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Trishakti Industries Limited — Q1 FY27 earnings call

Call held 23 Jul 2026

Company page: Trishakti Industries share price, financials & guidance record

Management summary

Trishakti Industries Limited reported a robust Q1 FY27, with total income surging 310% YoY to ₹16.8 crores and PAT reaching ₹4.30 crores. The company maintained a strong 65% EBITDA margin and achieved 100% fleet utilization. Strategic initiatives include entry into the wind energy segment and international expansion into UAE and KSA, with a significant CapEx plan underway.

Highlights

  • Total income increased by nearly 310% YoY to INR 1,680 lakhs (₹16.8 crores), reflecting strong growth.

  • EBITDA grew approximately four times YoY to INR 1,087 lakhs (₹10.87 crores), demonstrating operational leverage.

  • Maintained a healthy EBITDA margin of approximately 65%, showcasing business model strength.

  • Profit after tax rose to INR 430 lakhs (₹4.30 crores), marking the strongest quarterly financial performance in company history.

  • Achieved 100% fleet utilization, indicating efficient deployment and strong demand.

  • Announced strategic entry into the wind energy equipment rental segment and expansion into UAE and KSA markets.

Concerns

  • Receivable days were at 200 days, though management expects improvement to 60-70 days.

  • EBITDA margins in the KSA market are projected to be lower at 50-52% compared to India's 60-65%.

  • Maintenance OpEx is expected to increase after the initial three-year OEM warranty period for new machines.

Key financials

  1. Total Income ₹1,680 lakh +310%YoY
  2. EBITDA ₹1,087 lakh +300%YoY
  3. EBITDA Margin 65%
  4. PBT ₹538 lakh
  5. PAT ₹430 lakh

What they filed

Q1 FY27: revenue up 252.5%, net profit up 372.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2 2 2 4 7 +214%8 +357%9 +314%14 +252%
EBITDA1 1 1 3 4 +367%6 +368%3 +190%8 +213%
Net profit0 0 2 1 2 +335%2 +1785%3 +50%4 +373%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

high confidence
  • Capex ₹400 Cr Internal accruals and bank financing (HDFC, Axis, ICICI banks) with LTV at 50-60% for new machines, allowing 100% funding without upfront cost for machines.
    • Wind energy equipment (900-ton machines) ₹130 Cr
    • Tower cranes for data centers ₹100 Cr
    Yeah. When we announce our net CapEx journey, we had announced an INR 400 crore plan, so out of which approximately INR 270 crores are already done, which you all can see it in our books as well. The remaining INR 130-140 crores is left. So, if we go for wind energy only, then we can easily finish off this set off the remaining INR 130-odd crores just by buying four to five machines of 900-ton as well. So, that is a possibility. (Page 7); We go to a normal bank like HDFC, Axis, ICICI banks, and all. Since we now have a very good track record, earlier, we used to pay a 20% down payment for the machines. Now, since we already have a very good track record and the LTV with these bankers are currently at 50-60%, for them to fund us a 100% of the machine is also easily possible now. (Page 15); We currently have approximately INR 100 crores worth of CapEx, which we have already planned and placed an order for. (Page 31)
  • Debt Gross ₹80 Cr Cost 8.5%
    So right now, the borrowings are currently at approximately INR 80-85 crores. (Page 9); The current LTV on that INR 80-90 crores of debt is currently around 60%. (Page 15); Currently, the average will be around 8.5-8.75, somewhere in between that. (Page 16)
  • Liquidity Liquidity disclosed Company is currently at a very healthy cash flow position.
    Currently, we are at a very healthy cash flow right now because when we started doing our CapEx initially in 2024, 2025, then all those machines were funded at a three year finance instead of the industry standard of four to five years. (Page 9)

Guidance & targets

Revenue

  • Annual Recurring Revenue (ARR) Revenue · FY27 · High confidence INR 70-72 crores
    Looking forward, currently, our order book, which is executable in this year, is approximately INR 70-72 crores, which will be executed in this financial year. (Page 10); It's around INR 70-72. (Page 32)

    — Dhruv Jhanwar

Profitability

  • EBITDA Margin Profitability · FY27 · High confidence 60-65%
    By saying that, we can say that we shall be doing a good 60-65% of EBITDA and around PAT margins of 25-30%. This is our current order book. (Page 10)

    — Dhruv Jhanwar

  • PAT Margin Profitability · FY27 · High confidence 25-30%

    — Dhruv Jhanwar

Operational Efficiency

  • Fleet Utilization Operational Efficiency · Ongoing · High confidence Above 95%
    this will help us keep our fleet utilization above 95%. (Page 6); 100%, we already have signed orders till the financial year-end. Until the client is rehiring us, we should not be going below 98%, 99% for sure. (Page 18)

    — Dhruv Jhanwar

Working Capital

  • Receivable Days Working Capital · This financial year · High confidence Under 60-70 days

    From 200 days today

    If you actually do a deep dive in the annual report, you will be seeing that from the core business which you're doing, the payments we are receiving is under 60 days. If you see under 60-90 days, there is not much receivables at all. From our top line we will be having this year, it will be a very small chunk. So, in this financial year, you'll be seeing that everything will be streamlined back to, like, it should be in this financial year. (Page 11); Yes. Absolutely. 100%. (Page 12)

    — Dhruv Jhanwar

New Segment Contribution

  • Wind Energy Revenue/Profitability New Segment Contribution · Q3 and Q4 FY27 · Medium confidence Meaningful contribution
    Q3 and Q4 because currently, the machines will take four months' time in order to be manufactured. Then it will come to India. It will be transported. Net around five months of net lead time will be there from now from the new generation perspective. (Page 29)

    — Dhruv Jhanwar

Geographic Expansion

  • UAE and KSA Operations Start Geographic Expansion · FY27 · High confidence Operations start
    No, no, we will start with this financial year only for sure. (Page 28)

    — Dhruv Jhanwar

What to watch in Q2 FY27

Receivable Days

This financial year
Current 200 days
Target Under 60-70 days

Why it matters

Improvement in working capital management is crucial for cash flow and financial health.

If you actually do a deep dive in the annual report, you will be seeing that from the core business which you're doing, the payments we are receiving is under 60 days. If you see under 60-90 days, there is not much receivables at all. From our top line we will be having this year, it will be a very small chunk. So, in this financial year, you'll be seeing that everything will be streamlined back to, like, it should be in this financial year. (Page 11)

Risks & concerns

  • Increased Maintenance Costs for Older Fleet

    medium

    After the initial 3-year OEM warranty period, maintenance OpEx is expected to increase by 4-5% of the top line, potentially reducing EBITDA margins from 65% to 58-62%.

    Post that, I totally agree the margin will drop down, but we have been saying the same things in the past seven or eight quarters since we have started our phone call that there will be a maintenance CapEx, or a maintenance OpEx cost of around 4-5%. In the future, once the machines' FOCs have been finished, after that we'll have to invest in those things. Currently, we are at 65% margins. Eventually, it will drop down to 58-62%. (Page 17)

    Management acknowledged

  • Supply Side Constraints for New Machines

    medium

    Manufacturers are currently unable to produce more than 2-4 machines per month, creating a supply bottleneck despite strong demand.

    The demand is not the issue. The supply is the issue. As our manufacturers are not being able to manufacture more than two, three machines, four machines a month, then obviously, there is a very big problem that's on the demand side you know, on the supplier side. (Page 31)

    Management acknowledged

  • Lower EBITDA Margins in KSA Market

    low

    While yields are higher, the cost of operation in KSA is also high, leading to projected EBITDA margins of 50-52%, lower than India's 60-65%.

    Plus, the second thing is that the yield in the KSA of market is significantly higher than the Indian markets, but the cost of operation is also quite high. Over there, getting an EBITDA margin of 50-52% will be a very good deal for us. (Page 20)

    Management acknowledged

  • Demand Halt in KSA Market

    low

    There has been a complete halt in demand in the KSA market for the last six months, though management expects it to normalize in the next six months.

    Last six months, there has been a complete halt in the demand side in the KSA market, which I feel in the next six months, all these things will be back to normal. (Page 20)

    Management acknowledged

Q&A highlights

8 direct
Entry into Wind Energy Rental Segment Direct
The reason for us to expand into wind energy is because the 800-ton machines are used for 3.3-megawatt projects, but now the industry is moving towards 5-megawatt wind turbines. For this, the 900-ton machines are required. Hence, we are seeing a good opportunity here.

Highlights the strategic rationale and market opportunity for a new high-growth segment, driven by technological shifts in wind turbine size.

Asked by Chaitanya Pujara

International Expansion into UAE and KSA Direct
We honestly do have a lot of leads from this region because of only one reason, that we are currently working very closely with L&T, Afcon, and all these KEC, and all these bigger companies who have themselves expanded their EPC work to the UAE and KSA.

Explains the client-driven rationale for international expansion and the potential for higher yields (4% monthly vs. 2.5% in India), indicating a significant growth avenue.

Asked by Yash Jhunjhunwala

Funding Mechanism for CapEx Direct
Now, since we already have a very good track record and the LTV with these bankers are currently at 50-60%, for them to fund us a 100% of the machine is also easily possible now. That is the reason why we don't have to pay any upfront cost.

Clarifies the company's strong financial position and ability to fund CapEx without significant upfront payments, leveraging bank relationships and track record.

Asked by Yash Jhunjhunwala

Reasons for High Utilization and EBITDA Margin Direct
most of the machines on an average are 12-15 years old when it comes to our competitors. But when it comes to us, all our machines are 2024, 2025, 2026, and now 2027 make. That is the reason why for the first three years, we don't have to think about the maintenance part a lot because our OEMs takes care of it for the first three years.

Explains the competitive advantage derived from a modern fleet, leading to lower maintenance costs and higher utilization compared to older fleets of competitors.

Asked by Satya Mehta

Receivable Days Improvement Target Direct
in this financial year, you'll be seeing that everything will be streamlined back to, like, it should be in this financial year. Yes. Absolutely. 100%.

Addresses a key working capital concern (200 days) with a clear commitment to reduce it significantly to 60-70 days within the current fiscal year.

Asked by Chaitanya Pujara

Plans for EV Machinery Direct
In the time, we're the first EV machines in Q2 itself. We have already ordered a few machines for two of our clientele. Since the EV machine have a lead time of around two months, so that's why it's starting to getting manufactured.

Reveals the company's early adoption of EV machinery, positioning them as first-movers in a potentially growing segment, with orders already placed.

Asked by Het Dedhia

Capital Allocation Priorities for New Geographies/Sectors Direct
Capital allocation for India will be our major priority for the next few years because we don't see either demand going down because of many, many mega projects which will be opening up from October onwards. The demand will, anyway, be here. When it comes to outside of India, when we expand in the UAE and KSA, we'll be allocating a certain budget over there, and we'll be doing our expansion with that particular set of budget only.

Outlines a balanced capital allocation strategy, prioritizing domestic growth while ring-fencing international expansion with specific budgets, indicating prudent financial management.

Asked by Raghav Srivatsav

FY27 Outlook and Revenue Generation Direct
Currently, the executable order book which we have right now is around INR 70-72 crores. We can assume that you shall be gaining around 60% of EBIDTA on this number on a conservative basis and around 25-30% PAT margin result.

Provides concrete financial targets for the current fiscal year based on the existing order book, offering clear visibility on expected performance.

Asked by Anshul Sharma

2 min read 6 chapters

Detailed narrative

Q1 FY27 Financial Performance Overview

Trishakti Industries Limited delivered a strong Q1 FY27 performance, with total income increasing by a significant 310% year-over-year to INR 1,680 lakhs (₹16.8 crores). EBITDA saw approximately a four-fold increase to INR 1,087 lakhs (₹10.87 crores), while maintaining a healthy EBITDA margin of around 65%. Profit after tax (PAT) for the quarter stood at INR 430 lakhs (₹4.30 crores), marking the strongest quarterly financial performance in the company's history.

Strategic Entry into Wind Energy Segment

The company announced its strategic entry into the wind energy equipment rental segment, specifically targeting the growing demand for 900-ton machines required for 5-megawatt wind turbines. This move capitalizes on the industry shift from 3.3-megawatt projects (using 800-ton machines) and positions Trishakti as a first-mover in this specialized, high-ticket segment. Management expects meaningful contribution from this segment by Q3 and Q4 FY27, with machines having a lead time of approximately five months for manufacturing and transportation.

International Expansion into UAE and KSA

Trishakti Industries plans to expand its operations into the United Arab Emirates and Kingdom of Saudi Arabia, driven by requests from existing EPC clients like L&T and Afcon. The company anticipates higher yields in these markets (approximately 4% monthly compared to 2.5% in India) despite higher operating costs, with projected EBITDA margins of 50-52%. The expansion will be executed independently without local collaborations, with operations expected to commence within FY27, focusing initially on renewable energy projects.

Capital Expenditure and Funding Strategy

The company has an ongoing INR 400 crore CapEx plan for FY27, with approximately INR 270 crores already deployed. The remaining INR 130-140 crores will be invested in India, including the wind energy segment and new tower cranes for data centers, with INR 100 crores already ordered. Funding is primarily through internal accruals and bank financing from institutions like HDFC, Axis, and ICICI, with current LTVs at 50-60% allowing for 100% machine funding without upfront costs. The current debt stands at INR 80-85 crores with an average cost of debt between 8.5-8.75%.

Operational Efficiency and Fleet Management

Trishakti achieved 100% fleet utilization during the quarter, reflecting strong demand and efficient deployment of its equipment across various sectors including renewable energy, infrastructure, railways, and oil & gas. The company's strategy of acquiring newer machines (2024-2027 make) provides a competitive edge, as OEMs cover maintenance for the first three years, leading to lower operational costs and higher EBITDA margins compared to competitors with older fleets. The company also plans to introduce EV machinery in Q2 FY27, with initial orders already placed.

Outlook and Working Capital Management

For FY27, the company projects an executable order book of INR 70-72 crores, expecting to achieve 60-65% EBITDA margins and 25-30% PAT margins on this. Management is focused on improving working capital, specifically aiming to reduce receivable days from the current 200 days to under 60-70 days within the current financial year. This streamlining is expected to enhance cash flow and overall financial efficiency.

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