Transcript of the Earnings Conference call held on November 07, 2025 to discuss the Un-audited Financial Results (Standalone and Consolidated) of the Company for the Second quarter and ....
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Trishakti Industries reported Q2 FY26 revenue of INR 6.65 crores, up 63% QoQ and 213% YoY, driven by 100% utilization in its heavy equipment hiring business and entry into the renewable energy segment with contracts from Reliance Industries. EBITDA rose 45% QoQ to INR 3.92 crores, though margins dipped to 58.97% from a one-off project delay; management expects a return to the ~65% guided range. PAT grew 77% QoQ to INR 1.61 crores. The company is well into its INR 400 crore CapEx program through FY28, having already deployed INR 130+ crores (INR 84 crores in FY26 alone), with around 90-95 machines currently and a 12-month ARR/order book of INR 36 crores. Peak debt is expected to stay around INR 200 crores (40-50% of total CapEx), funded largely by internal accruals and a recent INR 28 crore equity raise, with equipment payback in 3-3.5 years. Management declined to give specific FY27-28 revenue/EBITDA numbers but indicated FY27 should be 90-100% above FY26 levels, and is deferring Middle East expansion to focus on strong domestic demand.
Strong operational momentum and visible order book support near-term growth, but margin recovery to ~65% and execution of the INR 400 crore CapEx plan through FY28 will be key swing factors for shareholders. Investors should watch for the planned credit rating next year and progress on the renewable energy mix, which already contributes ~46% of revenue.