We are submitting herewith Transcript of Earnings call held on Monday, May 11, 2026.
SHAKTIPUMP · price
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Shakti Pumps delivered its highest ever consolidated revenue of INR 2,698 crores in FY26, with Q4FY26 revenue at INR 858 crores. Solar pump installations grew 20% YoY to 86,086 units. However, EBITDA margins faced significant pressure due to lower Magel Tyala realizations (3-4% impact), raw material price increases (6-7% impact), and geopolitical disruptions. FY26 EBITDA margin was sustained at approximately 16%, down from peak margins of 24% seen in H1 FY26 and FY25. Working capital improved substantially with receivables reduced by over INR 420 crores in Q4 to INR 1,276 crores, generating INR 124 crores cash from operations. The order book stands at INR 1,500 crores. Management expects margins to improve once geopolitical tensions ease and raw material prices normalize, but declined to provide specific numeric guidance for FY27.
The stock shows record revenue but margin compression is a concern. Management's refusal to commit to specific margin recovery timelines may disappoint investors seeking clarity. The strong order book provides revenue visibility for two quarters, but near-term profitability remains under pressure from external factors.