Shakti Pumps Reports Record Q1 FY27 Revenue of ₹858.7 Crore; Solar Pump Installations Jump 58% YoY

What Happened ?

key details

Solar Pumps Business:

• Solar pump installations increased 57.6% YoY to 27,678 units, compared with 17,557 units in Q1 FY26.
• Solar pumps revenue grew 51.3% YoY to ₹685.1 crore from ₹452.7 crore.
• Growth was primarily driven by strong project execution across government solar irrigation programmes. 

Order Book Visibility:

The company maintained strong revenue visibility through a robust order pipeline.

Key highlights:

• Outstanding order book stood at approximately ₹1,000 crore (including GST) as on 22 July 2026.
• Major projects include:
  • Maharashtra (Magel Tyala Saur Urja Yojana): ₹522 crore
  • Karnataka Renewable Energy Development Limited: ₹235 crore
  • Madhya Pradesh Urja Vikas Nigam: ₹167 crore
  • Other domestic and export business: ₹55 crore. 

Export Business:

International operations continued to perform well despite geopolitical uncertainties.

• Export revenue stood at ₹82.9 crore during Q1 FY27.
• Dealer and distributor-led exports continued to gain traction across global markets. 

Emerging Businesses:

Shakti Pumps continued expanding beyond its traditional business.

Key developments:

• Retail/Cash Sales business generated ₹24 crore revenue.
• Solar Rooftop business contributed ₹8 crore revenue.
• The company expects to commission its 0.5 GW DCR Module manufacturing capacity by September 2027.
• Continued development of the EV motors and controllers business through its subsidiary. 

Strategic Investments:

The company strengthened its renewable energy manufacturing ecosystem.

Highlights include:

• Invested ₹10 crore during the period in Shakti Energy Solutions Limited for establishing a 2.2 GW integrated DCR Cell & Module manufacturing facility in Pithampur, Madhya Pradesh.
• Total investment in Shakti EV Mobility Private Limited increased to ₹70 crore to support expansion of EV motors and controllers manufacturing.

Working Capital & Receivables:

The receivables profile remained healthy.

Highlights include:

• 42% of receivables (₹760.5 crore) were not yet due.
• 31% were outstanding for less than 180 days.
• Only 12% were outstanding beyond 365 days, including retention amounts.

Management Commentary:

Chairman Dinesh Patidar stated that Shakti Pumps delivered another record quarter through strong execution and improving working capital. He highlighted healthy order visibility from PM-KUSUM 2.0 and state-led solar irrigation programmes while noting that EBITDA margins remained resilient despite higher input costs and lower realizations. Management also expects future growth to be supported by expanding manufacturing capacity, stronger execution, growth in rooftop solar, retail solar, exports and the company’s emerging EV and DCR module businesses. 

Note:

• Shakti Pumps continues to transition from a solar pump manufacturer into a broader clean energy platform.
• While near-term profitability remains sensitive to commodity prices and project realizations, its record revenue, healthy order book and investments across integrated solar manufacturing and EV mobility strengthen long-term growth visibility.

Risk Analysis

Summary:

• The company’s growth outlook remains favourable, although profitability could remain sensitive to input costs, execution timelines and government-led project implementation.

Key Risks:

• Elevated raw material prices may continue to pressure operating margins.
• Lower realizations on government orders could affect profitability.
• Revenue remains significantly dependent on execution of PM-KUSUM and state solar irrigation programmes.
• Delays in commissioning new manufacturing facilities could postpone expected capacity benefits.
• Geopolitical uncertainties may impact export markets and input costs. 

Worst Case:

• Prolonged commodity inflation, slower execution of government solar programmes or delays in new manufacturing projects could impact margin recovery and moderate future earnings growth.

Risk Level: Medium

Company Commentary

• Reported record Q1 revenue of ₹858.7 crore, the highest in the company’s history.
• Solar pump installations increased 57.6% YoY, while segment revenue grew 51.3% YoY.
• Maintained an order book of approximately ₹1,000 crore.
• Continued investments in 2.2 GW DCR Cell & Module manufacturing, 0.5 GW DCR module capacity, rooftop solar and EV mobility.
• Management remains optimistic about sustained growth supported by PM-KUSUM 2.0, state solar programmes, exports and expanding renewable energy businesses.