Shakti Pumps (India) Ltd (SHAKTIPUMP)
🎯 Key Takeaways
- Shakti Pumps is in a high-growth phase driven by scaling solar pump volumes and backward integration into solar cell manufacturing, targeting ₹5,000 crores revenue by FY29. Management is executing a strategic shift toward renewable energy infrastructure with strong order book visibility and PM-KUSUM 2.
- Revenue grew 0.1% QoQ to ₹859 in Q1FY27.
- ⚠️ Execution risk in PM-KUSUM 2.0: PMO clearance is pending, and delays could impact revenue targets and investor sentiment.
- Market Cap
- ₹5,744
- P/E Ratio
- 27.1
- P/B Ratio
- 3.37
- ROE
- 12.4%
- ROCE
- 16.6%
- Debt/Equity
- 0.29
- Div Yield
- 0.21%
- Promoter
- 50.4%
📖 The Story
Shakti Pumps is in a high-growth phase driven by scaling solar pump volumes and backward integration into solar cell manufacturing, targeting ₹5,000 crores revenue by FY29. Management is executing a strategic shift toward renewable energy infrastructure with strong order book visibility and PM-KUSUM 2.0 progress, though near-term margin pressure from input costs is acknowledged.
📰 What's Happening
In Q1 FY27, revenue surged 37.9% YoY to ₹859 crores and PAT rose 35% QoQ to ₹52 crores, fueled by 57.6% growth in solar pump volume to 27,678 units. The company advanced PM-KUSUM 2.0 (awaiting PMO clearance), commissioned 0.5 GW solar cell capacity in September 2026, and plans 2.2 GW by September 2027. An order book of ₹1,000 crores (B2G-focused) is executable in the next two quarters. CTO Dr. Chinmay Jain resigned on August 25, 2026, but management confirmed Mr. Dinesh Patidar will continue leading technology initiatives. ICRA upgraded ESG Impact Rating from 75 Good to 78 Good on August 27, 2026, citing improved sustainability performance. Additionally, ₹75 crores were invested in its EV subsidiary, Shakti EV Mobility, to expand EV motor and charger manufacturing.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 666 | 551 | 858 | 859 |
| Operating Profit | 129 | 52 | 74 | 75 |
| OPM % | 19.4% | 9.5% | 8.7% | 8.8% |
| Net Profit | 91 | 32 | 38 | 52 |
| EPS | ₹7.35 | ₹2.57 | ₹3.11 | ₹4.18 |
Revenue growth has accelerated quarter-on-quarter, with Q1 FY27 revenue at ₹859 crores (up from ₹551 crores in Q3 FY25), driven by solar pump volume growth and order book execution. PAT margin improved to 6.0% in Q1 FY27 (from 5.8% in Q4 FY26), though EBITDA margin remained stable at 9.6% sequentially. Despite rising raw material costs (6% pressure) and lower realization (4%), management expects 3 percentage point EBITDA expansion post-backward integration. The sharp rise in revenue from ₹666 crores (Sep 2025) to ₹859 crores (Jun 2026) reflects successful scaling, though profitability trends show volatility due to margin pressures.
🔮 Management Outlook & What's Next
Management targets ₹5,000 crores revenue by FY29 through backward integration, with 0.5 GW solar cell capacity commissioned in September 2026 and 2.2 GW to follow by September 2027. PM-KUSUM 2.0 is awaiting PMO clearance with potential announcement expected next week. Margins are expected to expand by 3 percentage points post-integration, despite near-term cost pressures. The company is actively expanding into rooftop solar and EV markets, supported by a ₹1,000 crores order book executable in the next two quarters.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 120 | 20 | 123 | 123 |
| Reserves | 1,041 | 922 | 1,582 | 1,504 |
| Borrowings | 168 | 162 | 486 | 617 |
| Total Liabilities | 1,974 | 1,850 | 3,048 | 2,997 |
| Fixed Assets | 222 | 146 | 315 | 269 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 1,974 | 1,850 | 3,048 | 2,997 |
The balance sheet shows a healthy equity base of ₹123 crores and reserves of ₹1,582 crores as of March 2026, with borrowings at ₹486 crores, indicating low leverage (D/E of 0.29). Total assets grew to ₹3,048 crores from ₹2,997 crores in the prior period, reflecting capital investment in capacity expansion. The company is funding growth through retained earnings and modest debt, with no signs of aggressive capital structure changes. The ₹75 crores investment in EV subsidiary was funded in cash, suggesting strong internal cash generation to support strategic diversification.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +124 |
| Investing | -286 |
| Financing | +544 |
| Net Cash Flow | +382 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 50.3% | 50.3% | 50.4% | 50.4% |
| FII | 5.6% | 5.3% | 4.8% | 5.1% |
| DII | 6.7% | 6.3% | 5.0% | 2.4% |
| Public | 31.4% | 32.2% | 33.8% | 35.9% |
| # Shareholders | 2,39,674 | 2,40,021 | 2,47,997 | 2,56,595 |
Promoter holding remains stable at ~50.36% (Q1 FY27), with no pledging or significant changes. FII ownership declined slightly to 5.08% from 5.6% in Q2 FY26, while DII increased to 2.39% from 1.97% in Q4 FY26, indicating growing institutional confidence. Public shareholding rose to 35.87% from 31.35% in Q2 FY26, and the number of shareholders expanded to 2,56,595. No promoter sell-off signals are evident, and the rising DII stake suggests increasing institutional interest despite recent stock price weakness.
⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CUMMINSIND | 1.34 L Cr | 56.7 | 36.6% | — | 0.00 |
| WELCORP | 72,223 | 31.3 | 27.3% | — | 0.24 |
| APLAPOLLO | 61,085 | 49.7 | 35.9% | — | 0.15 |
| INDOMIM | 60,675 | — | — | — | 0.39 |
| TIINDIA | 47,521 | 78.3 | 23.6% | — | 0.05 |
| KIRLOSENG | 31,117 | 57.0 | 13.7% | — | 1.47 |
| JYOTICNC | 23,775 | 73.9 | 18.5% | — | 0.42 |
| CARBORUNIV | 23,764 | 112.7 | 8.0% | — | 0.08 |
| GRINDWELL | 21,279 | 48.8 | 23.3% | — | 0.00 |
| RATNAMANI | 19,227 | 44.4 | 15.7% | — | 0.07 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Execution risk in PM-KUSUM 2.0: PMO clearance is pending, and delays could impact revenue targets and investor sentiment. 2. Margin pressure from raw material costs and lower realization (4%) remains a near-term headwind, with management only expecting recovery post-integration. 3. Monsoon delays could disrupt order book execution (₹1,000 crores B2G orders), affecting near-term revenue visibility. 4. Leadership transition in technology (CTO resignation) may introduce execution uncertainty, though Mr. Patidar’s continued role is reassuring.
📋 Recent Filings
- 🔴 Announcement2026-09-29Shakti Pumps (India) Ltd received a credit rating of IND AA-/Stable/IND A1+ from India Ratings & Research for its bank loan facilities totaling INR 21…
- Announcement2026-09-28Shakti Pumps (India) Ltd announced that its trading window will close on October 1, 2026, for all designated persons and their immediate relatives unt…
- 🔴 Insider Trading2026-09-16Shakti Future Trust, a promoter group entity, disclosed an open market purchase of 10,000 equity shares of Shakti Pumps (India) Ltd on September 16, 2…
- 🔴 Announcement2026-09-16Shakti Pumps (India) Limited announced it will attend the Anand Rathi Annual Flagship G200 Summit on September 21, 2026, from 10:00 AM to 5:00 PM in M…
- 🔴 Insider Trading2026-09-16Shakti Sons Trust, acting in concert with Dinesh Patidar, acquired 15,000 equity shares of Shakti Pumps (India) Ltd via open market purchase on Septem…
- 🔴 Corporate Action2026-09-14Shakti Pumps (India) announced on September 14, 2026, that it invested Rs. 11.00 crores in its wholly owned subsidiary Shakti Energy Solutions Limited…
- 🔴 Insider Trading2026-09-12Shakti Sons Trust disclosed on September 11, 2026, that it acquired 12,400 equity shares of Shakti Pumps (India) Ltd via open market purchase, increas…
- 🔴 Announcement2026-09-09Shakti Pumps (India) announced it received a letter of empanelment from Maharashtra State Electricity Distribution Company Limited to supply 10,000 of…
- 🔴 Insider Trading2026-09-08Shakti Brothers Trust, a promoter group entity, disclosed an open market purchase of 11,800 equity shares of Shakti Pumps (India) Ltd on September 8, …
- 🔴 Corporate Action2026-09-05Shakti Pumps announced on September 5, 2026 that it invested Rs. 11.00 crores in its wholly owned subsidiary Shakti Energy Solutions to establish a 2.…
🧠 Analyst's Read
Shakti Pumps is transitioning from a volume-driven solar pump manufacturer to an integrated renewable energy solutions provider with strong execution momentum, but near-term margin compression and execution risks in PM-KUSUM 2.0 and order book delivery require monitoring. The company’s strategic investments in backward integration and EV align with long-term growth, but investor sentiment may remain pressured until margin expansion materializes and regulatory clearances are secured.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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