Shakti Pumps (India) Ltd

- The company targets a growth rate of 25% to 30% year-on-year in revenues and volumes. - This growth trajectory is planned at least till FY27-28, with quarterly updates providing further clarity. - Current order book stands at Rs. 2,400 crores, with new orders anticipated from states like Haryana, UP, and Rajasthan. - The Maharashtra government Letter of Empanelment for 50,000 pumps is expected to convert fully into orders within the next two quarters (Q4 FY24 and Q1 FY25). - Export business is expanding steadily with ongoing projects and new subsidiaries; exports have shown strong growth (e.g., 31% Y-o-Y in H1 FY24). - The company is building capacity and inventory to meet growing domestic (especially KUSUM scheme) and export demand, currently operating at 10% capacity utilization with a capacity of Rs. 2,500 crores per year.

- The company targets a growth of 25% to 30% year-on-year in revenues, maintaining this trajectory over the next several years. - Full conversion of the Rs. 1,600 crore Maharashtra Letter of Empanelment into orders, primarily impacting FY24 Q4 and FY25 Q1, with 50,000 pumps expected to be supplied. - EBITDA margin target is around 12% for the full year, reflecting stability in raw material and solar panel prices. - Export business growth and improved margins have contributed significantly to EBITDA expansion; gross margin improvements driven largely by export markets. - EV business projected revenue of Rs. 24-25 crore in FY24 with ongoing investments leading to longer-term potential growth. - No major capacity expansion planned until revenue approaches Rs. 2,500 crore, optimizing capital employed and CAPEX of Rs. 20-25 crore annually. - PAT for Q2 FY24 grew 200% Y-o-Y, indicating improving profitability momentum.

- Current order book stands at Rs. 2,400 crores, expected to increase further. - Maharashtra has sanctioned 1,80,000 pumps; 50,000 pumps order is confirmed for execution with 100% certainty. - Orders from Haryana and UP under KUSUM scheme have been executed. - Rajasthan orders have started but faced delays due to elections; execution to happen over this and next quarter. - Punjab and MP have not started orders yet. - Small orders are coming from Punjab, Chhattisgarh; some small orders keep coming from Chhattisgarh. - Ajmer order of Rs. 150 crores to be executed by end of next quarter. - Capacity utilization is currently low (~10%), total capacity is Rs. 2,500 crores. - The company targets growth of 25%-30% year-over-year with increasing order inflows.

- There are no major capacity expansions planned as the current capacity suffices up to Rs. 2,500 crores revenue. - Routine CAPEX is Rs. 20-25 crores annually, with slightly higher CAPEX expected this year due to EV segment growth. - The company has not indicated any plans for fresh fundraising through debt or equity in the near term. - Investments in the EV business are planned at around Rs. 250 crores, with Rs. 114 crores already board-approved. - No mention of new debt or equity issuance related to this EV investment or other business is provided.

- No major capacity expansion planned as current capacity sufficient up to Rs. 2,500 crores turnover. - Routine annual CAPEX of Rs. 20-25 crores continues; slightly higher this year due to EV segment growth. - EV business plant production expected to start in next 1.5 years with total planned investment of Rs. 250 crores. - Board has already approved Rs. 114 crores of EV investment; remaining to be focused on in coming time. - Expansion plans will be revisited when turnover approaches Rs. 2,500 crores. - Strategic focus on establishing EV motors and controllers manufacturing with gradual scaling in next 3-5 years.