Trishakti Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Trishakti Industries Ltd filed with BSE on 30 Apr 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 FY26 revenue growth of approximately 90% YoY to INR 32.44 crores, with EBITDA up over 220% to INR 20.21 crores at 62% margins, and PAT of INR 7.66 crores at 25% margins. Management said the company deployed INR 210 crores of fresh CapEx during the year against a prior guidance of INR 100 crores, and scaled its fleet from eight machines to over 140 machines. Management fielded questions on receivable days, subvention income, debt levels, and fleet utilization during the Q&A.
Numbers mentioned
Revenue: INR 32.44 crores (FY26)
p. 2
“Revenue grew approximately 90% YoY to INR 32.44 crores.”
Dhruv Jhanwar, page 2 of the filed PDF · View the filing
EBITDA: INR 20 crores and 21 lakhs (FY26)
p. 2
“EBITDA grew over 220% to INR 20 crores and 21 lakhs with margins of 62%.”
Dhruv Jhanwar, page 2 of the filed PDF · View the filing
PAT: INR 7.66 crores (FY26)
p. 2
“PAT stood at INR 7.66 crores with margins of 25%.”
Dhruv Jhanwar, page 2 of the filed PDF · View the filing
Fleet size: over 140 machines (FY26)
p. 2
“we scaled our fleet from just eight machines in FY25 -- FY24 to over 140 machines today with near full utilization”
Dhruv Jhanwar, page 2 of the filed PDF · View the filing
Subvention income: INR 4.58 crores (FY26)
p. 2
“Our reported EBITDA includes INR 4.58 crores of subvention income classified under other income.”
Dhruv Jhanwar, page 2 of the filed PDF · View the filing
CapEx deployed: INR 210 crores (FY26)
p. 3
“We also significantly outperformed our CapEx guidance of INR 100 crores in FY26 by deploying INR 210 crores of fresh CapEx during this year, resulting in a sharp expansion in our asset base and rental run rate.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
Monthly gross yield: approximately 3%
p. 3
“Our unit economics remain robust with approximately 3% monthly gross yield at low cost of borrowing, and targeted ROC of 22-25%, which is our strategy to continue to scale up.”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
Gross block: approximately INR 258 crores (FY26)
p. 20
“So our gross block for this year is approximately INR 258 crores.”
Dhruv Jhanwar, page 20 of the filed PDF · View the filing
Order book: INR 62 odd crores (FY27)
p. 12
“Our FY27 order book is currently standing at INR 62 odd crores.”
Dhruv Jhanwar, page 12 of the filed PDF · View the filing
Non-current borrowings: INR 65 crores
p. 15
“Okay. Yeah. But right now we are at INR 65 crores. Am I correct?”
Ravinder, page 15 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.
Trade receivable days — normalized · FY27
stated firmly by Dhruv Jhanwar
p. 6
“But in FY27, it will be normalized. That I can assure you.”
Dhruv Jhanwar, page 6 of the filed PDF · View the filing
Return on Capital — 22-25%
stated as an aspiration by Dhruv Jhanwar
p. 3
“targeted ROC of 22-25%, which is our strategy to continue to scale up”
Dhruv Jhanwar, page 3 of the filed PDF · View the filing
CapEx focus segment — 50 to 250 ton machine category
stated as an aspiration by Dhruv Jhanwar
p. 4
“my target for the first 400 crores of CapEx, which we are going to do, which we are doing this, the CapEx journey we are on, we would like to be into the 50 to 250 ton machine category only”
Dhruv Jhanwar, page 4 of the filed PDF · View the filing
Debt to equity ratio — 1.5
stated conditionally by Dhruv Jhanwar
p. 26
“But this debt to equity of around 1.5, eventually, we will blend it out to be 1.5.”
Dhruv Jhanwar, page 26 of the filed PDF · View the filing
Debt to equity cap — below 2 times equity
stated firmly by Dhruv Jhanwar
p. 27
“Yes. You can say it in that prospect. Absolutely.”
Dhruv Jhanwar, page 27 of the filed PDF · View the filing
Crane hiring revenue — INR 95 crores · FY28
stated as an aspiration by Rishi Maheshwari
p. 9
“is this the projection that you've given for FY2728, crane hiring revenue growth in INR lakhs 62.5 crores and then INR 95 crores in FY28?”
Rishi Maheshwari, page 9 of the filed PDF · View the filing
Contract extension — 31st December · next eight, nine months
stated firmly by Dhruv Jhanwar
p. 22
“But for now, all our contracts have been extended to 31st December.”
Dhruv Jhanwar, page 22 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.
Management attributed the receivable days to a legacy family settlement issue from a 2023 restructuring, not core operations.
Answered by Dhruv Jhanwar
Asked by Rohan Mehta: Why are receivable days around 200 days despite working with tier-1 clients?
p. 5
“the only reason why our trade receivable cycleis about 200 days, is because there is a very small amount of a family settlement which we hired when we were taking over the company in 2023”
Dhruv Jhanwar, page 5 of the filed PDF · View the filing
Management explained the deferred tax liability arises from differences between tax and book depreciation and does not represent cash tax payable.
Answered by Dhruv Jhanwar
Asked by Rishi Maheshwari: What caused margins to dip and what is the nature of the deferred tax liability?
p. 9
“But this INR 1.7 crores is not to be paid to the government, that is the whole point.”
Dhruv Jhanwar, page 9 of the filed PDF · View the filing
Management said the other income is part of the core hiring business and margins are technically stable when viewed on a segmental basis.
Answered by Dhruv Jhanwar
Asked by Ravinder: Why did margins dip below the 60% benchmark this quarter?
p. 14
“So, technically the margins are stable.”
Dhruv Jhanwar, page 14 of the filed PDF · View the filing
Management said it was difficult to give exact figures currently but expected a significant jump by FY27 as machines move through the balance sheet.
Answered by Dhruv Jhanwar
Asked by Ravinder: What debt levels are expected by FY27 given the CapEx program?
p. 16
“Right now itis very difficult forme to give you the exact figures.”
Dhruv Jhanwar, page 16 of the filed PDF · View the filing
Management attributed the increase to labor being stationed 20-25 days in advance ahead of new machine purchases and compliance/gate pass delays at client sites.
Answered by Dhruv Jhanwar
Asked by Rohan Mehta: What caused employee cost and other expenses to jump this quarter?
p. 21
“we have bought approximately -- in this quarter itself, we have bought INR 60 crores to INR 65 crores worth of machines. So, again, the same thing has happened that we have to pay for 20, 25 days extra labor cost, where we have to station the people before.”
Dhruv Jhanwar, page 21 of the filed PDF · View the filing
Management said the main risk was operational challenges, with no near-term demand issues, and order book coverage through the next eight to nine months.
Answered by Dhruv Jhanwar
Asked by Rohan Mehta: What key risks could slow growth momentum?
p. 24
“See, currently, I'm talking about that the only issue which we can face is operational challenges.”
Dhruv Jhanwar, page 24 of the filed PDF · View the filing
Management confirmed debt to equity is currently close to 2:1 and indicated they intend to keep it below 2 times equity.
Answered by Yash Junjhunwala
Asked by Yash Junjhunwala: Is there an internal cap on debt to equity leverage?
p. 26
“Got it. So you will try to maintain your debt below 2 times equity?”
Yash Junjhunwala, page 26 of the filed PDF · View the filing
Risks flagged
Operational challenges from heavy machinery breakdowns and downtimes
p. 21
“Challenges, I can only say that there can be operational challenges, because at the end of the day all these are heavy machineries.”
Dhruv Jhanwar, page 21 of the filed PDF · View the filing
Availability of machines above 500 tons could constrain future fleet expansion
p. 4
“It's just that the availability ofthe machines will be an issue for us in future when it comes to more than 500 tons of machine.”
Dhruv Jhanwar, page 4 of the filed PDF · View the filing
Slower client payment cycles when working with tier 2/tier 3 EPC contractors
p. 6
“then that is the real problem over there, because over there, your payment cycles will not be below five months or so, which we have seen on ground”
Dhruv Jhanwar, page 6 of the filed PDF · View the filing
Growth could slow if underlying demand declines
p. 18
“1 don't see the demand going down. If the demand goes down, then obviously we don't have any option, but we have to slow down.”
Dhruv Jhanwar, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.