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Revenue
₹858 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Where this quarter sits.
Quarter read
What the record says.
Shakti Pumps reported its highest-ever consolidated revenue of ₹2,698 crore for FY26, with Q4 revenue of ₹858 crore also a record. Solar pump installations grew 20% YoY to 86,686 units in FY26, with Q4 seeing a 51% YoY surge to 28,345 units. EBITDA margin was approximately 16% for FY26, pressured by lower realizations under the Marg scheme, sharp raw material cost inflation (copper, stainless steel, silicon sheets), and elevated logistics costs. Receivables improved sharply by ₹420 crore during Q4, reducing from ₹1,197 crore to ₹176 crore, reflecting a 77-day improvement in collection days. The order book stands at approximately ₹1,500 crore as of May 7, 2026, providing strong near-term visibility. Management expects KUSUM 2.0 to launch in Q1 FY27, driving further growth. Key risk: margin recovery remains uncertain if raw material prices stay elevated and competitive pricing persists in tender business.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects KUSUM 2.0 scheme to be announced in Q1 FY27, with orders flowing from Q2 onwards, based on recent PM announcement.
- The 0.5 GW module plant is progressing well and expected to be operational by end of Q1 FY27, which should aid margin improvement.
- The 2.2 GW solar cell capacity is targeted for commissioning by March 2028.
- Management stated they will maintain year-on-year growth and deliver better numbers, but did not provide a specific revenue target.
Risks flagged
- Sharp increases in copper, stainless steel, and silicon sheet prices due to geopolitical tensions have compressed margins by 6-7%.
- Management could not commit to margin recovery timeline; raw material prices remain elevated and competitive pricing in tenders persists.
- Some orders under KUSUM have received execution extensions, potentially delaying revenue recognition beyond typical 90-120 day cycles.
- Middle East tensions have temporarily affected export order placements, though traction is improving through dealer networks.
Key quotes
- We have not pursued growth at the cost of balance sheet strength. FY26 focused on disciplined execution and capital stewardship.
- The heart of this solution belongs to the inverter, and therefore we place a lot of inverters in the market to check the feedback. Given that the strong Shakti brand acceptance is pretty good.
- We have not pursued growth at the cost of balance sheet strength. FY26 focused on disciplined execution and capital stewardship.
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