Trishakti Industries Limited: Powering India's Infrastructure Boom with Strong Q2 FY26 Performance

Trishakti Industries Limited, a premier infrastructure solutions provider specializing in heavy earth-moving equipment hiring, has reported a robust performance for the second quarter of Fiscal Year 2026 (Q2 FY26). The company, established in 1985, continues to demonstrate strong growth momentum, driven by high asset utilization, disciplined cost management, and strategic expansion into high-growth sectors.

For Q2 FY26, Trishakti Industries recorded a significant increase in its financial metrics. Revenue from operations surged by 63.1% quarter-on-quarter and an impressive 213.1% year-on-year, reaching INR 6.65 crore. This growth underscores the company's ability to capitalize on India's burgeoning infrastructure development. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also saw substantial growth, increasing by 45.1% QoQ and 374.3% YoY to INR 3.92 crore. While EBITDA margins experienced a temporary dip to 58.97% from 66.19% in Q1 FY26, management has clarified this was due to a one-off project delay and expects margins to normalize in the coming quarters. Profit After Tax (PAT) also rose significantly by 76.7% QoQ and 337.3% YoY, reaching INR 1.61 crore, reflecting strong operational efficiency translating into sustained profitability.

Strategic Expansion and Diversification

A key highlight of Q2 FY26 is Trishakti's strategic entry into the renewable energy segment, securing initial contracts from major players like Reliance Industries. This move positions the company to tap into India's accelerating clean energy investments, which represent a multi-decade opportunity. The company is actively expanding its next-generation higher tonnage fleet to cater to the specialized lifting and deployment needs of these large-scale industrial and renewable energy projects. This diversification is crucial as the company aims to reduce its reliance on traditional sectors and embrace new growth frontiers.

Trishakti's fleet deployment across various industries showcases its diversified exposure. The renewable sector now accounts for 45.47% of its fleet split, followed by Green Steel Plant at 21.5%, Energy & Power at 9.9%, and Steel at 8.98%. This balanced portfolio helps mitigate risks and ensures consistent demand. The company boasts an impressive 100% total fleet utilization, serving over 100 clients and managing more than 20 ongoing projects, demonstrating strong operational efficiency and client satisfaction.

Capital Allocation and Future Outlook

The company is in the midst of a significant capital expenditure (CAPEX) program, with a planned investment of INR 400 crore from FY25 to FY27. As of Q2 FY26, INR 84 crore has already been invested, putting the company on track to meet or exceed its FY26 CAPEX target of INR 100 crore. This CAPEX is primarily funded through internal accruals, with debt financing as a strategic option, reflecting a robust balance sheet and prudent financial management. The management expects to generate a Return on Capital Employed (ROCE) of 22-25% on this investment.

Looking ahead, Trishakti Industries has set ambitious revenue targets: INR 20-22 crore for FY26, INR 60-65 crore for FY27, and INR 90-100 crore for FY28. The company also aims to scale its operating margins beyond 70% and strengthen ROCE to 22-25% by FY27. Strategic initiatives include expanding the fleet size to 150 machines by FY27, entering new sectors such as Mining, Ports, and Coastal Infrastructure, and broadening its geographical presence across Central and Eastern India. The company is also exploring leasing partnerships for asset-light expansion and evaluating potential merger and acquisition opportunities to further enhance its market position.

Trishakti Industries Limited's Q2 FY26 performance underscores its strategic clarity and disciplined execution. With a strong order book, high fleet utilization, and a focused growth strategy, the company is well-positioned to capture a significant share of India's infrastructure and renewable energy opportunities, delivering sustainable growth and long-term value for its stakeholders.