#### **Overview** Shakti Pumps (India) Ltd. (SPIL), established in 1982, is a leading integrated manufacturer of energy-efficient stainless-steel submersible solar pumps, motors, variable frequency drives (VFDs), inverters, and solar structures. With over four decades of experience, the company has emerged as a pioneer in sustainable water and energy solutions, playing a pivotal role in India’s clean energy transition and rural water security. Listed on the BSE and NSE, SPIL combines backward integration, in-house R&D, and a robust distribution network to offer end-to-end solar pumping solutions and is strategically expanding into high-growth green energy domains, including electric vehicles (EVs) and solar rooftop systems. --- #### **Core Business & Market Position** SPIL is a dominant player in India’s solar pumps industry, particularly under the government’s **Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahaabhiyaan (PM-KUSUM)** scheme. It holds an estimated **~25–30% market share** in the scheme, having installed over **152,594 solar pumps** as of early 2025, making it one of the largest suppliers. The company is a certified **Channel Partner with the Ministry of New and Renewable Energy (MNRE)** and supplies **MNRE 1A-rated solar pumps** ranging from **0.5 HP to 300 HP**. Key product offerings include: - **Solar pumps**: Off-grid and grid-connected, 900W–4800W, with remote monitoring - **Energy-efficient motors & pumps**: 100% stainless-steel, BEE 5-star rated, 30–40% less energy consumption - **VFDs, inverters, controllers**: All manufactured in-house using Japanese technology - **Solar mounting structures**: Designed to withstand wind speeds up to 150 kmph - **Plug-and-Play pumps**: For domestic use, featuring 2-wire motors for easy installation --- #### **Integrated Manufacturing & Backward Integration** SPIL operates **three advanced manufacturing facilities** in Pithampur, Madhya Pradesh, spread across **over 25 acres**, with the following capacities: | Facility | Capacity | Focus | |--------|--------|------| | **Main Unit (I)** | 350,000 pumps & motors/year | Domestic market, diversified pump range | | **SEZ Unit (II)** | 150,000 pumps & motors/year | 100% stainless-steel submersible pumps for export, compliant with global standards | | **Electronics & Control Unit (III)** | 400,000 VFDs & inverters/year | Advanced electronics using Japanese SMT technology | SPIL is **the only Indian company** with **full backward integration** in solar pump manufacturing—producing **motors, pumps, VFDs, inverters, structures, and IoT solutions in-house** (except solar panels). This ensures **superior quality control, cost efficiency, and supply chain resilience**, while protecting margins. --- #### **Expansion & Strategic Diversification** The company is aggressively diversifying into new green technology segments: 1. **Electric Vehicles (EVs)** - **Shakti EV Mobility Pvt. Ltd.**, a wholly-owned subsidiary established in December 2021, develops EV motors, controllers, chargers, and VFDs for **2-wheelers, 3-wheelers, and 4-wheelers**. - A total investment of **₹114.3 crore** (₹50+ crore already invested) is planned over five years. - Developed a **patented 'Stack Assembly for Permanent Magnet Rotor'** enhancing EV motor efficiency. - Revenue in FY25: ₹38 million, with a focus on FAME-II tenders and state-level charging infrastructure. 2. **Solar Rooftop & Module Manufacturing** - Entering end-to-end solar rooftop solutions with **in-house manufacturing** of modules and balance-of-system components. - Expanding into three new states: **Rajasthan, Uttar Pradesh, and Maharashtra** in H1 FY26, with expectations of significant revenue contribution in 1–2 years. - Investing **₹12,000 crore** to set up a **2.2 GW greenfield solar DCR (Domestic Content Requirement)-compliant cell and PV module plant** in Pithampur, Madhya Pradesh. - Subsidiary: **Shakti Energy Solutions Ltd (SESL)**, already producing 100,000 solar structures annually (capable of 200,000 post-expansion) for internal use and future third-party sales. 3. **Digital & Smart Technology** - Developed **Shakti Remote Monitoring System (RMS)**: IoT-enabled mobile app for real-time pump monitoring and control via GSM/Wi-Fi/Bluetooth. - Features include **dry-run protection, data logging, and automated operation**. - **Patented S4RM motor technology** (5–10% higher efficiency, 15% better power factor). - **Sensorless starting technology** for PMBLDC motors, developed with IIT Delhi, ideal for low sunlight and long-cable applications. --- #### **Global Presence & Export Strength** SPIL exports to **over 100 countries** across North America, Europe, the Middle East, Africa, Asia, and Oceania. Exports have grown at a **25% CAGR** over the past four years and contributed **17% of FY25 revenue (₹4,368 crore)**. - **Landmark Order**: **$35.3 million contract** from the **Government of Uganda** for solar-powered water pumping systems. - **Strategic Entry into Africa**: Operational presence through subsidiaries and branch offices. - **International Subsidiaries**: - Shakti Pumps USA LLC - Shakti Pumps FZE (UAE) - Shakti Pumps (Bangladesh) Ltd. - Shakti Pumps (Shanghai) Ltd. - Shakti Energy Solutions (India) As a member of the **International Solar Alliance (ISA)**, SPIL has access to **aggregated demand** for **270,000+ solar pumps, 1 GW of solar rooftops, and 10+ GW of mini-grid projects** across 22 member countries. --- #### **Revenue Segments & Distribution Network** SPIL serves a **diversified customer base** across: | Segment | Description | |--------|-------------| | **Government Schemes** | 69% of FY24 revenue, anchored by PM-KUSUM and state programs (e.g., Magel Tyala Saur Krushi Pump Yojana in Maharashtra) | | **Exports** | 17–24% of revenue, high-margin business with strong project execution | | **OEMs & Industrial** | Clients include L&T, Mahindra, Adani, Tata Power, REIL — being de-emphasized to focus on direct retail | | **Domestic & Retail** | Direct sales via dealers; growing segment with faster revenue realization | **Distribution & After-Sales Support:** - **60+ distributors, 500+ dealers, 400+ service centers** across India - **18 state-level marketing branches** - **5-year backend service support** for solar pumps - **Over 100 exclusive retail outlets** opened recently (H1 FY26) Offers **interest-free installment plans** in partnership with financial institutions to improve farmer affordability. --- #### **Financial & Growth Metrics (H1 FY26 & Recent Trends)** - **H1 FY26 Cash Sales (Retail) Revenue**: **₹428 crore**, **+67% YoY** - **Q1 FY26 Revenue**: **₹622.5 crore**, +10% YoY - **Order Book (as of Nov 2025)**: **₹13,000 crore (inclusive of GST)**, including: - ₹3,670 crore: Uttar Pradesh Agriculture Dept. - ₹4,640 crore: Maharashtra’s Magel Tyala Saur Urja Yojana - ₹1,380 crore: Ajmer Vidyut Vitran Nigam (grid-connected) - **Capex Plan**: **₹17,000 crore**, including: - ₹2,500 crore: Double capacity for pumps, motors, VFDs, structures - ₹2,500 crore: New EV motors, controllers, chargers facility (2 lakh units/year) - ₹12,000 crore: 2.2 GW DCR-compliant solar cell & module plant - **Raising Capital**: ₹2,926 crore raised via QIP (July 2025) to fund solar manufacturing and expansion. --- #### **Technology & Innovation** - **R&D Focus**: DSIR-recognized R&D center, collaborating with **IIT Delhi, IISc Bangalore**, and NITs. - **Patents**: **15 granted**, 29 filed globally, including: - Unidirectional solar pump with grid-tied power generation - Shakti S4RM (high-efficiency motor) - Sensorless PMBLDC motor start technology - Stack Assembly for Permanent Magnet Rotor (EV) - Switching circuit for single-phase motors (no capacitor or extra wires) - **Energy Efficiency**: Products consume **30–40% less energy**, deliver **40–60% higher water discharge**, and last **2x longer** than conventional cast iron pumps.