Financial Performance Highlights

Q2 FY27 Results (Standalone)

  • Revenue from operations: ₹1,550.53 lakhs, up 133.14% YoY
  • EBITDA: ₹944.08 lakhs, up 140.74% YoY
  • Profit After Tax: ₹518.92 lakhs, up 223.05% YoY
  • EBITDA margin: 60.89%
  • PAT margin: ~28%

H1 FY27 Results (Standalone)

  • Revenue from operations: ₹2,988.65 lakhs, up 178.42% YoY
  • EBITDA: ₹1,789.65 lakhs, up 170.15% YoY
  • Profit After Tax: ₹949.03 lakhs, up 277.26% YoY
  • Other Income: ₹568.61 lakhs (vs ₹5.30 lakhs in H1FY26)
  • Employee costs: ₹773.77 lakhs (vs ₹220.38 lakhs in H1FY26)
  • Other expenses: ₹425.23 lakhs (vs ₹190.61 lakhs in H1FY26)
  • Finance Costs: ₹398.73 lakhs (vs ₹153.32 lakhs in H1FY26)
  • Depreciation: ₹770.50 lakhs (vs ₹177.88 lakhs in H1FY26)
  • Tax: ₹240 lakhs (vs ₹85 lakhs in H1FY26)

Operational Metrics

  • Fleet size: 215+ machines
  • Fleet utilization: ~100% (vs sector average ~78%)
  • Average net monthly yield: 2.2% per month
  • Reducing interest cost: ~8.10%
  • Expected ROCE on capex: 22-25%

Capex Program Update

  • FY25-FY27 capex program: ₹400 crore
  • Cumulative capex deployed (including GST): ₹370 crore as of Q2 FY27
  • Deployment completion: >90% of planned program
  • Total assets: ₹40,024 lakhs (grown ~1.38x)
  • PPE: ₹23,117.37 lakhs (from ₹18,937.83 lakhs)

Strategic Initiative: Mission 2030

  • Target: Build cumulative gross block of ₹1,000 crore by FY30
  • Focus: Creating larger, more capable equipment platform to serve India's expanding infrastructure and industrial requirements
  • Strategy: Disciplined capital deployment aligned with demand, utilization and risk-adjusted returns

Business Overview

  • Pure-play infrastructure equipment rental company
  • Specialized hiring of heavy equipment: crawler cranes, truck-mounted cranes, all-terrain cranes, piling rigs, and manlifters up to 750 MT
  • 40 years of experience across steel, energy, railways, and construction
  • Current management assumed full control post-2023 promoter family separation

Client Base

  • Marquee clients include L&T, Reliance, RVNL, ONGC, ITD Cementation, Adani Group, KEC International, Jindal Group, Tata Steel, NCC
  • 100+ satisfied clients
  • Multi-year contracts with tier-1 clients delivering recurring, predictable revenue streams

Segment-wise Fleet Allocation

  • Renewable Energy: ~48% fleet | ₹480 million ARR
  • Infrastructure & EPC: Primary revenue driver with repeat orders
  • Steel & Industrials: ~13% fleet contribution | Long-term, multi-year contracts
  • Railways & Govt: Strong metro pipeline | RVNL as key anchor client
  • Oil, Gas & Power: ~3% current | 8-10% target (FY27)
  • Ports & Coastal: Expansion-driven demand

Product Portfolio

  • Truck Mounted Cranes (45-750 MT): ~25% revenue share | ₹36,000 crore infrastructure opportunity
  • Crawler Cranes (150M+): ~40% revenue share | ₹8,000-12,000 crore wind crane TAM
  • Piling Rigs: ~10% revenue share | Demand driven by metro + housing + PMAY
  • All Terrain Cranes (200-750 MT): ~20% revenue share | Premium segment with 3.5-4.5% monthly yields
  • Manlifters: ~5% revenue share | ₹8-15 lakh/month/unit hire | 24-36 month durations

Market Opportunity

  • India's renewable energy TAM: 500 GW by 2030 | 263 GW to be added in 5 years
  • Crane rental investment opportunity: ₹11,300-17,500 crore
  • Bharatmala Phase-II: ₹8 lakh crore | 25 expressways (MoRTH)
  • 2 lakh km NH expansion creating flyover + bridge crane work
  • Road construction 12x under current government spending
  • 300 MT steel capacity target by 2030

Management Commentary

Mr. Dhruv Jhanwar, CEO: "Q2 FY27 marks another significant milestone in Trishakti Industries' transformation into a focused and scalable infrastructure equipment rental company. These results reflect the progress we have made in expanding our fleet, strengthening our execution capabilities and building a platform for sustained growth."

Mr. Pranav Jhanwar, Director: "At Trishakti, operational excellence is what converts capital investment into sustainable business performance. Our reported fleet utilization of approximately 100% underscores the importance we place on effective fleet planning, equipment availability and responsive on-site support."

Comparative Performance

  • EBITDA margins: ~61% (vs ~40% sector average)
  • PAT margins: ~28% (vs ~10% sector average)
  • Fleet utilization: 100% (vs ~78% sector average)

Market Data

  • Market Capitalization: ₹470 crore
  • Face Value: ₹2.00
  • 52 Week High: ₹285
  • 52 Week Low: ₹114.90