Trishakti Indus Q1 FY27 Earnings Call — Analysis (BSE: 531279)
Trishakti Industries posts record quarterly revenue of ₹16.8 Cr (+310% YoY) and 65% EBITDA margin; announces entry into wind energy rental and UAE/KSA expansion.
The take
Q1FY27 Total Income ₹16.8 Cr ( +310% YoY ) . New guidance — FY27 fy27 order book execution ₹70-72 Cr, EBITDA 60-65%, PAT 25-30% . New story: International expansion into UAE/KSA .
Results
Total income ₹16.8 Cr up 310% YoY; EBITDA ₹10.87 Cr up ~4x YoY with ~65% margin; PAT ₹4.3 Cr, the strongest quarter in company history.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Total Income | ₹16.8 Cr | +310% | yoy · Q1FY27 |
| EBITDA | ₹10.87 Cr | +~+300% | yoy · Q1FY27 |
| EBITDA Margin | ~65% | +na | none · Q1FY27 |
| Profit Before Tax | ₹5.38 Cr | +na | none · Q1FY27 |
| Profit After Tax | ₹4.3 Cr | +na | none · Q1FY27 |
| Fleet Utilization | 100% | +na | none · Q1FY27 |
| Order Book (Executable FY27) | ₹70-72 Cr | +na | point_in_time · FY27 · as of Q1FY27 end |
Guidance
FY27 executable order book of ₹70-72 Cr; guided EBITDA margin 60-65% and PAT margin 25-30%; wind energy to contribute from Q3FY27; UAE operations to start within FY27.
What management committed to
- FY27 executable order book stands at approximately ₹70-72 crores, which will yield EBITDA margins of 60-65% and PAT margins of 25-30%. — ₹70-72 Cr, EBITDA 60-65%, PAT 25-30%, FY27
- Wind energy equipment rental will start generating revenue in Q3 and Q4 FY27, once ordered 900-ton machines are delivered and deployed. — Q3FY27
- Trishakti will commence operations in UAE and Saudi Arabia within FY27. — FY27
- Debtor days will reduce to under 60-70 days by the end of FY27. — under 60-70 days, FY27
- Fleet utilization will remain at 98-99% for the full FY27, supported by signed contracts. — 98-99%, FY27
- Approximately 70% of the remaining ₹130-140 Cr CapEx for FY27 has already been ordered, including wind energy and tower crane machines. — ~70% of remaining ₹130-140 Cr, FY27
- First EV machines will be deployed in Q2 FY27 for two clients. — Q2FY27
- Entry into tower cranes for data center projects with ordered 80-ton tower cranes; expected to go live within ~5 months. — Q3FY27
- Borrowing cost will decline in the next few quarters as older higher-cost loans are repaid and replaced with cheaper new financing. — next few quarters
Key themes
Strategic expansion into wind energy and Middle East
How the narrative shifted
- Wind energy pivot to larger turbines: Industry shift from 3.3 MW to 5.2 MW turbines requires new 900-ton cranes, creating an entry barrier and first-mover advantage.
- International expansion into UAE/KSA: Clients (L&T, KEC) demand equipment in Middle East; war reset timelines create a catch-up opportunity with higher rental yields (~4%/month vs 2.5% India).
- Domestic infrastructure capex tailwind: Multiple mega projects (Reliance Kutch, Dholera) starting post-monsoon; demand not an issue, supply is the constraint.
- 100% fleet utilization as moat: Signed full-year contracts and supply constraints ensure near-maximum utilization; geographic/product diversification will stabilize it in the 90s.
- Debtor days normalization: Core business collections under 60 days; legacy receivables will be cleared, reducing overall debtor days to 60-70.
- Margins to moderate with fleet ageing: Current high EBITDA margins (65%) partly due to OEM warranty; as machines age, maintenance OpEx will rise, margins expected to settle at 58-62%.
Operational commentary
- Entered wind energy equipment rental with first-mover advantage in 900-ton cranes; machines ordered, revenue expected from Q3FY27.
- Announced UAE and KSA expansion; targeting renewable energy projects with Indian EPC clients; operations to start within FY27.
- Fleet size reached 155-158 machines, 100% utilization; signed contracts provide full FY27 revenue visibility.
- First EV machinery to deploy in Q2FY27; ordered for two clients, marginal cost premium but lower OpEx over time.
- Entering tower cranes for data center projects; ordered 80-ton tower cranes to address market shortage.
- Remaining ₹130-140 Cr of INR 400 Cr CapEx plan to be deployed; ~70% already ordered including wind and tower cranes.
Analyst Q&A
Q. Can debtor days be brought under 60-70 days?
Yes, absolutely 100%. Core business payments are already under 60 days; it will be streamlined this financial year.
Q. What is the right to win in KSA against established peers like Sanghvi?
The market is too huge; we focus on specific clientele, not direct competition. Supply constraints limit even large players.
Q. How is the crane CapEx funded upfront?
With strong track record and LTV of 50-60%, banks now fund 100% of machine cost; we pay only transportation and insurance upfront.
Q. Have you secured any LOIs or projects in the wind energy segment?
Many discussions underway; due to long lead times, we receive LOIs 2-3 months in advance; machines already ordered.
Q. What is the timeline for UAE/KSA operations?
We will start within this financial year for sure, initially through Indian EPC clients' renewable projects.
Research and educational content only. Not investment advice.