Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
View Promises →
Shakti Pumps Ltd — Q4 FY26
Shakti Pumps reported its highest-ever consolidated revenue of ₹2,698 crore for FY26, with Q4 revenue of ₹858 crore also a record.
neutral
medium
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Raw material price inflation
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Solar pump installations (FY26)
86,686 units
+20% YoY
Total solar pump installations for the full year, driven by strong execution ramp-up.
Q4 solar pump installations
28,345 units
+51% YoY
Record quarterly installations, underscoring improved execution capability.
Receivables (Mar 31, 2026)
₹176 crore
-85% QoQ
Sharp reduction from ₹1,197 crore in Dec 2025, reflecting 77-day improvement in collection days.
Order book (as of May 7, 2026)
₹1,500 crore
N/A
Provides strong revenue visibility for the next two quarters; diversified across states.
What Changed vs Last Quarter
NEW
KUSUM 2.0 expected in Q1 FY27
Management expects KUSUM 2.0 scheme to be announced in Q1 FY27, with orders flowing from Q2 onwards, based on recent PM announcement.
NEW
0.5 GW solar module plant commissioning by Q1 FY27 end
The 0.5 GW module plant is progressing well and expected to be operational by end of Q1 FY27, which should aid margin improvement.
NEW
Year-on-year growth to continue
Management stated they will maintain year-on-year growth and deliver better numbers, but did not provide a specific revenue target.
UPDATED
Solar cell capacity (2.2 GW) by March 2028
The 2.2 GW solar cell capacity is targeted for commissioning by March 2028.
DROPPED
Q4 FY26 to be highest revenue quarter ever
Management expects Q4 FY26 to be the highest revenue quarter in the company's history, driven by resumed execution in Maharashtra and new orders.
DROPPED
Full-year FY26 revenue guidance close to target
Management aims to achieve close to the earlier revenue guidance for FY26, though some spillover into Q1 FY27 is possible.
DROPPED
Solar module capacity of 500 MW operational in Q1 FY27
The 500 MW solar module plant is expected to be commissioned in Q1 FY27, supporting backward integration and margin improvement.
NEW RISK
Raw material price inflation
Sharp increases in copper, stainless steel, and silicon sheet prices due to geopolitical tensions have compressed margins by 6-7%.
NEW RISK
Margin recovery uncertainty
Management could not commit to margin recovery timeline; raw material prices remain elevated and competitive pricing in tenders persists.
NEW RISK
Order book execution timeline extension
Some orders under KUSUM have received execution extensions, potentially delaying revenue recognition beyond typical 90-120 day cycles.
NEW RISK
Geopolitical impact on exports
Middle East tensions have temporarily affected export order placements, though traction is improving through dealer networks.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
Management expects KUSUM 2.0 scheme to be announced in Q1 FY27, with orders flowing from Q2 onwards, based on recent PM announcement.
Sharp increases in copper, stainless steel, and silicon sheet prices due to geopolitical tensions have compressed margins by 6-7%.
View Risks →