles. The 9-month order book visibility stands at ₹48-56 crore with contracts extending 12+ months on major projects.
Colored figures show movement against the previous available record.
Guidance to track
- With annualized run-rate of ₹49.48 crore from 9-month performance and ₹55-56 crore current order book, full-year revenue will substantially exceed original guidance.
- Management stated 'very high chance' of achieving FY28 target with current order book already at 55-60% of that figure with two years remaining.
- Post the initial high-margin period (70%+ EBITDA), margins expected to normalize to 25-30% PAT as depreciation benefits and GST input credits flow through, sustaining over 3-4 years with continuous capex.
- Already completed 50%+ of the ₹400 crore capex program (₹200 crore deployed) with 1.5 years remaining to FY28; 100% funded through internal accruals and equity raises.
Risks flagged
- Order book can be 30-40% concentrated in single client on short-term basis; while currently working with blue-chips only (L&T, Reliance, Jindal), any major client reducing capex could impact utilization.
- OEM maintenance coverage lasts only 3 years; current industry-leading 65-70% EBITDA margins will compress to 60-65% range as maintenance costs kick in post-warranty period.
- Receivables elevated due to V-shaped demand cycle and 1.5-month machine deployment lead time; management expects normalization as top-line scales but this remains a cash flow monitor.
- Management explicitly excluded wind energy (requiring 750-900+ ton machines) citing poor yields due to excess capacity; if government raises height norms further, solar/battery focus may limit diversification options.
Key quotes
- We have quadrupled our fleet in the past four to five months... this is the reason why our ARR has gone up significantly. And of course if we have created a 200 crore segmental assets in our books for heavy equipment hiring then this is the reason why we will be surpassing our guidance for this financial year.
- The major reason why we are clocking 70% EBITDA margin is that we don't have to pay for any kind of maintenance for the first 3 years because it's covered by the OEMs only. This is the major reason why we are clocking the 65 to 70% range but eventually post 3-4 years when the maintenance also kicks in then we'll be gaining around 60 to 65% of margins.
- The demand is extremely high right now... in the renewable industry segment the demand is skyrocketing like anything. So be it in the solar part and the battery storage plants as well... since a lot of new plants are coming up for those things, they need a lot of heavy machineries.
Research modules