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 |
