NSE: SHAKTIPUMP · BSE: 531431
SHAKTI PUMPS (I) LTD
Manufactures pumps, motors, solar pumping systems and related electrical equipment, with solar modules and cells added through backward integration. Q1 FY27 revenue of ₹859 cr was driven by 27,678 solar pump installations, with Indian sales flowing largely through state-led solar pump programs such as Magel Tyala and Karnataka. India accounts for 96.1% of FY26 segment revenue (₹2,688.93 cr, EBIT ₹403.64 cr) and overseas 3.9% (₹109.99 cr, EBIT ₹14.58 cr), with exports reaching 100 countries. The order book stood at ₹1,000 cr as of July 22, 2026, with an export order run rate of ₹100 cr/quarter and a separate ₹353.89 cr empanelment from Maharashtra State Electricity Distribution Co. for 15,000 off-grid solar pumping systems. Two solar module/cell projects are under construction with commissioning targeted in September 2026 (0.5 GW DCR module) and September 2027 (2.2 GW cell+module), backed by ₹1,500-1,700 cr of capex. Adjacency lines include solar rooftop (₹8 cr in Q1 FY27), C&I cash-and-retail (₹24 cr in Q1), and EV motors through subsidiary Shakti EV Mobility. Materials are the largest cost at 72.1% of revenue, with FY26 EBITDA margin at 16.55%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (96%), Overseas (4%). Asset-heavy manufacturer scaling up solar pump volumes and backward-integrating into solar cells and modules
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,179 | 968 | 1,371 | 2,516 | 2,698 |
| EBITDA (ex other income) | 110 | 67 | 225 | 603 | 422 |
| margin % | 9.4 | 6.9 | 16.4 | 24.0 | 15.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 258 |
| EPS, as reported (₹) | 35.26 | 13.13 | 76.91 | 33.97 | 21.02 |
| ROE % · ROCE % | 16.5 · 23.5 | 5.8 · 11.8 | 18.8 · 27.4 | 35.2 · 48.4 | 15.1 · 22.8 |
| Debt / equity (x) | 0.27 | 0.18 | 0.11 | 0.14 | 0.29 |
| Cash from operations | 17 | 39 | 54 | 20 | 124 |
| Capex | (21) | (23) | (21) | (108) | (163) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 635 | 649 | 665 | 623 | 666 | 551 | 858 | 859 |
| Profit before tax | 138 | 142 | 150 | 130 | 122 | 42 | 66 | 71 |
| Net profit | 101 | 104 | 110 | 97 | 91 | 32 | 38 | 52 |
| EPS (₹) | 50.62 | 8.66 | 9.17 | 8.05 | 7.35 | 2.57 | 3.11 | 4.18 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 2,689 | 96.1 |
| Overseas | 26 | 0.9 |
| Overseas Subsidiaries | 84 | 3.0 |
| Total, before eliminations | 2,799 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,28,219 | 54.2 | 15.13 | 42.1 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 27,699 | 50.7 | 7.75 | 22.2 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,291 | 36.2 | 7.30 | 24.2 | 19.3 | 24.3 | 15.5 | 15.9 |
| KIRLOSKAR BROTHERS LTD | 12,484 | 33.4 | 5.04 | 21.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| INGERSOLL-RAND INDIA LTD | 12,186 | 45.5 | 19.79 | — | 41.6 | 54.7 | — | 26.4 |
| KSB LIMITED | 11,345 | 46.2 | 6.68 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD ◆ | 4,481 | 21.1 | 2.63 | 10.1 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,228 | 42.2 | 2.79 | 17.5 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.1 | 42.2 | 4 of 15 | 79% |
| P/B | 2.6 | 4.7 | 2 of 15 | 93% |
| ROCE | 19.6 | 16.9 | 7 of 15 | 57% |
| ROE | 15.1 | 15.2 | 9 of 15 | 43% |
| Debt / Equity | 0.3 | 0.1 | 13 of 15 | 14% |
| EBITDA margin | 10.8 | 15.8 | 13 of 15 | 14% |
| Revenue growth | 37.9 | 17.9 | 2 of 15 | 93% |
| Profit growth | (46.7) | 11.1 | 14 of 15 | 7% |
| Market cap | 4481 | 4228 | 7 of 15 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Promoter group buys 14,000 shares, raising its stake to 3.99% | ownership changes | low | — | — |
| 27 Oct 2026 · Promoter group adds 13,000 Shakti Pumps shares | ownership changes | low | — | — |
| 26 Oct 2026 · Audio recording of September 2026 quarter and half-year earnings call | investor communications | low | — | — |
| 24 Oct 2026 · Shakti Pumps publishes September 2026 unaudited financial results | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 and H1 FY27: revenue growth with margin and cash-flow pressure | investor communications | medium | — | — |
| 23 Oct 2026 · H1 revenue rises 24.5%, but margins and profit after tax fall | results | high | — | — |
| 23 Oct 2026 · Half-year revenue rises 24%, but profit falls 52% and cash flow is negative | results | high | — | — |
| 23 Oct 2026 · Sept 2026 quarter sales rise, but profit and cash flow weaken sharply | results | high | — | — |
| 22 Oct 2026 · Shakti Pumps invests Rs 12 Cr in EV subsidiary Shakti EV Mobility | strategic transactions | medium | — | — |
| 17 Oct 2026 · Shakti Pumps Q2 FY27 earnings call on Oct 26, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.