Key Financial Performance (Consolidated)

Half Year FY27 (H1 FY27) Performance:

  • Revenue from Operations: ₹16,047 Mn, representing 24.5% YoY growth from ₹12,889 Mn in H1 FY26
  • EBITDA: ₹1,469 Mn with EBITDA margin of 9.2% (compared to ₹2,795 Mn and 21.7% in H1 FY26)
  • Profit Before Tax: ₹1,206 Mn (compared to ₹2,512 Mn in H1 FY26)
  • Profit After Tax: ₹901 Mn with PAT margin of 5.6% (compared to ₹1,875 Mn and 14.6% in H1 FY26)
  • Cash Profit: ₹1,058 Mn

Quarter 2 FY27 (Q2 FY27) Performance:

  • Revenue from Operations: ₹7,460 Mn, representing 12.0% YoY growth from ₹6,664 Mn in Q2 FY26
  • EBITDA: ₹640 Mn with EBITDA margin of 8.6% (compared to ₹1,360 Mn and 20.4% in Q2 FY26)
  • Profit Before Tax: ₹495 Mn (compared to ₹1,215 Mn in Q2 FY26)
  • Profit After Tax: ₹385 Mn with PAT margin of 5.2% (compared to ₹907 Mn and 13.6% in Q2 FY26)

Operational Highlights

Solar Pumps Business (PM KUSUM & Non-KUSUM):

  • H1 FY27 installations: 51,543 pumps, up 29.3% YoY from 39,861 pumps in H1 FY26
  • Q2 FY27 installations: 23,865 pumps, up 7.0% YoY from 22,304 pumps in Q2 FY26
  • H1 FY27 revenue: ₹12,286 Mn, up 25.4% YoY from ₹9,795 Mn in H1 FY26
  • Q2 FY27 revenue: ₹5,435 Mn, up 3.2% YoY from ₹5,267 Mn in Q2 FY26

Exports Business:

  • H1 FY27 revenue: ₹1,777 Mn (compared to ₹2,018 Mn in H1 FY26)
  • The YoY decline reflects approximately ₹200 Mn revenue from Uganda project recognized in H1 FY26 which is now nearing completion
  • Excluding this impact, exports business shows strong momentum despite geopolitical headwinds

Dealer and Distributor Network:

  • H1 FY27 revenue: ₹1,710 Mn with positive momentum

Emerging Businesses:

  • Retail/Cash Sales: H1 FY27 revenue ~₹410 Mn, Q2 FY27 revenue ~₹170 Mn
  • Solar Rooftop: H1 FY27 revenue ₹170 Mn, Q2 FY27 revenue ₹90 Mn

Capacity Expansion and Investments

  • 0.5 GW of planned 2.2 GW Solar Module capacity commenced trial production in October 2026
  • 2.2 GW DCR solar cell facility to be commissioned by FY28
  • Investment of ₹420 Mn in multiple tranches during the quarter in wholly owned subsidiary Shakti Energy Solutions Limited for establishing greenfield high efficiency solar DCR cell and solar PV modules manufacturing plant in Pithampur, Madhya Pradesh
  • Investment in wholly owned subsidiary Shakti EV Mobility Private Limited increased to ₹920 Mn till October 2026 for expansion of EV motors and controllers business

Order Book Position (as on 23rd October 2026, Inclusive of GST)

  • Maharashtra State Electricity Distribution Company Limited (MSEDCL) & Maharashtra Energy Department Agency (MEDA): ₹80 Mn
  • Madhya Pradesh Urja Vikas Nigam Limited, Madhya Pradesh: ₹950 Mn
  • Karnataka Renewable Energy Development Limited, Karnataka: ₹2,020 Mn
  • Magel Tyala Saur Urja Yojana, Maharashtra: ₹3,440 Mn
  • Other Domestic & Export business: ₹1,020 Mn
  • Total Outstanding Order Book: ₹7,510 Mn

Receivables Position (as of 23rd October 2026)

  • Total Receivables: ₹17,501 Mn
  • Not Due: ₹8,704 Mn (50% of total)
  • 0-180 Days: ₹3,829 Mn (22% of total)
  • 180-365 Days (includes retention amount of 10%): ₹2,975 Mn (17% of total)
  • More than 365 Days (includes retention amount of 10%): ₹1,993 Mn (11% of total)

Management Commentary

Chairman Mr. Dinesh Patidar cited margin moderation due to lower realizations, higher raw material costs, and elevated logistics expenses linked to prevailing geopolitical conditions. The company is addressing these through cost optimization, operating efficiencies, and disciplined execution. Significant opportunities are expected under PM-KUSUM 2.0 anticipated during the ongoing quarter, along with continuous order inflow from Magel Tyala and other state programs. The company is investing approximately ₹17,000 Mn to strengthen manufacturing base and backward integration.

Company Background

Shakti Pumps (India) Limited manufactures solar pumps, energy-efficient stainless-steel submersible pumps, pressure booster pumps, pump-motors, and other products. The company operates four manufacturing facilities in Pithampur, Madhya Pradesh with annual capacity of 500,000 pumps & motors, 400,000 VFDs & Inverters, and 200,000 structures.

Contacts

  • Dinesh Patel, Chief Financial Officer: dinesh.patel@shaktipumps.com
  • Investor Relations through Ernst & Young LLP: Vikash Verma, Rohit Anand, Riddhant Kapur