Trishakti Industries (TRISHAKT) Q2 FY27 Profit Soars 230% as Other Income Fuels a Record Quarter
The heavy equipment rental firm posted a 134% revenue surge, but a massive spike in non-operational income drove the bulk of its profit growth.
Trishakti Industries' Q2 FY27 profit jumped 230% YoY to ₹5.24 crore, fueled by a 134% revenue rise and a staggering 8,745% surge in other income. The quarter highlights both strong demand and a significant one-off boost.
Trishakti Industries is riding India's infrastructure boom, renting heavy cranes for railways, steel, and renewable energy projects. Its second quarter shows what happens when fleet expansion meets peak demand—and when a one-time financial gain supercharges the bottom line. Profit soared 230% from a year ago, but the story is split between a strong core business and a non-operational windfall.
The numbers tell of explosive growth. Revenue hit ₹15.57 crore, up 134% from last year and 8% from the prior quarter. Profit reached ₹5.24 crore, a 229% year-on-year leap and a 22% sequential gain. The net profit margin expanded sharply to 33.6%, nearly 10 percentage points higher than a year ago.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ2 FY27 (Sep 2026) | PreviousQ1 FY27 (Jun 2026) |
|---|---|---|
| Revenue (₹ Cr) | 15.57 | 14.38 |
| Profit (₹ Cr) | 5.24 | 4.29 |
| Net Profit Margin (%) | 33.6 | 29.8 |
Why the profit margin widened
The margin expansion came from two sources. First, operating leverage kicked in as the company maintained 100% fleet utilisation, according to reports from ScanX.trade and The Machine Maker. Newer machines under warranty also kept maintenance costs low.
Second, and more decisively, other income surged to ₹3.26 crore from just ₹0.04 crore a year ago, as noted by ScanX.trade. This 8,745% jump contributed nearly 17% of total revenue. Management has previously described such income as financing-related benefits from equipment manufacturers.
The balance sheet stretch beneath the growth
This growth is capital-intensive. The company's debt-to-equity ratio stands at 1.91, and its current ratio is a tight 0.41, per the payload. An analysis by Intelsense points out that when supplier credit for unpaid equipment is included, total external liabilities far exceed net worth.
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· TRISHAKT
(BSE)
ISIN: INE238C01022
Receivable days are around 200, though management expects improvement to 60-70 days this year. The high leverage is funding a ₹400 crore capex plan, with ₹105 crore recently ordered for 60 new machines to expand the fleet beyond 230 units.
How long can this run last?
The core rental business has strong visibility. The company holds an executable order book of ₹70-72 crore for FY27, reports suggest. Demand from infrastructure and renewable energy projects appears robust.
However, the profit spike is not fully repeatable. The other income surge is a one-off that flattered this quarter's margins. Furthermore, as the new fleet ages out of warranty, maintenance costs of 4-5% of revenue will bite, pulling EBITDA margins down from ~65% toward 58-62%, as management guided in the Q1 call.
Key Points
- Consolidated profit surged 229% year-on-year to ₹5.24 crore, while revenue grew 134% to ₹15.57 crore.
- A staggering 8,745% rise in other income, attributed to financing benefits, contributed significantly to the profit jump and margin expansion.
- The company maintains 100% fleet utilisation and has an executable order book of ₹70-72 crore for the fiscal year.
- High financial leverage (debt-to-equity of 1.91) funds aggressive expansion, with a recent ₹105 crore order for 60 new machines.
- Future margins are expected to normalize as one-off income subsides and maintenance costs rise on an aging fleet.
Hexa Perspective
The quarter showcases Trishakti's operational strength in a hot market, but also its dependence on financial engineering and leverage to amplify returns. The 100% utilisation is a peak that will be hard to maintain as the fleet grows, making the receivables collection target critical for cash flow.
Investors are paying a steep price for this growth, with a P/E of 44.9 against an industry average of 14.5. That premium prices in flawless execution—sustained high utilisation, successful debt management, and a smooth margin transition as warranties expire. Any stumble on those fronts would test the valuation.
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