Trishakti Industries: FY26 scale-up, a heavier fleet, and bigger claims on utilization

Trishakti Industries Limited closed FY26 with a step-change in reported scale. The company reported total revenue of ₹32.44 crore in FY26 versus ₹17.03 crore in FY25. EBITDA rose to ₹20.21 crore from ₹6.28 crore, and PAT increased to ₹7.66 crore from ₹3.55 crore.

Management positioned FY26 as an inflection year driven by rapid fleet addition, near-full utilization, and operating leverage. A key disclosure was that total income includes ₹4.58 crore of subvention income reported under other income. Management described this as directly linked to equipment financing and fleet deployment and said it should be viewed as operational for understanding performance.

The business model: equipment rental with an asset-heavy playbook

Trishakti describes itself as a pure-play infrastructure equipment rental platform, hiring out heavy equipment such as crawler cranes, truck-mounted cranes, all-terrain cranes, piling rigs, and manlifters. The presentation highlights a marquee client list that includes L&T, Reliance, RVNL, ONGC, Adani Group, Tata Steel, and others.

The company’s FY25 to FY27 plan is built around fleet expansion, with a capex program that the deck cites at ₹400 crore. In FY26, management said it deployed around ₹210 crore of capex, above an earlier internal plan. This capex acceleration is central to the growth narrative because the company’s revenue is fundamentally a function of billable deployment of owned assets.

Financial snapshot: FY25 to FY26

The company provided standalone financials for FY25 and FY26.

Note: Other income includes ₹4.58 crore subvention income in FY26, per management note.

Fleet expansion and capex: execution speed is the story

Trishakti’s presentation emphasizes execution on capex deployment as a differentiator. FY26 capex deployment was reported at ₹2,100 million (₹210 crore) versus a plan of ₹1,000 million for the year. The fleet size metric in the deck is shown as 143+ in FY26, and the company’s longer-term fleet target is 200+ units by FY27.

The balance sheet reflects the speed of this buildout. Total assets increased from ₹67.96 crore in FY25 to ₹289.10 crore in FY26. Fixed assets (PPE) rose from ₹37.41 crore to ₹215.20 crore. Borrowings also increased, with non-current borrowings reported at ₹65.26 crore and current borrowings at ₹19.91 crore as of FY26.

In the concall, management acknowledged that in a hyper capex phase there is an inherent lag between purchasing equipment and full revenue contribution. They cited a lead time of around one to one and a half months due to compliance steps, transport, and inspection processes before a machine becomes fully billable on site.

What the company says drives margins: utilization, yield, and client selection

The company’s narrative rests on three operating claims.

First is utilization. The presentation repeatedly highlights 100% utilization. On the concall, management clarified that contracts are typically for single shift and that double-shift work would lead to higher billing, but utilization is viewed as fully deployed under the contract terms.

Second is yield. The deck states about 3% gross monthly yield on acquisition cost and about 2.2% net monthly yield, alongside a blended interest cost of about 4 to 5%.

Third is client selection. Management said it primarily works with tier-1 clients because payment cycles are more predictable and because bill discounting is easier with large counterparties. The stated payment terms are typically 45 days, with some clients paying in 30 days.

Product mix: revenue share by equipment category

The presentation provides an explicit revenue share split by product category.

This mix matters because management also indicated that yields can vary by tonnage band, with the 3% yield comment largely associated with machines below 100 tons, and economics shifting as tonnage increases.

Items investors pressed management on: receivables and subvention

Two recurring topics dominated the Q&A.

Receivables: Investors flagged that receivable days appear high based on reported numbers. Management responded that the reported figure is distorted by a legacy family settlement related item from the 2023 transition, and that the core operating receivables are largely within around 45 days. Management said the settlement-related component should normalize in FY27.

Subvention income: Multiple participants asked about the nature of the ₹4.58 crore subvention income recorded in other income. Management described it as a financing benefit linked to OEM and lender arrangements that effectively reduces financing costs. Management said this amount is recognized in Q4 as part of the audited process, which makes it appear bunched in the last quarter.

FY27 and FY28: the company’s own trajectory

The presentation includes a crane hiring revenue growth table that indicates:

FY27 revenue of ₹6,250 lacs (₹62.5 crore) FY28 revenue of ₹9,500 lacs (₹95 crore)

The deck also reiterates targeted EBITDA margins of over 60% and ROCE of 22 to 25%. On the concall, management stated the FY27 order book is about ₹60 crore plus (around ₹62 crore).

Takeaways

Trishakti’s FY26 is presented as a scale-up year, backed by a rapid increase in asset base and a sharp rise in reported profitability. The company’s forward narrative leans heavily on high utilization, strong yield economics, and tier-1 client relationships.

The key variables to track, based on management’s own discussion, are the normalization of receivable optics, the ongoing treatment and recurrence of subvention income, and the operational execution of a fast-growing fleet across sites while maintaining utilization and uptime.