Trishakti Industries Limited

Energy — Oil & Gas Equipment & Services · BSE

₹262.20+₹12.45 (+4.98%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Trishakti Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Trishakti Industries Limited engages in heavy equipment hiring, and commission and consultancy business in India. It offers rental and leasing of heavy earth-moving equipment.

IndustryOil & Gas Equipment & Services

SectorEnergy

Employees350

Annual revenue₹28 Cr

How does it make money?

Turns over ₹28 Cr a year. Of every ₹100 of sales, about ₹27 reaches shareholders as profit, with ₹78 left at the operating level before interest, tax and depreciation. Each of its 350 employees supports ₹8.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹8.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 11.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +46% while net margin moved +900% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+46%

Margin effect+900%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Debt/Equity of 1.91x is high — earnings must service borrowings before shareholders see anything
✗ Current ratio of 0.37 — short-term liabilities exceed short-term assets
✗ Free cash flow is negative — growth is being funded by borrowing or fresh equity
• Interest cover of 3.4x is adequate
✗ Debt has grown 455.9% a year — worth checking what it bought

Quality vs. Valuation

Company Quality

68/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

52/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

39.7x

3Y Median

95.1x

40 monthly readings · mean 152.2x · range 22.9x–373.1x

Sector Median

6.9x

median of 4 sector peers

🟢Current valuation is approximately 58% below its 3y median of 95.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 478% above the peer median of 6.9x.

vs. its own history

Cheap

95.1x median over 40 months · -58%

vs. sector peers

Expensive

6.9x median of 4 peers · +478%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

24.3x

PEG

0.28

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 9.6% to 78.0% over 3 years.
Return on equity is rising
ROE has improved from 4.9% to 16.7%.
Return on capital is rising
ROCE has improved from 6.7% to 11.6%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

5 items require attention · 4 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 17076% over 3 years, from ₹0 Cr to ₹85 Cr.
🔴High leverageFinancial
Debt/Equity of 1.91x — earnings must service borrowings before shareholders see anything.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 688% against revenue up 46% — sales are being booked faster than they are collected.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.37 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 9.6% to 78.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 58% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.9x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 688% against revenue up 46%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 478% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 10% a year✓ 13.4% CAGR
Latest reported year was 252.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 76%✓ 78.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.9x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹56 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✓ 3.4x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹443 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

39.7x

Fair

Fairly valued against the generic band

P/B Ratio

9.69x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹6.6

Profitable

Profitable on a per-share basis

ROE

16.7%

Strong

Strong capital efficiency

ROCE

11.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.91x

High

High leverage

Revenue Growth (YoY)

252.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

381.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.08%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹56 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

33.2%

Good

Healthy core-business profitability

Net Margin

28.5%

Good

Strong bottom-line conversion

Current Ratio

0.37

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.08

Defensive

Steadier than the market

52W Range Position

87%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

249.0 / 245.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

70.0

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹19 Cr	₹135 Cr	₹16 Cr	₹28 Cr	+13.4%
EBITDA	₹2 Cr	₹2 Cr	₹6 Cr	₹22 Cr	+127.7%
EBITDA Margin	9.6%	1.7%	39.6%	78.0%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹4 Cr	₹7 Cr	+144.3%
EPS	₹0.34	₹0.47	₹2.3	₹4.54	+137.2%
ROE	4.9%	6.3%	13.5%	16.7%	—
ROCE	6.7%	8.8%	10.6%	11.6%	—
Total Debt	₹0 Cr	₹3 Cr	₹33 Cr	₹85 Cr	+455.9%
Free Cash Flow	₹1 Cr	-₹3 Cr	-₹33 Cr	-₹56 Cr	—

🟢 Revenue has grown at 13.4% a year over 3 years.

🟢 EBITDA has grown at 127.7% a year over 3 years.

🟢 EBITDA Margin has risen from 9.6% to 78.0% over 3 years (+68.4 pts).

🟢 PAT (Net Profit) has grown at 144.3% a year over 3 years.

🟢 EPS has grown at 137.2% a year over 3 years.

🟢 ROE has risen from 4.9% to 16.7% over 3 years (+11.8 pts).

🟢 ROCE has risen from 6.7% to 11.6% over 3 years (+4.9 pts).

🔴 Total Debt has grown at 455.9% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹1 Cr to -₹56 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹289 Cr

Total Liabilities

₹244 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹129 Cr

Capex

-₹185 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.9%

Corporate Actions

Dividend Rate

₹0.2

Ex-Dividend Date

23 Sept 2026

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.3%

Recent News

3 positive1 mixed2 general

Trishakti Industries Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 29 Sept

Trishakti Industries Signs ₹125 Crore MoU; Shares Rise 3.32%

HDFC Sky, 13 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Trishakti Industries Q1FY27 Results: Net profit up 372% YoY to ₹4.30 crore

scanx.trade, 25 SeptResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Trishakti Industries shareholders approve ₹1,000 crore borrowing cap

scanx.trade, 03 Oct

Micro-cap Trishakti Industries secures ₹6 crore order from Larsen & Toubro

Livemint, 10 NovOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Premier Infrastructure Solutions Provider Company Secures Order from L&T: Share Surge Over 2.5%

Dalal Street Investment Journal, 08 AprOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingValuation

WeakFinancial Health · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 4 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive · see Key things to watch ↑