💰 Financial Performance

Revenue Growth by Segment

In FY2024-25, the Heavy Equipment hiring and commission/consultancy segment grew 465% YoY to INR 9.37 Cr. For Q2 FY26, total revenue reached INR 6.65 Cr, a 213% YoY increase. Segment-wise for FY25, Heavy Equipment hiring contributed 32% (INR 5.47 Cr) and Commission/Consultancy contributed 23% (INR 3.90 Cr) of total revenue.

Geographic Revenue Split

The company is currently focused on broadening its presence across Central and Eastern India to capture regional infrastructure demand, though specific percentage splits by state are not disclosed in available documents.

Profitability Margins

Net Profit Margin improved drastically from 0.47% in FY24 to 23.66% in FY25. In Q2 FY26, the PAT margin stood at 24.15%, reflecting the company's ability to translate high asset utilization into bottom-line growth.

EBITDA Margin

EBITDA margin for Q2 FY26 was 58.97%, representing a massive 2004 bps increase YoY from 38.93% in Q2 FY25. This high margin is driven by the shift toward high-tonnage equipment hiring which offers 60-65% margins compared to traditional services.

Capital Expenditure

The company has a massive INR 400 Cr CAPEX plan for FY25-FY27. For FY26 alone, the target is INR 100 Cr+, with INR 84 Cr already deployed as of Q2 FY26. A recent specific expenditure of INR 5.2 Cr was undertaken for a Reliance Industries contract.

Credit Rating & Borrowing

The Debt-Equity ratio increased by 367% to 1.26 in FY25 to fund aggressive fleet expansion. Interest Coverage Ratio stood at 2.4 in FY25, down from 3.7 YoY due to increased borrowing for CAPEX.

⚙️ Operational Drivers

Raw Materials

The primary 'raw materials' are heavy machineries including Cranes, Man-lifters, and Earth-moving equipment, which constitute the core asset base for the hiring business.

Import Sources

Equipment is sourced from OEMs with significant operations in India, specifically Saini India and XCMG India.

Key Suppliers

The company maintains a 50/50 diversification strategy between two primary OEMs: Saini India and XCMG India.

Capacity Expansion

Current fleet size is approximately 90-95 machines. The company plans to expand this to 150 machines by FY27 to meet growing infrastructure demand.

Raw Material Costs

Not applicable as a manufacturing cost; however, depreciation and amortization (linked to equipment cost) rose 482% YoY to INR 1.04 Cr in Q2 FY26 due to the new fleet additions.

Manufacturing Efficiency

Fleet utilization is currently at 100%, with a long-term target to maintain 95-100% utilization to ensure maximum ROI on CAPEX.

Logistics & Distribution

Deployment lead times are 3-4 weeks per project due to compliance requirements like gate passes and safety officer mobilization.

📈 Strategic Growth

Expected Growth Rate

90-100%

Growth Strategy

Growth will be achieved through an INR 400 Cr CAPEX plan to reach 150 machines by FY27, entering new sectors like Mining, Ports, and Coastal Infrastructure, and targeting a revenue of INR 90-100 Cr by FY28. The company is also exploring asset-light leasing partnerships and M&A for fleet expansion.

Products & Services

Heavy equipment hiring (cranes, man-lifters, earth-moving equipment), commission and consultancy services.

Brand Portfolio

Trishakti Industries Limited.

New Products/Services

Expansion into large tonnage cranes and specialized equipment for the renewable energy and green steel sectors.

Market Expansion

Targeting expansion into Central and Eastern India, specifically for metro development and port projects.

Market Share & Ranking

Not disclosed, but positioned as an 'early mover' in the large tonnage crane hiring segment in India.

Strategic Alliances

Maintains marquee client relationships with Reliance Industries, Tata Steel, L&T, RVNL, ONGC, and Adani Group.

🌍 External Factors

Industry Trends

The Indian construction equipment rental market is growing at 7.1% CAGR, expected to reach USD 29.3 billion by 2030 as infra companies shift to asset-light leasing models.

Competitive Landscape

Competes with traditional infrastructure service providers, but differentiates through a specialized, high-utilization rental model.

Competitive Moat

Moat is built on the high capital barrier of large tonnage cranes and specialized equipment, which allows for higher margins (60%+) and creates switching costs for clients integrated into their project timelines.

Macro Economic Sensitivity

Highly sensitive to India's infrastructure spending; road construction spending has surged 12x and metro budgets 8x, directly driving demand for Trishakti's fleet.

Consumer Behavior

Infrastructure firms are increasingly moving away from owning equipment to leasing to reduce their own balance sheet debt.

Geopolitical Risks

Trade barriers on heavy machinery imports from China (XCMG) could impact CAPEX costs and timelines.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by site-specific safety standards, labor laws for operators, and equipment certification standards required by marquee clients like ONGC and Reliance.

Environmental Compliance

ESG and safety compliance are critical for site deployment; every operator requires specific gate passes and safety officer supervision per project norms.

Taxation Policy Impact

Effective tax rate for Q2 FY26 was approximately 25.5% (INR 0.55 Cr tax on INR 2.15 Cr PBT).

Legal Contingencies

The auditors (G. Basu & Co.) reported no instances of fraud or material misstatements in the FY25 financial statements.

⚠️ Risk Analysis

Key Uncertainties

The aggressive INR 400 Cr CAPEX plan relies heavily on internal accruals and debt; any slowdown in the infrastructure sector could lead to under-utilization of the expanded fleet, impacting the 58.97% EBITDA margins.

Geographic Concentration Risk

Heavy concentration in Indian domestic projects, particularly in the Eastern and Central regions.

Third Party Dependencies

100% dependency on Saini and XCMG for equipment supply and technical support.

Technology Obsolescence Risk

Risk of fleet becoming obsolete if clients shift toward electric or more automated heavy machinery; mitigated by the 2% downtime target and predictive maintenance.

Credit & Counterparty Risk

Debtors Turnover Ratio fell 93% in FY25 to 1.89, indicating a significant increase in collection days or a change in credit terms with large corporate clients.