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Shakti Pumps Q3 FY26: Strategic Pause in Execution; Strong INR 2,100 Cr Order Book Maintained
Shakti Pumps reported a deliberate moderation in Q3 FY26 execution, pausing approximately INR 200 crores in orders to manage receivables and protect the balance sheet. While this led to lower revenue and margin pressure, the company maintains a robust order book of INR 2,100 crores and saw 25% Y-o-Y growth in its export business for 9M FY26. Management anticipates Q4 FY26 to be its highest revenue quarter ever as payments from Maharashtra have resumed following fund releases from the Asian Infrastructure Investment Bank. Expansion plans for a 500 MW solar module plant remain on track for Q1 FY27.
Key Highlights
Intentionally paused execution of ~INR 200 crores in orders to prioritize cash flow and working capital discipline.
Maintains a diversified and strong order book of INR 2,100 crores across multiple Indian states.
Export revenue reached INR 307 crores in 9M FY26, representing a healthy 25% Y-o-Y growth.
Incurred a one-time manpower cost of INR 4.4 crores due to new Labor Code implementation.
Management expects Q4 FY26 to be the highest revenue quarter in the company's history.
💼 Action for Investors
Investors should monitor Q4 FY26 results to confirm the expected revenue surge and margin recovery as execution in Maharashtra resumes. The company's focus on balance sheet discipline despite short-term growth hits suggests a prudent long-term management approach.
Shakti Pumps Q3 FY26: Revenue and Margins Dip Amid Strategic Execution Slowdown
Shakti Pumps reported a decline in Q3 FY26 performance, with revenue falling to ₹5,510 Mn and EBITDA margins contracting to 10.7% from 23.8% YoY. The management intentionally paused execution of orders worth ₹2,000 Mn in Maharashtra to address high receivable levels and maintain balance sheet health. Despite the quarterly dip, the company maintains a robust order book of ₹21,000 Mn and expects Q4 FY26 to be its highest-ever revenue quarter. Profitability was also impacted by a ₹44 Mn one-time labor code cost and rising raw material prices.
Key Highlights
Q3 FY26 revenue decreased to ₹5,510 Mn from ₹6,488 Mn YoY, while PAT dropped to ₹317 Mn.
EBITDA margins compressed to 10.7% due to lower realizations, higher input costs, and a ₹44 Mn one-time labor cost.
The company holds a strong outstanding order book of ₹21,000 Mn as of February 13, 2026.
Management deliberately paused ₹2,000 Mn in order execution to manage receivables, which stood at ₹16,970 Mn.
Resumed execution in Maharashtra following fund releases from AIIB and the state government.
💼 Action for Investors
Investors should monitor the recovery in Q4 and the management's ability to convert the ₹21,000 Mn order book into revenue while improving margins. The strategic focus on working capital over growth is prudent, but the sharp margin contraction requires close observation.
Shakti Pumps Q3 PAT Drops 69.5% to Rs 317 Mn; Order Book Robust at Rs 21,000 Mn
Shakti Pumps reported a weak Q3 FY26 with revenue declining 15% YoY to Rs 5,510 Mn and PAT falling 69.5% to Rs 317 Mn. The performance was impacted by a strategic decision to pause execution of orders worth Rs 2,000 Mn to manage high receivable levels and prioritize balance sheet health. EBITDA margins contracted significantly to 10.7% from 23.8% due to lower realizations, rising input costs, and a one-time labor code impact of Rs 44 Mn. However, the company maintains a strong order book of Rs 21,000 Mn and expects Q4 FY26 to be its highest revenue quarter ever.
Key Highlights
Revenue from operations fell 15% YoY to Rs 5,510 Mn in Q3 FY26.
EBITDA margins dropped to 10.7% from 23.8% YoY due to 2% higher raw material costs and lower realizations.
Order book remains strong at Rs 21,000 Mn, including a major new order from Karnataka worth Rs 6,540 Mn.
Export retail business showed resilience with 25%+ YoY growth in 9M FY26 reaching Rs 2,520 Mn.
Management paused Rs 2,000 Mn in order execution to stabilize receivables, which remained stable sequentially.
💼 Action for Investors
Investors should watch for the promised execution ramp-up in Q4 FY26 and the stabilization of margins as input cost pressures ease. While the short-term earnings are weak, the robust order book and focus on working capital discipline provide a positive medium-term outlook.
Shakti Pumps Q3 PAT Drops 69.5% YoY to ₹31.7 Cr; Revenue Declines 15%
Shakti Pumps (India) Limited reported a weak performance for the quarter ended December 31, 2025, with consolidated revenue from operations declining 15.1% YoY to ₹550.99 crore. Net profit (PAT) saw a sharp contraction of 69.5% YoY, falling to ₹31.70 crore from ₹104.05 crore in the previous year's corresponding quarter. Profitability was significantly impacted on a sequential basis as well, with PAT dropping 65% from ₹90.71 crore in Q2 FY26. The company also announced the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
Key Highlights
Consolidated Revenue from operations decreased to ₹550.99 crore in Q3 FY26 from ₹648.77 crore in Q3 FY25.
Net Profit (PAT) plummeted 69.5% YoY to ₹31.70 crore compared to ₹104.05 crore in the same period last year.
Profit Before Tax (PBT) stood at ₹41.76 crore, a 70.5% decline from ₹141.55 crore YoY.
Earnings Per Share (EPS) for the quarter fell to ₹2.57 from ₹8.66 in the year-ago quarter.
Board approved the appointment of Mrs. Bela Bharatendu Jani as an Additional cum Non-Executive Woman Independent Director.
💼 Action for Investors
The significant drop in both top-line and bottom-line performance is concerning; investors should monitor management's commentary regarding margin pressures and the status of the order pipeline.
Shakti Pumps Q3 Net Profit Plummets 69.5% YoY to ₹31.7 Cr; Revenue Down 15%
Shakti Pumps (India) Limited reported a weak financial performance for the quarter ended December 31, 2025. Consolidated revenue from operations fell 15% YoY to ₹550.99 crore, while net profit saw a sharp decline of 69.5% YoY to ₹31.70 crore. On a sequential basis, the performance was also disappointing, with revenue and profit dropping by 17.3% and 65% respectively compared to Q2 FY26. Additionally, the board approved the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
Key Highlights
Consolidated Revenue from Operations fell 15% YoY to ₹550.99 crore in Q3 FY26.
Net Profit (PAT) declined sharply by 69.5% YoY to ₹31.70 crore from ₹104.05 crore.
Profit Before Tax (PBT) dropped 70.5% YoY to ₹41.76 crore.
9M FY26 Net Profit stands at ₹219.25 crore, down 26.5% from ₹298.14 crore in 9M FY25.
Basic EPS for the quarter fell to ₹2.57 compared to ₹8.66 in the corresponding quarter of the previous year.
💼 Action for Investors
The significant drop in both revenue and profitability indicates operational challenges or a cyclical slowdown in order execution. Investors should exercise caution and wait for management's explanation regarding margin compression and the status of the PM-KUSUM order pipeline.
Shakti Pumps ESG Score Improves to 67.6 for FY 2024-25
Shakti Pumps (India) Limited has seen a notable improvement in its ESG (Environmental, Social, and Governance) rating as per a new report from SES ESG Research. The company's overall ESG score increased to 67.6 for FY 2024-25, up from 60.7 in FY 2023-24. This rating was independently conducted by the SEBI-registered provider using publicly available information without company engagement. Such improvements in ESG metrics are increasingly vital for attracting institutional investors and ESG-focused funds.
Key Highlights
Overall ESG score increased by 6.9 points to reach 67.6 for FY 2024-25.
Previous fiscal year (FY 2023-24) ESG score stood at 60.7.
Rating issued by SES ESG Research Private Limited, a SEBI-registered ESG Rating Provider.
The report was prepared independently using publicly available information without company commission.
💼 Action for Investors
Investors should view this as a positive indicator of the company's improving governance and sustainability standards. While not a direct financial metric, higher ESG scores often lead to better institutional participation and lower cost of capital over the long term.
Shakti Pumps Invests ₹75 Cr in Subsidiary for 2.20 GW Solar Cell & Module Plant
Shakti Pumps (India) Limited has announced an investment of ₹75 crores in its wholly-owned subsidiary, Shakti Energy Solutions Limited (SESL). The funds are earmarked for establishing a greenfield manufacturing facility for high-efficiency Solar DCR cells and Solar PV modules in Pithampur, Madhya Pradesh. This new plant is designed with a significant production capacity of 2.20 GW, representing a major scale-up in the company's solar manufacturing capabilities. SESL has demonstrated robust growth, with its turnover rising from ₹99.15 crores in FY23 to ₹216.53 crores in FY25.
Key Highlights
Investment of ₹75.00 crores into wholly-owned subsidiary Shakti Energy Solutions Limited.
Establishment of a 2.20 GW greenfield Solar DCR cell and Solar PV modules manufacturing plant.
Subsidiary turnover grew from ₹99.15 Cr in FY23 to ₹216.53 Cr in FY25, showing strong momentum.
Strategic expansion into upstream solar component manufacturing to support the core pump business.
💼 Action for Investors
Investors should view this as a significant growth move that enhances vertical integration within the solar value chain. Monitor the project's commissioning timeline and its impact on the company's consolidated margins.
Shakti Pumps Secures Maiden Karnataka Order Worth Rs 654.02 Cr for 16,780 Solar Pumps
Shakti Pumps has secured its first-ever order from Karnataka for the installation of 16,780 solar water pumping systems valued at Rs 654.02 crore. This win marks the company's strategic entry into the Southern Indian market under the PM KUSUM B Scheme. Over the past month, the company has aggressively expanded its order book, securing cumulative orders worth approximately Rs 1,900 crore across multiple states including MP, Jharkhand, and Maharashtra. This strong order inflow provides high revenue visibility for the upcoming quarters and reinforces its leadership in the solar pump segment.
Key Highlights
Received maiden order from Karnataka Renewable Energy Development Limited worth Rs 654.02 crore.
Order involves the installation of 16,780 Solar Photovoltaic Water Pumping Systems (SPWPS).
Cumulative orders won in the last month across various states total approximately Rs 1,900 crore.
Strategic entry into the Southern region, significantly expanding the company's geographical footprint.
💼 Action for Investors
Investors should view this as a strong growth signal given the massive order book expansion and entry into new markets. Monitor the execution timelines and margin sustainability as these large-scale government projects roll out.
Shakti Pumps Wins Maiden Karnataka Order Worth Rs 654.02 Cr for 16,780 Solar Pumps
Shakti Pumps has secured its first-ever order from Karnataka for the installation of 16,780 solar water pumping systems valued at Rs 654.02 crores. This order, awarded under the PM KUSUM B scheme, signifies the company's strategic entry into the Southern Indian market. Over the past month, the company has aggressively expanded its order book, accumulating total wins worth approximately Rs 1,900 crores across multiple states including Maharashtra and Haryana. This strong momentum reinforces Shakti Pumps' leadership in the solar pump segment and provides high revenue visibility for the upcoming quarters.
Key Highlights
Maiden order from Karnataka for 16,780 Solar Photovoltaic Water Pumping Systems
Order value of Rs 654.02 Crores (inclusive of GST) from Karnataka Renewable Energy Development Limited
Cumulative order wins across various states reached Rs 1,900 Crores in the last 30 days
Strategic entry into the Southern Indian market, expanding geographical footprint
Orders awarded under the PM KUSUM B Scheme and state solar agriculture initiatives
💼 Action for Investors
The significant order book addition provides strong revenue visibility; investors should monitor execution efficiency and quarterly margin trends as these projects are implemented.
Shakti Pumps Bags Rs 654 Crore Order for 16,780 Solar Pumps in Karnataka
Shakti Pumps (India) Limited has secured a major contract worth Rs. 654.03 Crores from Karnataka Renewable Energy Development Limited. The order involves the design, supply, and commissioning of 16,780 solar water pumping systems under the PM-KUSUM scheme. This project is scheduled for completion by March 31, 2026, providing strong revenue visibility for the next several quarters. This win further solidifies the company's leadership in the domestic solar pump market.
Key Highlights
Total order value of Rs. 654.03 Crores inclusive of GST (Rs. 600.58 Crores excluding GST)
Contract for 16,780 Stand-alone Off-Grid DC Solar Photovoltaic Water Pumping Systems
Awarded by Karnataka Renewable Energy Development Limited under Component-B of PM-KUSUM scheme
Execution timeline set for completion on or before March 31, 2026
💼 Action for Investors
Investors should view this as a significant boost to the order book, ensuring steady revenue growth through FY26. Monitor the company's execution efficiency and operating margins on these large-scale government contracts.
Shakti Pumps Invests ₹3 Cr in Subsidiary for 2.20 GW Solar Cell & Module Plant
Shakti Pumps (India) Limited has announced a ₹3 Crore investment in its wholly-owned subsidiary, Shakti Energy Solutions Limited (SESL). This capital is earmarked for setting up a greenfield manufacturing plant for Solar DCR cells and Solar PV modules with a significant 2.20 GW capacity in Pithampur, Madhya Pradesh. SESL has demonstrated robust financial performance, with turnover rising from ₹99.15 Crores in FY23 to ₹216.53 Crores in FY25. This expansion signifies the company's aggressive push into the solar energy infrastructure segment and backward integration.
Key Highlights
Investment of ₹3 Crores into wholly-owned subsidiary Shakti Energy Solutions Limited.
Setting up a 2.20 GW capacity greenfield Solar DCR cell and Solar PV module plant.
Subsidiary turnover increased by 118% over two years, reaching ₹216.53 Crores in FY25.
The new manufacturing facility will be located in Pithampur, Madhya Pradesh.
The investment is aimed at expanding from solar structures into high-efficiency solar cell and module manufacturing.
💼 Action for Investors
This expansion into solar cell manufacturing strengthens the company's vertical integration and long-term growth prospects in the renewable energy sector. Investors should monitor the execution timeline of the 2.20 GW facility and its impact on consolidated margins.
Shakti Pumps Bags Rs 23.54 Crore Order for 792 Solar Pumps from HAREDA
Shakti Pumps (India) Limited has secured a work order from the Haryana Renewable Energy Department (HAREDA) for 792 Solar Water Pumping Systems. The contract is valued at approximately Rs. 23.54 Crores (inclusive of GST) and falls under Component-B of the PM-KUSUM scheme. The company is required to execute the entire order within a short timeframe of 90 days. This win reinforces Shakti Pumps' strong market position in the government-backed solar irrigation sector.
Key Highlights
Received work order for 792 Solar Water Pumping Systems (SWPS) from HAREDA.
Total order value is Rs. 23.54 Crores inclusive of GST (Rs. 21.62 Crores excluding GST).
Execution timeline is set for 90 days, ensuring quick revenue recognition.
Order is part of the PM-KUSUM scheme, highlighting continued government project flow.
💼 Action for Investors
Investors should view this as a positive development that adds to the company's order book and revenue visibility. The short execution cycle is particularly beneficial for the upcoming quarterly financials.
Shakti Pumps Wins Rs 67.32 Cr Order for 1,952 Solar Pumps under PM-KUSUM Scheme
Shakti Pumps (India) Limited has secured a significant work order worth Rs 67.32 crore from Madhya Pradesh Urja Vikas Nigam Limited. The contract involves the supply and installation of 1,952 stand-alone off-grid solar water pumping systems across Madhya Pradesh. This order is part of the government's PM-KUSUM scheme, and the company is required to execute the project within a short timeframe of 120 days. This win enhances the company's revenue visibility and reinforces its strong position in the domestic solar pump market.
Key Highlights
Total order value is Rs 67.32 Crores inclusive of GST (Base value of Rs 61.82 Crores).
Contract for 1,952 Stand-alone Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS).
Execution timeline is set for 120 days, ensuring rapid revenue recognition.
Order awarded by Madhya Pradesh Urja Vikas Nigam Limited under Component-B of the PM-KUSUM scheme.
💼 Action for Investors
Investors should view this as a positive growth indicator for the company's order book and top-line performance. Monitor the company's ability to execute within the 120-day window to maintain operational efficiency.
Shakti Pumps Bags Rs 170.25 Crore Order for Solar Pumps in Madhya Pradesh
Shakti Pumps (India) Limited has secured a new work order from Madhya Pradesh Urja Vikas Nigam Limited for 4,840 solar water pumping systems. The total contract value is approximately Rs 170.25 Crores inclusive of GST, with a base value of Rs 156.34 Crores. This order falls under Component-B of the PM-KUSUM scheme and is domestic in nature. The project has a strict execution timeline of 120 days, providing strong revenue visibility for the upcoming quarters.
Key Highlights
Total order value of Rs 170.25 Crores including GST for 4,840 solar pumps
Awarded by Madhya Pradesh Urja Vikas Nigam Limited under the PM-KUSUM scheme
Execution timeline is set for within 120 days, indicating rapid revenue recognition
Base commercial consideration excluding GST is Rs 156.34 Crores
Order involves design, manufacture, supply, installation, and commissioning of off-grid DC solar pumps
💼 Action for Investors
Investors should monitor the company's execution progress over the next four months as this order contributes significantly to short-term top-line growth. The win reinforces Shakti Pumps' leadership in the government-backed solar irrigation segment.
Shakti Pumps Wins Rs 21 Crore Order for 1,000 Solar Pumps in Jharkhand
Shakti Pumps (India) Limited has secured a work order from the Jharkhand Renewable Energy Development Agency (JREDA) for 1,000 stand-alone off-grid solar water pumping systems. The total order value is approximately Rs 21.00 Crores (inclusive of GST) and falls under Component-B of the PM-KUSUM scheme. This marks the company's third order from the state of Jharkhand, showcasing its strong regional presence and execution capability. The project is expected to be completed within 120 days from the issuance of the Notice to Proceed.
Key Highlights
Total order value of Rs 21.00 Crores inclusive of GST (Rs 19.29 Crores base value)
Contract for 1,000 stand-alone off-grid solar photovoltaic water pumping systems (SPWPS)
Awarded by Jharkhand Renewable Energy Development Agency under PM-KUSUM Component-B
Execution timeline of 120 days from the date of Notice to Proceed (NTP)
Represents the third order received by the company from the state of Jharkhand
💼 Action for Investors
Investors should view this as a positive development that adds to the company's robust order book under the PM-KUSUM scheme. While the order size is relatively small compared to recent large wins, it confirms the company's competitive edge in the solar pump market.
Shakti Pumps Secures Rs. 65.20 Crore Solar Pump Order Under PM-KUSUM Scheme
Shakti Pumps (India) Limited has bagged a significant work order from Madhya Pradesh Urja Vikas Nigam Limited for the supply and installation of 1,897 solar water pumping systems. The contract, valued at Rs. 65.20 crore (inclusive of GST), is part of the government's PM-KUSUM scheme (Component-B). The project has a strict execution timeline of 120 days, providing strong revenue visibility for the upcoming quarters. This win further consolidates the company's leadership in the domestic solar pump market.
Key Highlights
Order for 1,897 Stand-alone Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS).
Total contract value is Rs. 65.20 Crores inclusive of GST (Rs. 59.88 Crores excluding GST).
Awarded by Madhya Pradesh Urja Vikas Nigam Limited under the PM-KUSUM scheme.
Execution period is 120 days for design, manufacture, supply, and commissioning.
💼 Action for Investors
Investors should view this as a positive development that strengthens the order book; focus on the company's execution capability within the 120-day window.
Shakti Pumps Secures Rs 356.77 Cr Order from MSEDCL; Total Recent Wins Reach Rs 900 Cr
Shakti Pumps has received a Letter of Award for 12,883 solar water pumping systems from MSEDCL valued at Rs 356.77 Crores. This latest win contributes to a massive order inflow of approximately Rs 900 Crores over the last 15 days, including contracts from Maharashtra, Madhya Pradesh, and Jharkhand. The company recently demonstrated its execution capability by installing 8,846 systems in a single month, contributing to a Guinness World Record. These developments provide strong revenue visibility and solidify the company's leadership in the PM KUSUM scheme segment.
Key Highlights
Awarded contract for 12,883 Solar Photovoltaic Water Pumping Systems valued at Rs 356.77 Crores.
Cumulative order wins in the last 15 days total approximately Rs 900 Crores.
Includes a previous recent order from MSEDCL for 16,025 systems worth Rs 443.78 Crores.
Demonstrated high execution capacity with 8,846 installations completed in a single month.
Strong demand visibility established through multiple state-level tenders under PM KUSUM B.
💼 Action for Investors
Investors should note the significant boost in order book which provides clear revenue visibility for the upcoming quarters. The company's ability to secure and execute large-scale government contracts positions it well for growth in the renewable energy irrigation sector.
Shakti Pumps Bags Rs 356.77 Crore Order for 12,883 Solar Pumps in Maharashtra
Shakti Pumps (India) Limited has secured a significant contract from Maharashtra State Electricity Distribution Company Limited for 12,883 solar water pumping systems. The total order value is approximately Rs. 356.77 Crores (inclusive of GST), awarded under the PM Kusum B Scheme. The project requires the company to design, manufacture, and install pumps across Maharashtra within a very short execution window of 60 days. This win strengthens the company's leadership in the solar pump market and provides strong revenue visibility for the near term.
Key Highlights
Total order value of Rs. 356.77 Crores for 12,883 Off-Grid DC Solar Photovoltaic Water Pumping Systems.
Awarded by Maharashtra State Electricity Distribution Company Limited under the PM Kusum B Scheme.
Aggressive execution timeline of 60 days from the issuance of the work order.
The order includes various pump capacities including 3 HP, 5 HP, and 7.5 HP units.
The base value of the contract excluding GST is Rs. 327.62 Crores.
💼 Action for Investors
Investors should view this as a strong positive development that validates the company's execution capabilities and market position. Monitor the company's quarterly results for the impact of this rapid 60-day execution cycle on the top line.
Shakti Pumps Receives ₹23.98 Crore Order from Jharkhand
Shakti Pumps has secured its second order from the state of Jharkhand, awarded by the Jharkhand Renewable Energy Development Agency. The order involves 1,200 Solar Water Pumping Systems (SWPS) under the PM-KUSUM scheme. The total order value is approximately ₹23.98 Crores, inclusive of GST. This order is expected to be completed within 120 days from the date of Notice to Proceed/Work Order.
Key Highlights
Received order for 1,200 Solar Water Pumping Systems
Order value is approximately ₹23.98 Crores (inclusive of GST)
Order received from Jharkhand Renewable Energy Development Agency
Project under Component-B of PM-KUSUM scheme
Completion within 120 days from Notice to Proceed
💼 Action for Investors
This order strengthens Shakti Pumps' position in the solar water pumping sector. Investors should monitor the company's progress in executing this order and its impact on future revenue.
Shakti Pumps Receives ₹443.78 Cr Order from Maharashtra State Electricity
Shakti Pumps has been awarded a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited for 16,025 Off-Grid DC Solar Photovoltaic Water Pumping Systems. The total value of this order is approximately ₹443.78 Crores, inclusive of GST. This project falls under the Magel Tyala Saur Krushi Pump Yojana / PM Kusum B Scheme. The order is expected to be executed within 60 days from the issuance of the work order.
Key Highlights
Received order for 16,025 Off-Grid DC Solar Photovoltaic Water Pumping Systems
Order value is approximately ₹443.78 Crores (inclusive of GST)
Project under Magel Tyala Saur Krushi Pump Yojana / PM Kusum B Scheme
Execution within 60 days from issuance of work order/NTP
💼 Action for Investors
This order significantly boosts Shakti Pumps' revenue visibility. Investors should monitor the company's progress in executing this order within the stipulated timeframe of 60 days.