Sustained margin pressure from raw material costs
Copper, steel, and aluminum prices have risen significantly, and management noted that margin recovery depends on product mix and cost pass-through, which may not fully offset input inflation.
SHAKTIPUMPS / Q3-FY26 / risks
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Shakti Pumps · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Working capital and receivable risks in new states
Analysts raised concerns about payment delays in Karnataka and other states, similar to Maharashtra. Management acknowledged they will pause execution if payments are delayed, which could impact revenue.
Order book adjustments and cancellations
Management removed ~₹400-500 crore of slow-moving orders (Ajmer Kusum-C and UP orders) from the order book, indicating execution uncertainty in certain projects.
Dependence on government subsidy schemes (Kusum)
Delay in the launch of PM-KUSUM 2.0 could slow order inflows, though management expressed confidence in its eventual rollout.