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Trishakti Industries Limited — Q3 FY26 earnings call

Call held 20 Jan 2026

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

Management summary

Trishakti Industries reported exceptional Q3 FY26 results, driven by robust demand in renewable energy and infrastructure, leading to significant revenue and profit growth. The company aggressively deployed CapEx, exceeding its annual target, and expanded its fleet. While facing questions on receivables and client concentration, management provided explanations and outlined a positive outlook for continued growth and margin stability.

Highlights

  • Standalone revenues reached INR 8 crores in Q3 FY26, marking a 20% QoQ and 357% YoY growth.

  • EBITDA for Q3 FY26 stood at INR 5.61 crores, reflecting a 43% QoQ and 369% YoY growth.

  • PAT rose 53% QoQ and 1,744% YoY to INR 2.45 crores, demonstrating strong profitability.

  • Nine-month FY26 standalone revenues were INR 18.74 crores (up 37% YoY), with EBITDA at INR 12.23 crores (up 211% YoY) and PAT at INR 4.97 crores (up 183% YoY).

  • Significantly exceeded FY26 CapEx target, deploying INR 154 crores worth of machines year-to-date against a planned INR 100 crores.

Concerns

  • QoQ revenue growth slowed to 20% in Q3 from 63% in Q2, attributed to lead times for new machines to generate revenue.

  • High receivables were noted by analysts, which management explained as a temporary effect of aggressive CapEx deployment.

  • Acknowledged client concentration risk, though justified by focusing on blue-chip companies with better payment terms.

Key financials

2 periods

Q3

  • Standalone Revenue
    ₹8 Cr
    YoY +357% QoQ +20%
  • EBITDA
    ₹5.61 Cr
    YoY +369% QoQ +43%
  • PAT
    ₹2.45 Cr
    YoY +1,744% QoQ +53%

9M

  • Standalone Revenue
    ₹18.74 Cr
    YoY +37%
  • EBITDA
    ₹12.23 Cr
    YoY +211%
  • PAT
    ₹4.97 Cr
    YoY +183%
  • EBITDA Margin
    65.3%

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 Raised — high demand · Mostly internal accruals and positive operating cash flow, supplemented by two equity rounds and 100% LTV financing for machines.
    • Heavy equipment for industrial and renewable projects

    Previously planned ₹100 Cr

    Our balance sheet remains robust, supported by a prudent financial management and an efficient payback cycle of around 3 years to 3.5 years for our equipment investments. With fleet size now standing at 117 machines and marquee clients including Larsen and Toubro, Reliance, Jindal Group, KEC International and ITD Cementation anchoring our order book. These relationships provide us with resilient revenue visibility and a sustainable growth runway. Most of it is only internal approval. We are extremely cash-flow positive right now. So, because of having positive operating cash flow, that's the reason why we can reinvest in the machines. So, when we buy machines, we buy machines at a 100% LTV through either a three-year funding or a four-year funding. So, our repayments are also quite fast. And we have raised two equity rounds as well in the past one and a half years because, with these cash flows, we are able to buy even more machines.
  • Debt Debt disclosed
    So, on the -- it's a more of a bookkeeping question, sir. In the balance sheet that we released in the September quarter, there is this large entry of noncurrent liability. And, so what do we include in that? Just want to understand that. Yeah. So, the noncurrent liability is actually the machines we purchased. So, we have a very short moratorium period for that. Right? So because of that, we purchased the machines with that particular logic behind it. So, that is the reason why there is a spike in the noncurrent liabilities. But, of course, when it comes to the -- when you'll be seeing it on annualized basis, you'll be able to see that it's a game balanced out.
  • Liquidity Undrawn ₹2 Cr Company is cash flow positive and relies on internal accruals for growth, with a small OD facility.
    We just have INR 2 crore bank limit, like OD facility. So right now, we are organically growing because we are cash flow positive.

Guidance & targets

Revenue

  • Annualized Revenue Run Rate Revenue · Current (based on 9M FY26) · High confidence INR 48 crores
    Based on our nine-month FY26 performance, our annualized revenue run rate now stands at INR 48 crores

    — Dhruv Jhawar

  • FY26 Revenue Revenue · FY26 · High confidence Surpassing INR 20-22 crores

    Previously INR 20-22 crores → Surpassing INR 20-22 crores

    And of course, if we have created INR 200-crore segmental assets in our books for heavy equipment hiring, this is the reason why we will be surpassing our guidance for this financial year. Because last year, whatever guidance we had given was with respect to the INR 100 crores of CapEx. So, since we are so far in this CapEx projection, hence, our revenue projection will also keep going up.

    — Dhruv Jhawar

  • Calendar Year Revenue Revenue · Dec 2025 - Dec 2026 · High confidence INR 55 crores
    Yes. So, from December last year to December this financial year, we'll be talking INR 55 crores of revenue, even if you stop expanding right now.

    — Dhruv Jhawar

Capex

  • CapEx Program Capex · FY28 · High confidence INR 400 crores
    During this quarter, we have made exceptional progress on our INR 400-crore CapEx program planned through FY28 with INR 200 crores already spent.

    — Dhruv Jhawar

EBITDA Margin

  • Long-term EBITDA Margin EBITDA Margin · Post 3-4 years · Medium confidence 60-65%

    From 70% today

    But eventually post three, four years, when the maintenance also kicks in, then all these, like, then we'll be gaining around 60% to 65% EBITDA margins.

    — Dhruv Jhawar

PAT Margin

  • Long-term PAT Margin PAT Margin · Next 3-4 years · Medium confidence 25-30%
    So, for the next three years, four years, this 25%, 30% margin should always be stabilized only.

    — Dhruv Jhawar

What to watch in Q4 FY26

FY26 Revenue Performance

Next quarter (Q4 FY26 results)
Current INR 18.74 crores (9M FY26)
Target Surpassing original guidance of INR 20-22 crores

Why it matters

Indicates the company's ability to convert aggressive CapEx into higher revenue and exceed its own targets.

And of course, if we have created INR 200-crore segmental assets in our books for heavy equipment hiring, this is the reason why we will be surpassing our guidance for this financial year.

Risks & concerns

  • High Receivables

    medium

    Receivables are high due to aggressive CapEx and lead times for new machines to generate revenue, but expected to stabilize.

    Analyst acknowledged

  • Client Concentration

    medium

    Concentration in blue-chip clients is acknowledged but justified by better payment terms and avoiding subcontractor risks.

    Analyst acknowledged

  • QoQ Revenue Growth Slowdown

    low

    QoQ growth slowed from 63% to 20%, explained by lead times for new machines to become operational and generate revenue.

    Analyst acknowledged

Q&A highlights

8 direct
ARR vs Guidance & QoQ Growth Slowdown Direct
So, yes, right now, since, honestly, if you see our segmental assets also, they've reached INR 200 crores. So for this year, we have guided that we'll be doing INR 100 crores in CapEx, but in the first nine months itself, we have done INR 154 crores because the demand is extremely high right now. So, that is the reason why in the past four months to five months, our fleet has literally quadrupled up. So, this is the reason why our ARR has gone up significantly.

Clarifies the discrepancy between current annualized run rate and previous guidance, attributing it to higher-than-planned CapEx deployment and lead times for revenue generation.

Asked by Anshul Jain

Source of Demand & Competitive Advantage Direct
So in the last six months itself, we have seen that in the renewable energy segment, the demand is skyrocketing like anything. So be it in the solar part and the BESS plants as well. So recently, we have got a lot of orders related to the BESS industry battery storage.

Explains the primary drivers of the company's rapid growth (renewable energy and infrastructure) and strategic avoidance of less profitable segments like wind energy.

Asked by Satya

Client Acquisition & Company Restructuring Direct
So, we have experience in heavy equipment hiring. So, we have transformed the whole company into an infrastructure sales company. So, the point being is that, that we were always linked with L&T, Reliance. We were always their vendors. It's just that right now, everything is being restructured. That's why it's looking like we are newcomers in this industry, but it's not like that.

Addresses analyst's concern about rapid client acquisition by clarifying the company's long-standing industry presence and recent restructuring that refocused its business.

Asked by Satya

High Receivables Direct
It is that this financial year has been like a V-shaped demand cycle for us. So, the whole point is that since we are adding so many machines, like, our projections were just, as I told you, on INR 400-crore CapEx side, even though one and a half years is left, we are already done with more than half of the CapEx cycle. So because of that, the receivables are going up.

Management explains that high receivables are a temporary consequence of aggressive CapEx and the lead time for new assets to generate revenue, expecting stabilization as top-line grows.

Asked by Satya

Sustainability of High EBITDA Margins Direct
The major, major reason is that, we don't have to pay for any maintenance for the first three years because it's covered by the OEMs of late. So, that is the reason why we don't take an additional 5% hit, which most of our competitors are taking. So, this is the major reason why we are clocking the 65% to 70% range.

Provides a clear explanation for the company's industry-leading EBITDA margins and offers a long-term outlook for margin normalization.

Asked by Rishabh Malik

CapEx Funding Strategy Direct
Most of it is only internal approval. We are extremely cash-flow positive right now. So, because of having positive operating cash flow, that's the reason why we can reinvest in the machines. So, when we buy machines, we buy machines at a 100% LTV through either a three-year funding or a four-year funding.

Details the funding mix for CapEx, emphasizing reliance on internal accruals and 100% LTV financing, indicating a self-sustaining growth model.

Asked by Rishabh Malik

Order Book Value and Execution Timeline Direct
We have received around INR 48 crores worth of orders on the nine-month balance sheet, but on same P&L point of view. So, till December 31, our net order book signed at INR 48 crores. Recently, in the past one or two weeks -- in the past two weeks, we have received a few more contracts as well. So, we are currently -- as of if you're talking about today, then we are at around INR 55 to INR 56 crores.

Provides specific, updated figures for the current order book and clarifies that all machines are at 100% utilization, indicating strong execution.

Asked by Rishabh Malik

Client Concentration Risk Direct
We have a business mantra that we do not work with the local subcontractors. Because, honestly, if I tell you the real truth behind everything, if I'm working with companies like Tata, Jindal, Reliance and all, I can always get their bills discounted if I'm on any kind of cash crunch in the future. Right? We don't have any kind of working capital limit.

Management acknowledges client concentration but justifies it by the benefits of working with blue-chip companies, such as better payment terms and reduced working capital stress.

Asked by Satya

2 min read 6 chapters

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.

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