Summary
Trishakti Industries Limited - Q3 FY26 Earnings Call Summary Tuesday, January 20, 2026, 16:00 Hrs
Event Participants
Executives Dhruv Jhawar (CEO), Rishabh Rathod (ConfideLeap Partners - IR)
Analysts Anshul Jain (Lakshmishree Investments), Digant Bamb (SVIP Capital), Jayesh Shah (Shah Investments), Manish Jaiswal (Individual Investor), Rishabh Malik (Artha Advisory), Satya (Individual Investor), Yash Tanna (iThought PMS)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue (Q3 Standalone) | ₹8 crores | +357% YoY, +20% QoQ; driven by peak utilization and rapid fleet expansion. |
| EBITDA (Q3 Standalone) | ₹5.61 crores | +369% YoY; margins high at ~70% due to zero maintenance costs for new machines. |
| PAT (Q3 Standalone) | ₹2.45 crores | +1,744% YoY; reflects high operational leverage and depreciation benefits. |
| Revenue (9M FY26) | ₹18.74 crores | +37% YoY; annualized run rate (ARR) reached ₹48 crores by Dec-25. |
| EBITDA (9M FY26) | ₹12.23 crores | +211% YoY; margins at 65.27% supported by newer fleet efficiency. |
| PAT (9M FY26) | ₹4.97 crores | +183% YoY; trending toward surpassing FY26 original guidance. |
| Fleet Size | 117 machines | Quadrupled in last 4-5 months; currently operating at 100% utilization. |
| Capital Expenditure | ₹154 crores | YTD spend exceeds full-year target of ₹100 crores; part of ₹400cr total plan. |
Geographic & Segment Commentary
Heavy Equipment Hiring: This core segment drives 100% of current operations with a fleet of 117 machines. Management is transitioning the company to a single-revenue stream focusing exclusively on infrastructure and industrial hiring. The segment benefits from marquee clients like L&T, Reliance, and Jindal Group.
Renewables & Industrial: Roughly 45% of current exposure is toward the renewable sector, specifically solar and Battery Energy Storage Systems (BESS). Management avoids the wind energy segment due to poor yields and changing regulatory height requirements for turbines. Other key drivers include metro rail projects and bullet train contracts (L&T).
Company-Specific & Strategic Commentary
CapEx Acceleration: The company accelerated its ₹400-crore CapEx plan (through FY28), deploying ₹154 crores YTD FY26 against a ₹100-crore target due to skyrocketing demand. Total segmental assets now stand at ₹200 crores, with a focus on higher tonnage machines (250-500 tons).
Margin Sustainability: Current 65-70% EBITDA margins are supported by OEM warranties covering maintenance for the first three years. Management expects margins to stabilize around 60-65% once the fleet matures and maintenance costs (approx. 5% hit) kick in.
Capital Management: Strategy involves using SLM depreciation (4.75%-6.3% in books vs 15% in IT) and reinvesting strong operating cash flows into new machines. Management aims to exit assets every seven years, timing sales with metal price cycles to capture residual premiums.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Revenue | Expected to surpass ₹20-22 Cr (FY26) | Current ARR of ₹48-55 Cr suggests significant outperformance of initial targets. |
| CapEx | ₹400 - ₹500 crores (Total by FY28) | Half of this target already achieved; further expansion depends on banking limit upgrades. |
| Revenue Target | ₹100 crores by FY28 | Management is confident in reaching this ahead of schedule given current project visibility. |
| PAT Margin | 25% - 30% (Sustainable) | Supported by depreciation benefits and continuous fleet churning. |
Risks & Constraints
| Risk | Context |
|---|---|
| Asset Utilization | A 30-day grace period and mobilization costs (₹20-25 lakhs/unit) protect against sudden de-hiring, but project delays remain a factor. |
| Receivables | Receivables appear high due to a “V-shaped” demand cycle and a 1.5-month lead time for machines to start billing post-acquisition. |
| Sector Concentration | 45% exposure to renewables; management aims to diversify as metro and steel projects enter phase 2/3. |
Q&A Highlights
Order Book & Utilization
- Question: What is the current order book and execution timeline? (Anshul Jain / Rishabh Malik)
- Answer: The signed order book stood at ₹48 crores as of Dec-31 and has grown to ₹55-56 crores in Jan-26. All machines are at 100% utilization with 12-month+ contracts (Dhruv Jhawar).
Financial Discrepancies
- Question: Why is there a negative “Others” entry in segmental results? (Satya / Digant Bamb)
- Answer: This is an accounting adjustment for “Free of Cost” (FOC) spares received from OEMs during the ₹154-crore asset purchase. These are offset as they are utilized (Dhruv Jhawar).
Asset Yields
- Question: What are the typical monthly yields on equipment? (Satya)
- Answer: Monthly yields are ~2.5% for high tonnage and ~3% for lower tonnage machines. Annualized, this is 30-35%, which can spike to 48% during peak H2 overtime periods (Dhruv Jhawar).
Working Capital & Funding
- Question: How is the CapEx funded and what is the credit risk? (Yash Tanna / Satya)
- Answer: Funded via two equity rounds and 100% LTV debt. The company avoids local subcontractors and only works with blue-chip clients (Tata, Reliance) to ensure bills can be discounted if needed (Dhruv Jhawar).
Key Takeaway
Trishakti Industries delivered a breakout third quarter, with standalone revenue jumping 357% YoY to ₹8 crores and PAT soaring over 1,700% to ₹2.45 crores. The company has aggressively front-loaded its growth, deploying ₹154 crores in CapEx YTD against a ₹100-crore full-year target, bringing total segmental assets to ₹200 crores. Strategic focus remains on high-tonnage equipment hiring for solar, BESS, and major infrastructure projects like the bullet train. With a current annualized revenue run rate of ₹55-56 crores and 100% fleet utilization, management expects to significantly exceed its original FY26 guidance. While high margins of ~70% are currently padded by OEM maintenance warranties, a sustainable range of 25-30% PAT margin is targeted through disciplined fleet churning and tax/depreciation management. The company is well-positioned to hit its ₹100-crore revenue goal well before the FY28 target.
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