Fleet Size
140+
+1650% YoY
Scaled from 8 machines in FY24 to over 140 machines by FY26 end.
TRISHAKTI
Other
15 May 2026
Trishakti Industries Ltd — Q4 FY26
Trishakti Industries delivered a transformative Q4 FY26, with revenue surging 90% YoY to ₹32.44 Cr and EBITDA jumping 220% to ₹20.21 Cr, driven by a strategic pivot to a pure-play infrastructure equipment rental model.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Trishakti Industries delivered a transformative Q4 FY26, with revenue surging 90% YoY to ₹32.44 Cr and EBITDA jumping 220% to ₹20.21 Cr, driven by a strategic pivot to a pure-play infrastructure equipment rental model. The fleet scaled from 8 to 140+ machines with near-full utilization, and capex deployment of ₹210 Cr far exceeded the ₹100 Cr guidance. Management guided FY27 revenue of ₹62 Cr based on current monthly billing run-rate of ₹5 Cr, with a target ROCE of 22-25%. Key risks include operational challenges from rapid fleet expansion and potential cyclicality in heavy crane demand, though management remains confident in sustained demand from renewable energy and core infrastructure projects.
Key Numbers
Monthly Gross Yield
3%
flat
Monthly gross yield on equipment remains stable at ~3%.
Capex Deployment
₹210 Cr
+110% vs guidance
Deployed ₹210 Cr in FY26, more than double the initial guidance of ₹100 Cr.
Order Book (FY27)
₹62 Cr
+88% YoY
Order book for FY27 stands at ₹62 Cr, based on current monthly billing of ₹5 Cr.
Management Guidance
FY27 revenue target of ₹62 Cr
Management guided FY27 revenue of ₹62 Cr, based on current monthly billing run-rate of ₹5 Cr and existing order book.
Management guidance revenueCapex plan of ₹400 Cr by FY27
Company plans to deploy ₹400 Cr in capex by FY27, with focus on 50-250 ton cranes to maintain high utilization.
Management guidance capexROCE target of 22-25%
Targeting return on capital employed of 22-25% as fleet scales and utilization remains high.
Management guidance marginsReceivable days normalization in FY27
Management expects trade receivable days to normalize in FY27 as legacy family settlement receivables are collected.
Management guidance otherKey Risks
Operational challenges from rapid fleet expansion
Rapid capex deployment has led to higher employee and other expenses, impacting margins temporarily.
medium · management_commentaryHigh leverage and debt repayment pressure
Debt-to-equity is elevated at ~2x; rapid repayment schedule (2.5% per month) could strain cash flows if demand slows.
medium · analyst_questionContract renewal risk after December 2026
Many contracts are extended only until December 2026; renewal beyond that is not guaranteed, posing revenue visibility risk.
high · management_commentarySubvention income classification and sustainability
Subvention income of ₹4.58 Cr is classified as other income but management considers it operating; its recurrence is not guaranteed.
low · analyst_questionNotable Quotes
We are in the view of a structural multi-decade infrastructure buildout across roads, railways, renewable energy, urban infrastructure and industrial capacity.
The demand side is not the issue for us. It's just that the availability of the machines will be an issue for us in future when it comes to more than 500 tons of machines.
Our FI27 order book is currently standing at 62 odd crores and whatever overtime we will be generating will be added to this.
Frequently Asked Questions
What was Trishakti Industries's revenue in Q4 FY26?
Trishakti Industries reported revenue of ₹9 Cr in Q4 FY26, representing a +90% change compared to the same quarter last year.
What guidance did Trishakti Industries management give for FY27?
FY27 revenue target of ₹62 Cr: Management guided FY27 revenue of ₹62 Cr, based on current monthly billing run-rate of ₹5 Cr and existing order book. Capex plan of ₹400 Cr by FY27: Company plans to deploy ₹400 Cr in capex by FY27, with focus on 50-250 ton cranes to maintain high utilization. ROCE target of 22-25%: Targeting return on capital employed of 22-25% as fleet scales and utilization remains high. Receivable days normalization in FY27: Management expects trade receivable days to normalize in FY27 as legacy family settlement receivables are collected.
What are the key risks for Trishakti Industries in FY27?
Key risks include Operational challenges from rapid fleet expansion — Rapid capex deployment has led to higher employee and other expenses, impacting margins temporarily.; High leverage and debt repayment pressure — Debt-to-equity is elevated at ~2x; rapid repayment schedule (2.5% per month) could strain cash flows if demand slows.; Contract renewal risk after December 2026 — Many contracts are extended only until December 2026; renewal beyond that is not guaranteed, posing revenue visibility risk.; Subvention income classification and sustainability — Subvention income of ₹4.58 Cr is classified as other income but management considers it operating; its recurrence is not guaranteed..
Did Trishakti Industries meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Trishakti Industries Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.