Trishakti Industries Q2 Revenue Surges 134% as Company Outlines Mission 2030 Vision

Key numbers

Q2 Revenue	₹15.57 CrUp 134.1% YoY
Net Profit Qtr	₹5.23 CrUp 229.4% YoY
Market Cap	₹474.61 CrMicro Cap
RSI	73.2Overbought Zone

Key highlights

• Quarterly revenue from operations grew 133.14% YoY to ₹1,550.53 lakhs in Q2 FY27
• Net profit for the quarter surged 223.05% YoY to ₹518.92 lakhs with an EBITDA margin of 60.89%
• Cumulative capex of ₹3,700 million deployed by Q2 FY27, completing 90% of the current expansion program
• Company maintained 100% fleet utilization across its heavy-lift equipment portfolio
• Targeting a revenue guidance of ₹600-650 million for FY27 and ₹900-1,000 million for FY28

Heavy-Lift Rental Model Drives Record Margins

Trishakti Industries has successfully transitioned into a specialized infrastructure equipment rental company, reporting an EBITDA margin of 60.89% in Q2 FY27. This performance significantly exceeds the sector average of approximately 40%, reflecting strong operating leverage and high-yield asset utilization. The company focuses on the niche 100-900 metric tonne heavy-lift segment, which creates natural barriers to entry due to technical complexity and high capital requirements.

For the half-year ended September 30, 2026, revenue reached ₹2,988.65 lakhs, a 178% increase over the previous year, supported by 100% fleet utilization across demanding infrastructure and industrial projects.

The ₹1,000 Crore Gross Block Strategy and Capex Goals

• Mission 2030 targets a cumulative gross block of ₹1,000 crore by the end of the decade
• Over 90% of the FY25-FY27 capex program has been completed with ₹370 crore already deployed
• The company placed a major order for 60 units of heavy machinery valued at ₹105.39 crore in September 2026
• Fleet size has expanded from 30 units in FY25 to more than 215 specialized machines by Q2 FY27
• Expected Return on Capital Employed (ROCE) on new capex is targeted between 22% and 25%
• Focus remains on acquiring top-tier machines from global OEMs to minimize downtime and extend asset life

Niche Specialization and Tier-1 Client Stickiness

Our ambition is to build a cumulative gross block of 1,000 crore by FY30, creating a larger and more capable equipment platform to serve Indias expanding infrastructure and industrial requirements. For us, growth is not simply about adding more machinery; it is about deploying capital intelligently, maximizing asset productivity and generating sustainable returns.

Sector Exposure and Future Growth Drivers

Renewable energy projects currently drive the majority of Trishakti's revenue, accounting for approximately 48% of fleet deployment. The company also maintains a strong presence in the steel and industrial sectors, where it holds direct contracts with Tata Steel, Jindal Stainless, and JSW. Management noted that their presence on approved vendor lists for Tier-1 clients like L&T and Reliance provides structural stickiness, as new vendor onboarding typically takes three to six months.

Looking ahead, the company is venturing into wind energy and exploring international expansion opportunities in the UAE and Saudi Arabia to further diversify its revenue streams.

What to watch next

• Execution of the ₹105.39 crore purchase order for 60 heavy lift units from XCMG
• Financial results for the third quarter ending December 31, 2026
• Expansion milestones for new projects in the UAE and Saudi Arabia markets
• Progress toward the FY28 revenue target of ₹900-1,000 million

“Q2 FY27 marks another significant milestone in Trishakti Industries transformation into a focused and scalable infrastructure equipment rental company.”

“Our reported fleet utilization of approximately 100% underscores the importance we place on effective fleet planning, equipment availability and responsive on-site support.”

Trishakti Industries · financial snapshot

Share price	₹288.05
Market capitalisation	₹474.61 Cr
Revenue (annual)	₹27.85 Cr
Net profit (annual)	₹7.47 Cr
Revenue (latest quarter)	₹15.57 Cr+8.25% vs previous quarter
Net profit (latest quarter)	₹5.23 Cr+22.03% vs previous quarter
P/E (TTM)	32.71×Sector 20.59×
Promoter holding	67.27%-1.70% QoQ
FII holding	0.01%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.