Trishakti Industries Ltd

Overview

• Target company: Trishakti Industries Limited.
• Acquirer: Sagarmal Ramesh Kumar Pvt. Ltd. (Promoter group).

Transaction details

• Type: Acquisition of 1,000 equity shares via Open Market (BSE).
• Date: 28 September 2026.
• Mode: Open Market (BSE).

Pre-transaction holding

• Voting rights: 21,11,878 shares (12.50%).
• Encumbrances: 4,00,000 shares.
• Total: 25,11,878 shares (13.88%).

Post-transaction holding

• Voting rights after: 21,12,878 shares (12.51%).
• Encumbrances after: 4,00,000 shares.
• Total: 25,12,878 shares.

Capital context

• Equity share capital: Rs. 3,37,89,100.
• Before/after: 1,68,94,550 equity shares.
• Total diluted share capital: Rs. 3,37,89,100.

Key updates

• Aggregate PO value is ₹105.39 crore for 60 units.
• Order comprises 11 crawler cranes (10x 150T, 1x 250T), 10 truck cranes.
• 39 XCMG XGS-series boom lifts included (XGS40K, XGS43, XGS50K, XGS70K).
• Remaining CapEx is ₹130-140 crore under ₹400 crore cumulative plan.
• Fleet expansion target to 200+ units by FY27; current fleet about 155-158.
• Net fleet size touch 230 units after the 60-unit purchase.
• Renewable energy accounts for ~48% of deployed fleet as of FY26.
• Utilisation sustained at nearly 100% through FY26 and Q1 FY27.

Trishakti Industries Ltd: Closure of Trading Window

Event summary

• Re-submitting unaudited standalone and consolidated results for quarter ended 30 June 2026 following signing clarification.
• Results now signed by Dhruv Jhanwar, Whole-time Director (DIN: 08884131).
• Independent auditors expressed unmodified conclusion on both standalone and consolidated results.
• Board approved results on 22 July 2026; Audit Committee reviews completed.
• Filed under SEBI LODR Regulation 33; resubmission to BSE Listing Centre.
• Standalone revenues: revenue from operations 1,438.12 lacs; total revenue 1,680.38 lacs; PAT 430.11 lacs.
• Consolidated results: total revenue 3,245.30 lacs; PAT 428.69 lacs.

Annual Report access & AGM notice

• Shareholders with unregistered emails were given a web-link to access FY2025-26 Annual Report.
• The 415th AGM will be held on 30 September 2026 at 11:00 AM in Kolkata.
• Notice and Annual Report are emailed to shareholders with registered email addresses as of 28.08.2026.
• Shareholders are advised to register missing KYC details; forms available from MCS Share Transfer Agent.
• Queries via the company's email and MCS investor relations portal.

Financial highlights

• Revenue from Operations rose 85.7% to ₹2,784.84 lakhs.
• Total Income rose 90.5% to ₹3,244.45 lakhs.
• EBITDA increased 221.9% to ₹2,021.15 lakhs; margin 62.3%.
• PAT rose 115.9% to ₹766.12 lakhs.
• ROCE stood at 11.83% for FY26.
• Fleet expanded to 143 machines with near 100% utilization.
• Capex deployed ₹21,000 lakhs; above guidance; fleet utilization remained high.
• Renewable Energy is ~48% of deployed fleet; diversification across sectors.
• Total assets reached ₹28,910.35 lakhs; equity and reserves strengthened.
• Debt-to-equity at 1.90x; net debt ₹₹8,408.03 lakhs.

Operations & fleet

• Fleet size increased to 143 machines in FY26.
• Utilisation remained near 100% during expansion.
• Average fleet age reported at under two years.
• Renewable Energy vertical accounts for about 48% of deployment.
• Capital expenditure of ₹21,000 lakhs supported rapid scaling.

Capital structure & liquidity

• Total borrowings ₹8,517.71 lakhs; current borrowings ₹1,991.25.
• Net debt ₹8,408.03 lakhs; debt-to-equity 1.90x.
• Current ratio declined to 0.37x; liquidity management emphasized.
• Preferential issue raised ₹230.83 lakhs; used for expansion and working capital.
• Convertible warrants approved; 146,000 shares issued; some converted.

Dividend & capital allocation

• Final dividend of ₹0.20 per equity share proposed for FY26.
• Record date for dividend: 23 September 2026.
• Dividend subject to AGM approval and TDS compliance.
• ₹10 lakhs transferred to General Reserve during FY26.
• Proceeds from preferential issue deployed for expansion and debt repayment.

Governance & leadership

• Board comprised eight members as of 31 Mar 2026.
• Yashvi Agarwal appointed Independent Director on 4 Dec 2025.
• Suresh Jhanwar re-appointed as CMD for 3 years from 30 Sep 2025.
• 11 board meetings held in FY25-26; robust committee framework.
• Statutory auditors gave unmodified opinion; internal controls deemed adequate.

Strategy & growth outlook

• Target fleet expansion to 200+ machines by FY27.
• Strategic emphasis on Renewable Energy, Railways, Ports and Wind capability.
• ROCE target of 22-25% on deployed capex; disciplined capital deployment.
• Explore international markets in UAE and Saudi Arabia; phased approach.
• Pursue wind-energy crane opportunities and 900+ tonne lifting capacity.

Risks & risk management

• Leverage and liquidity pressures from rapid fleet expansion.
• Working capital strain due to receivables growth; AR increased to ₹2,019.42 lakh.
• International expansion risks include regulatory, currency and geopolitical factors.
• Dependency on Tier-1 customers; diversification across sectors mitigates risk.

Subsidiaries & group structure

• One subsidiary: Trishakti Capital Limited; unlisted.
• Consolidated statements include subsidiary performance; monitor governance.

Audit, controls & disclosures

• Auditors: G. Basu & Co; unmodified opinion on FY26 financials.
• Internal financial controls found adequate; audits conducted per standards.
• Secretarial audits by MKB & Associates; compliance framework stated.

Internal Auditor appointment

• Appointed M/s Sinharay & Co., Chartered Accountants as Internal Auditor for FY 2026-27.
• Board appointed on 3 September 2026; term is FY 2026-27.
• Reason: recommendation of the Audit Committee.
• Profile: firm with around 30 years' experience in internal audit, finance and risk advisory.
• Disclosure of relationships with other directors: Not applicable.

Deal details

• MoU with XCMG valued at ₹125 crore for a 900-tonne crane.

Strategic rationale

• 900-tonne crane enables wind-turbine installations and high-value infrastructure work.

Scale and reach

• Fleet of 150+ machines with 100% utilization; 100+ clients across 25+ industries.

Capital expenditure and ARR

• Capex of ₹270 crore deployed through Q1 FY27; ARR ₹72 crore+.