Shakti Pumps (India) Limited has submitted Monitoring Agency Report issued by India Ratings & Research Private Limited, for the quarter ended March 31, 2026.
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Shakti Pumps filed its quarterly monitoring report for two QIPs: INR 2,000 Mn raised in March 2024 and INR 2,926 Mn raised in July 2025. For the first QIP, INR 956.50 Mn (47.8%) has been utilized out of INR 2,000 Mn, with INR 1,043.50 Mn parked in fixed deposits. Only 30.5% of the INR 1,500 Mn capex allocation has been deployed for the Pithampur facility expansion. Land acquisition remains incomplete with only 23.35 acres acquired out of 45.66 acres planned. Implementation is delayed with commissioning pushed from December 2025 to July 2026 and trial production deferred to August 2026. For the second QIP, INR 1,821.21 Mn (62.3%) has been utilized, primarily INR 1,147.64 Mn invested in subsidiary Shakti Energy Solutions for the 2.2 GW solar project. INR 1,104.79 Mn remains unutilized in FDs. The monitoring agency confirmed no deviation from stated objects but noted the 2024 QIP implementation is significantly behind schedule.
The company is deploying QIP funds slowly with major delays in the pump manufacturing expansion project. Investors should monitor whether the delayed deployment impacts revenue growth plans and whether the solar project stays on track given the aggressive capacity targets.