Shakti Pumps (India) Ltd(SHAKTIPUMP)

NSE: SHAKTIPUMPBSE: 531431

₹ 385.85-3.68%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,761 crWebsite: www.shaktipumps.comUpdated: 24 Oct 2026

About

Shakti Pumps (India) Limited manufactures solar-powered water pumping systems and electric pumps, supplying primarily to Indian state government schemes under PM-KUSUM and to export markets across 100+ countries. The company posted its highest-ever consolidated revenue of Rs. 2,697.61 crore in FY26, driven by solar pump installations of 86,086 units. India operations contributed 96.1% of FY26 segment revenue, with the Overseas segment at 3.9%.^[1][2]

Business segments

India segment: 96.1% of FY26 revenue (Rs. 2,688.93 crore), covering domestic solar pump installations, retail/cash sales, and solar rooftop; EBIT margin 15.0% in FY26.^[2]
Overseas segment: 3.9% of FY26 revenue (Rs 109.99 crore), with EBIT margin of 13.3% in FY26.^[2]
India segment share rose 9.3 percentage points over FY2019 - FY2026, while Overseas share fell 9.3 pp over the same window.^[2]

Products and services

Core product is off-grid solar photovoltaic water pumping systems (SPWPS) in 3 HP, 5 HP, and 7.5 HP ratings supplied under government tender schemes including PM-KUSUM.^[3]
Solar rooftop business offers an integrated inverter + structure + panel package under PM Surya Ghar Muft Bijli Yojana; rooftop revenue was Rs. 80 Mn in Q1FY27 vs Rs. 20 Mn in Q1FY26.^[4]
EV motors, controllers and chargers are in development; supplied to JBM and in validation trials with multiple other OEMs as of Q1FY27.^[4]
Variable frequency drives (VFDs) are produced at 4 lakh units per annum capacity, capable up to 100 kW, with expansion into industrial applications including data centres, cranes and lifts targeted.^[5]
Retail/cash domestic solar pump channel generated Rs. 240 Mn in Q1FY27 and Rs. 774 Mn in FY26, sold through 100+ exclusive outlets.^[4]

Operations and capacity

Pump and motor manufacturing capacity is currently 5 lakh units per annum; a new plant targeting 10 lakh p.a. is scheduled to come online in November 2026.^[4]
Capacity utilisation was 63% in Q1FY27 and approximately 70% in H1FY26.^[4]
Shakti Energy Solutions Limited (wholly owned subsidiary) is building a 2.20 GW DCR solar cell and PV module plant in Madhya Pradesh; it reported FY26 turnover of Rs. 239.11 Crores.^[6][7]
A 0.5 GW DCR PV module plant (phase 1 of the Pithampur project) is targeted for commissioning in September 2026; the company is currently buying 50 - 60 MW of modules per month externally.^[4]
Cumulative solar pumps installed by Shakti reached 2,57,624 units as of 30 June 2026.^[4]
The company has three foreign subsidiaries, in the USA, UAE and Bangladesh, as of FY26.^[8]

Key operating numbers

Solar pump installations: 27,678 units in Q1FY27 (+57.6% YoY from 17,557 units in Q1FY26); 86,086 units in FY26 (+20% YoY).^[4]
Average realisation per pump: Rs. 2,48,153 in Q1FY27.^[4]
Solar pumps revenue: Rs. 6,851 Mn in Q1FY27 (+51.3% YoY); Rs. 20,806 Mn in FY26 (+7% YoY).^[4]
Order book: Rs. 10,000 Mn as of 22 July 2026, down from Rs. 15,000 Mn as of 7 May 2026 and Rs. 21,000 Mn as of 13 February 2026, as orders were executed.^[4]
Export order inflow run-rate: approximately Rs. 100 crore per quarter in Q1FY27.^[4]
Trade receivables: Rs. 17,988 Mn in Q1FY27, up from Rs. 12,757 Mn at end of FY26.^[4]

Customers and distribution

Domestic revenue is concentrated in government solar pump tenders; largest order book lines as of July 2026 are Magel Tyala Maharashtra (Rs. 5,220 Mn) and Karnataka KREDL (Rs. 2,350 Mn).^[4]
Won a Rs. 112.18 crore contract from Maharashtra State Electricity Distribution Company Limited for 4,755 off-grid solar pump systems (3 HP, 5 HP, 7.5 HP) in October 2026.^[3]
Export revenue: Rs. 829 Mn in Q1FY27; Rs. 4,111 Mn in FY26 (vs Rs. 4,368 Mn in FY25). Middle East accounted for 41% of export mix in FY26.^[4]
Export markets include USA (largest single export market), Middle East, Africa, Haiti, Uganda, Bangladesh, and Nepal.^[5]
US import tariff on Indian pumps reduced from 50% to 18%, improving competitive position in that market.^[9]
Solar rooftop dealer network: 90+ dealers onboarded in Rajasthan, UP, Maharashtra and MP as of Q4FY26.^[10]

Expansion and capex

Total capex plan of Rs. 1,500 - 1,700 crore to be completed by September 2027; approximately Rs. 800 crore to be spent in FY27 and the balance in FY28.^[4]
Pump/motor capacity doubling (5 lakh to 10 lakh p.a.): new plant to come online November 2026.^[4]
0.5 GW DCR PV module plant at Pithampur: targeted September 2026 commissioning; will supply captive modules for solar pumps, rooftop and exports.^[4]
Full 2.2 GW DCR solar cell and PV module plant at Pithampur (Shakti Energy Solutions): targeted September 2027; expected to add approximately 3% to group EBITDA margin once operational.^[4]
EV motors facility: cumulative investment of Rs. 700 Mn of a planned Rs. 1,140 Mn as of Q1FY27.^[4]

Recent developments

12 Oct 2026: invested a further Rs. 10 crore in Shakti Energy Solutions for the greenfield 2.20 GW DCR cell and module plant in Madhya Pradesh, following a Rs. 10 crore infusion earlier in October 2026.^[7][6]
October 2026: received Letter of Award from Maharashtra MSEDCL for 4,755 solar pump systems worth Rs. 112.18 crore, with a 60-day execution window.^[3]
Chairman Dinesh Patidar re-appointed for 3 years from May 07, 2026, with proposed remuneration of Rs 21 crore p.a., up from Rs 15 crore in FY26 and Rs 9 crore in FY25.^[8]
MD Ramesh Patidar re-appointed for 3 years with proposed remuneration of Rs 2.20 crore p.a., including a Rs 55 lakh incentive.^[8]
Q1FY27: Uganda solar pump contract (USD 35.30 Mn) successfully executed; negotiations underway with other African countries for similar contracts.^[4]
PM-KUSUM 2.0 scheme was awaiting PMO clearance as of July 2026, with orders expected to begin flowing by end of Q2FY27.^[4]
Management updated revenue ambition to Rs. 5,000 crore by FY29, extended one year from the prior FY28 target stated in Q3FY26.^[4]

Market Cap

₹4,761 Cr

High / Low

₹834 / 380

Stock P/E

22.4

Price / Book

2.8

Book Value

₹138

EPS

₹20.9

No. of Shares

12.34 Cr

ROCE

23.6%

ROE

18.0%

OPM

15.4%

Debt / Equity

0.29

Sales

₹2,698 Cr

Net Profit

₹258 Cr

Promoter holding

50.4%

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Shakti Pumps (India) Ltd(SHAKTIPUMP)

About

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Products and services

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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