Future growth expectations in sales/revenue/volumes?

Company targets a minimum revenue of Rs. 3,000 crores in FY26, up from Rs. 2,516 crores in FY25. Current order book visibility stands at Rs. 2,100 crores (Rs. 1,650 crores domestic + Rs. 500 crores export). Large market potential from KUSUM Yojana with states like Maharashtra and Madhya Pradesh planning to install 65 lakh pumps combined. Strong sales growth seen over past years; optimistic about maintaining upward trajectory. Expansion planned in multiple states including Maharashtra, Rajasthan, Haryana, UP, and Punjab. Export business expected to contribute about 17-20%, with revenues around

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

FY'25 revenue was Rs. 2,516 crores, with an 83.6% YoY growth; FY'26 minimum revenue target is Rs. 3,000 crores. EBITDA margin improved from 16.4% in FY'24 to 24% in FY'25; the company aims to maintain around 24% EBITDA margin. PAT margin improved to 16% in FY'25 from 10% in FY'24; EPS increased from Rs. 12.8 to Rs. 34. Management is confident about achieving the Rs. 3,000 crores minimum revenue target in FY'26, supported by strong order books and new state orders. Focus will be on profitable SKUs and states to maintain margins and bottom-line growth. Export revenue expected around Rs. 500 cror

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately Rs. 2,100 crores. - Rs. 1,650 crores of domestic orders currently on hand. - Rs. 500 crores expected from exports. The existing order book is expected to be executable over the next 6-7 months. The company has a minimum revenue target of Rs. 3,000 crores for FY26. New orders are expected from existing and new states including Maharashtra, Rajasthan, Haryana, UP, and Punjab. Large market potential with Maharashtra targeting 35 lakh pumps and Madhya Pradesh aiming for 30 lakh pumps under schemes like KUSUM. Order inflow is anticipated to continue st

Any current/future new fundraising through debt or equity?

A fundraising of Rs. 400 crores is currently under process as mentioned by Dinesh Patidar. No specific timeline is given, but the management will intimate once the fundraising is completed. The company has increased its debt limit from Rs. 1,000 crores to Rs. 2,000 crores. The increased credit line is to support government business guarantees, LC-based solar panel procurement, and working capital needs. No mention of fresh equity fundraising or IPO plans in the transcript.

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

Shakti Pumps is investing around Rs. 1,200 - 1,500 crores to set up its own solar cell manufacturing plant (2 Giga capacity) to reduce dependence on external suppliers and support KUSUM scheme demand. The solar cell plant is planned to ensure timely supply of DCR cells, with capacity to meet requirements for up to 10 lakh pumps and 10 Giga solar cells. The company has enhanced capacity for VFD from 1 lakh to 2 lakh structures. Capacity expansion projects for pumps and motors are ongoing, with no major delays; completion shifted marginally from March 2026 to June 2026. The company has tied up w

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Shakti Pumps (India) LtdQ1 FY25Industrial Products

Shakti Pumps (India) Ltd Q1 FY25 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

→Company targets a minimum revenue of Rs. 3,000 crores in FY26, up from Rs. 2,516 crores in FY25.
→Current order book visibility stands at Rs. 2,100 crores (Rs. 1,650 crores domestic + Rs. 500 crores export).
→Large market potential from KUSUM Yojana with states like Maharashtra and Madhya Pradesh planning to install 65 lakh pumps combined.
→Strong sales growth seen over past years; optimistic about maintaining upward trajectory.
→Expansion planned in multiple states including Maharashtra, Rajasthan, Haryana, UP, and Punjab.
→Export business expected to contribute about 17-20%, with revenues around Rs. 500 crores.
→Focus on profitable SKUs and states with timely payments to maintain EBITDA margins around 24%.
→Ongoing efforts to reduce receivable days further from 152 to targeted 120 days to support working capital.
→New segments like EV mobility to start contributing revenue from next quarter onwards.

Margin guidance

Category 3

→FY'25 revenue was Rs. 2,516 crores, with an 83.6% YoY growth; FY'26 minimum revenue target is Rs. 3,000 crores.
→EBITDA margin improved from 16.4% in FY'24 to 24% in FY'25; the company aims to maintain around 24% EBITDA margin.
→PAT margin improved to 16% in FY'25 from 10% in FY'24; EPS increased from Rs. 12.8 to Rs. 34.
→Management is confident about achieving the Rs. 3,000 crores minimum revenue target in FY'26, supported by strong order books and new state orders.
→Focus will be on profitable SKUs and states to maintain margins and bottom-line growth.
→Export revenue expected around Rs. 500 crores contributing approximately 17-20% to total revenue.
→Receivable days target is to reduce from 152 to 120 days to improve cash flows.
→Growth in EV segment expected to start contributing visibly from next quarter onwards.

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Fundraise plans

Yes

→A fundraising of Rs. 400 crores is currently under process as mentioned by Dinesh Patidar.
→No specific timeline is given, but the management will intimate once the fundraising is completed.
→The company has increased its debt limit from Rs. 1,000 crores to Rs. 2,000 crores.
→The increased credit line is to support government business guarantees, LC-based solar panel procurement, and working capital needs.
→No mention of fresh equity fundraising or IPO plans in the transcript.

Order book

Yes

→Current order book stands at approximately Rs. 2,100 crores.
→ - Rs. 1,650 crores of domestic orders currently on hand.
→ - Rs. 500 crores expected from exports.
→The existing order book is expected to be executable over the next 6-7 months.
→The company has a minimum revenue target of Rs. 3,000 crores for FY26.
→New orders are expected from existing and new states including Maharashtra, Rajasthan, Haryana, UP, and Punjab.
→Large market potential with Maharashtra targeting 35 lakh pumps and Madhya Pradesh aiming for 30 lakh pumps under schemes like KUSUM.
→Order inflow is anticipated to continue steadily as the company focuses on high-margin SKUs and states with timely payments.
→The management is confident of securing substantial additional orders in the coming year.

Capex plans

Yes

→Shakti Pumps is investing around Rs. 1,200 - 1,500 crores to set up its own solar cell manufacturing plant (2 Giga capacity) to reduce dependence on external suppliers and support KUSUM scheme demand.
→The solar cell plant is planned to ensure timely supply of DCR cells, with capacity to meet requirements for up to 10 lakh pumps and 10 Giga solar cells.
→The company has enhanced capacity for VFD from 1 lakh to 2 lakh structures.
→Capacity expansion projects for pumps and motors are ongoing, with no major delays; completion shifted marginally from March 2026 to June 2026.
→The company has tied up with ReNew and Adani for Rs. 1,300 crores worth of DCR cell-based solar modules, supplementing self-manufacturing.
→These strategic investments aim to sustain growth and meet forecasted minimum revenue target of Rs. 3,000 crores in FY26.

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