Trishakti Industries Limited has undertaken a capital expenditure of INR 22 Crores to acquire additional infrastructure equipment and machinery, strengthening its operational capabilities. This strategic investment is driven by strong business visibility and increasing market opportunities across core industrial and infrastructure sectors. The expansion aligns with the company's objective to scale its fleet size and enhance its presence in the infrastructure equipment rental segment.

Strategic Expansion

The fresh capital expenditure was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The acquisition of specialized infrastructure equipment is intended to meet continued demand and support the company's long-term growth plans. By expanding its fleet, the company aims to create sustainable value for all stakeholders through an enhanced scale of operations.

Financial Details

The following table outlines the key details of the capital expenditure:

The company confirmed that the investment reflects its commitment to leveraging market opportunities and reinforcing its position in the infrastructure sector.

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.