Trishakti Indus financials

Kolkata-based rental provider of heavy infrastructure equipment - crawler, truck-mounted and all-terrain cranes, piling rigs and manlifters up to 750MT - to steel, power, railways, ports and renewable-energy project sites across India.

Market cap: ₹427 Cr
Sector: Services
Calls analysed: 7

Latest concall · Q1 FY27 · call held 23 Jul 2026

Trishakti Indus Q1 FY27

EBITDA 1,087 lakhs +300%EBITDA Margin 65% PAT 430 lakhs PBT 538 lakhs

What went well

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.

What to watch

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%.

Read the full call →

What Trishakti Indus does

Trishakti Industries Limited hires out heavy earth-moving and lifting equipment - crawler cranes, truck-mounted cranes, all-terrain cranes, piling rigs and manlifters/boomlifters - on rental to large infrastructure and industrial projects. It owns the fleet outright and deploys it under long-term, execution-linked contracts with clients in steel, power, railways, oil & gas, ports and renewable energy, earning rental/hiring income rather than selling equipment. Originally a diversified electronics and trading company founded in 1985, it exited its legacy businesses after a 2023 change in management and re-focused entirely on infrastructure equipment rental. It has one unlisted subsidiary, Trishakti Capital Limited.

Segments

Renewable Energy
Infrastructure & EPC
Steel & Industrials
Railways & Government
Oil, Gas & Power
Ports & Coastal

Fleet size: 140+ machines (from 8 in FY24)
Fleet utilization: ~100%
Client roster: 100+ satisfied clients (incl. L&T, Reliance, RVNL, ONGC, Adani Group, Tata Steel, NCC)
Fleet mix - Renewable Energy: ~48% of fleet
Fleet mix - Steel & Industrials: ~13% of fleet
Fleet mix - Ports & Coastal: ~3% currently (8-10% FY27 target)

Founded 1985Headquarters Kolkata, West Bengal Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 4 delivered 2 missed 15 open

FY26 CapEx delivered said Q3 FY25 Promised: INR 100 crores Q1 FY27: Promise period has ended. Final status is achieved.
Annual Run Rate (ARR) went quiet said Q4 FY25 Promised: INR 22 to INR 24 crores Q1 FY27: The specific ARR metric was not mentioned again; focus remains on the full-year FY27 revenue target.
Revenue from single client at risk said Q4 FY25 Promised: under 25% Q1 FY27: No data provided on client concentration levels, despite discussion of international expansion with existing clients.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

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

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	2	2	2	4	7 +214%	8 +357%	9 +314%	14 +252%
Expenses	1	1	1	1	3	2	6	6
EBITDA	1	1	1	3	4 +367%	6 +368%	3 +190%	8 +213%
Margin	40%	69%	53%	66%	59%	70%	37%	59%
Other income	0	0	1	0	0	-0	5	2
Interest	0	1	0	1	1	1	1	2
Depreciation	0	0	1	1	1	2	3	4
Profit before tax	0	0	1	1	2 +380%	3 +1000%	3 +168%	5 +345%
Tax rate	18%	48%	-41%	25%	25%	11%	21%	20%
Net profit	0	0	2	1	2 +335%	2 +1785%	3 +50%	4 +373%
EPS	0.25	0.08	1.10	0.56	0.99	1.49	1.63	2.61

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.

Performance +65.7% 1Y

1Y: ₹152.5 on 10 Sept 2025 → ₹252.7. High ₹272.5 (26 Aug 2026), low ₹124.9 (19 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −4.7%; 23 Jul
Q4 FY26: −2.9%; 28 Apr
Q3 FY26: +3.2%; 20 Jan
Q2 FY26: −3.5%; 7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.9% a year over 3 years, FY23 to FY26. Operating margin widened to 56.1%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹18 Cr	₹105 Cr	₹16 Cr	₹28 Cr
Operating profit	₹-1 Cr	₹-1 Cr	₹5 Cr	₹16 Cr
Operating margin	-4.1%	-0.9%	32.3%	56.1%
Interest	₹0 Cr	₹0 Cr	₹1 Cr	₹4 Cr
Depreciation	₹0 Cr	₹0 Cr	₹1 Cr	₹7 Cr
Net profit	₹1 Cr	₹1 Cr	₹4 Cr	₹8 Cr
Net margin	2.9%	0.5%	22.4%	27.5%
ROCE	7.0%	8.0%	14.0%	14.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹3 Cr	₹3 Cr	₹3 Cr	₹3 Cr	₹3 Cr	₹3 Cr
Reserves	₹6 Cr	₹7 Cr	₹7 Cr	₹8 Cr	₹33 Cr	₹41 Cr
Borrowings	₹0 Cr	₹1 Cr	₹0 Cr	₹3 Cr	₹45 Cr	₹85 Cr
Other liabilities	₹0 Cr	₹1 Cr	₹1 Cr	₹4 Cr	₹69 Cr	₹159 Cr
Total liabilities	₹10 Cr	₹11 Cr	₹11 Cr	₹18 Cr	₹150 Cr	₹289 Cr
Fixed assets	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	₹76 Cr	₹189 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹25 Cr	₹26 Cr
Investments	₹3 Cr	₹3 Cr	₹4 Cr	₹4 Cr	₹7 Cr	₹9 Cr
Other assets	₹7 Cr	₹8 Cr	₹7 Cr	₹13 Cr	₹42 Cr	₹65 Cr
Total assets	₹10 Cr	₹11 Cr	₹11 Cr	₹18 Cr	₹150 Cr	₹289 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Trishakti Indus

Guides on how to read this kind of business and the numbers that matter.