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SHAKTIPUMP · price
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Shakti Pumps reported highest-ever FY26 revenue of Rs. 26,976 Mn (up 7.2% YoY), driven by strong solar pump demand. Q4 FY26 revenue stood at Rs. 8,578 Mn. However, EBITDA margin contracted sharply to 15.6% in FY26 from 24.0% in FY25, impacted by lower realisation from the Magel Tyala Scheme, rising raw material costs, and higher logistics expenses due to geopolitical headwinds. PAT fell to Rs. 2,576 Mn (9.5% margin) vs Rs. 4,084 Mn (16.2%) in FY25. The company reduced receivables by over Rs. 4,200 Mn to Rs. 12,757 Mn and generated cash flow from operations of Rs. 1,241 Mn. The outstanding order book stands at a robust Rs. 15,000 Mn as of 7 May 2026, providing strong revenue visibility. Shakti is executing a Rs. 17,000 Mn capex plan including a 2.2 GW solar DCR cell facility (0.5 GW expected by Q1FY27) and EV motors/controllers capacity.
The margin compression is a concern — EBITDA and PAT fell nearly half — but the Rs. 15,000 Mn order book and improved working capital management (receivables cut by Rs. 4,200 Mn, cash profit of Rs. 1,241 Mn) offer near-term support. The large capex in solar DCR modules and EV segments signals long-term growth intent but will increase financial leverage.