Trishakti Industries Q1 FY27: A record quarter, a capex-heavy playbook, and a push into wind and the Middle East

Trishakti Industries Limited reported its strongest quarter on record in Q1 FY27, supported by rapid fleet scaling and very high deployment levels. For the quarter ended June 30, 2026, the company reported revenue from operations of INR 1,438.12 lakhs, total income of INR 1,680.38 lakhs, EBITDA of INR 1,087.83 lakhs, PBT of INR 538.11 lakhs, and PAT of INR 430.11 lakhs. Management highlighted that EBITDA increased about 4.1x year-on-year and linked the performance to operating leverage in an equipment rental model.

The quarter also served as a strategy update. The board approved entry into wind energy equipment rental, and management reiterated plans to expand into the UAE and the Kingdom of Saudi Arabia, subject to approvals and execution milestones. The investor presentation positions Trishakti as a pure-play infrastructure equipment rental company with a focus on crawler cranes, truck-mounted cranes, all-terrain cranes, piling rigs, and manlifts.

The quarter in numbers: growth with unusually high operating leverage

The reported financials show a sharp jump versus the prior year quarter. In Q1 FY27, EBITDA of INR 1,087.83 lakhs on revenue from operations of INR 1,438.12 lakhs implies a very high margin profile, consistent with the company’s narrative of tight utilization and premium heavy-lift positioning.

The presentation also provides a two-year view of scale-up. FY26 revenue is shown at INR 3,244.46 lakhs versus INR 1,702.93 lakhs in FY25, while FY26 EBITDA is INR 2,021.16 lakhs versus INR 627.96 lakhs in FY25. PAT increased to INR 766.13 lakhs in FY26 from INR 354.76 lakhs in FY25.

Note: The table is reproduced from the investor presentation where available. The presentation provides both total income and revenue from operations for FY25, FY26, and Q1 FY27, and revenue from operations for Q1 FY26.

Fleet scale-up and capex: the central driver

The company’s investment plan is the core of its equity story. The investor presentation refers to an INR 400 crore capex program across FY25 to FY27 aimed at expanding the fleet from about 30 units to over 200 units. It also states that INR 210 crore was deployed in FY26, which it describes as 110% above guidance.

In the capex plan versus actual slide, FY25 capex is shown as planned INR 400 Mn with actual INR 488 Mn. FY26 capex is shown as planned INR 1,000 Mn with actual INR 2,100 Mn. The company also states cumulative capex deployed of INR 2,700 Mn till Q1 FY27.

Management commentary in the earnings call adds color on execution timing. The CEO stated that the company is running around a one-and-a-half month lead time between capex and revenue generation, and that CWIP from last year began generating revenue only about one and a half months prior to the call.

The funding approach is bank-led with a focus on lowering borrowing costs. On the call, management stated borrowings were around INR 80 to 85 crore, with average borrowing costs around 8.5 to 8.75%. The CEO also stated that earlier the company used to pay 20% down payment on machines, but banks may now fund 100% of a machine given the track record and loan-to-value levels, with the company paying transport and insurance.

The balance sheet in the investor presentation reflects the rapid build-out. Total assets increased from INR 6,796.44 lakhs in FY25 to INR 28,910.35 lakhs in FY26. Fixed assets rose from INR 3,741.47 lakhs to INR 21,519.72 lakhs over the same period. Borrowings increased as well, with non-current borrowings at INR 6,526.46 lakhs and current borrowings at INR 1,991.25 lakhs in FY26.

Product mix and where the company claims pricing power

The investor presentation provides an indicative revenue mix by equipment category for Q1 FY27. It states crawler cranes contribute about 40% of revenue and truck mounted cranes about 25%. All terrain cranes are shown at about 20%, piling rigs about 10%, and manlifter or boomlifter about 5%.

This mix matters because the company’s pitch centers on heavy-lift specialization and utilization. The presentation claims heavy-lift work is technically demanding and structurally defended, and suggests that being on Tier-1 approved vendor lists creates repeat work without repeated tendering, with vendor onboarding taking 3 to 6 months.

On the call, management also explained why it believes its margins and utilization are better than peers. The CEO said many competitors operate older fleets, while Trishakti’s machines are largely 2024 to 2026 make, which reduces maintenance needs in the early years as OEMs provide support. However, he explicitly stated that margins could fall from about 65% to 58 to 62% once OEM free support ends and maintenance costs rise.

New initiatives: wind energy, Middle East, EV machines, and tower cranes

The biggest new vertical is wind energy equipment rental. Management explained that the wind sector is shifting from 3.3 MW turbines to around 5 MW turbines, and that this shift requires 900-ton machines rather than 800-ton machines. The company expects a first-mover advantage because the first 900-ton units are expected to arrive in India around October. Management stated it is in discussions with large wind EPC companies, and expects meaningful contribution in Q3 and Q4 given a manufacturing lead time of around four months and additional time for delivery and transport.

The overseas expansion into the UAE and Saudi Arabia was framed as client-led. Management said it is closely working with Indian EPC clients that have expanded into these markets and that it expects higher monthly yields in the region. The CEO mentioned that yields could be around 4% monthly in UAE and KSA versus around 2.5% in India, while also noting that costs are higher and an EBITDA margin of about 50 to 52% would be a good outcome in KSA. The company said it will establish operations itself without local collaborations and expects to start within FY27, with deployments potentially in the next two to three quarters.

Two smaller but notable additions were also mentioned on the call. First, EV machinery: management said it has ordered a few EV machines for two clients and expects the first units in Q2, with a lead time of about two months. Second, tower cranes: management stated it has ordered a few tower cranes intended for data center jobs, citing a shortage of 80-ton tower cranes in the market and a lead time of about three months.

What to watch from here

The company’s documents clearly communicate confidence, but they also contain practical dependencies. Execution depends on the arrival and deployment of new machines, especially in wind where lead times are longer and management itself said FY28 estimates are hard to provide until delivery timing becomes clearer.

Working capital is another near-term watch item. When asked about debtor days, management stated core business payments are under 60 days and explicitly said receivables should streamline to under 60 to 70 days within this financial year. Investors will likely watch whether this plays out alongside continued capex.

Finally, the balance sheet reflects the intensity of the scale-up. FY26 other current liabilities are shown at INR 15,601.42 lakhs versus INR 854.06 lakhs in FY25, without an explanation in the provided material. This is a disclosure area that may need further clarity in future filings.

Closing view

Trishakti’s Q1 FY27 performance, as presented, is built on three pillars: rapid capex-led fleet expansion, high utilization, and a positioning tilt toward higher capacity equipment that management believes commands premium pricing. The next phase adds complexity, with wind energy equipment rental, EV machines, tower cranes for data centers, and a planned entry into UAE and Saudi Arabia.

The near-term question is not whether demand exists, as management repeatedly described demand strength and supply constraints, but whether delivery timelines, working capital normalization, and margin sustainability remain on track while the company scales into new equipment categories and geographies.