Current/ Expected Orderbook/ Pending Orders?

Current order book stands at around INR 2,100 crores, sufficient for execution over the next two quarters. Some adjustments were made: Ajmer KUSUM C slow-moving project orders removed, UP orders reduced from INR 300 crores to INR 52 crores. New additions to the order book are expected in the coming quarters, with ongoing tenders in Maharashtra and other states. Execution paused temporarily on INR 200 crores worth of orders in Maharashtra last quarter due to payment delays but resumed with improved payment inflows. Karnataka orders represent about 37%-38% of the total order book; execut

Any current/future new fundraising through debt or equity?

Shakti Pumps plans to raise debt for new projects, including a significant term loan portion. For the solar plant investment of INR 1200 crores, the company is planning to borrow approximately INR 400-500 crores as debt. No explicit mention of equity fundraising was made. The working capital situation is expected to improve by March 2026, with funds being released from government sources. Interest cost may remain somewhat elevated due to new borrowings for projects but is managed. The company is focusing on balancing debt and maintaining a strong balance sheet while expanding capacity and back

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

Shakti Pumps is undertaking a major capex of approximately INR 1200 crores to install a solar plant. The solar plant's module capacity of 0.5 gigawatts is expected to be operational by Q1 FY 2027. The solar cell capacity of 2.2 gigawatts is anticipated to be ready in April 2027. Pump capacity expansion will be completed by August 2026. This backward integration via the solar plant aims to increase margins by about 3% and improve supply timings. The new solar plant will also reduce working capital requirements by about 50%, especially on LC-backed raw material procurement. The capex investment

Future growth expectations in sales/revenue/volumes?

The company targets a revenue of INR 5,000 crores by FY28 through capacity expansion, backward integration, diversification, and export growth. Both export and domestic retail businesses are growing above 25% and are expected to maintain this trajectory. The solar rooftop business is expanding its dealer network and, with the commissioning of the 500 MW DCR module capacity in Q1 FY27, is expected to contribute meaningfully. The pump division is currently operating at 60% capacity, with 40% additional capacity available to support growth. Execution momentum is expected to improve signif

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

Both export and domestic retail businesses are growing above 25% annually, expected to maintain this trajectory. Company targets INR5,000 crores revenue by FY28 through capacity expansion, backward integration, diversification, and export market growth. Export business reported 25% YoY growth with strong retail exports; expected to grow healthily supported by international trade agreements. Margin pressures exist due to raw material costs and product mix but company aims to improve margins with scale and higher HP pump sales. Interest cost expected to remain slightly elevated due to planned de

Shakti Pumps (India) LtdQ4 FY26

Shakti Pumps (India) Ltd Q4 FY26 Earnings Call Analysis

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

Price: ₹500P/E: 30.1Market Cap: ₹6.4K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets a revenue of INR 5,000 crores by FY28 through capacity expansion, backward integration, diversification, and export growth.
→Both export and domestic retail businesses are growing above 25% and are expected to maintain this trajectory.
→The solar rooftop business is expanding its dealer network and, with the commissioning of the 500 MW DCR module capacity in Q1 FY27, is expected to contribute meaningfully.
→The pump division is currently operating at 60% capacity, with 40% additional capacity available to support growth.
→Execution momentum is expected to improve significantly in Q4 FY26, potentially making it the highest revenue quarter ever.
→The new solar panel plant (capacity starting FY27) will serve as backward integration, improving margins and supporting export growth.
→EV business sales are expected to start picking up in the next year, following motor and controller product developments.

Margin guidance

Category 2

→Both export and domestic retail businesses are growing above 25% annually, expected to maintain this trajectory.
→Company targets INR5,000 crores revenue by FY28 through capacity expansion, backward integration, diversification, and export market growth.
→Export business reported 25% YoY growth with strong retail exports; expected to grow healthily supported by international trade agreements.
→Margin pressures exist due to raw material costs and product mix but company aims to improve margins with scale and higher HP pump sales.
→Interest cost expected to remain slightly elevated due to planned debt of INR400-500 crores for INR1,200 crores solar plant investment, operational by April 2027.
→Q4 FY26 forecasted as highest revenue quarter ever; full-year revenue guidance for FY26 expected to be met or approached.
→Focus on disciplined execution, strengthening balance sheet, and scalable growth across pump and solar rooftop businesses.

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Fundraise plans

Yes

→Shakti Pumps plans to raise debt for new projects, including a significant term loan portion.
→For the solar plant investment of INR 1200 crores, the company is planning to borrow approximately INR 400-500 crores as debt.
→No explicit mention of equity fundraising was made.
→The working capital situation is expected to improve by March 2026, with funds being released from government sources.
→Interest cost may remain somewhat elevated due to new borrowings for projects but is managed.
→The company is focusing on balancing debt and maintaining a strong balance sheet while expanding capacity and backward integration.

Order book

Yes

→Current order book stands at around INR 2,100 crores, sufficient for execution over the next two quarters.
→Some adjustments were made: Ajmer KUSUM C slow-moving project orders removed, UP orders reduced from INR 300 crores to INR 52 crores.
→New additions to the order book are expected in the coming quarters, with ongoing tenders in Maharashtra and other states.
→Execution paused temporarily on INR 200 crores worth of orders in Maharashtra last quarter due to payment delays but resumed with improved payment inflows.
→Karnataka orders represent about 37%-38% of the total order book; execution will continue cautiously based on payment clarity.
→The company has capacity to increase execution, currently operating at around 60% capacity; 40% capacity remains available.
→Upcoming tenders, including a Maharashtra tender for 100,000 pumps, may increase order inflow.

Capex plans

Yes

→Shakti Pumps is undertaking a major capex of approximately INR 1200 crores to install a solar plant.
→The solar plant's module capacity of 0.5 gigawatts is expected to be operational by Q1 FY 2027.
→The solar cell capacity of 2.2 gigawatts is anticipated to be ready in April 2027.
→Pump capacity expansion will be completed by August 2026.
→This backward integration via the solar plant aims to increase margins by about 3% and improve supply timings.
→The new solar plant will also reduce working capital requirements by about 50%, especially on LC-backed raw material procurement.
→The capex investment will be partly debt-funded with a planned term loan of INR 400-500 crores.
→Strategic guidance includes diversification into solar panels and electric vehicles (EV) alongside pumps.
→The company targets revenue of INR 5000 crores by FY 2028, supported by the capex and export expansion.

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