SHAKTIPUMP
Micro CapShakti Pumps (India) Limited
Industrials
Shakti Pumps (India) Limited is an integrated manufacturer of solar/electricity operating submersible pumps, with a strong presence in India and exports to 100+ countries. A leading player in PM KUSUM scheme with ~25% market share, holding 15 patents, and expanding into EV motors/controllers and solar DCR cell/PV module manufacturing.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -65% YoY · margin compression · Rev +29% YoY · +56% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹858 Cr | +29.0% | +55.7% |
| EBITDA | ₹83 Cr | -49.4% | +40.7% |
| Operating margin | 10.0% | -1500 bps | -100 bps |
| PAT | ₹38 Cr | -65.5% | +18.8% |
| PAT margin | 4.4% | -1211 bps | -138 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue hit Rs. 8,578 Mn, FY26 revenue Rs. 26,976 Mn. Order book at Rs. 15,000 Mn provides strong visibility. Receivables reduced by Rs. 4,200 Mn QoQ to Rs. 12,757 Mn. FY26 EBITDA margin sustained at ~16% despite cost pressures. Solar pump installations up 20% YoY in FY26.
Management delivered highest-ever revenue in Q4 & FY26, supported by robust order book and improved balance sheet quality. Receivables reduction is a positive, but Q4 EBITDA/PAT margins were significantly lower YoY and FY26 margins compressed. Focus on cash conversion and new growth avenues like EV/Solar DCR is strategic.
Revenue by Customer Type (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
PM KUSUM Scheme
Holds ~25% market share in the scheme, with significant domestic market potential for solar pumps.
EV Motors & Controllers
Wholly-owned subsidiary Shakti EV Mobility Pvt. Ltd. incorporated in Dec 2021, targeting 10 Mn EV sales by 2030.
Solar Rooftop
PM Surya Ghar: Muft Bijli Yojana offers subsidies; Indian Solar Rooftop Market expected to reach 48.55 GW by 2031.
Exports
Presence in 100+ countries, secured USD 35.30 Mn contract from Government of Uganda, part of International Solar Alliance.
DCR Module Capacity
0.5 GW expected to be operational by end of Q1FY27.
Pumps, Motors, VFDs, Solar Structures
Doubling capacity for these products (capex of Rs. 2,500 Mn).
EV Motors, Controllers, Chargers
Establishing a facility under Shakti EV Mobility Pvt Ltd (capex of Rs. 2,500 Mn* under budgeting).
Solar DCR Cell and PV Module Plant
Setting up a 2.2 GW plant in Pithampur, MP (capex of Rs. 12,000 Mn).
Government Support
Government's continued focus to support farmer's wellbeing and various schemes provide sustainable business opportunities.
Domestic Market Potential
Total opportunity of ~Rs. 5,500 Bn for solar pumps in India (replacement + additional demand).
DISCOM Benefits
Solar pumps reduce T&D losses, eliminate free energy supply, and help meet RPO targets for DISCOMs.
DCR Norms
Strict regulatory compliance with DCR norms mandates local components, benefiting in-house manufacturing.
Lower Realisation
EBITDA Margins impacted by lower realisation from Magel Tyala Scheme.
Raw Material Costs
Increase in raw material costs impacted EBITDA margins.
Logistics Costs
Higher logistics costs due to prevailing geopolitical tensions impacted EBITDA margins.
Receivables Management
Receivables at Rs. 12,757 Mn (Mar 2026), with 7% aged over 180 days, indicating potential for delays in cash conversion.
Project Execution Delays
Large government projects carry inherent risks of execution delays and payment cycles, impacting working capital.
Capex Execution & Ramp-up
Significant capex plan of Rs. 17,000 Mn for new capacities requires efficient execution and demand ramp-up to avoid underutilization.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q4FY26 vs Q4FY25 and FY26 vs FY25 data. Q4 results show recent momentum, while full-year results provide a broader view of annual performance and strategic shifts. Solar pump installations are explicitly mentioned YoY.
Order Book
Rs. 15,000 Mn as on 07th May 2026, providing strong revenue visibility.
FY26 Revenue
Rs. 26,976 Mn, highest ever.
Q4 FY26 Revenue
Rs. 8,578 Mn, highest ever.
FY26 EBITDA Margin
15.6% (vs 24.0% in FY25).
Strategic Transition
FY26 was a strategic transition year focused on strengthening balance sheet quality and improving cash conversion efficiency.
Sustainable Growth
Ensuring sustainable long-term growth while maintaining industry leadership in the solar pumping sector.
Diversification
Expanding product range and entering other businesses like EV and Solar Rooftop.
Cash Flow Generation
Generated strong Cash Flow from Operations of Rs. 1,241 Mn in FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 15,000 Mn as of May 7, 2026. | Monitor execution pace and conversion to revenue, especially for large state projects. |
| Receivables Ageing | Rs. 12,757 Mn as of March 31, 2026 (7% over 180 days). | Watch for further reduction in overall receivables and improvement in ageing profile. |
| DCR Module Commissioning | 0.5 GW by end of Q1FY27. | Track timely commissioning and initial utilization rates of the new DCR module capacity. |
| EV Segment Progress | Investments of Rs. 65.0 Cr in Shakti EV Mobility as of April 21, 2026. | Monitor product development, market acceptance, and revenue contribution from the EV segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -14.9% / mo · near 52W low
Technical chart
SHAKTIPUMPweekly · 6M-19.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 46.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 34% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 44.0%.
- Growth contributes 22/25 to the score.
Main drags
- Valuation is weaker at 12/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 64th percentile within Industrials. Main check: results consistency is weak at 43/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 64th pctile, median 68 · Micro: 52nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸ROCE is 23.7%.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 1.3%.
- ▸ROCE trend is -13%.
- ▸OPM spread across recent quarters is 15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 24.80
- P/B
- 3.75
- EV/EBITDA
- 15.29
- Market Cap
- 6392.00Cr
Profitability
- ROE
- 18.00%
- ROCE
- 23.70%
- ROA
- 8.46%
- Dividend Y
- 0.19%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 70.00%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 7.15×
- Altman Z
- 5.13
- Book Value
- 138.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 124.00 Cr
- EPS TTM
- 20.87
Shareholding
- Promoter Hold
- 50.36%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.