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Shakti Pumps (India)

Listed EPC / O&M — per-stock model.

As of 19 Oct 2026
EPC / O&M—
CMP ₹415NSE: SHAKTIPUMP

Latest concall

Q4 FY26 · 11 May 2026
  • FY26 record revenue ₹2,698cr; Q4 ₹858cr; FY26 PAT ₹257cr.
  • Q4 solar pump installations +51% YoY; 86,086 units FY26 (+20%).
  • Order book ~₹1,500cr (as of 7 May) gives strong near-term visibility.
  • EBITDA margin ~16%, pressured by raw-material costs; receivable cycle improved.
Order-book execution

~₹1,500cr book executable within ~12 months; KUSUM deadline extension de-risks the timeline.

Management guidance
  • Optimistic on KUSUM 2.0 momentum and state-level solar pump demand.
  • PM-KUSUM commissioning deadline extended to 31 Mar 2027 aids execution.
  • Margin defence via backward integration amid input-cost volatility.

Shakti Pumps Q4 FY26 concall, May 11 2026; Whalesbook, InvestyWise, ScanX, company update

Order book

₹1,500cr

Revenue FY26E

2,698₹ cr

EBITDA margin

16%

P/E

24.1×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

PeriodRevenueEBITDAEBITDA %PATGross %ROE %ROCE %CapexNet debtEPS ₹WC days
FY152974716.0%26—————2.6—
FY16264208.0%1—————0.1—
FY174286014.0%22—————2.0—
FY184357818.0%35—————3.2—
FY195448916.0%45—————4.1—
FY20383123.2%-14—————-1.3—
FY2193014215.0%76—————6.8—
FY221,1791109.0%65—————5.9—
FY23968677.0%24—————2.2—
FY241,37122516.0%142—————11.8—
FY252,51660324.0%408—————34.0—
FY262,69842216.0%258—————20.9—
Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

QuarterRevenueEBITDAEBITDA %PATPAT %
Q1FY2411387.0%10.9%
Q2FY241531510.0%63.9%
Q3FY244967114.0%459.1%
Q4FY2460913121.0%9014.8%
Q1FY2556813624.0%9316.4%
Q2FY2563514923.0%10115.9%
Q3FY2564915424.0%10416.0%
Q4FY2566516425.0%11016.5%
Q1FY2662214423.0%9715.6%
Q2FY2666613620.0%9113.7%
Q3FY265515911.0%325.8%
Q4FY268588310.0%384.4%
Q1FY278598310.0%526.0%
Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Valuation

As of 19 Oct 2026

P/E

24.1×

EV / EBITDA

15.6×

P/B

3.0×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

%

Source Market data (mid-2026) + company filings· As of 19 Oct 2026