SHAKTIPUMP Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹623 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
₹144 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Shakti Pumps delivered muted Q1 FY26 results with 10% YoY revenue growth to ₹623 crore, below the company's 25-30% target, attributed to a 10-day operational disruption from geopolitical tensions in Punjab, Haryana, and Rajasthan. EBITDA rose 6% to ₹144 crore with 23.1% margin, down 84bps YoY due to raw material cost pressures (MS steel up 6-7%, steel up 1.5-2%). PAT increased 4% to ₹97 crore. The order book stands at ₹1,350 crore, with management reaffirming full-year guidance of 25-30% revenue growth and 24% EBITDA margins, expecting the lost Q1 revenue to be recovered in subsequent quarters. Key growth drivers include KUSUM 3.0, PM Surya Ghar program, export momentum (targeting ₹500 crore), and EV mobility expansion. Capex of ₹1,700 crore over two years will double pump/motor capacity and set up a 2.2 GW solar cell manufacturing plant in Pithampur, MP. Working capital is targeted to improve from 152 days to 120 days by FY26-end.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed FY26 revenue growth target of 25-30% YoY, expecting Q1's shortfall (10% growth) to be recovered through strong pipeline, KUSUM 3.0, and new state tenders.
- EBITDA margin guidance of 24% maintained for FY26, supported by backward integration (in-house VFD, motors, structures), R&D cost reduction, and competitive moat vs. Chinese imports.
- Last earnings call target of ₹3,000 crore annual revenue maintained; represents ~26% growth from estimated FY25 revenue of ~₹2,380 crore.
- Export business expected to reach ₹500 crore in FY26 (up from ~₹200 crore in FY25), with ₹200 crore order book from Uganda and other African countries plus additional territories.
Risks flagged
- Order book has declined from historical ₹2,000-2,500 crore to ₹1,350 crore despite robust tender pipeline. Analyst questioned whether 25-30% growth guidance is achievable given Q1's muted 10% growth.
- Average tender realization has declined to ₹2.5 lakh per unit from ₹2.7 lakh last year, raising margin pressure concerns. Management attributes this to competitive pricing in certain segments but expects to maintain margins through cost efficiencies.
- 10-day conflict with Pakistan in April-May forced teams in Punjab, Haryana, and Rajasthan to withdraw from field operations, causing Q1 growth to fall to 10% instead of 25-30% target.
- KUSUM 3.0 (expected to be larger than current KUSUM scheme) is scheduled to start post-April 1st next year. While management is confident, the exact timeline and order flow from this scheme remains uncertain.
Key quotes
- The lost revenue due to metro challenges and event will also be made up in coming quarters. We will be seeing more than 25-30% growth in next nine months.
- We are targeting for the yearly target which is 3,000 crore for this...we are maintaining that we will do 25 to 30% growth on year on year basis and we are maintaining 24% EBITDA at year on year basis level.
- We have approximately 58 lakh applications that have already been received by the government and in excess of 10 lakh installations already done. The speed is picking up and the opportunity is immense.
Research modules