Trishakti Indus

Trishakti Industries Limited delivered robust financial results in Q2 FY26, with revenues from operations reaching INR 6.65 crores, marking a substantial 63% QoQ and 213% YoY growth. EBITDA stood at INR 3.92 crores, growing 45% QoQ and 374% YoY, while PAT increased 77% QoQ and 337% YoY to INR 1.61 crores. This strong performance was attributed to higher asset utilization and disciplined cost management, underscoring the company's ability to translate operational strength into sustained profitability.

The company is aggressively pursuing its INR 400-crore CapEx program through FY28, having already deployed over INR 130 crores. For FY26, INR 84 crores of the INR 100-crore target has been completed, with management expecting to outperform this goal. The expansion focuses on next-generation higher tonnage fleet, including 300-500 ton machines, to support large-scale industrial and renewable energy projects, with INR 10-20 crores worth of machines being purchased monthly.

Q2 FY26 marked a significant strategic milestone with Trishakti Industries' entry into the renewable energy segment, securing initial contracts from Reliance Industries. This move positions the company to capitalize on India's accelerating clean energy investments, leveraging its growing fleet for specialized lifting and deployment needs in this multi-decade opportunity. While currently contributing 46% of revenue, the share from renewables is expected to diversify as other sectors pick up.

EBITDA margins experienced a slight temporary dip to 58.97% due to a one-off^📎 project delay that necessitated early manpower deployment, incurring additional costs. However, management expressed confidence that margins would return to the guided range of around 65% in the upcoming quarters. This recovery is expected to be driven by strong execution across multiple projects and continued disciplined cost management.

The company maintains a robust balance sheet with healthy leverage and an efficient payback cycle of 3 to 3.5 years for equipment investments. Funding for the CapEx program is primarily through internal accruals, supplemented by INR 28 crores raised via a preferential round. Management estimates peak debt for the INR 400 crore CapEx to be around INR 200 crores, with a current cost of debt at approximately 8.8%, which is expected to be slightly lower after rebalancing in Q3.

Revenue growth is largely driven by new client additions and the continuous deployment of new fleet, rather than rate improvements on existing contracts. The current Annual Run Rate (ARR) stands at INR 36 crores, with a FY26 revenue guidance of INR 20-22 crores, which the company expects to outperform. While renewable energy currently contributes 46% of revenue, management anticipates a diversification, with renewable's share reducing to around 35% as steel and port projects pick up in the second half of the year.

Management assured that working capital would not be an issue, as the company primarily works with ultra-large CAT-1 groups of companies, allowing for easy bill discounting if needed. The current high trade receivables were attributed to the recent purchase and deployment of most machines in the last two months, and are expected to normalize^📎 as revenues continue to grow with increasing machine utilization.