Client Concentration Risk
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.
TRISHAKTI / Q3-FY26 / risks
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Trishakti Industries · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Post-Warranty Margin Compression
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 and Working Capital Efficiency
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.
Wind Energy Segment Avoidance May Limit Opportunities
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.