We are submitting herewith Monitoring Agency Report issued by India Ratings & Research Private Limited for the quarter ended March 31, 2026
SHAKTIPUMP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research has submitted the monitoring agency report for two QIPs of Shakti Pumps India. The first QIP (INR 2,000 Mn raised in March 2024) has deployed only INR 956.50 Mn (~48%) with INR 1,043.50 Mn unutilized. The capacity expansion project at Pithampur is delayed by about 5 months - only 23.35 acres of planned 45.66 acres land acquired, and plant commissioning now expected by July 2026 instead of December 2025. The second QIP (INR 2,926 Mn raised in July 2025) has deployed INR 1,821.21 Mn (~62%) with INR 1,104.79 Mn unutilized for the 2.2 GW solar module project. The monitoring agency confirms no deviation from stated objects but notes delays in implementation. Unutilized funds are parked in fixed deposits with Federal Bank, ICICI Bank, and IndusInd Bank earning 2.75% to 7.25% interest. Related party transactions include INR 41.39 Mn to Vintex Tools (Promoter Group) and INR 16.81 Mn to Shakti Construction.
The significant slow deployment of QIP funds, particularly in the first QIP with only 30% capacity expansion spend after 2 years, may concern investors about execution capability. However, funds are safely parked in FDs and no object deviations were found, which is a positive signal.