SHAKTIPUMP - Shakti Pumps
📢 Recent Corporate Announcements
Shakti Pumps (India) Limited has scheduled an in-person interaction with institutional investors at the Investec India Promoter & Founder Conference 2026. The event will take place in Mumbai on March 10, 2026, from 11:00 AM to 6:00 PM. Management will be discussing the company's performance based on publicly available documents, specifically referencing the investor presentation filed on February 13, 2026. This meeting is part of the company's routine engagement with the financial community to maintain transparency and visibility.
- Management participation in the Investec India Promoter & Founder Conference 2026 on March 10, 2026.
- In-person interaction scheduled for a full day from 11:00 AM to 6:00 PM in Mumbai.
- Discussions will rely on the Investor Presentation previously released on February 13, 2026.
- The meeting is subject to change based on exigencies from either the company or the organizer.
Shakti Pumps reported a deliberate moderation in Q3 FY26 execution, pausing approximately INR 200 crores in orders to manage receivables and protect the balance sheet. While this led to lower revenue and margin pressure, the company maintains a robust order book of INR 2,100 crores and saw 25% Y-o-Y growth in its export business for 9M FY26. Management anticipates Q4 FY26 to be its highest revenue quarter ever as payments from Maharashtra have resumed following fund releases from the Asian Infrastructure Investment Bank. Expansion plans for a 500 MW solar module plant remain on track for Q1 FY27.
- Intentionally paused execution of ~INR 200 crores in orders to prioritize cash flow and working capital discipline.
- Maintains a diversified and strong order book of INR 2,100 crores across multiple Indian states.
- Export revenue reached INR 307 crores in 9M FY26, representing a healthy 25% Y-o-Y growth.
- Incurred a one-time manpower cost of INR 4.4 crores due to new Labor Code implementation.
- Management expects Q4 FY26 to be the highest revenue quarter in the company's history.
Shakti Pumps (India) Limited has released the official transcript of its earnings conference call held on February 14, 2026. The call addressed the company's un-audited financial performance for the third quarter and the nine-month period ending December 31, 2025. This document provides a detailed record of management's responses to analyst queries regarding growth and operations. Investors can access the full discussion via the company's website to understand the qualitative factors behind the recent financial results.
- Official transcript of the earnings call held on February 14, 2026, has been filed with exchanges.
- Covers financial and operational performance for the quarter and nine months ended December 31, 2025.
- Provides management commentary on the company's strategic direction and industry outlook.
- The transcript is available for public review on the company's investor relations website.
Shakti Pumps (India) Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Mrs. Bela Bharatendu Jani as a Non-Executive Woman Independent Director. The proposed appointment is for a term of 2 years, effective from February 13, 2026. Shareholders can cast their votes through a remote e-voting process that runs from February 18, 2026, to March 19, 2026. The final results of the voting will be announced on or before March 21, 2026.
- Proposed appointment of Mrs. Bela Bharatendu Jani as Non-Executive Woman Independent Director for a 2-year term.
- The e-voting period is scheduled from February 18, 2026 (09:00 AM) to March 19, 2026 (05:00 PM).
- The cut-off date for determining shareholder voting eligibility was February 13, 2026.
- The resolution is being proposed as a Special Business via a Special Resolution.
- Voting results will be declared and communicated to stock exchanges by March 21, 2026.
Shakti Pumps (India) Limited has officially released the audio recording of its conference call held on February 14, 2026. The call addressed the company's un-audited financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording via the company's website to understand management's commentary on operational performance.
- Conference call held on February 14, 2026, regarding Q3 FY26 financial results.
- Audio recording made available via a public link on the company's website.
- Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Covers financial performance for the nine-month period ended December 31, 2025.
Shakti Pumps reported a decline in Q3 FY26 performance, with revenue falling to ₹5,510 Mn and EBITDA margins contracting to 10.7% from 23.8% YoY. The management intentionally paused execution of orders worth ₹2,000 Mn in Maharashtra to address high receivable levels and maintain balance sheet health. Despite the quarterly dip, the company maintains a robust order book of ₹21,000 Mn and expects Q4 FY26 to be its highest-ever revenue quarter. Profitability was also impacted by a ₹44 Mn one-time labor code cost and rising raw material prices.
- Q3 FY26 revenue decreased to ₹5,510 Mn from ₹6,488 Mn YoY, while PAT dropped to ₹317 Mn.
- EBITDA margins compressed to 10.7% due to lower realizations, higher input costs, and a ₹44 Mn one-time labor cost.
- The company holds a strong outstanding order book of ₹21,000 Mn as of February 13, 2026.
- Management deliberately paused ₹2,000 Mn in order execution to manage receivables, which stood at ₹16,970 Mn.
- Resumed execution in Maharashtra following fund releases from AIIB and the state government.
Shakti Pumps reported a weak Q3 FY26 with revenue declining 15% YoY to Rs 5,510 Mn and PAT falling 69.5% to Rs 317 Mn. The performance was impacted by a strategic decision to pause execution of orders worth Rs 2,000 Mn to manage high receivable levels and prioritize balance sheet health. EBITDA margins contracted significantly to 10.7% from 23.8% due to lower realizations, rising input costs, and a one-time labor code impact of Rs 44 Mn. However, the company maintains a strong order book of Rs 21,000 Mn and expects Q4 FY26 to be its highest revenue quarter ever.
- Revenue from operations fell 15% YoY to Rs 5,510 Mn in Q3 FY26.
- EBITDA margins dropped to 10.7% from 23.8% YoY due to 2% higher raw material costs and lower realizations.
- Order book remains strong at Rs 21,000 Mn, including a major new order from Karnataka worth Rs 6,540 Mn.
- Export retail business showed resilience with 25%+ YoY growth in 9M FY26 reaching Rs 2,520 Mn.
- Management paused Rs 2,000 Mn in order execution to stabilize receivables, which remained stable sequentially.
Shakti Pumps (India) Limited has appointed Mrs. Bela Bharatendu Jani as an Additional cum Non-Executive Woman Independent Director for a two-year term effective February 13, 2026. Mrs. Jani brings 37 years of specialized experience in the renewable energy and solar sectors, having served as an Executive Engineer at Gujarat State Electricity Corporation Limited. Her expertise includes project planning, commissioning, and procurement, which directly aligns with the company's core solar pump business. The appointment is subject to shareholder approval via postal ballot.
- Appointment of Mrs. Bela Bharatendu Jani as Additional cum Non-Executive Woman Independent Director for a 2-year term.
- Appointee possesses 37 years of experience in renewable energy, specifically in solar project planning and implementation.
- Former Executive Engineer at Gujarat State Electricity Corporation Limited with expertise in GEM Portal, SAP/ERP, and tendering.
- The appointment is effective from February 13, 2026, and requires approval from members through a postal ballot.
Shakti Pumps (India) Limited reported a weak performance for the quarter ended December 31, 2025, with consolidated revenue from operations declining 15.1% YoY to ₹550.99 crore. Net profit (PAT) saw a sharp contraction of 69.5% YoY, falling to ₹31.70 crore from ₹104.05 crore in the previous year's corresponding quarter. Profitability was significantly impacted on a sequential basis as well, with PAT dropping 65% from ₹90.71 crore in Q2 FY26. The company also announced the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
- Consolidated Revenue from operations decreased to ₹550.99 crore in Q3 FY26 from ₹648.77 crore in Q3 FY25.
- Net Profit (PAT) plummeted 69.5% YoY to ₹31.70 crore compared to ₹104.05 crore in the same period last year.
- Profit Before Tax (PBT) stood at ₹41.76 crore, a 70.5% decline from ₹141.55 crore YoY.
- Earnings Per Share (EPS) for the quarter fell to ₹2.57 from ₹8.66 in the year-ago quarter.
- Board approved the appointment of Mrs. Bela Bharatendu Jani as an Additional cum Non-Executive Woman Independent Director.
Shakti Pumps (India) Limited reported a weak financial performance for the quarter ended December 31, 2025. Consolidated revenue from operations fell 15% YoY to ₹550.99 crore, while net profit saw a sharp decline of 69.5% YoY to ₹31.70 crore. On a sequential basis, the performance was also disappointing, with revenue and profit dropping by 17.3% and 65% respectively compared to Q2 FY26. Additionally, the board approved the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
- Consolidated Revenue from Operations fell 15% YoY to ₹550.99 crore in Q3 FY26.
- Net Profit (PAT) declined sharply by 69.5% YoY to ₹31.70 crore from ₹104.05 crore.
- Profit Before Tax (PBT) dropped 70.5% YoY to ₹41.76 crore.
- 9M FY26 Net Profit stands at ₹219.25 crore, down 26.5% from ₹298.14 crore in 9M FY25.
- Basic EPS for the quarter fell to ₹2.57 compared to ₹8.66 in the corresponding quarter of the previous year.
Shakti Pumps (India) Limited has announced its earnings conference call scheduled for February 14, 2026, at 2:00 PM IST. The call will focus on the company's un-audited financial performance for the quarter and nine-month period ending December 31, 2025. Senior management, including the Chairman, Managing Director, and CFO, will be available to discuss results and provide business updates. This is a standard regulatory procedure following the end of the financial quarter.
- Earnings call set for February 14, 2026, at 14:00 IST regarding Q3 and 9M FY26 results.
- Management team including Chairman Dinesh Patidar and CEO Ramakrishna Sataluri to participate.
- Dial-in details include universal numbers +91 22 6280 1107 and +91 22 7115 8008.
- The call will address the un-audited financial performance for the period ending December 31, 2025.
Shakti Pumps (India) Limited has seen a notable improvement in its ESG (Environmental, Social, and Governance) rating as per a new report from SES ESG Research. The company's overall ESG score increased to 67.6 for FY 2024-25, up from 60.7 in FY 2023-24. This rating was independently conducted by the SEBI-registered provider using publicly available information without company engagement. Such improvements in ESG metrics are increasingly vital for attracting institutional investors and ESG-focused funds.
- Overall ESG score increased by 6.9 points to reach 67.6 for FY 2024-25.
- Previous fiscal year (FY 2023-24) ESG score stood at 60.7.
- Rating issued by SES ESG Research Private Limited, a SEBI-registered ESG Rating Provider.
- The report was prepared independently using publicly available information without company commission.
Shakti Pumps (India) Limited has submitted a report regarding physical share transfer requests re-lodged under a special SEBI window. This filing is in compliance with the SEBI circular dated July 2, 2025, which facilitates the 'Ease of Doing Investment' for physical shareholdings. The report covers the specific period from December 01, 2025, to January 06, 2026. This is a standard regulatory procedure and does not impact the company's operational or financial performance.
- Report covers physical share transfer requests from Dec 1, 2025, to Jan 6, 2026.
- Complies with SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 for Ease of Doing Investment.
- Reported by Registrar and Transfer Agent, M/s. Adroit Corporate Services Private Limited.
- Focuses on the re-lodgement of transfer requests for physical shares into demat form.
Shakti Pumps (India) Limited has announced an investment of ₹75 crores in its wholly-owned subsidiary, Shakti Energy Solutions Limited (SESL). The funds are earmarked for establishing a greenfield manufacturing facility for high-efficiency Solar DCR cells and Solar PV modules in Pithampur, Madhya Pradesh. This new plant is designed with a significant production capacity of 2.20 GW, representing a major scale-up in the company's solar manufacturing capabilities. SESL has demonstrated robust growth, with its turnover rising from ₹99.15 crores in FY23 to ₹216.53 crores in FY25.
- Investment of ₹75.00 crores into wholly-owned subsidiary Shakti Energy Solutions Limited.
- Establishment of a 2.20 GW greenfield Solar DCR cell and Solar PV modules manufacturing plant.
- Subsidiary turnover grew from ₹99.15 Cr in FY23 to ₹216.53 Cr in FY25, showing strong momentum.
- Strategic expansion into upstream solar component manufacturing to support the core pump business.
Shakti Pumps has secured its first-ever order from Karnataka for the installation of 16,780 solar water pumping systems valued at Rs 654.02 crore. This win marks the company's strategic entry into the Southern Indian market under the PM KUSUM B Scheme. Over the past month, the company has aggressively expanded its order book, securing cumulative orders worth approximately Rs 1,900 crore across multiple states including MP, Jharkhand, and Maharashtra. This strong order inflow provides high revenue visibility for the upcoming quarters and reinforces its leadership in the solar pump segment.
- Received maiden order from Karnataka Renewable Energy Development Limited worth Rs 654.02 crore.
- Order involves the installation of 16,780 Solar Photovoltaic Water Pumping Systems (SPWPS).
- Cumulative orders won in the last month across various states total approximately Rs 1,900 crore.
- Strategic entry into the Southern region, significantly expanding the company's geographical footprint.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 reached INR 666.4 Cr, a 5% YoY increase. Solar pump revenue for Q2 FY26 was approximately INR 487 Cr. Retail sales grew 67% YoY to INR 43 Cr. Export revenue for Q2 FY26 stood at INR 103 Cr and INR 200 Cr for H1 FY26. The company maintains a 25% revenue growth guidance for FY26, targeting approximately INR 3,000 Cr.
Geographic Revenue Split
Domestic operations are heavily concentrated in Maharashtra, which led execution in H1 FY26. Other key states include Madhya Pradesh, Rajasthan, Haryana, and Punjab. International business spans 100+ countries across all major continents, contributing INR 200 Cr (15.5%) to H1 FY26 revenue.
Profitability Margins
PAT margin for Q2 FY26 was 13.6% (INR 90.7 Cr) compared to 16.0% in Q2 FY25. H1 FY26 PAT margin stood at 14.6% (INR 187.5 Cr). FY25 PAT margin was 16.2% (INR 408.4 Cr). Margins were impacted by a 3-4% rise in raw material costs and pricing pressure in specific state schemes.
EBITDA Margin
EBITDA margin for Q2 FY26 was 20.4% (INR 136 Cr), down 300 bps from 23.4% in Q2 FY25. H1 FY26 EBITDA margin was 21.7% (INR 279.5 Cr). The decline is attributed to raw material inflation and a change in the sales mix toward lower-HP pumps in Maharashtra.
Capital Expenditure
The company is executing a total capex plan of INR 1,700 Cr. This includes INR 250 Cr for doubling pump and motor capacity, INR 250 Cr for EV motors and controllers, and INR 1,200 Cr for a new 2.2 GW solar cell and module plant expected to commission by March 2027.
Credit Rating & Borrowing
The company received an ESG rating of 75 ('Good') from ICRA. As of September 2025, term loans stood at INR 46.8 Cr and working capital secured loans at INR 569.6 Cr. Funding for capex includes INR 292 Cr from a July QIP, with the remainder from debt and internal accruals.
Operational Drivers
Raw Materials
Key raw materials include copper, steel, and solar panels. In Q2 FY26, these materials saw a price increase of 3% to 4%, which directly compressed EBITDA margins by approximately 300 basis points.
Import Sources
Solar cells and modules are currently sourced from domestic third-party players via tie-ups until the company's own 2.2 GW plant is operational in Pithampur, Madhya Pradesh.
Key Suppliers
Not specifically named in the documents, but the company has formal tie-ups with domestic module manufacturers to support the Solar Rooftop business.
Capacity Expansion
Current expansions include doubling VFD and Inverter capacity from 2 lakh to 4 lakh units, increasing solar structure capacity from 1 lakh to 2 lakh units, and establishing an EV facility for 2 lakh motors and controllers annually. A 2.2 GW solar cell and PV module plant is under construction.
Raw Material Costs
Cost of materials consumed was 62.3% of revenue in FY25. In Q2 FY26, raw material volatility (3-4% increase) was the primary driver for the margin drop to 20.4%. The company expects operational leverage to offset these costs in H2 FY26.
Manufacturing Efficiency
Efficiency is driven by high operating leverage; the company noted that increased execution volume in H2 FY26 will help maintain the 20-22% margin guideline despite raw material headwinds.
Logistics & Distribution
Distribution is handled through a dealer-advance model for the rooftop business, where dealers pay in advance, significantly improving cash flow and reducing logistics-related credit risk.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be driven by the execution of the INR 1,300 Cr order book, expansion into the Solar Rooftop market (PM Surya Ghar Muft Bijli Yojana), and the commissioning of the 2.2 GW solar cell plant which has a revenue potential of INR 4,000 Cr. The company is also scaling its EV mobility segment (motors/chargers) and retail presence.
Products & Services
Off-grid and on-grid solar photovoltaic water pumping systems (3HP to 10HP), EV motors, EV controllers, EV chargers, solar structures, VFDs, and solar rooftop solutions.
Brand Portfolio
Shakti, Shakti EV Mobility, Shakti Energy Solutions.
New Products/Services
Solar DCR cells and PV modules (expected to contribute to revenue from March 2027) and EV components including motors and chargers for the mobility sector.
Market Expansion
Expansion into the solar rooftop segment across Rajasthan, Uttar Pradesh, and Maharashtra. International expansion continues across 100+ countries with a focus on solar-heavy geographies.
Market Share & Ranking
The company is a leading player in the solar pump industry and one of only five brands empanelled at the brand level for national solar initiatives.
Strategic Alliances
The company is one of only five brands empanelled at the national level for certain solar programs. It has tie-ups with domestic module manufacturers for its current rooftop requirements.
External Factors
Industry Trends
The pump industry is shifting toward solar-powered solutions driven by government decarbonization goals. The industry is evolving from simple mechanical pumps to integrated solar-VFD-motor systems with remote monitoring capabilities.
Competitive Landscape
Competes with other solar pump manufacturers in state tenders. Management noted the market is 'very competitive' with industry-standard margins ranging between 10-15%, while Shakti maintains 20%+.
Competitive Moat
Moat is built on brand empanelment (one of 5 players), a massive service network, and deep integration (manufacturing motors, VFDs, and soon cells). This is sustainable due to high entry barriers in government empanelment and the capital-intensive nature of backward integration.
Macro Economic Sensitivity
Highly sensitive to agricultural cycles and monsoon patterns; extended rains in H1 FY26 delayed installations. Also sensitive to government fiscal policy regarding solar subsidies (90% subsidy in MP).
Consumer Behavior
Farmers are increasingly shifting to solar pumps due to high subsidies (up to 90%) and the benefit of grid-tied systems that allow them to sell excess power back to the grid.
Geopolitical Risks
Global supply chain disruptions and war-related scenarios were cited as historical challenges to execution and raw material procurement.
Regulatory & Governance
Industry Regulations
Operations are governed by PM-KUSUM scheme guidelines, state-specific solar policies (e.g., Magel Tyala Saur Krushi Pump Yojana), and GST 2.0 reforms which impact billing and execution timelines.
Environmental Compliance
The company maintains an ESG rating of 75 ('Good') from ICRA, reflecting high compliance with environmental and governance standards.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 25.3% (INR 636 Mn tax on INR 2,512 Mn PBT).
Risk Analysis
Key Uncertainties
Execution delays due to weather (monsoon) and regulatory shifts (GST reforms) could impact the achievement of the INR 3,000 Cr revenue target. Potential impact of 5-10% on quarterly targets.
Geographic Concentration Risk
High concentration in Maharashtra, which is currently the primary driver of the order book and execution.
Third Party Dependencies
Temporary dependency on third-party solar cell and module suppliers for the rooftop business until the 2027 plant commissioning.
Technology Obsolescence Risk
Risk is mitigated by continuous R&D in VFDs and high-efficiency motors; however, the shift to EV mobility requires rapid adaptation to new motor controller technologies.
Credit & Counterparty Risk
Significant exposure to state government DISCOMs for subsidy payments. The company manages this by targeting a 120-day receivable cycle and using a dealer-advance model for retail/rooftop segments.