They say cranes lift concrete, not balance sheets. But Trishakti Industries seems to be proving that wrong—with a 213% YoY revenue jump, a clean-energy pivot, and a CapEx spree that could make even the government’s infra plans blush. CEO Dhruv Jhanwar’s tone? Confident, caffeinated, and just short of saying, “Bhai, abhi toh party shuru hui hai.”
From battery storage contracts with Reliance to 100% fleet utilization, the company’s lifting game just got strategic. But before you raise your expectations higher than their tonnage, wait till you see their EBITDA margin math—because that’s where it gets spicy.
Keep reading—this one’s got cranes, CapEx, and capital discipline drama.
At a Glance
- Revenue up 213% YoY:CFO says “pure execution,” not magic cranes.
- EBITDA up 374%:Lifting more than steel—lifting investor eyebrows too.
- PAT up 337%:Profit finally learned gravity exists… upwards.
- Margins down to 58.97%:One project delay = margin migraine.
- CapEx ₹130+ crore deployed:The ₹400 crore dream’s just getting warmed up.
- Stock sentiment:Investors heard “Reliance contract” and stopped reading fine print.
Management’s Key Commentary
“Revenue from operations stood at ₹6.65 crore, up 63% QoQ and 213% YoY.”(Translation: From tiny to talk-worthy—finally worth a chart on Bloomberg.)
“EBITDA rose 374% YoY driven by cost discipline and utilization.”(Read: We actually used the machines this time 😏)
“Margins dipped to 58.97% due to one-off delays.”(Ah, the classic corporate equivalent of “dog ate my homework.”)
“Entered renewable energy, securing initial contracts from Reliance.”(When in doubt, say “Reliance” and let the stock handle the rest.)
“CapEx of ₹400 crore through FY28; ₹130 crore already deployed.”(When others build bridges, we buy cranes to lift them.)
“We expect margins to normalize to ~65% next quarter.”(Normalization = optimistic spreadsheet yoga.)
“Fleet operating at 100% utilization.”(Translation: Even lunch breaks are billable now.)
Numbers Decoded
| Metric | Q2 FY26 | QoQ Change | YoY Change | Comment |
|---|---|---|---|---|
| Revenue (₹ Cr) | 6.65 | +63% | +213% | Growth engine firing on all cylinders |
| EBITDA (₹ Cr) | 3.92 | +45% | +374% | Margin monster despite hiccup |
| PAT (₹ Cr) | 1.61 | +77% | +337% | Finally, cash not just cranes |
| EBITDA Margin | 58.97% | -6% | +15% | One project delay hurt optics |
| CapEx (YTD FY26) | ₹84 crore | NA | — | Spending like a PSU on steroids |
| Utilization Rate | 100% | Flat | — | Machines working overtime too |
| ARR (Annual Run Rate) | ₹36 crore | NA | — | FY27 could look double-sized |
(Translation: Revenue rockets, margin wobbles, CapEx explodes—classic scaling chaos.)
Analyst Questions
IDBI Capital:“Margins dropped due to delays—recurring?”Mgmt:“No, just manpower early deployment.”(Sarcasm: Even cranes get human excuses now.)
CAO Capital:“CapEx timeline for ₹400 crore?”Mgmt:“Doing it steadily, 50% done, rest soon.”(Read: We’re buying cranes faster than investors can count them.)
Invest4Edu:“Growth driver—rates or clients?”Mgmt:“New clients, not higher rates.”(Translation: Same price, more hustle.)
Ashika Equities:“Working capital concerns?”Mgmt:“Our clients are too big to default.”(Famous last words, but confidence level = Reliance.)
Individual Investor:“Free cash flow plans?”Mgmt:“No dividends—more growth.”(Ah yes, reinvestment, aka investor patience test.)
Guidance & Outlook
Management projects₹20–22 crore FY26 revenue, already at ₹10 crore H1. With an ARR of ₹36 crore, they’re eyeing a near
