• The document is a transcript of the Q2 and H1 FY27 Earnings Conference Call hosted by Shakti Pumps (India) Limited, submitted as a regulatory disclosure pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.
  • The event was an earnings call held on Monday, October 26, 2026, to discuss the Un-audited financial results of the Company for the quarter and half year ended September 30, 2026.
  • The stated purpose was to provide a financial results overview and business developments update, followed by a question-and-answer session with analysts and investors.
  • Management participants included:
  • 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
  • The call was moderated by Mr. Rohit Anand from Ernst & Young LLP.
  • The transcript is available on the company's website.

Financial and Operational Highlights from the Call

Solar Pump Installations:

  • The company installed 23,865 solar pumps in Q2 FY27.
  • This represents approximately 7% growth in the number of installations compared to the same quarter of the previous year.

Financial Performance (Disclosed Figures):

  • Q2 FY27 Segment Revenue:
  • Solar EPC: ~INR 543 Crores (corresponding to 23,865 units)
  • Exports: ~INR 95 Crores (includes Uganda project sales)
  • Domestic, Industrial, and Other segments: ~INR 40 Crores
  • H1 FY27 Segment Revenue:
  • Solar EPC: ~INR 1,230 Crores
  • Export sales: INR 177 Crores

Business Growth:

  • The company achieved approximately 70% growth across its rooftop, solar domestic, and industrial business.
  • The rooftop business specifically saw 58% growth in revenue in the quarter compared to the same quarter last year.

Capacity & Utilization:

  • The company is utilizing approximately 68% of its production capacity for pumps and motors.

Debt and Collections:

  • Debt was INR 830 crores as of the quarter-end.
  • Collections of INR 400 crores, expected at the end of Q2, were received in October 2026.
  • Post these collections, debt reduced to less than INR 500 crores.
  • The average interest cost is around 7%.

Capex Update:

  • The total capex plan is INR 1,700 crores.
  • Approximately INR 200 crores have been spent so far on the 2.2 GW solar cell plant.
  • For the remaining H2 FY27, capex is expected to be around INR 400 crores.

New Manufacturing Facility:

  • Trial production has commenced at the new 500 MW solar panel facility.
  • Commercial production is expected to commence within the next one to one-and-a-half months.
  • A 2.2 GW facility is scheduled for completion in FY28.

Guidance and Outlook:

  • Management remains fully confident that the PM-KUSUM 2.0 scheme will be approved in the ongoing quarter (Q3 FY27), with positive execution results anticipated in the following quarter (Q4 FY27).
  • The company has an order book that provides visibility for the current quarter (Q3 FY27).
  • The company is prepared for new pump controller guidelines issued for stakeholder consultations on August 12th.
  • Margins were impacted by a ~3% QoQ increase in raw material costs (MS, steel, copper), partly offset by a 2% reduction from cost optimization efforts, resulting in a net 1% impact on EBITDA.

Additional Notes

  • The document is a compliance filing containing the full transcript of the earnings call.
  • The transcript includes a standard disclaimer regarding forward-looking statements.
  • The transcript was edited for factual errors, with the audio recordings from October 26, 2026, prevailing in case of discrepancy.