Trishakti Industries Limited Q3FY26 Concall Decoded: ₹8 Cr Revenue, ₹154 Cr CapEx, and Management Clearly Drunk on Utilisation

1. Opening Hook

While most small-cap infra players are still blaming “execution delays” and “monsoons,” Trishakti decided to casually deploy ₹154 crore of machines in nine months—because why stick to guidance when demand is on steroids?

In a quarter where many infra companies were busy managing Excel models, Trishakti’s cranes were busy working 100% of the time, throwing off EBITDA margins that would make private equity blush. Management sounded less like survivors of a tough cycle and more like contractors who can’t say no to orders.

The tone? Confident.
The numbers? Loud.
The CapEx? Already overshot.

And the best part—this is before the real operating leverage kicks in.
Read on, because this concall quietly answered a question many investors are still missing.

2. At a Glance

Revenue ₹8 Cr (↑20% QoQ, ↑357% YoY) – When your base is tiny and cranes multiply, math does miracles
EBITDA ₹5.61 Cr (↑43% QoQ) – Margins flexing harder than promoters on concalls
EBITDA Margin 65%+ – OEMs paying maintenance bills, competitors paying the price
PAT ₹2.45 Cr (↑53% QoQ, ↑1744% YoY) – Operating leverage finally clocked in
CapEx ₹154 Cr YTD – FY26 guidance was ₹100 Cr… management laughed and spent more
Fleet 117 machines, 100% utilisation – The rare infra phrase investors love

3. Management’s Key Commentary (Decoded)

“Our annualised revenue run-rate now stands at ₹48 crores.”
(We bought machines faster than accountants could depreciate them 😏)

“Heavy equipment hiring is operating at 100% utilisation.”
(Nothing is idle. Not even management optimism)

“Our EBITDA margin is driven by OEM maintenance coverage.”
(Free servicing = free margins for three years 🛠️)

“CapEx of ₹200 Cr already completed under a ₹400 Cr plan.”
(FY28 roadmap reached in FY26 pace 🚀)

“Renewable energy and BESS demand surprised even us.”
(Solar didn’t just rise, it exploded ☀️)

“Payback cycle of equipment is 3–3.5 years.”
(After that, machines are basically cash machines)

“We are vendors to L&T, Reliance, Jindal, KEC.”
(Blue-chip clients, blue-chip payment comfort)

4. Numbers Decoded

Metric	Q3 FY26	What It Really Means
Revenue	₹8 Cr	CWIP assets finally started billing
EBITDA	₹5.61 Cr	Operating leverage warming up
EBITDA Margin	65.3%	OEMs paying maintenance, Trishakti counting profits
9M Revenue	₹18.74 Cr	Already near full-year guidance
CapEx YTD	₹154 Cr	Management allergic to under-spending
Order Book	₹55–56 Cr	Already covers next 12 months

Key

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