SHAKTIPUMP Q1 FY27 earnings call.
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Revenue
₹859 Cr
verified against source
Revenue YoY
37.9%
reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
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What the record says.
Shakti Pumps delivered strong Q1 FY27 results with revenue of ₹859 crore, up 37.9% YoY, driven by robust solar pump demand (volumes +57.6% YoY to 27,678 units) and execution of the ₹1,000 crore order book. PAT of ₹52 crore expanded margins to 6% from 4.5% in Q4 FY26, reflecting disciplined cost management despite margin pressure from raw material inflation (6% impact ~₹36 crore) and lower realisations (~₹25 crore). Management targets ₹5,000 crore revenue by FY29, underpinned by ₹1,500-1,700 crore capex over FY27-28 (₹800 crore in FY27) for solar panel backward integration (500 MW: Sep'26; 2.2 GW: Sep'27), pump capacity doubling, and EV motor scaling (revenues from FY28). Key risks include raw material cost volatility from geopolitical tensions, execution risk on government scheme orders, and intensifying B2G competition. Management views current 9.6% EBITDA margin as temporary trough and expects gradual recovery as commodity prices normalise.
Colored figures show movement against the previous available record.
Guidance to track
- Three-year revenue vision anchored on pump capacity doubling, fully integrated solar panel manufacturing (500 MW Sep'26; 2.2 GW Sep'27), EV motors scaling from FY28, and sustained export momentum at ~₹100 crore/quarter.
- FY27 capex guidance of ~₹800 crore towards pump capacity (Nov'26), 500 MW DCR module plant (Sep'26), and partial 2.2 GW integrated facility. Total ₹1,500-1,700 crore through September 2027.
- Self-manufactured panels for rooftop and pump businesses expected to add ~3% to EBITDA margins at steady state, reducing third-party panel dependency and supply chain risk.
- Scheme likely to arrive imminently (approval in PO stage); expected to be large-scale and drive significant B2G order inflows from Rajasthan, MP, Karnataka alongside Maharashtra's ongoing tender pipeline.
Risks flagged
- Management explicitly confirmed no hedging is being taken against commodity price risk. Steel, copper, and aluminium prices rose due to geopolitical tensions, causing ~₹36 crore EBITDA impact in Q1. Raw material prices may remain elevated or decline gradually; no structured hedge in place.
- Analyst repeatedly pressed management on timing; responses were vague ('next week', 'within the month', 'big orders coming'). No firm PO/sanction timeline confirmed. Execution visibility beyond the current ₹1,000 crore order book is limited for H2 FY27.
- Analyst raised concern about price-led competition where competitors offering lower rates have been operating at losses. While management believes competitors face higher raw material costs, the rate-contract bidding model means pricing discipline could deteriorate further, compressing sector-wide margins.
- Total receivables of ~₹760 crore (~₹560 crore at 80 days + ₹450 crore retention) tied up in B2G business. While Maharashtra payments have resumed, sequential delays in other states could pressure cash flow, especially as capex intensity increases in FY27.
Key quotes
- We believe the margin pressure is temporary and largely external in nature rather than reflective of any structural issue in the business.
- Next three years we see ourselves becoming a ₹5,000 crore company. We have invested in VFD, solar plant, pump capacity, structure — all of this together will take us there.
- The war is in closable stage. From here raw material prices will start reversing direction. That is when we will see margin improvement, but it will be gradual and quarter-on-quarter.
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