Event Type and Details:

This document contains the transcript of the Q1 FY27 Earnings Conference Call for Shakti Pumps (India) Limited, held on Monday, July 27, 2026. The call was moderated by Mr. Rohit Anand from Ernst & Young LLP.

Management Participants:

The senior management participants on the call were:

  • Mr. Dinesh Patidar – Chairman
  • Mr. Ramesh Patidar – Managing Director
  • Mr. Ramakrishna Sataluri – Chief Executive Officer, Shakti Energy Solutions Limited
  • Mr. Dinesh Patel – Chief Financial Officer
  • Mr. Ravi Patidar – Company Secretary and Compliance Officer

Financial Period Discussed:

The call discussed the Un-audited financial results of the Company for the quarter ended June 30, 2026 (Q1 FY27).

Key Financial and Operational Highlights (as disclosed):

  • Revenue for Q1 FY27 was INR859 crores, representing a growth of 37.9% year-on-year (from INR623 crores in Q1 FY26).
  • Solar pump installation volume was 27,678 pumps, an increase of 57.6% year-on-year (from 17,557 pumps in Q1 FY26).
  • EBITDA margin remained stable sequentially at 9.6%.
  • PAT was INR52 crores, an increase of 35% over Q4 FY26. PAT margin improved to 6% in Q1 FY27 from 4.5% in Q4 FY26.
  • The company maintains a healthy and diversified order book of approximately INR1,000 crores as of July 22, 2026.
  • The export business delivered a steady performance.
  • The emerging cash and retail sales business recorded sales of INR24 crores in Q1 FY27.
  • The solar rooftop business recorded revenue of INR8 crores in Q1 FY27, compared to INR2 crores in the year-ago quarter.

Forward-Looking Statements and Strategic Themes:

  • Management is targeting to become a INR5,000 crores company over the next three years.
  • The 0.5 GW DCR module facility is on track for completion in September 2026.
  • The 2.2 GW integrated DCR cell and module project is aiming for September 2027.
  • The EV business is currently in a trial order phase; meaningful momentum is expected over the coming periods.
  • PM-KUSUM 2.0 is anticipated to be launched soon, pending clearance from the PMO, and is seen as a significant opportunity.
  • Upon full commissioning of the solar cell and module capacity, an expansion of ~3% in EBITDA margins is expected.
  • For the rooftop business, the company is targeting EBITDA margins of around 15% post backward integration.

Margin Pressure Explanation:

Management attributed margin pressure to external factors:

  • A 10% year-on-year EBITDA impact, comprising ~6% (INR36 crores) from higher raw material costs and ~4% (INR25 crores) from lower sales price realization.
  • This was driven by inflated costs for stainless steel, copper, aluminium, and mild steel amid the geopolitical situation.
  • This impact is viewed as temporary, and margins are expected to improve gradually as the situation stabilizes.

Compliance Statement:

The transcript includes a standard disclaimer that the discussion may contain forward-looking statements involving known and unknown risks and uncertainties.

Additional Notes Section

  • The transcript was submitted to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The transcript is also available on the company's website.
  • The document is a factual record of the earnings call and does not contain new, unpublished financial data beyond what was discussed in the call.
  • The transcript includes a full Question & Answer session with analysts, covering topics such as order book execution, capex plans, margin outlook, and business segment growth.