Shakti Pumps Q1 revenue rises 37.9% to record Rs 8,587 million

Shakti Pumps (India) Limited reported its highest-ever consolidated first-quarter revenue in Q1 FY27, supported by higher solar pump installations and continued execution of government-backed solar irrigation orders. Consolidated revenue from operations reached Rs 8,587 million, up 37.9% from Rs 6,225 million in Q1 FY26 and broadly unchanged from Rs 8,578 million in Q4 FY26.

While revenue expanded year-on-year, profitability remained below the levels recorded a year earlier. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 829 million, with a margin of 9.6%, compared with Rs 1,436 million and 23.1% in Q1 FY26. The company attributed the margin profile to subdued realisations and elevated input prices amid ongoing geopolitical disruptions.

Profit after tax (PAT) was Rs 516 million, representing a margin of 6.0%, compared with Rs 968 million and 15.6% in the corresponding quarter last year. Sequentially, PAT increased 34.6% from Rs 383 million in Q4 FY26, when the margin stood at 4.5%.

Basic earnings per share (EPS) was Rs 4.2 in Q1 FY27, against Rs 8.1 in Q1 FY26 and Rs 3.1 in the preceding quarter.

Solar pumps

The solar pumps business, covering both PM KUSUM and non-KUSUM segments, remained the largest contributor to Shakti Pumps’ revenue during the quarter. Revenue from the segment increased 51.3% year-on-year to Rs 6,851 million in Q1 FY27, driven by higher project execution.

The company installed 27,678 solar pumps during the quarter, an increase of 57.6% from the corresponding period last year.

Exports contributed Rs 829 million to Q1 FY27 revenue. Shakti Pumps said its overseas business continued to see momentum through its dealer and distributor network despite geopolitical tensions.

New businesses

Shakti Pumps is also expanding beyond its core solar pumping operations. Its Retail/Cash Sales business generated approximately Rs 240 million during Q1 FY27, while the Solar Rooftop business contributed Rs 80 million.

The company is progressing development of 0.5 GW of Domestic Content Requirement (DCR) module manufacturing capacity, with commissioning expected by September 2027.

Chairman Mr. Dinesh Patidar said the quarter built on the momentum recorded in Q4 FY26, with execution, working capital and demand across key markets supporting the company’s performance.

“We are pleased to report another record quarter, building on the momentum established in Q4 FY26. Our performance reflects strong execution, an improved working capital position, and sustained demand across key markets. With a healthy order book of around Rs. 10,000 Mn and growing visibility around PM-KUSUM 2.0 and other state-led solar irrigation programs, we remain confident of capturing the opportunity ahead and further consolidating our leadership in solar pumping.”

Commenting on profitability and the company’s diversification into newer businesses, Patidar further said:

“Despite input cost pressures and lower realizations on select orders, we held EBITDA margins broadly stable sequentially, reflecting the resilience of our operating model and our continued focus on profitable growth. … While solar pumps remain our core growth engine, we are building the next phase of Shaktipumps’ journey. Our Solar Cash / Retail business is gaining encouraging traction, the Solar Rooftop business is progressing well amid growing adoption of distributed solar, and our EV business has reached an important milestone with customer validations and trial orders now underway.”

Order book

As of July 22, 2026, Shakti Pumps had an outstanding order book of approximately Rs 10,000 million. The Magel Tyala Saur Urja Yojana in Maharashtra accounted for Rs 5,220 million, making it the largest component of the order book, while orders from Karnataka Renewable Energy Development Limited stood at Rs 2,350 million.

Receivables remained substantial at Rs 17,988 million as of June 30, 2026. Of the total, 42%, or Rs 7,605 million, was not yet due, while 31%, or Rs 5,610 million, fell within 180 days.

Manufacturing investments

During the quarter, Shakti Pumps invested Rs 100 million across three tranches in its wholly owned subsidiary, Shakti Energy Solutions Limited. The investment is being made towards a greenfield 2.2 GW high-efficiency solar DCR cell and module manufacturing plant at Pithampur in Madhya Pradesh.

The company is also investing in its electric vehicle business through Shakti EV Mobility Private Limited. Its cumulative investment in the EV subsidiary has reached Rs 700 million.

The investments in solar manufacturing, rooftop solar, retail sales and electric mobility are being developed alongside the company’s solar pump business, which remained its primary growth driver during Q1 FY27.