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Shakti Pumps Q2 FY27 results: net profit down 57.5% to ₹38.51 crore, revenue up 12.0%
Shakti Pumps (India) Limited reported consolidated Q2 FY27 revenue of ₹746.03 crore, up 12.0% from Q2 FY26, while EBITDA fell to ₹64.03 crore and profit after tax declined to ₹38.51 crore. The company said lower realisations, higher raw-material costs and elevated logistics expenses affected profitability, and it is moving towards panel and cell manufacturing while awaiting clarity on PM-KUSUM 2.0.
Key points
- Consolidated Q2 FY27 revenue was ₹746.03 crore, up 12.0% from Q2 FY26, while EBITDA was ₹64.03 crore, down 52.9%.
- Profit after tax was ₹38.51 crore and basic EPS was ₹3.12, compared with ₹90.71 crore and ₹7.35 in Q2 FY26.
- EBITDA margin declined to 8.6% from 20.4% in Q2 FY26 and 9.6% in Q1 FY27.
- H1 FY27 revenue rose 24.5% to ₹1,604.7 crore, but PAT fell to ₹90.1 crore from ₹187.54 crore in H1 FY26.
- The stock fell 5.0% on the reaction day and was 6.8% lower than its pre-results close by the fifth session.
How did Shakti Pumps perform in Q2 FY27?
Consolidated Q2 FY27 revenue was ₹746.03 crore, up 12.0% from ₹666.35 crore in Q2 FY26, while total income rose 12.9% to ₹758.48 crore from ₹671.89 crore. EBITDA fell to ₹64.03 crore from ₹135.95 crore, and the EBITDA margin declined to 8.6% from 20.4%. PAT was ₹38.51 crore compared with ₹90.71 crore, while basic EPS was ₹3.12 compared with ₹7.35.
Against Q1 FY27, revenue fell 13.1% to ₹746.03 crore from ₹858.67 crore and total income fell 12.7% to ₹758.48 crore from ₹869.01 crore. EBITDA declined to ₹64.03 crore from ₹82.86 crore, with margin at 8.6% against 9.6%. PAT fell to ₹38.51 crore from ₹51.59 crore and basic EPS declined to ₹3.12 from ₹4.18. On a standalone basis, revenue was ₹683.33 crore and PAT was ₹31.03 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 746.03 | 858.67 | 666.35 | +12.0% | −13.1% |
| Other income | 12.45 | 10.34 | 5.54 | +124.7% | +20.4% |
| Total expenses | 708.95 | 797.96 | 550.37 | +28.8% | −11.2% |
| EBITDA | 64.03 | 82.86 | 135.95 | −52.9% | −22.7% |
| EBITDA margin | 8.6% | 9.6% | 20.4% | −11.8 pp | −1.0 pp |
| Profit before tax | 49.53 | 71.05 | 121.52 | −59.2% | −30.3% |
| Tax | 11.02 | 19.46 | 30.81 | −64.2% | −43.4% |
| Net profit | 38.51 | 51.59 | 90.71 | −57.5% | −25.4% |
| EPS (₹) | 3.12 | 4.18 | 7.35 | −57.6% | −25.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Shakti Pumps' costs and profit?
Total expenses rose to ₹708.95 crore from ₹550.37 crore in Q2 FY26, an increase of ₹158.58 crore. Cost of materials increased by ₹129.14 crore to ₹615.74 crore, employee cost by ₹4.98 crore to ₹39.27 crore, finance costs by ₹5.55 crore to ₹18.85 crore, depreciation by ₹1.43 crore to ₹8.10 crore and other expenses by ₹12.33 crore to ₹74.88 crore. There was no exceptional item in either quarter.
Other income increased by ₹6.91 crore to ₹12.45 crore from ₹5.54 crore, while tax fell by ₹19.79 crore to ₹11.02 crore from ₹30.81 crore. Despite those changes, PBT fell by ₹71.99 crore to ₹49.53 crore and PAT fell by ₹52.20 crore to ₹38.51 crore. The company attributed lower margins to lower realisations, higher raw-material costs and elevated logistics expenses amid geopolitical tensions.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 615.74 | 486.60 | +129.14 | +26.5% |
| Employee cost | 39.27 | 34.29 | +4.98 | +14.5% |
| Finance costs | 18.85 | 13.30 | +5.55 | +41.7% |
| Depreciation | 8.10 | 6.67 | +1.43 | +21.4% |
| Other expenses | 74.88 | 62.55 | +12.33 | +19.7% |
| Total expenses | 708.95 | 550.37 | +158.58 | +28.8% |
| Other income | 12.45 | 5.54 | +6.91 | +124.7% |
| Tax | 11.02 | 30.81 | −19.79 | −64.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 revenue rose 24.5% to ₹1,604.7 crore from ₹1,288.85 crore in H1 FY26, and total income increased 25.5% to ₹1,627.49 crore from ₹1,296.29 crore. PBT fell 52.0% to ₹120.58 crore from ₹251.18 crore, while PAT also fell 52.0% to ₹90.1 crore from ₹187.54 crore. Basic EPS declined to ₹7.3 from ₹15.4. The company reported H1 EBITDA of ₹1,469 million and an EBITDA margin of 9.2%, compared with ₹2,795 million and 21.7% in the presentation.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,605 | 1,289 | +24.5% |
| Profit before tax | 120.58 | 251.18 | −52.0% |
| Net profit | 90.10 | 187.54 | −52.0% |
| EPS (₹) | 7.30 | 15.40 | −52.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,446.17 crore against ₹3,048.38 crore on 31 March 2026, and total equity was ₹1,787.14 crore against ₹1,705.56 crore. Borrowings increased to ₹938.96 crore from ₹486.41 crore, while cash declined to ₹24.07 crore from ₹438.72 crore. Inventories were ₹479.3 crore against ₹456.07 crore, trade receivables ₹1,963.64 crore against ₹1,275.69 crore, and trade payables ₹474.6 crore against ₹652.84 crore.
H1 FY27 operating cash flow was negative ₹448.1 crore against negative ₹478.39 crore in H1 FY26. Investing cash flow was negative ₹73.63 crore against negative ₹51.19 crore, and financing cash flow was ₹427.79 crore against ₹718.5 crore. Capital expenditure was ₹103.5 crore against ₹28.81 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,446 | 3,048 |
| Total equity | 1,787 | 1,706 |
| Borrowings | 938.96 | 486.41 |
| Cash and equivalents | 24.07 | 438.72 |
| Inventories | 479.30 | 456.07 |
| Trade receivables | 1,964 | 1,276 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −448.10 | −478.39 |
| Cash from investing | −73.63 | −51.19 |
| Cash from financing | 427.79 | 718.50 |
| Capital expenditure | 103.50 | 28.81 |
Source: Company's results filing (XBRL).
How has Shakti Pumps done over the last 8 quarters?
Revenue has increased year on year in each of the last three quarters. Over the reported series, revenue peaked at ₹858.67 crore in Q1 FY27 and was ₹746.03 crore in Q2 FY27, lower from ₹857.77 crore in Q4 FY26. PAT peaked at ₹110.23 crore in Q4 FY25 and was ₹38.51 crore in Q2 FY27. The EBITDA margin peaked at 24.6% in Q4 FY25 and fell to 8.6% in Q2 FY27.
Which businesses drove the quarter?
The India segment reported Q2 FY27 revenue of ₹743.41 crore, up 11.9% from ₹664.15 crore in Q2 FY26, while EBIT was ₹55.55 crore against ₹129.56 crore. Its EBIT margin was 7.5%. Revenue from overseas subsidiaries rose 34.2% to ₹40.34 crore from ₹30.06 crore, and EBIT increased to ₹12.83 crore from ₹5.26 crore; the segment’s EBIT margin was 31.8%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| India | 743.41 | +11.9% | 55.55 | 7.5% |
| Overseas Subsidiaries | 40.34 | +34.2% | 12.83 | 31.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026, along with the limited review report. The same-day filings also included an earnings and operational update and an investor presentation. No dividend, fund-raising decision or appointment was disclosed in the same-day filings.
What did Shakti Pumps' management say?
Management said existing orders are expected to cover Q3 FY27, with Magel Tyala and anticipated PM-KUSUM orders supporting subsequent execution. It initially expected PM-KUSUM 2.0 clearance in the current quarter and execution in the following quarter, but later said the central launch date could not be predicted. No formal revenue or EBITDA-margin range was provided.
The chairman said, “It is difficult to comment on EBITDA until we have clarity on the price list and tender rates under KUSUM 2.0 and greater stability in market conditions.” He also said, “We expect margins to improve once our solar panel manufacturing commences, with further expansion as selling prices stabilize.” Risks included PM-KUSUM timing, tender rates, selling-price flexibility, raw-material prices, geopolitical and logistics disruption, and approvals for the panel plant.
How did Shakti Pumps shares react?
The filing appeared after market hours. From the price when the filing appeared, the stock fell 0.8% after five minutes, 1.7% after 15 minutes and 3.2% after 30 minutes. It closed the reaction day 5.0% below the previous close of ₹387.2. By the next day's close it was 5.5% lower from that pre-results close, and by the fifth session it was 6.8% lower.
The industry median was down 0.4% on the reaction day, up 0.1% by the next close and up 2.5% by the fifth session. Shakti Pumps underperformed the industry by 4.6 percentage points on the reaction day, 5.6 percentage points by the next close and 9.3 percentage points by the fifth session. Earlier results-day moves were negative on seven of the eight listed dates, including 4.3% on 24 July 2026 and 8.3% on 7 May 2026.
| After the filing | Stock | Compressors Pumps & Diesel Engines median |
|---|---|---|
| 5 minutes | −0.8% | |
| 15 minutes | −1.7% | |
| 30 minutes | −3.2% | |
| Reaction day | −5.0% | −0.4% |
| Next day | −5.5% | +0.1% |
| 5 days | −6.8% | +2.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | −4.3% |
| 7 May 2026 | −8.3% |
| 13 February 2026 | −11.8% |
| 7 November 2025 | −8.8% |
| 1 August 2025 | −7.9% |
| 9 May 2025 | −3.0% |
| 24 January 2025 | −5.4% |
| 25 October 2024 | +3.0% |
Source: MarketPing price-reaction measurement.
How did other Compressors Pumps & Diesel Engines companies do?
Six other Compressors Pumps & Diesel Engines companies had filed for the quarter as of 4 November 2026. Their median revenue growth was 21.6%; one peer grew more slowly than Shakti Pumps, while five grew faster than the company. Among the six peers, two reported higher profit.
| Shakti Pumps revenue growth (YoY) | +12.0% |
|---|---|
| Median of 6 other Compressors Pumps & Diesel Engines companies | +21.6% |
| Companies with slower revenue growth than Shakti Pumps | 1 of 6 |
| Companies with faster revenue growth than Shakti Pumps | 5 of 6 |
| Companies whose net profit rose | 2 of 6 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Shakti Pumps' revenue in Q2 FY27?
Revenue from operations was ₹746.03 crore, up 12.0% from ₹666.35 crore in Q2 FY26 (consolidated).
Did Shakti Pumps make a profit in Q2 FY27?
Yes. Net profit was ₹38.51 crore, against a net profit of ₹90.71 crore in Q2 FY26.
What was Shakti Pumps' EPS in Q2 FY27?
Basic earnings per share were ₹3.12, against ₹7.35 in Q2 FY26.
How did Shakti Pumps shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.0% from the previous close; the median Compressors Pumps & Diesel Engines stock moved −0.4%.
When did Shakti Pumps announce its Q2 FY27 results?
On 23 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Un-Audited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 17 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On October 23, 2026. (BSE, 23 October 2026) · PDF
- Un-Audited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 23 October 2026) · PDF
- Announcement Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 Regarding Earnings And Operational Update. (BSE, 23 October 2026) · PDF
- The earnings call (31 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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