Trishakti Industries Ltd Q2 FY26 – Heavy Machinery, Heavier Numbers: Revenue ₹6.65 Cr, PAT ₹1.61 Cr, OPM 58.95%
1. At a Glance
Trishakti Industries Ltd (TIL) is flexing its infrastructure muscles like a bodybuilder at a desi gym. Market cap ₹237 Cr, current price ₹144, and a P/E ratio of a whopping 53.3 – yes, your coffee budget for a month could buy you a slice of this machinery empire. Q2 FY26 saw revenue of ₹6.65 Cr (+214% QoQ) and profit after tax of ₹1.61 Cr (+335% QoQ), as if someone hit the turbo button on heavy crane hiring. OPM at 58.95% screams efficiency, or maybe just superhuman cost control. Debt sits at ₹45.3 Cr, D/E ratio 1.25 – manageable, but enough to keep you awake at night if you’re a cautious investor. ROE is 19.4%, ROCE 14.2%, and EPS ₹2.72 for the quarter. In short: heavy cranes, heavier profits, and the kind of volatility that keeps analysts caffeinated.
2. Introduction
Here’s the story: TIL started life as an oilfield equipment supplier for ONGC and OIL. Now? It’s a full-blown crane rental mogul for India’s infrastructure juggernauts. Tata Steel, L&T, Reliance, Adani – the usual suspects – all swipe right on TIL’s fleet. The company’s quarterly numbers read like a thriller: revenues jumped 214% QoQ, profits a staggering 335% QoQ. That’s not just growth; that’s growth on steroids.
Capex plans of ₹400 Cr through FY28 show they’re serious about bulk-up mode. Machinery procurement of ₹160 million YTD FY25 is just a warm-up. And they aren’t just deploying cranes; they’re dabbling in stocks and shares. Think of it as a construction company moonlighting as a mini Hedge Fund.
The best part? This quarter didn’t just grow – it sprinted. TIL’s working capital days shrank to 14.1, and OPM is almost 60%. It’s efficiency meets ambition, meets sheer audacity. If infrastructure were cricket, TIL just hit a six over the stadium roof.
3. Business Model – WTF Do They Even Do?
In simple terms: TIL rents cranes. Really, that’s it. But not your garden-variety 5-tonner. These are 45MT to 750MT crawler cranes, truck-mounted cranes, and all-terrain monsters. Piling rigs? Check. Boomlifters and manlifters? Check. Need to lift a building? TIL has a machine bigger than your apartment block.
Clients include Tata Steel, L&T, ONGC, Reliance – basically, anyone with deep pockets and a “we need this yesterday” project. TIL also markets global oilfield equipment to Indian majors. And now, it’s dabbling in equities because why not? Big cranes by day, small trades by night.
Revenue model: ~98% from crane rentals, ~2% commission from equipment sales. Capex funded mainly through internal accruals, keeping debt strategic rather than desperate. In short: heavy equipment, heavy contracts, and a dash of finance wizardry.
4. Financials Overview – Q2 FY26
Metric
Latest Qtr (Dec’25)
Same Qtr LY
Prev Qtr
YoY %
QoQ %
Revenue (₹ Cr)
6.65
2.12
4.08
213.7%
62.9%
EBITDA (₹ Cr)
3.92
0.84
2.70
366.7%
45.2%
PAT (₹ Cr)
1.61
0.37
0.91
335.1%
76.7%
EPS (₹)
0.99
0.25
0.56
296%
76.7%
Commentary: YoY growth looks like TIL chugged a Red Bull. Profit jumped faster than your uncle trying to dodge a traffic challan. OPM at 58.95% is ridiculously high for infrastructure – either they are ultra-efficient or accounting is creatively caffeinated.
5. Valuation Discussion – Fair Value Range
P/E Method: TTM EPS ~₹2.73, industry PE ~21.6 → Fair Value = 2.73 × 21.6 ≈ ₹59
