### **Company Overview** Trishakti Industries Ltd., established in 1985, is a leading Indian infrastructure solutions provider specializing in the rental of heavy earth-moving and lifting equipment. The company has repositioned itself as a **focused, high-margin infrastructure equipment rental platform**, shifting from its earlier operations in oil & gas drilling equipment supply and non-core trading activities. With a modern and diverse fleet of advanced machinery—including crawler cranes, mobile cranes, man-lifters, piling rigs, aerial work platforms (AWPs), and port equipment—Trishakti serves major capital-intensive projects across **steel, renewable energy, railways, metro rail, cement, power, ports, and industrial construction**. --- ### **Core Business & Strategic Focus** - **Primary Segment**: Heavy Equipment Hiring (Rental), now the company’s core revenue driver. - **Strategic Shift (From FY25)**: Transitioned to focus exclusively on high-growth, high-margin infrastructure and industrial rental services, exiting non-core and low-margin businesses. - **Equipment Specialization**: Focused on **high-tonnage machinery (100+ tonnes)**, including 250-tonne, 400-tonne, and upcoming 500–800-tonne crawler cranes and tunneling machines—segments with high entry barriers and limited domestic competition. - **Client-Centric Model**: Serves only **blue-chip clients** requiring equipment not older than 8–10 years, ensuring quality, safety, and reliability. --- ### **Recent Performance & Growth Indicators (Nov 2025)** - **Fleet Utilization**: **100%** across 20+ ongoing projects—sustained since mid-FY25. - **Revenue Growth**: - Q2 FY26: **213% YoY** and **63% QoQ** revenue growth. - Q1 FY26: Revenue of **₹408.38 lakhs** (86% QoQ increase). - Heavy Equipment Hiring segment grew **382x YoY** to ₹3,600.7 lakhs in Q1 FY26. - **EBITDA Growth**: 130.9% QoQ increase in Q1 FY26, reaching ₹270.3 lakhs. - **Annualized Revenue Run Rate (ARR)**: ₹36 crores (Nov 2025), up from ₹22–24 crores in May 2025. - **Profitability**: Q4 FY25 standalone PAT surged **1,247% QoQ** to ₹1.79 crores with EBITDA margins of **68–69%**. --- ### **Client & Project Exposure** - **Key Clients**: Larsen & Toubro (L&T), **Reliance Industries**, **Tata Projects**, **Tata Steel**, **JSW**, **KEC International**, **ITD Cementation**, **NCC**, **Jindal Group**, **Adani Group**, **ONGC**, **RVNL**, **Kalpataru**. - **Major Project Involvement**: - Renewable energy projects (solar, wind, BESS) totaling over **₹6.95 lakh crores (~$83B)** and **120 GW** of committed capacity. - Metro and high-speed rail projects in Kolkata, Gujarat, and Central/Eastern India. - Steel plant expansions and port infrastructure (e.g., Paradip Port). - **Vendor Registrations**: Approved vendor for Tata Steel, L&T, RVNL, Jindal Group—enabling faster contract onboarding. --- ### **Market Opportunity & Demand Drivers** - **Renewable Energy Sector**: - Wind: ₹3,800–12,000 crore opportunity (600–800-ton cranes, 15,000–30,000 deployments). - Solar: ₹2,500–4,000 crore demand for 50–260-ton mobile cranes. - BESS: ₹800–1,500 crore crane deployment market. - **Government & Private Capex**: Surge in investments in highways, ports, railways, smart cities, and industrial corridors. - **Port & Coastal Infrastructure**: 45 machines already deployed; expansion underway. - **New Market Entry**: **Battery Energy Storage Systems (BESS)** — secured 5–6 contracts in H1 FY26, establishing early-mover advantage. --- ### **Fleet & Capital Expenditure Plan** Trishakti is in a **rapid expansion phase**, investing heavily to scale its rental platform: - **Total CapEx Plan (FY25–FY28)**: **₹400 crore**, allocated as: - FY25: ₹50 crore (97–100% spent) - FY26: ₹100–120 crore (₹84 crore spent by Nov 2025) - FY27: ₹250 crore (largest tranche) - **Funding**: Mix of **internal accruals, equity (including preferential issuance), and selectively deployed debt**. - **CapEx Focus**: - High-tonnage cranes (250T to 800T) - Man-lifters (incl. India’s largest 220-ft unit) - Port equipment (restackers, reach stackers) - EV/hybrid machinery (long-term goal) - **Fleet Expansion Goals**: - **150+ units** by FY27. - Average machine cost: ₹4–5 crore; range: ₹2–15 crore. - All equipment: **2024–2025 make**, sourced from premium global OEMs (primarily **Sany**). --- ### **Operational Strengths & Competitive Edge** - **Brand-New Fleet**: Ensures client preference (Tata, Jindal only accept new Sany machines), near-zero downtime, 3-year warranty (no maintenance costs in early years). - **Operational Efficiency**: - Higher machine tonnage maximizes revenue per operator (4–5 staff manage machines from 20T to 500T). - Predictive maintenance tech and AI-based fleet tracking to maintain >95% utilization and <2% annual downtime. - **Digital Partnership**: Collaborates with **MYCRANE**, a global digital crane rental platform, to streamline operations and improve fleet utilization. - **Lead Time Management**: 1–1.5 months for machinery import and commissioning; contracts often pre-secured. --- ### **Geographic & Segment Expansion** - **Current Presence**: Strong in **Gujarat, Odisha, Chennai, Punjab, Haryana**; pan-India operations. - **Expansion Plans**: - **Southern India**: Focus on renewable projects. - **Central & Eastern India**: New infrastructure projects. - **New Equipment Verticals**: Restackers, electric reach stackers, scissor lifts. - **New Sectors**: Mining, offshore & coastal infrastructure, energy storage. - **International Ambition**: Exploring select markets; **domestic scaling prioritized first**.