Detailed Narrative
Exceptional Q3 and Nine-Month FY26 Financial Performance
Trishakti Industries Limited delivered a strong performance in Q3 FY26, with standalone revenues growing 357% YoY to INR 8 crores and EBITDA surging 369% YoY to INR 5.61 crores. PAT demonstrated remarkable growth of 1,744% YoY, reaching INR 2.45 crores. For the nine months ended December 2025, standalone revenues were INR 18.74 crores (up 37% YoY), EBITDA stood at INR 12.23 crores (up 211% YoY) with a robust 65.27% margin, and PAT was INR 4.97 crores (up 183% YoY).
Aggressive CapEx Deployment Exceeds Targets
The company is executing an ambitious INR 400-crore CapEx program planned through FY28, having already spent INR 200 crores. For FY26, Trishakti had a CapEx target of INR 100 crores but has already deployed INR 154 crores worth of machines year-to-date, significantly exceeding its plan due to high demand. This aggressive expansion has quadrupled the fleet and increased the total machine count to 117.
Strategic Focus on Renewable Energy and Infrastructure
Growth is primarily driven by skyrocketing demand in the renewable energy sector, particularly solar and Battery Energy Storage Systems (BESS), and large-scale industrial projects, including the bullet train. Management strategically avoids the wind energy segment due to lower yields and higher tonnage machine requirements, focusing instead on areas with better returns and operational efficiency. The company's asset base is currently at INR 200 crores, with INR 80-90 crores dedicated to renewable energy projects.
Sustainable Margins and Operational Efficiency
Trishakti currently boasts an industry-leading 70% EBITDA margin, primarily attributed to OEMs covering maintenance costs for the first three years, saving the company an additional 5% compared to competitors. While these margins are expected to normalize📎 to 60-65% after 3-4 years when maintenance responsibilities shift, management anticipates PAT margins to stabilize between 25-30% for the next 3-4 years, supported by depreciation benefits from continuous machine churn.
Client Relationships and Working Capital Management
The company maintains strong relationships with marquee blue-chip clients like Larsen and Toubro, Reliance, Jindal Group, and KEC International, which anchor its order book and provide resilient revenue visibility. While acknowledging client concentration, management justifies this by the superior payment terms and reduced working capital stress compared to working with subcontractors. High receivables are a temporary consequence of rapid CapEx and the 1-1.5 month lead time for new machines to generate revenue, with stabilization expected as the top-line continues to grow.
Company Restructuring and Future Outlook
Following a family separation and company restructuring in FY24, Trishakti has refocused on its core heavy equipment hiring business. This strategic shift, combined with robust demand, has positioned the company to significantly surpass its original FY26 revenue guidance of INR 20-22 crores. The current annualized revenue run rate stands at INR 48 crores, and the company projects INR 55 crores in revenue for the calendar year December 2025 to December 2026, even without further expansion, indicating strong confidence in its growth trajectory.