BSE: 531279
Trishakti Industries Limited
Rents heavy construction equipment, primarily cranes, to infrastructure, renewable energy, railways, steel and oil & gas clients on a rental basis. The Heavy Equipment Hiring segment carries the bulk of revenue, with a much smaller Commission & Consultancy Business line and an "Others" line. Customers named by management include L&T, Reliance, Tata Steel, RVNL, NCC, Adani Group and ONGC. The fleet has scaled from 8 machines in FY24 to 140+ machines in FY26 and 155-158 machines by Q1 FY27, running at 100% utilisation. An INR 400 crore multi-year CapEx programme is underway — INR 210 crore was deployed in FY26 (against an INR 100 crore guidance) and INR 270 crore by Q1 FY27. The model is asset-heavy: depreciation runs at 24.5% of revenue and capex ran at 663.6% of FY26 revenue, with the company now adding 900-ton cranes for wind-energy work and planning expansion into the UAE and Saudi Arabia. The FY27 executable order book stood at INR 62-72 crore at the time of the Q1 FY27 call. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Heavy Equipment Hiring, Commission & Consultancy Business, Others. Asset-heavy, pure-play infrastructure equipment rental pivoting away from a diversified legacy portfolio
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 21 | 135 | 17 | 28 |
| EBITDA (ex other income) | 1 | 2 | 5 | 15 |
| margin % | 3.6 | 1.2 | 27.9 | 55.1 |
| Owners' profit | 0 | 1 | 4 | 7 |
| EPS, as reported (₹) | 1.80 | 0.47 | 2.30 | 4.54 |
| ROE % · ROCE % | 5.1 · 7.0 | 6.4 · 10.8 | 13.6 · 10.6 | 16.7 · 11.6 |
| Debt / equity (x) | 0.04 | 0.24 | 1.25 | 1.91 |
| Cash from operations | 1 | (2) | 5 | 129 |
| Capex | (0) | 0 | (38) | (185) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 3 | 2 | 2 | 4 | 7 | 8 | 9 |
| Profit before tax | 2 | 1 | 0 | 1 | 1 | 2 | 3 | 3 |
| Net profit | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 3 |
| EPS (₹) | 0.95 | 0.58 | 0.01 | 0.83 | 0.54 | 0.97 | 1.47 | 1.56 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Heavy Equipment Hiring | 32 | 97.2 |
| Comission and Consultancy Business | 1 | 1.9 |
| Others | 0 | 0.1 |
| Unallocable | 0 | 0.8 |
| Total, before eliminations | 32 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 13,326 | 21.9 | 8.96 | 12.8 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 9,216 | 105.7 | 30.80 | 5.9 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,252 | 17.4 | 2.42 | 12.3 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,655 | 16.4 | 12.07 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,451 | 195.5 | 10.27 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,750 | 18.8 | 4.07 | 14.3 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,707 | 37.7 | 2.74 | 28.0 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 4,091 | — | 7.95 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.8 | 13.5 | 67 of 80 | 17% |
| P/B | 9.6 | 1.4 | 88 of 96 | 8% |
| ROCE | 8.2 | 3.4 | 33 of 103 | 69% |
| ROE | 16.7 | 2.9 | 15 of 113 | 88% |
| Debt / Equity | 1.9 | 0.1 | 85 of 91 | 7% |
| EBITDA margin | 85.3 | 25.4 | 12 of 92 | 88% |
| Revenue growth | 343.7 | 16.2 | 7 of 91 | 93% |
| Profit growth | 99.2 | 5.2 | 30 of 110 | 73% |
| Market cap | 427 | 48 | 25 of 109 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · SEBI Special Window for Physical Share Transfer and Dematerialisation | compliance | minimal | — | — |
| 3 Oct 2026 · Trishakti Industries: 41st AGM results — 4 resolutions passed, Re 0.20 dividend declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 41st AGM of Trishakti Industries held on September 30, 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Promoter group entity Sagarmal Ramesh Kumar buys 1,000 shares of Trishakti | ownership changes | medium | — | — |
| 28 Sept 2026 · Trishakti places Rs 105 crore purchase order with XCMG for 60 heavy machinery units | business updates | high | — | — |
| 25 Sept 2026 · Trading window closed from October 1 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Trishakti re-submits Q1 FY27 results; revenue up 252%, PAT up 373% | results | medium | — | — |
| 8 Sept 2026 · Notice of 41st AGM and e-voting published in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Trishakti Industries shares web link for FY26 Annual Report | compliance | minimal | — | — |
| 7 Sept 2026 · AGM notice and Annual Report FY26 web link shared with shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.