Trishakti Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Trishakti Industries Ltd filed with BSE on 28 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Trishakti Industries reported total income growth of nearly 310% year-on-year to INR 1,680 lakhs in Q1 FY27, with EBITDA growing roughly four times to INR 1,087 lakhs and an EBITDA margin of approximately 65%. Management said profit after tax rose to INR 430 lakhs and that fleet utilization remained at 100% during the quarter. The company also announced entry into wind energy equipment rental and plans to expand operations into the UAE and Saudi Arabia, subject to approvals and execution milestones.
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Numbers mentioned
Total income: INR 1,680 lakhs (Q1 FY27)
p. 3
“During the quarter, total income increased by nearly 310% YoY to INR 1,680 lakhs, while EBITDA grew by approximately four times YoY to INR 1,087 lakhs.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
EBITDA: INR 1,087 lakhs (Q1 FY27)
p. 3
“During the quarter, total income increased by nearly 310% YoY to INR 1,680 lakhs, while EBITDA grew by approximately four times YoY to INR 1,087 lakhs.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
EBITDA margin: approximately 65% (Q1 FY27)
p. 3
“Despite significant business expansion, we continue to maintain a healthy EBITDA margin of approximately 65%, demonstrating the strength of our business model and operating leverage.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
Profit before tax: INR 538 lakhs (Q1 FY27)
p. 3
“Profit before tax increased to INR 538 lakhs and profit after tax rose to INR 430 lakhs, making this the strongest quarter financial performance in the company's history.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
Profit after tax: INR 430 lakhs (Q1 FY27)
p. 3
“Profit before tax increased to INR 538 lakhs and profit after tax rose to INR 430 lakhs, making this the strongest quarter financial performance in the company's history.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
Fleet utilization: 100% (Q1 FY27)
p. 3
“We continue to maintain 100% fleet utilization, reflecting the strong demand environment and the efficient deployment of our equipment across multiple infrastructure projects.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
Fleet size: approximately 155-158 machines (current)
p. 4
“Current fleet size, approximately anywhere between 155-158 machines.”
Dhruv Jhanwar, page 4 of the filed PDF · View the filing
Total CapEx plan: INR 400 crore
p. 5
“Yeah. When we announce our net CapEx journey, we had announced an INR 400 crore plan, so out of which approximately INR 270 crores are already done, which you all can see it in our books as well.”
Dhruv Jhanwar, page 5 of the filed PDF · View the filing
CapEx completed: approximately INR 270 crores
p. 5
“Yeah. When we announce our net CapEx journey, we had announced an INR 400 crore plan, so out of which approximately INR 270 crores are already done, which you all can see it in our books as well.”
Dhruv Jhanwar, page 5 of the filed PDF · View the filing
Outstanding borrowings: approximately INR 80-85 crores (current)
p. 7
“So right now, the borrowings are currently at approximately INR 80-85 crores.”
Dhruv Jhanwar, page 7 of the filed PDF · View the filing
Executable order book: INR 70-72 crores (FY27)
p. 8
“Looking forward, currently, our order book, which is executable in this year, is approximately INR 70-72 crores, which will be executed in this financial year.”
Dhruv Jhanwar, page 8 of the filed PDF · View the filing
Average cost of borrowing: around 8.5-8.75% (current)
p. 13
“Currently, the average will be around 8.5-8.75, somewhere in between that.”
Dhruv Jhanwar, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
PAT margin — 25-30% · FY27
stated conditionally by Dhruv Jhanwar
p. 8
“By saying that, we can say that we shall be doing a good 60-65% of EBITDA and around PAT margins of 25-30%.”
Dhruv Jhanwar, page 8 of the filed PDF · View the filing
EBITDA margin — 58-62%
stated as an aspiration by Dhruv Jhanwar
p. 15
“Currently, we are at 65% margins. Eventually, it will drop down t0 58-62%.”
Dhruv Jhanwar, page 15 of the filed PDF · View the filing
UAE/KSA expansion — next few quarters
stated conditionally by Dhruv Jhanwar
p. 4
“Second, we announced our intention to expand our operations into the United Arab Emirates and Kingdom of Saudi Arabia, subject to the necessary approvals and execution milestones.”
Dhruv Jhanwar, page 4 of the filed PDF · View the filing
KSA/UAE EBITDA margin — 50-52%
stated as an aspiration by Dhruv Jhanwar
p. 20
“50-52%. You see, this is the groundwork which we have done till now.”
Dhruv Jhanwar, page 20 of the filed PDF · View the filing
Debtor days — 60-70 days · this financial year
stated firmly by Dhruv Jhanwar
p. 11
“So, in this financial year, you'll be seeing that everything will be streamlined back to, like, it should be in this financial year.”
Dhruv Jhanwar, page 11 of the filed PDF · View the filing
CapEx already placed — INR 100 crores
stated firmly by Dhruv Jhanwar
p. 30
“We currently have approximately INR 100 crores worth of CapEx, which we have already planned and placed an order for.”
Dhruv Jhanwar, page 30 of the filed PDF · View the filing
UAE/KSA start — FY27
stated firmly by Dhruv Jhanwar
p. 28
“No, no, we will start with this financial year only for sure.”
Dhruv Jhanwar, page 28 of the filed PDF · View the filing
Fleet utilization (India) — 98-99%
stated firmly by Dhruv Jhanwar
p. 17
“100%, we already have signed orders till the financial year-end. Until the client is rehiring us, we should not be going below 98%, 99% for sure.”
Dhruv Jhanwar, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Approximately 155-158 machines, with more being added.
Answered by Dhruv Jhanwar
Asked by Chaitanya Pujara: What is the current fleet size?
p. 4
“Current fleet size, approximately anywhere between 155-158 machines. We are in process of building a few more machines in the coming week.”
Dhruv Jhanwar, page 4 of the filed PDF · View the filing
Borrowings are healthy and expected to reduce as machines become cash flow positive.
Answered by Dhruv Jhanwar
Asked by Chaitanya Pujara: What is the status of borrowing prepayment?
p. 7
“Currently, we are at a very healthy cash flow right now because when we started doing our CapEx initially in 2024, 2025, then all those machines were funded at a three year finance instead of the industry standard of four to five years.”
Dhruv Jhanwar, page 7 of the filed PDF · View the filing
Management confirmed yes.
Answered by Dhruv Jhanwar
Asked by Chaitanya Pujara: Can debtor days improve to 60-70 days?
p. 10
“Yes. Absolutely. 100%.”
Dhruv Jhanwar, page 10 of the filed PDF · View the filing
Banks now fund up to 100% of machine cost given the company's track record.
Answered by Dhruv Jhanwar
Asked by Yash Jhunjhunwala: How is CapEx financed without upfront payment?
p. 14
“Now, since we already have a very good track record and the LTV with these bankers are currently at 50-60%, for them to fund us a 100% of the machine is also easily possible now.”
Dhruv Jhanwar, page 14 of the filed PDF · View the filing
Newer machines require less maintenance in early years compared to older competitor fleets.
Answered by Dhruv Jhanwar
Asked by Satya Mehta: Why is utilization and EBITDA better than industry peers?
p. 15
“But when it comes to us, all our machines are 2024, 2025, 2026, and now 2027 make.”
Dhruv Jhanwar, page 15 of the filed PDF · View the filing
Driven by client requests and higher yields abroad, while India demand remains strong.
Answered by Dhruv Jhanwar
Asked by Rohan Mehta: Is the KSA/UAE push driven by limited returns in India or better opportunities abroad?
p. 19
“The reason why we want to do a UAE expansion and KSA expansion is because our clients have asked us for it.”
Dhruv Jhanwar, page 19 of the filed PDF · View the filing
Management said the market is too large for competition to be a constraint and they will focus on select clients.
Answered by Dhruv Jhanwar
Asked by Rohan Mehta: How will Trishakti differentiate against larger players like Sanghvi in KSA?
p. 21
“The market is too huge for anyone to give X amount of machines.”
Dhruv Jhanwar, page 21 of the filed PDF · View the filing
No tie-ups; company remains a pure rental player.
Answered by Dhruv Jhanwar
Asked by Het Dedhia: Are there manufacturer tie-ups for crane purchases?
p. 23
“We are currently only wanting to be a pure play rental model.”
Dhruv Jhanwar, page 23 of the filed PDF · View the filing
EV machines cost about 5% more but have lower OpEx.
Answered by Dhruv Jhanwar
Asked by Het Dedhia: What is the cost difference for EV machinery versus diesel machines?
p. 22
“It is approximately 5% more costlier than the normal machines, like the diesel machines.”
Dhruv Jhanwar, page 22 of the filed PDF · View the filing
Limited competition due to OEM capacity constraints and lead times.
Answered by Dhruv Jhanwar
Asked by Riya Shah: How competitive is the wind energy rental market?
p. 29
“Plus, the capacity from the OEM side is also not a lot. It's, like, maximum four to five machines on a collective basis per month.”
Dhruv Jhanwar, page 29 of the filed PDF · View the filing
CapEx deployment slows in the quarter but signed contracts keep revenue stable.
Answered by Dhruv Jhanwar
Asked by Satya Mehta: Is there seasonality in Q2 due to monsoons?
p. 33
“But from the CapEx perspective, to do a lot of CapEx in this quarter is a bit difficult.”
Dhruv Jhanwar, page 33 of the filed PDF · View the filing
Risks flagged
Margins expected to decline once machine maintenance costs rise after initial OEM warranty period
p. 15
“Post that, | totally agree the margin will drop down, but we have been saying the same things in the past seven or eight quarters since we have started our phone call that there will be a maintenance CapEx, or a maintenance OpEx cost of around 4-5%.”
Dhruv Jhanwar, page 15 of the filed PDF · View the filing
Supply-side constraint from OEMs limiting ability to scale wind energy fleet quickly
p. 31
“As our manufacturers are not being able to manufacture more than two, three machines, four machines a month, then obviously, there is a very big problem that's on the demand side you know, on the supplier side.”
Dhruv Jhanwar, page 31 of the filed PDF · View the filing
KSA demand has been slow in recent months
p. 20
“Last six months, there has been a complete halt in the demand side in the KSA market, which | feel in the next six months, all these things will be back to normal.”
Dhruv Jhanwar, page 20 of the filed PDF · View the filing
Uncertainty in providing forward estimates due to machine lead times and potential delays
p. 10
“If there is a one month delay, then for us to give you an estimate is very difficult.”
Dhruv Jhanwar, page 10 of the filed PDF · View the filing
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