Trishakti Indus Q2 FY27 Earnings Call — Analysis (BSE: 531279)
Trishakti Industries reported 133% YoY revenue growth in Q2FY27 and announced Mission 2030 to scale gross block past ₹1,000 Cr with peak revenue potential of ₹300 Cr.
Result quality: strong — Margin expansion. Management sentiment: optimistic.
The take
Q2FY27 Revenue from operations ₹15.51 Cr ( +133% YoY ) , H1FY27 +178% . Guidance raised — Q3FY28 run-rate revenue after q3 capex… ₹120 Cr ARR . New story: 100% fleet utilization as moat .
Results
Revenue from operations rose 133% YoY to ₹15.51 Cr, EBITDA grew 141% YoY to ₹9.44 Cr with a 60.89% margin, and PAT surged 223% YoY to ₹5.19 Cr.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from operations | ₹15.51 Cr | +133% | yoy · Q2FY27 |
| EBITDA | ₹9.44 Cr | +141% | yoy · Q2FY27 |
| EBITDA Margin | 60.89% | none · Q2FY27 | |
| Profit After Tax | ₹5.19 Cr | +223% | yoy · Q2FY27 |
| Revenue from operations | ₹29.89 Cr | +178% | yoy · H1FY27 |
| EBITDA | ₹17.90 Cr | +170% | yoy · H1FY27 |
| Profit After Tax | ₹9.49 Cr | +277% | yoy · H1FY27 |
| Gross Block CapEx Deployment | ₹370 Cr | point_in_time · Q2FY27 · Sep-2026, cumulative against ₹400 Cr plan |
Guidance
Management raised FY27 operational revenue expectations to over ₹75 Cr and set Mission 2030 to reach ₹1,000 Cr gross block and ₹300 Cr peak revenue by FY29-FY30.
What management committed to
- We are setting our sights on Mission 2030. This is our long-term management objective to build [Trishakti's] cumulative gross block to more than INR 1,000 crores by FY30. — > INR 1,000 Cr, FY30
- We are very sure of getting this INR 400 crore plus of CapEx in this financial year. — INR 400+ Cr, FY27
- We should be having the net debt of anywhere between INR 400-450 crores for the next three years, until FY30... our net debt should not cross more than INR 400-500 crores on the long-term basis. — INR 400-500 Cr, FY30
- When this INR 90-95 crores of the machines are also deployed, another INR 2.5 crores worth of revenue per month will be added. So, maybe if these machines are deployed in Q3, then from December month, FY27 to FY28 Q3, you'll be able to see that our ARR has gone up to even INR 120 crores. — INR 120 Cr ARR, Q3FY28
- INR 1,000 crores gross block... we can talk around INR 300 crores worth of revenues easily. — INR 300 Cr, FY30
Key themes
Aggressive fleet expansion and Mission 2030 scaling
How the narrative shifted
- Wind energy pivot to larger turbines: The transition from narrative to execution is underway, with specific delivery timelines and contract commitments cited.
- International expansion into UAE/KSA: The narrative shifted from a near-term opportunity to a deferred option contingent on equity raise or surplus cash flow.
- Domestic infrastructure capex tailwind: Demand is so overwhelming it dictates CapEx location (Gujarat/Odisha) and absorbs capacity intended for international markets.
- 100% fleet utilization as moat: Added granular reasoning on transport/commissioning downtime showing structural advantage vs peers.
- Debtor days normalization: Addition of GST filing changes as a transient billing delay factor.
- Margins to moderate with fleet ageing: Introduced a novel caveat: as long as fleet expansion continues, new machine FOCs offset ageing fleet OpEx, delaying margin compression.
- Mission 2030 ambition: Management unveiled a new long-term vision to multiply gross block ~2.5x to INR 1,000 Cr by FY30, backed by proven execution on the current INR 400 Cr program.
- Data center / tower crane specialization: Entry into highly specialized 80-ton tower cranes for data center projects, with yields 2x the current fleet average, establishing a high-margin niche.
- Equipment pricing arbitrage via exports: Management reveals a novel strategic option to sell specialized equipment in depreciating-currency export markets for price arbitrage.
Operational commentary
- Deployed ~₹40 Cr worth of machines in Q2; ~₹95 Cr (incl. GST) currently in CWIP to be deployed in Q3FY27.
- Order book executable for FY27 stands at ₹78 Cr, supported by contracts with blue-chip clients like L&T, Reliance, Tata Steel, and KEC.
- Fleet utilization maintained at 100% due to focus on long-term (11-12 month) contracts rather than short-term taxi hiring.
- Commencing wind energy expansion with an incremental ₹125 Cr CapEx; deliveries expected to arrive from second week of November.
- Receivable provision of ~₹75 lakh created in Q2 relating to legacy family settlement balances, with debtor days expected to normalize to 60-65 days by year-end.
Analyst Q&A
Q. Receivables breakdown and timeline for debtor days normalization?
Out of ₹23 Cr receivables, ~₹3 Cr is legacy family settlement balance with ₹75 lakh provisioned this quarter. Debtor days will normalize to ~60-65 days by end of FY27 as unbilled amounts clear post-GST billing realignment.
Q. Funding mix and peak debt for the ₹1,000 Cr gross block target?
Net debt will peak at ₹400-450 Cr (max ₹500 Cr). From FY28 onwards, ₹100-150 Cr worth of equipment will become debt-free annually, generating strong cash flows to self-fund expansion and service debt.
Q. Status of international expansion into UAE and Saudi Arabia?
Documentation is 60-70% complete, but execution is paused as domestic demand is extremely robust and internal cash flows are being prioritized for high-return Indian CapEx.
Research and educational content only. Not investment advice.