Trishakti Industries Ltd Management Discussions

"Building Scale. Enabling Infrastructure. Creating Long-Term Value"

1. Company overview & business transformation

Founded in 1985, Trishakti Industries Limited has undergone a strategic transformation from a diversified legacy business towards a focused infrastructure equipment rental company. The Company has disclosed that it began exiting legacy activities and entering infrastructure and equipment hiring during FY2023-24, with the change in management during FY2024-25 accelerating the transition. The strategic objective has been to build an asset-backed, scalable platform aligned with Indias infrastructure, energy and industrial investment cycle.

Trishaktis current business model is centred on owning, maintaining and deploying specialised lifting and access equipment for project-driven customers. Unlike an EPC contractor, the Company primarily provides equipment and associated operational support rather than executing the customers complete construction scope. Customers obtain access to expensive specialised machinery without making the full upfront investment associated with ownership, while Trishakti assumes the capital expenditure, depreciation, maintenance and utilisation risk. The economics of the model therefore depend on a combination of fleet utilisation, rental yield, asset availability, equipment age, maintenance efficiency, customer quality, project duration and financing cost.

The Companys fleet includes crawler cranes, truck- mounted cranes, all-terrain cranes, piling rigs and manlifters, with lifting capabilities extending up to 750 MT. The portfolio is designed to address multiple project requirements, including heavy lifting, foundation works, erection, installation and high- access maintenance. The disclosed average fleet age of less than two years supports equipment reliability and customer acceptance, while the relatively young fleet also creates a significant depreciation burden that must be matched by productive deployment.

Trishakti has disclosed more than 100 + customers across more than 25 industries. Its customer ecosystem includes leading infrastructure, engineering and industrial organisations such as Larsen & Toubro, Reliance Industries, Rail Vikas Nigam Limited, ONGC, ITD Cementation, the Adani Group, KEC International, Jindal Group, Tata Steel and NCC, among others. Relationships with Tier- 1 customers can improve project visibility and repeat business potential; however, concentration also requires prudent customer selection, credit monitoring and continued diversification.

The Companys operating philosophy is built around four linked priorities: deploy the right equipment into visible demand, maintain high utilisation, protect equipment availability through technical and maintenance capabilities, and allocate capital with discipline. As the fleet scales, the focus increasingly shifts from fleet addition alone towards asset- level economics, including utilisation, rental yield, maintenance cost, mobilisation, customer collections and return on capital.

2. Global economic environment

The global economy remained resilient but entered FY2026 with elevated uncertainty arising from geopolitical tensions, energy-market disruptions, trade frictions and financing conditions. The World Banks June 2026 Global Economic Prospects projects global growth to slow to 2.5% in 2026 from 2.9% in 2025, before recovering to 2.8% in 2027. The same outlook projects global inflation at approximately 4.0% in 2026, compared with 3.3% in 2025, while Brent crude is projected to average approximately US$94 per barrel in 2026 under the baseline assumption that the most severe disruptions abate.

For a capital intensive equipment rental business, global conditions matter through several channels. Interest rates and credit conditions influence the cost of acquiring and refinancing equipment; energy and logistics costs influence equipment mobilisation and project economics; commodity cycles affect customers in steel, oil & gas and industrial sectors; and geopolitical developments can delay infrastructure projects or alter the economics of international expansion. Even where Trishaktis revenue is predominantly domestic, global conditions can therefore influence the cost of capital, equipment procurement, replacement parts, insurance and future geographic expansion.

Looking ahead, global growth is projected to recover to 2.8% in 2027 from 2.5% in 2026, supported by easing energy-marketdisruptions, strongertradeand a gradual resumption of monetary easing. Broader Al adoption could provide an additional productivity boost, while geopolitical tensions, commodity- price volatility, trade-policy uncertainty and tighter financial conditions remain key challenges to the growth outlook.

For Trishakti, the key implication is that growth should remain linked to executable project demand rather than broad macro-optimism. A larger fleet can increase revenue capacity, but the financial benefit is realised only when equipment is deployed at attractive rental yields. The Companys future capital allocation therefore needs to balance the opportunity from asset expansion with liquidity, financing and utilization discipline.

Source: World Bank, Global Economic Prospects, June 2026.

3. UAE and Saudi Arabia - International opportunity

The UAE and Saudi Arabia represent a potential next stage of Trishaktis geographic expansion. In July 2026, the Board approved the Companys strategic expansion into the UAE and Kingdom of Saudi Arabia, with the objective of progressively establishing an international heavy equipment rental platform. The Companys communication identifies infrastructure, logistics, industrial manufacturing, renewable energy and energy sector investment as key demand pools in the region.

The Companys disclosed market framework identifies a Saudi Arabian infrastructure pipeline of more than US$1 trillion, a Saudi crane-rental market of more than US$1 billion and expected regional crane rental growth of approximately 10- 12% CAGR. These figures represent managements market opportunity assessment and should be viewed as an addressable-market framework rather than contracted revenue.

The strategic rationale is to leverage Trishaktis experience in specialised equipment rental and project execution while accessing markets where large infrastructure and industrial projects can require high-capacity lifting equipment. International deployment could also diversify the Companys revenue base and potentially improve asset productivity where rental yields justify mobilisation and local operating costs.

The expansion remains subject to customer development, strategic partnerships, regulatory approvals, local operating capability, equipment mobilisation and execution milestones. The Company will need to manage local licensing, taxation, labour, insurance, currency, customer-credit and geopolitical considerations. A phased, project-backed approach can help avoid deploying significant capital ahead of visible demand.

4. Indian economic environment

India remained one of the fastest-growing major economies during FY2025-26. Government estimates indicate real GDP growth of 7.4% in FY26, compared with 6.5% in FY25. Gross Fixed Capital Formation grew 7.8% in FY26 and remained approximately 30% of GDP, indicating continued strength in investment activity. Manufacturing and Construction in the secondary sector were estimated to grow at 7.0% at constant prices during FY26. The investment cycle is therefore directly relevant to the demand environment for specialised infrastructure equipment.

Union Budget 2026-27 reinforced the infrastructure- led investment cycle, with public capital expenditure increased to approximately Rs.12.2 lakh crore from Rs.11.2 lakh crore in FY2025-26. The Government has also highlighted infrastructure, roads, railways, urban development and capital goods capacity as important priorities. Continued public investment, together with a gradual revival in private-sector capital expenditure, provides a broad base for project awards across the sectors served by Trishakti.

The relevance to Trishakti is through the translation of capital formation into executable projects. Roads, bridges, metro systems, railway corridors, renewable-energy installations, power infrastructure, steel plants, industrial facilities and oil &gas projects require lifting, erection, foundation and access equipment during specific phases of construction and maintenance. Customers may prefer rental solutions where specialised machinery is expensive, required for a limited project duration or difficult to utilise continuously across their own project portfolio.

Indias investment cycle is not without execution risks. Project awards, land acquisition, approvals, financing, contractor capacity and site readiness can affect the timing of equipment deployment. Consequently, Trishaktis relevant operating indicators are project visibility, fleet utilisation, rental yield, machine availability and collections rather than GDP growth alone. The Companys diversified exposure across several end-markets provides an opportunity to participate in the investment cycle while reducing dependence on any single project category.

Source: Government of India / PIB; Economic Survey 2025-26; Union Budget 2026-27.

5. Industry review - Infrastructure, construction & crane rental

Infrastructure and construction

Indias infrastructure development cycle remains the principal external demand driver for Trishakti. Roads and highways, railways, metro systems, renewable energy, power transmission, industrial corridors, logistics and urban infrastructure require substantial quantities of construction and lifting equipment. As projects become larger and execution schedules tighter, the requirement is shifting towards equipment that combines higher capacity, mobility, reliability and technical support.

The construction and EPC ecosystem also creates a structural rationale for equipment rental. Contractors can avoid large upfront ownership expenditure and deploy specialised machinery only during the period in which it is required. Rental also provides flexibility to access equipment of different capacities for different projects. For the equipment owner, the same asset can potentially be redeployed across multiple customers and sectors over its useful life. This creates operating leverage when utilisation remains high, but also creates fixed-cost and capital- intensity risk when equipment is idle.

Construction equipment and crane rental industry

The crane rental market is a specialised part of the broader construction-equipment ecosystem. Its economics are driven by fleet utilisation, monthly rental yield, equipment age, maintenance, mobilisation and demobilisation, project duration, operator availability, financing costs and residual value. The value of a crane is therefore determined not only by its lifting capacity but also by its ability to remain productive across projects with minimal downtime.

High-capacity crane rental has relatively high entry barriers because of the cost of specialised assets, technical requirements, safety standards, trained operators, maintenance capabilities, transportation and project execution experience. Customers also place a premium on reliable equipment availability because equipment downtime can delay high- value projects. These factors can support organised operators with modern fleets and strong customer relationships.

Industry competition remains influenced by regional availability, equipment type, machine age, rental pricing, customer relationships and financing capacity. As more capital enters the sector, rental rates can come under pressure in standardised equipment categories. Specialised and high- capacity equipment can offer better differentiation where technical requirements and project-specific demand are more difficult to replicate.

The Companys competitive proposition is built around a modern fleet, specialized lifting capability, near 100% reported utilization, in-house maintenance and service support, Tier-1 customer relationships and the ability to redeploy equipment across end-markets. The long-term objective should be to increase asset productivity and customer depth rather than pursue fleet growth without corresponding demand visibility.

6. Business & end-market performance

Trishakti operates as a single reportable operating segment, Heavy Equipment Hiring. The end-market categories below therefore represent the Companys operating exposure and fleet deployment rather than separately reported statutory revenue segments. This distinction is important for interpreting the Companys sector mix.

Renewable Energy

Renewable Energy is the Companys largest identified fleet exposure at approximately 48%. The sector is supported by Indias long-term energy- transition objectives and continuing additions in solar, wind, transmission and associated infrastructure. MNRE reported cumulative renewable-energy capacity of 288.59 GW as of 30 June 2026, including 162.15 GW of solar and 57.44 GW of wind capacity. The continuing buildout creates recurring requirements for heavy lifting during equipment installation, project erection and related infrastructure works.

The Company frames a long-term renewable- energy opportunity around Indias 500 GW nonfossil capacity objective by 2030 and estimates approximately Rs.23 lakh crore of renewable-energy investment and a potential crane-rental opportunity of approximately Rs.11,300-17,500 crore under its stated assumptions. These are management opportunity estimates and should be treated as an addressable-market framework, not contracted revenue.

Wind Energy - Higher-Capacity Opportunity

The wind-energy market is becoming increasingly equipment intensive as turbine sizes, hub heights and rotor diameters increase. Subsequent to FY26, Trishakti announced a strategic MoU with XCMG associated with an approximately Rs.125 crore purchase order for wind energy segment equipment. The development represents an expansion into a higher-capacity, higher-barrier category and is strategically aligned with the Companys Renewable Energy focus.

The wind opportunity is significant because next- generation turbines require specialised lifting solutions for towers, nacelles, blades and other major components. The Companys communication highlights an installed wind-capacity target of approximately 100 GW by 2030 compared with approximately 13 GW in FY25 and notes 6.1 GW of wind additions in FY26. The actual commercial opportunity will depend on project awards, crane availability, mobilisation economics, site readiness and the ability to maintain attractive utilisation of the high-capacity asset.

Infrastructure & EPC

Infrastructure & EPC remains a core application area, covering roads, bridges, metro systems, industrial facilities and other large construction projects. The Companys customer ecosystem includes Larsen & Toubro, Tata Projects, NCC, ITD Cementation, KEC International and other infrastructure participants. Demand in this vertical is closely linked to project execution schedules, making equipment availability and rapid mobilisation important elements of the customer proposition.

Steel & Industrials

Steel & Industrials represent approximately 13% of the Companys fleet exposure. Indias National Steel Policy envisages 300 million tonnes of crude steel capacity by 2030-31, creating a long-term requirement for plant expansion, modernisation, erection and maintenance. Trishaktis relationships with Tata Steel, Jindal Group and other industrial customers provide access to these applications. Industrial projects can require high-capacity cranes during both initial construction and periodic maintenance, providing potential for repeat equipment deployment.

Railways & Government

Railways and government linked infrastructure provide another recurring project pool. Modernisation of railway infrastructure, metro systems, high speed rail, bridges and associated civil works requires cranes, piling equipment and access machinery during different stages of construction. The Company has disclosed relationships and project exposure involving RVNL, Indian Railways, NHSRCL and IRCON, among others. The opportunity is supported by the scale of public infrastructure investment, although project timing remains dependent on tendering, approvals and execution.

Oil, Gas & Power

Oil, Gas & Power applications provide high-value opportunitiesfor heavy lifting and access equipment. Refinery construction and maintenance, power- generation projects, transmission infrastructure and industrial utilities can require specialised equipment for erection and maintenance. The Companys disclosed customer ecosystem includes ONGC, Reliance, GAIL, HPCL and NTPC, among others. These sectors complement the Companys infrastructure and renewable energy exposure and can support equipment redeployment across project cycles.

7. Operational performance & fleet portfolio

FY2025-26 was characterised by rapid fleet expansion leading to fleet size of 143 machines by year-end. Management reported near 100% utilization and an average fleet age of less than two years. The fleet includes crawler cranes, truck- mounted cranes, all-terrain cranes, piling rigs and manlifters, with lifting capabilities extending up to 750 MT.

Fleet utilisation is the central operating KPI for an equipment rental company because depreciation, financing and a substantial portion of maintenance costs continue irrespective of whether a machine is generating rental income. The reported near 100% utilization in FY26 therefore indicates strong demand and deployment discipline. Sustaining this level as the fleet approaches 200+ machines will be more demanding because the incremental fleet will need to be placed into projects without weakening rental yield or customer quality.

The companies customer proposition combines access to specialised machinery, a modern fleet, technical support, maintenance capability and project level responsiveness. Management has highlighted high entry barriers, technical expertise and Tier-1 relationships as important competitive factors. The disclosed customer base of more than 100 customers across more than 25 industries provides multiple potential deployment channels, while sector diversification can allow equipment to move between infrastructure, renewable energy, industrial and other applications as project cycles change.

The operating model can be viewed as a five- stage value chain: capital is invested in specialised equipment; equipment is owned and maintained by Trishakti; machines are deployed to customer projects; high utilisation converts the asset into recurring rental revenue; and cash generation supports further capital deployment. The strength of the model depends on the Company maintaining discipline at every stage of this chain.

Standalone Statement of Profit and Loss.

Particulars Rs. lakh	FY2024-25	FY2025-26	YoY
Revenue from Operations	1,499.46	2,784.84	+85.7%
Other Income	203.47	459.61	+125.9%
Total Income	1,702.93	3,244.45	+90.5%
EBITDA	627.97	2,021.15	+221.9%
Finance Costs	147.15	387.95	+163.6%
Depreciation	117.87	682.08	+478.7%
Profit Before Tax	362.95	951.12	+162.1%
Profit After Tax	354.77	766.12	+115.9%
Basic EPS	R2.28	R4.67	+104.8%

8. Financial & capital performance Financial performance

FY2025-26 delivered substantial improvement across the principal financial parameters. Revenue from Operations increased 85.7% to Rs.2,784.84 lakh and Total Income increased 90.5% to Rs.3,244.45 lakh. EBITDA increased 221.9% to Rs.2,021.15 lakh, with EBITDA margin expanding from 36.9% to 62.3%. Profit Before Tax increased 162.1% to Rs.951.12 lakh and Profit After Tax increased 115.9% to Rs.766.12 lakh.

Employee costs increased approximately 386.9% to Rs.759.52 lakh as the Company expanded operators, maintenance personnel and site-level resources. Depreciation increased approximately 478.7% to Rs.682.08 lakh as the fixed-asset base expanded, while finance costs increased approximately 163.6% to Rs.387.95 lakh following higher borrowings. The fact that EBITDA and PAT increased materially despite these higher fixed and financing charges indicates that incremental fleet deployment generated sufficient revenue to absorb the increased cost base.

Standalone Balance Sheet & Capital Structure

Particulars lakh)	FY2024-25	FY2025-26	Change
Total Assets	6,796.44	28,910.35	+325.4%
Property, Plant & Equipment	3,611.37	18,937.83	+424.4%
Capital Work-in-Progress	130.00	2,581.67	+ 1,885.9%
Net Worth	2,611.57	4,475.00	+71.4%
Non-current Borrowings	2,337.65	6,526.46	+179.2%
Current Borrowings	954.51	1,991.25	+108.6%
Total Borrowings	3,292.16	8,517.71	+158.7%
Other Current Liabilities	854.06	15,601.42	+ 1,726.7%
Trade Receivables	1,039.56	2,019.42	+94.3%
Cash & Cash Equivalents	111.62	57.63	-48.4%

Key Financial Ratios and Performance Indicators

Ratio	FY2024-25	FY2025-26	YoY
Current Ratio	1.09x	0.37x	-66.06%
Debt-Equity Ratio	1.26x	1.90x	+50.79%
Debt Service Coverage Ratio	1.58x	1.43x	-9.49%
Return on Equity / Return on Net worth	19.26%	21.62%	+ 12.25%
Net Profit Ratio	23.66%	27.51%	+ 16.27%
ROCE	10.30%	11.83%	+ 14.85%
Operating Profit Margin	36.88%	62.30%	68.93%
Trade Receivables Turnover	1.89x	1.82x	-3.70%
Interest Coverage Ratio	3.47x	3.45x	-0.58%
Inventory Turnover	2.00x	Nil	NA

Source: Trishakti FY2025-26 audited financial statements, notes to accounts and company-disclosed ratio analysis. Management guidance is identified separately.

9. Opportunities and growth drivers Infrastructure-led demand

Indias continuing public and private infrastructure investment is the broadest opportunity for Trishakti. The Company is positioned at a specialised point in the construction value chain where project developers and EPC contractors require lifting and access equipment but may prefer to rent rather than own. The combination of public capex, private industrial investment and renewable-energy expansion provides multiple sources of project demand.

Renewable Energy and wind

Renewable Energy is already approximately 48% of fleet exposure and is therefore both a current operating vertical and a future growth engine. India had 288.59 GW of cumulative renewable capacity as of 30 June 2026, including 162.15 GW solar and 57.44 GW wind. The next stage of growth is likely to require increasingly specialised equipment as turbine sizes and project complexity increase. The Companys 900-tonne crane initiative provides an avenue to move into higher- capacity applications.

Industrial, steel, rail and energy applications

The Company can continue to diversify equipment deployment across steel, industrial manufacturing, railways, oil & gas, power and EPC projects. The ability to move equipment between end-markets can improve asset productivity and reduce dependence on the project cycle of any single sector.

Customer deepening

The Companys more than 100 customers across 25+ industries provide scope to increase wallet share with existing Tier-1 accounts. Repeat orders can improve fleet visibility and reduce customer- acquisition costs, while cross-selling across multiple project categories can improve utilisation and reduce concentration.

International expansion

The UAE and Saudi Arabia provide a potential new geography for specialised equipment rental. The strategic rationale is based on large infrastructure and industrial investment programmes, potential asset-yield opportunities and the ability to build an international platform over time. The opportunity should be pursued in a measured manner, with capital deployment linked to customer visibility and local execution capability.

10. Key risks & risk management

Fleet utilisation and rental yield

A decline in utilization or rental yield would reduce asset productivity while depreciation, financing and maintenance costs continue. Managements focus on project-backed fleet deployment, Tier- 1 relationships, diversified end-markets and high reported utilisation is intended to mitigate this risk, but residual exposure remains.

Customer concentration and receivables

A concentrated group of large customers can provide visibility but also creates dependence on project schedules and customer capital expenditure. Trade receivables increased 94.3% during FY26. Continued credit assessment, customer limits, contractual billing controls and active ageing reviews are therefore important.

Leverage and liquidity

The Debt-Equity Ratio increased to 1.90x and the Current Ratio declined to 0.37x. Approximately Rs.14,609.84 lakh of other current liabilities represented capital-goods-related payables. Continued reliance on borrowings and supplier payment terms exposes the Company to refinancing, interest-rate and liquidity risk, particularly if utilisation or collections weaken.

Execution and maintenance

Rapid fleet growth increases the need for skilled operators, maintenance personnel, spare parts, inspections and site-level controls. Equipment failure or inadequate maintenance can create downtime, additional cost, safety incidents and reputational risk. Preventive maintenance, technical teams, operator competency and equipment inspection are therefore integral to protecting asset productivity.

Project and macroeconomic risk

Infrastructure projects may face execution delays due to pending regulatory, statutory and project- related approvals, which could impact project timelines and equipment deployment. A sustained slowdown in public or private capex could reduce equipment demand. Commodity and energy price volatility can also affect customers in steel, oil & gas and industrial sectors.

International and geopolitical risk

The UAE and Saudi Arabia expansion introduces regulatory, currency, taxation, labour, logistics, insurance, customer-credit and geopolitical risks. The Company should scale the international platform progressively and link equipment deployment to visible project opportunities.

Competitive risk

Competition can affect rental rates, utilisation and customer retention, particularly in standardised equipment categories. Trishaktis response should remain centred on specialised equipment, reliability, technical capability, customer service, fleet age and disciplined capital allocation rather than price-led growth alone.

11. Human capital & operational capability

Human capital is a critical operating asset for an equipment rental business because utilisation, safety and equipment availability depend on skilled operators, maintenance teams, engineers, project coordinators and commercial personnel. As Trishakti scales from 143 machines towards a 200+ machine fleet, organisational capability must grow alongside physical assets.

As of 31 March 2026, Trishakti Industries Limited had a workforce of 350+ employees, reflecting the Companys growing operational capabilities and continued focus on building a skilled and reliable human capital base to support its expanding business operations.

12. Internal control systems & risk governance

The Company maintains internal controls designed to safeguard assets, support reliable financial reporting, promote operational efficiency and ensure compliance with applicable laws and regulations. Given the rapid increase in the asset base, the control environment is particularly important in areas including procurement, capital expenditure approvals, vendor management, asset registration, equipment movement and deployment, maintenance expenditure, rental billing, receivables, borrowings, treasury and financial reporting.

13. Future outlook & management strategy

Managements strategy for the next phase is built around three reinforcing growth levers: expanding the productive fleet, increasing participation in high-growth infrastructure and Renewable Energy applications, and entering specialised and international markets. The Companys objective is to convert the capital deployed during FY25-FY27 into a larger recurring rental revenue base while maintaining high utilisation, disciplined capital allocation and attractive returns on new capital.

Fleet scale and capital deployment

Management has stated a target of more than 200 machines and a multi-year Rs.400 crore capex programme for FY25-FY27, while subsequent August 2026 communication stated that cumulative capex had exceeded Rs.270 crore (Inclusive of taxes) through Q1FY27.

Revenue and profitability roadmap

Managements current roadmap targets FY27 Revenue of Rs.600-650 million ( Rs.60-65 crore) and

FY28 Revenue of Rs.900-1,000 million ( Rs.90-100 crore). The roadmap also targets EBITDA margins above 60% and a 22-25% ROCE framework in FY28. The strategic logic is that the expanded fleet, higher Renewable Energy exposure and specialized wind capability can provide additional deployment opportunities. Achievement will depend on utilisation, rental yield, project execution, collections, financing and the timing of equipment additions.

Renewable Energy and specialised wind capability

Renewable Energy is expected to remain a major growth driver, while the 900-tonne crane initiative represents a move into a more specialised and potentially higher-value category. The Companys strategy is to build capabilities ahead of the next phase of wind project execution, while ensuring that equipment deployment is supported by project visibility and appropriate operating capability.

International platform

The UAE and Saudi Arabia represent a longer- term geographic diversification opportunity. Management intends to establish the presence progressively through customer development, strategic partnerships and fleet deployment, subject to regulatory approvals and execution milestones. The objective is to complement the Indian business rather than dilute management attention or capital discipline.

Long-term management vision

The long-term objective is to establish Trishakti as a scaled and professionally managed specialised heavy equipment rental platform with a diversified end-market presence, high fleet utilisation, strong Tier-1 customer relationships and increasing participation in renewable energy and specialized infrastructure. The Companys ability to achieve this vision will depend on maintaining the link between capital deployment and productive asset utilisation.

14. Cautionary statement

This Management Discussion and Analysis contains statements concerning the Companys future business plans, industry prospects, fleet expansion, capital expenditure, utilisation, financial targets, strategic initiatives, Renewable Energy and wind- energy opportunities and international expansion into the UAE and Saudi Arabia. Such statements are based on managements current expectations, assumptions, estimates and information available at the time of preparation and are subject to risks and uncertainties.

Actual results may differ materially from those expressed or implied due to changes in economic conditions, infrastructure spending, project awards and execution, customer demand, fleet utilisation, rental yields, equipment availability, financing costs, interest rates, receivable collections, regulatory requirements, competition, safety incidents, geopolitical developments, international market- entry conditions and other factors.

Management targets, opportunity estimates and forward-looking statements, including the FY27/FY28 revenue roadmap, EBITDA margin expectations, ROCE framework, fleet expansion plans and international growth strategy, should not be construed as guarantees of future performance. Readers are advised to consider the audited financial statements, notes to accounts, statutory reports, risk disclosures and other information forming part of the Annual Report while evaluating the Companys future prospects.

15. Management perspective - FY2025-26 at a glance

FY2025-26 marked a decisive phase in Trishakti Industries Limiteds transformation into a focused specialised heavy equipment rental platform. During the year, the Company accelerated fleet deployment, expanded its asset base, strengthened relationships with leading infrastructure and industrial customers and delivered a material improvement in financial performance. Revenue from Operations increased 85.7% from Rs.1,499.46 lakh in FY2024-25to Rs.2,784.84 lakh in FY2025-26, Total Income increased 90.5% from Rs.1,702.93 lakh to Rs.3,244.45 lakh, EBITDA increased 221.9% from Rs.627.96 lakh to Rs.2,021.15 lakh and Profit After Tax increased 115.9% from Rs.354.77 lakh to Rs.766.12 lakh. EBITDA margin expanded from 36.9% to 62.3%, reflecting strong operating leverage from the larger deployed fleet and high utilisation.

Operationally, the Company increased its fleet from approximately 30 machines at the earlier stage of its transformation to 143 machines at 31^st March 2026. Management reported near 100% fleet utilization and an average fleet age of less than two years. The fleet comprises crawler cranes, truck-mounted cranes, all-terrain cranes, piling rigs and manlifters, with capabilities extending up to 750 MT. The Companys disclosed customer base exceeds 100 customers across more than

25 industries, providing exposure to Renewable Energy, Infrastructure & EPC, Steel & Industrials, Railways & Government, Oil, Gas & Power.

FY26 was also a year of substantial capital deployment. Managements Q4FY26 presentation disclosed approximately Rs.210 crore of FY26 capex against a multi-year Rs.400 crore FY25-FY27 programme, while the audited cash-flow statement records Rs.18,937.83 lakh of purchases of property, plant and equipment. The enlarged asset base creates a significant future revenue opportunity, but also increases depreciation, finance costs, working-capital requirements and the need to sustain high utilisation.

The Company enters FY27 with a clear strategic agenda: expand the productive fleet towards 200+ machines, deepen participation in Renewable Energy, develop higher-capacity wind-energy lifting capability, strengthen Tier-1 customer relationships and progressively establish a presence in the UAE and Saudi Arabia. Managements stated roadmap targets revenue of Rs.600-650 million in FY27 and Rs.900-1,000 million in FY28, with EBITDA margins above 60% and a targeted ROCE framework of 22-25%. These are management targets and forward-looking statements, not guarantees of future performance..