Any current/future capex/capital investment/strategic investment?

Shakti Pumps is planning a capex of INR 400 crores through a QIP aimed at installing a solar module manufacturing plant, specifically a 1.2 gigawatt wafer-to-cell plant to address DCR cell supply issues (Pages 12, 19). The solar cell plant is targeted to start operations in the next 2 to 2.5 years, reducing dependence on external suppliers and supporting future growth (Pages 16, 17). Internal expansions and debottlenecking exercises are ongoing to increase capacity, enabling revenue targets of INR 3,000-3,200 crores for FY26 with new capacity additions expected in FY27 (Page 14). The compan

Future growth expectations in sales/revenue/volumes?

Shakti Pumps is targeting a consistent growth of 25-30% year-on-year in revenue and volumes. The company plans to execute a 1.2 GW solar cell plant to reduce dependency on external suppliers and support growth. Current capacity utilization is about 62%, with internal expansions enabling INR 3,000-3,200 crores revenue in FY26; new capacity will come online in FY27. The order book stands robust at INR 2,000 crores with potential to increase further for sustained growth. Export business is growing strongly, contributing INR 312 crores in 9 months and showing better margins. Growth is backed by in

Future growth expectations in earnings/operating earnings/profits/EPS?

Shakti Pumps targets a consistent year-on-year growth of 25-30% going forward. For FY26, internal expansions and debottlenecking efforts aim to achieve revenues of INR 3,000-3,200 crores. The company expects to maintain or improve EBITDA margins around 24%, with potential fluctuations due to raw material and exchange rate volatility. PAT margins have expanded significantly and are expected to sustain around 16%-18%. EPS has grown substantially, with INR 8.7 per share in Q3 FY25 and INR 24.8 per share for 9M FY25, showing strong upward trajectory. Solar pump and EV segments, supported by increa

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately INR 2,070 crores as of Q3 FY25. Major portion of orders: INR 750 crores from Maharashtra government, INR 116 crores from Haryana government, and remaining from Rajasthan and Uttar Pradesh. Orders are executable within approximately three quarters (~INR 600 crores per quarter run rate). The company can take additional orders of around INR 2,000 crores beyond the current order book. Expected to maintain minimum 25% year-on-year growth in orders. Order book includes quarterly build-up of about INR 800 crores in new orders. New orders keep coming every qu

Any current/future new fundraising through debt or equity?

Shakti Pumps has planned a Qualified Institutional Placement (QIP) to raise INR 400 crores. The funds raised through QIP will primarily be used for installing a solar module manufacturing plant (solar cell plant with 1.2 GW capacity). Details regarding total capex and the mix of equity and debt for this funding are yet to be disclosed and will be communicated later. Currently, the company is debt-free with no term loans, and working capital utilization is moderate (around INR 200 crores). The company is focused on reducing dependency on external DCR cell suppliers by installing its own capacit

IN US

Sale is live|00:00:00left today

Shakti Pumps (India) LtdQ4 FY26Industrial Products

Shakti Pumps (India) Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹551P/E: 24.4Market Cap: ₹6.3K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Shakti Pumps is targeting a consistent growth of 25-30% year-on-year in revenue and volumes.
→The company plans to execute a 1.2 GW solar cell plant to reduce dependency on external suppliers and support growth.
→Current capacity utilization is about 62%, with internal expansions enabling INR 3,000-3,200 crores revenue in FY26; new capacity will come online in FY27.
→The order book stands robust at INR 2,000 crores with potential to increase further for sustained growth.
→Export business is growing strongly, contributing INR 312 crores in 9 months and showing better margins.
→Growth is backed by increasing domestic demand in solar pumps, government schemes, and future opportunities in electric motors and EV segments.
→The company aims to double business volume in the next 3 years despite current challenges in solar cell supply.

Margin guidance

Category 3

→Shakti Pumps targets a consistent year-on-year growth of 25-30% going forward.
→For FY26, internal expansions and debottlenecking efforts aim to achieve revenues of INR 3,000-3,200 crores.
→The company expects to maintain or improve EBITDA margins around 24%, with potential fluctuations due to raw material and exchange rate volatility.
→PAT margins have expanded significantly and are expected to sustain around 16%-18%.
→EPS has grown substantially, with INR 8.7 per share in Q3 FY25 and INR 24.8 per share for 9M FY25, showing strong upward trajectory.
→Solar pump and EV segments, supported by increasing capacity (like 1.2 GW solar plant), are key drivers.
→Export business is growing robustly, contributing better margins and supporting overall profitability.
→Management emphasizes focusing on sustainable margin expansion despite input price pressures and supply challenges.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→Shakti Pumps has planned a Qualified Institutional Placement (QIP) to raise INR 400 crores.
→The funds raised through QIP will primarily be used for installing a solar module manufacturing plant (solar cell plant with 1.2 GW capacity).
→Details regarding total capex and the mix of equity and debt for this funding are yet to be disclosed and will be communicated later.
→Currently, the company is debt-free with no term loans, and working capital utilization is moderate (around INR 200 crores).
→The company is focused on reducing dependency on external DCR cell suppliers by installing its own capacity to support growth and mitigate supply chain risks.

Order book

Yes

→Current order book stands at approximately INR 2,070 crores as of Q3 FY25.
→Major portion of orders: INR 750 crores from Maharashtra government, INR 116 crores from Haryana government, and remaining from Rajasthan and Uttar Pradesh.
→Orders are executable within approximately three quarters (~INR 600 crores per quarter run rate).
→The company can take additional orders of around INR 2,000 crores beyond the current order book.
→Expected to maintain minimum 25% year-on-year growth in orders.
→Order book includes quarterly build-up of about INR 800 crores in new orders.
→New orders keep coming every quarter, and capacity tie-ups with DCR cell manufacturers support execution.
→The company is confident about order growth to INR 3,000 to 3,500 crores in the coming periods with no issues in execution or payments.

Capex plans

Yes

→Shakti Pumps is planning a capex of INR 400 crores through a QIP aimed at installing a solar module manufacturing plant, specifically a 1.2 gigawatt wafer-to-cell plant to address DCR cell supply issues (Pages 12, 19).
→The solar cell plant is targeted to start operations in the next 2 to 2.5 years, reducing dependence on external suppliers and supporting future growth (Pages 16, 17).
→Internal expansions and debottlenecking exercises are ongoing to increase capacity, enabling revenue targets of INR 3,000-3,200 crores for FY26 with new capacity additions expected in FY27 (Page 14).
→The company is actively partnering with new and upcoming DCR cell manufacturers for better supply chain control and to sustain 25-30% growth rates (Pages 11, 18).

How does Shakti Pumps (India) Ltd rank vs peers in Industrial Products?

Pro feature

1Shakti Pumps (India) Ltd

Rev 2Mar 3

See full Industrial Products sector rankings

Want more stocks like Shakti Pumps (India) Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio