Trishakti Industries Limited has announced its audited financial results for Q4 and FY26, demonstrating remarkable performance in India's infrastructure equipment rental sector. The company reported revenue growth of approximately 90% year-on-year for FY26 to ₹3244.46 lakhs, while EBITDA surged ~222% to ₹2021.16 lakhs with margins expanding to 62%. PAT stood at ₹766.13 lakhs, representing ~116% growth YoY.

Outstanding Q4FY26 Performance

Q4FY26 emerged as the company's strongest quarter to-date, with revenue growing over three times year-on-year to ₹1369.47 lakhs compared to ₹330.35 lakhs in Q4FY25. EBITDA for the quarter reached ₹796.83 lakhs versus ₹227.91 lakhs in the previous year. This strong exit momentum provides a solid foundation for FY27 growth.

Aggressive Capital Deployment and Fleet Expansion

The company significantly outperformed its capex guidance of ₹100 crores in FY26 by deploying ₹210 crores of fresh capex during the year. This substantial investment drove rapid fleet addition, scaling total assets to ₹28,910 lakhs. The fleet expanded from just eight machines in FY24 to over 140 machines today with near 100% utilization, well above industry benchmarks.

Revenue Recognition and Subvention Income

The company's total income includes ₹4.58 crores of subvention income reported under "Other Income." Management clarified that this amount represents benefits from OEMs and bankers in the form of interest waivers and is integral to the business model, classifying it as operational in nature for better performance understanding. Even on an adjusted basis excluding this income, margins remain structurally strong at approximately 58%.

Strategic Market Position and Client Relationships

Trishakti operates a pure rental model with structural advantages including technical expertise, high entry barriers, and Tier-1 relationships with major clients such as L&T, Reliance, Tata Steel, RVNL, and NCC. These relationships ensure repeat business, pricing discipline, and long-term visibility. The company focuses on contracts with longer tenures of 2-3 years, providing significant safety given equipment payback periods of under four years.

FY27 Outlook and Growth Projections

Management provided guidance for FY27 with an order book currently standing at ₹62 crores. The company projects revenue of ₹62.5 crores for FY27 and ₹95 crores for FY28, based on a ₹400 crore capex deployment plan. The current annual recurring revenue from the last month is approximately ₹5 crores. Unit economics remain robust with approximately 3% monthly gross yield and targeted return on capital of 22-25%. The company aims to maintain a debt-to-equity ratio of 1.5x, with current debt levels at ₹65 crores and cost of borrowing in the range of 4-6%.

Operational Metrics and Receivables

Trade receivables currently stand at approximately 200 days, primarily due to a small family settlement amount from the 2023 restructuring. Management assured that this will be normalized in FY27. The core business receivables under six months are around 45 days, with payment terms of 30-45 days for tier-1 clients. The gross block stands at approximately ₹258 crores inclusive of GST, with ₹33 crores stuck in GST recoverable monthly.

Trishakti Industries Limited has submitted its quarterly compliance certificate to stock exchanges and depositories for the quarter ended March 31, 2026. The certificate, filed on April 09, 2026, confirms the company's adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.

Regulatory Filing Details

The compliance certificate was addressed to multiple regulatory bodies and exchanges where the company's shares are listed. Company Secretary and Compliance Officer Mahesh Kumar Sharma signed the submission letter on behalf of Trishakti Industries Limited.

RTA Confirmation

MCS Share Transfer Agent Limited, serving as the company's Registrar and Transfer Agent, provided the compliance confirmation dated April 06, 2026. The RTA confirmed having sent the Demat Transfer Register for the period January 01, 2026 to March 31, 2026 to the relevant depositories and stock exchanges.

The key compliance activities completed during the quarter include:

• Submission of Demat Transfer Register to depositories and stock exchanges
• Proper destruction, mutilation, and cancellation of securities received from Depository Participants after dematerialization
• Adherence to stipulated timelines for all regulatory requirements

Compliance Framework

The certificate submission forms part of the company's ongoing regulatory compliance obligations under SEBI regulations. Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 mandates quarterly reporting to ensure transparency in the dematerialization process and proper handling of securities.

Tapas Ray, as Authorized Signatory for MCS Share Transfer Agent Limited, digitally signed the compliance confirmation on April 07, 2026. The RTA operates from its registered office at Lake Gardens, Kolkata, and maintains proper documentation for all dematerialization activities.

Corporate Governance

This quarterly compliance filing demonstrates Trishakti Industries Limited's commitment to maintaining robust corporate governance standards and regulatory compliance. The timely submission of required certificates ensures transparency for investors and regulatory authorities while meeting statutory obligations under SEBI regulations.