Trishakti Industries Ltd

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+.

Financial Performance

• Total income rose 310% YoY to INR 1,680 lakhs.
• EBITDA up ~4x YoY to INR 1,087 lakhs.
• EBITDA margin ~65%.
• Profit before tax rose to INR 538 lakhs; PAT to INR 430 lakhs.
• 100% fleet utilization maintained.
• Executable order book for the year at INR 70-72 crores.

Operations and Growth

• Wind energy entry announced.
• Expansion into UAE and KSA planned subject to approvals.
• CapEx plan INR 400 crore; ~INR 270 crore spent.
• Remaining CapEx ~INR 130-140 crore; four to five 900-ton units possible.
• Core payments under 60 days; debtor days ~200; aim under 60-70 days.

CapEx and Financing

• Borrowings around INR 80-85 crores.
• 50-60% loan-to-value; 100% financing possible for new cranes.
• Borrowing cost around 8.5-8.75%.
• By 2028, most machines cash-flow positive; debt declines.
• CapEx pace to hit INR 400 crore.

Wind Energy Segment

• Shift to 900-ton machines; first-mover advantage for wind energy.
• Yields similar to current fleet; higher ticket size justifies CapEx.
• Leading wind EPCs in talks; long-term projects anticipated.
• Wind energy contribution expected in Q3-Q4 FY27.

Geography Expansion

• Expansion into UAE and KSA driven by EPC activity and client demand.
• Yields in UAE/KSA ~4% monthly vs India 2.5%.
• Deployment expected in next two to three quarters.
• Overseas expansion funded via internal accruals; no JV planned.

Guidance and Q&A Focus

• Executable order book 70-72 crores; target 60% EBITDA, 25-30% PAT on this.
• New machines start revenue in ~1.5 months; ramp-up later.
• India demand strong; diversify geographically to sustain utilization.
• Wind-energy LOIs; capacity constraints due to OEM supply.

Meeting Details

• Date and time: July 23, 2026 at 04:00 PM IST
• Type and mode: group virtual earnings conference call
• Organizer: ConfideLeap Partners; Event: Q1 FY27 Earnings Call
• Key company participant: CEO and management team
• Purpose: discuss Q1 FY27 earnings results

Meeting Details

• Earnings conference call for Q1 FY27 on 23 July 2026 at 04:00 PM IST.
• Type/Mode: group call, virtual conference.
• Event: Q1 FY27 Earnings Call; organiser: Confideleap Partners.
• Dial-in details will be available on the company website.

Participants

• Company management: CEO to participate.

Purpose

• Purpose: discuss Q1 FY27 earnings results.

Additional Notes

• Schedule is subject to change.

Meeting Details

• Board meeting on July 22, 2026 to be held at the Company's Registered Office.

Key Agenda Items

• Consider unaudited standalone and consolidated financial results for quarter ended June 30, 2026.

Other Notes

• Trading window for Designated Persons remains closed for 48 hours after results declaration.

Dematerialisation processing and delivery

• RTA confirms processing of dematerialisation for the reporting quarter.
• RTA sent the Demat Transfer Register for the reporting quarter to depositories and stock exchanges.
• Physical certificates received were mutilated, destroyed and cancelled after dematerialisation within the stipulated time.
• Securities dematerialised were communicated to stock exchanges where the shares are listed.

Business

• Pure-play infrastructure equipment rental company focused on heavy cranes and allied machinery.
• Serves infrastructure, renewable energy, ports, steel, railways, oil and gas clients.
• Management says it shifted from legacy businesses to asset-backed rental operations.

Operations

• FY26 capex deployed exceeded ₹210 crore, more than double the original ₹100 crore plan.
• Fleet expanded rapidly toward 200+ units, with near-100% utilization reported.
• Company is expanding into renewable energy, ports, offshore, and emerging infrastructure segments.

Financials

• FY26 revenue rose to ₹32.4 crore from ₹17.0 crore, up about 90%.
• FY26 EBITDA increased to ₹20.2 crore from ₹6.3 crore, with margin near 62%.
• FY26 PAT rose to ₹7.7 crore from ₹3.5 crore, with PAT margin around 25%.
• Q4 FY26 revenue was ₹13.7 crore, EBITDA ₹8.0 crore, and PAT ₹1.8 crore.
• Other income included ₹4.58 crore subvention income, described by management as operational.

Balance Sheet

• Total assets increased to ₹289.1 crore from ₹68.0 crore year-on-year.
• Net worth rose to ₹44.8 crore from ₹26.1 crore.
• Current borrowings increased to ₹19.9 crore, while cash and bank balance was ₹0.58 crore.
• Fixed assets grew sharply to ₹215.2 crore from ₹37.4 crore.

Outlook

• Management targets 80-85% revenue CAGR over the medium term.
• FY27 fleet target is 200+ machines, with continued expansion into renewables and ports.
• Management expects 22-25% ROCE on capex and 60-70% EBITDA margins.

Risks

• Heavy capex execution and financing discipline are critical to sustaining returns.
• Business depends on high fleet utilization and repeat client relationships.

Leadership

• Dhruv Jhanwar is CEO, Pranav Jhanwar is CFO, and Suresh Jhanwar is MD.
• Management said current leadership took full control after the 2023 promoter family separation.