Any current/future new fundraising through debt or equity?

Currently, Trishakti Industries Limited is not planning any new fundraising through equity or debt. CapEx for the INR 400 crore plan is being funded primarily through internal accruals. The company recently closed a preferential equity round, raising around INR 28 crores. They believe internal accruals are sufficient to support the CapEx and monthly machine purchases. Debt reduction is planned as free cash flow starts generating; machines becoming "free" of debt implies an eventual debt-free status. Working capital loans or discounting of bills are options but not currently heavily utilized. P

Any current/future capex/capital investment/strategic investment?

The company has a planned CapEx target of INR 400 crore through FY28. INR 130 crore of CapEx has already been deployed. Remaining INR 270 crore CapEx is expected to be spread over the next financial year, potentially around INR 150 crore, with phased investment focusing on high tonnage and specialized machinery. CapEx is funded primarily through internal accruals and recent equity raised (~INR 28 crore from preferential rounds). No immediate external fundraising planned; internal cash flows considered sufficient for ongoing CapEx. Monthly repayments on term loans for CapEx expected around INR

Future growth expectations in sales/revenue/volumes?

Current revenue guidance for FY26 is INR 22 crore, with an achieved run rate (ARR) of INR 36 crore indicating strong momentum. Expect revenue to significantly increase in FY27, potentially doubling as most new machines recently purchased start generating revenue. Anticipated 90%-100% growth in EBITDA in the next financial year, driven by fleet expansion and order book growth. Revenue growth mainly driven by new client additions and fleet addition rather than rate increases. Revenue mix expected to diversify in H2 FY26, with steel and infrastructure sectors gaining share alongside renew

Future growth expectations in earnings/operating earnings/profits/EPS?

FY26 revenue guidance is INR 20-22 crores, but the company is currently at an INR 36 crore annualized run rate (ARR), indicating better-than-guided growth for FY26. Majority of new machines were purchased recently; revenue growth and profitability will accelerate notably in FY27 with a projected 90-100% increase in EBITDA compared to FY26. CapEx of INR 400 crores planned through FY28 will expand the fleet and boost revenues; INR 130 crores already deployed. Operating cash flow and internal accruals are strong, supporting sustained growth without heavy fundraising. Margins expected to return to

Current/ Expected Orderbook/ Pending Orders?

The Annualized Run Rate (ARR) order book is INR 36 crores, representing a 12-month order book. For the next six months (H2 FY26 to H1 FY27), the expected revenue from the order book is INR 26 crores (INR 36 Cr minus INR 10 Cr already achieved). The company is confident about having sufficient order book to support revenue guidance. Active efforts are underway to secure more contracts to expand the order book and increase ARR. Even if no expansion occurs, the current order book supports revenue stream for the upcoming six months.

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Trishakti Industries LtdQ3 FY25Commercial Services & Supplies

Trishakti Industries Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹145P/E: 34.2Market Cap: ₹262 CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Current revenue guidance for FY26 is INR 22 crore, with an achieved run rate (ARR) of INR 36 crore indicating strong momentum.
→Expect revenue to significantly increase in FY27, potentially doubling as most new machines recently purchased start generating revenue.
→Anticipated 90%-100% growth in EBITDA in the next financial year, driven by fleet expansion and order book growth.
→Revenue growth mainly driven by new client additions and fleet addition rather than rate increases.
→Revenue mix expected to diversify in H2 FY26, with steel and infrastructure sectors gaining share alongside renewable energy.
→Order book supports future revenue, with INR 36 crore ARR representing a 12-month order backlog.
→Management confident about continued demand, especially with significant CapEx ongoing to expand fleet and meet growth.
→No major revenue interruptions expected; strong order inflow and expanding customer base underpin growth visibility.

Margin guidance

Category 3

→FY26 revenue guidance is INR 20-22 crores, but the company is currently at an INR 36 crore annualized run rate (ARR), indicating better-than-guided growth for FY26.
→Majority of new machines were purchased recently; revenue growth and profitability will accelerate notably in FY27 with a projected 90-100% increase in EBITDA compared to FY26.
→CapEx of INR 400 crores planned through FY28 will expand the fleet and boost revenues; INR 130 crores already deployed.
→Operating cash flow and internal accruals are strong, supporting sustained growth without heavy fundraising.
→Margins expected to return to around 65% in upcoming quarters after a one-off cost impact in Q2.
→Order book strength with INR 36 crore ARR provides good revenue visibility.
→Long-term strategy targets scaling operations with a focus on infrastructure and renewable sectors, indicating strong EPS improvement potential.

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Fundraise plans

→Currently, Trishakti Industries Limited is not planning any new fundraising through equity or debt.
→CapEx for the INR 400 crore plan is being funded primarily through internal accruals.
→The company recently closed a preferential equity round, raising around INR 28 crores.
→They believe internal accruals are sufficient to support the CapEx and monthly machine purchases.
→Debt reduction is planned as free cash flow starts generating; machines becoming "free" of debt implies an eventual debt-free status.
→Working capital loans or discounting of bills are options but not currently heavily utilized.
→Post completion of the current CapEx and balance sheet restructuring, the company plans to seek a credit rating in the next financial year for potential future financing.
→No immediate plans for external fundraising, with focus on organic growth supported by strong cash flows.

Order book

Yes

→The Annualized Run Rate (ARR) order book is INR 36 crores, representing a 12-month order book.
→For the next six months (H2 FY26 to H1 FY27), the expected revenue from the order book is INR 26 crores (INR 36 Cr minus INR 10 Cr already achieved).
→The company is confident about having sufficient order book to support revenue guidance.
→Active efforts are underway to secure more contracts to expand the order book and increase ARR.
→Even if no expansion occurs, the current order book supports revenue stream for the upcoming six months.

Capex plans

Yes

→The company has a planned CapEx target of INR 400 crore through FY28.
→INR 130 crore of CapEx has already been deployed.
→Remaining INR 270 crore CapEx is expected to be spread over the next financial year, potentially around INR 150 crore, with phased investment focusing on high tonnage and specialized machinery.
→CapEx is funded primarily through internal accruals and recent equity raised (~INR 28 crore from preferential rounds).
→No immediate external fundraising planned; internal cash flows considered sufficient for ongoing CapEx.
→Monthly repayments on term loans for CapEx expected around INR 8 crore, with plans to make assets debt free within 3-4 years.
→Strategic focus remains on expanding fleet primarily for domestic markets, with cautious approach towards Middle Eastern expansion due to market challenges.
→CapEx supports scaling operations particularly in renewable energy, steel, infrastructure sectors.

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