Solar pump installations (FY26)
86,686 units
+20% YoY
Total solar pump installations for the full year, driven by strong execution ramp-up.
SHAKTIPUMPS
Diversified
07 May 2026
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.
Financial stats pending filing verification
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.
Key Numbers
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.
Management Guidance
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.
Management guidance growth0.5 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.
Management guidance capexSolar cell capacity (2.2 GW) by March 2028
The 2.2 GW solar cell capacity is targeted for commissioning by March 2028.
Management guidance capexYear-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.
Management guidance growthKey Risks
Raw material price inflation
Sharp increases in copper, stainless steel, and silicon sheet prices due to geopolitical tensions have compressed margins by 6-7%.
high · management_commentaryMargin recovery uncertainty
Management could not commit to margin recovery timeline; raw material prices remain elevated and competitive pricing in tenders persists.
high · analyst_questionOrder book execution timeline extension
Some orders under KUSUM have received execution extensions, potentially delaying revenue recognition beyond typical 90-120 day cycles.
medium · analyst_questionGeopolitical impact on exports
Middle East tensions have temporarily affected export order placements, though traction is improving through dealer networks.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Shakti Pumps's revenue in Q4 FY26?
Shakti Pumps reported revenue of ₹2,698 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Shakti Pumps management give for FY27?
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. 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. Solar cell capacity (2.2 GW) by March 2028: The 2.2 GW solar cell capacity is targeted for commissioning by March 2028. 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.
What are the key risks for Shakti Pumps in FY27?
Key risks include Raw material price inflation — Sharp increases in copper, stainless steel, and silicon sheet prices due to geopolitical tensions have compressed margins by 6-7%.; Margin recovery uncertainty — Management could not commit to margin recovery timeline; raw material prices remain elevated and competitive pricing in tenders persists.; Order book execution timeline extension — Some orders under KUSUM have received execution extensions, potentially delaying revenue recognition beyond typical 90-120 day cycles.; Geopolitical impact on exports — Middle East tensions have temporarily affected export order placements, though traction is improving through dealer networks..
Did Shakti Pumps meet its previous quarter's guidance?
Of 2 tracked promises, management 0 met, 0 close, 2 missed.
Where can I read the full Shakti Pumps Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.