Shakti Pumps is fundamentally a manufacturer that has bet its future on replacing diesel and the electric grid with the sun - it builds complete solar water-pumping systems, making nearly every critical component itself rather than assembling bought-in parts. Founded in 1982 as a small industrial unit by the Patidar family and listed in 1996, the company started making stainless-steel submersible pumps and then pivoted into solar pumps in 2009, well before government subsidies turned the market into a national priority. The recurring approach is vertical integration: it designs and produces the pump, the motor, the variable frequency drive (VFD, the electronic brain that matches pump speed to available sunlight), the inverter, and the mounting structures under one roof, then sells those systems through government tenders, a growing retail network, and export distributors. # Business segments Three engines at different stages - a solar-pump powerhouse that dominates India’s flagship farm scheme, a young rooftop-solar inverter business riding the residential subsidy wave, and an EV-components bet still under construction - all sharing the same in-house electronics and motor DNA. ## 1. Solar pumps and pumping systems: the core engine built on government tenders and vertical integration **The company captures roughly one in every four solar pumps installed under India’s PM-KUSUM scheme by manufacturing the entire system in-house - pump, motor, controller, inverter, and structure - which lets it compete on price and comply with strict local-content rules.** - **One-stop shop, not an assembler** - it makes the full range of components needed for a solar pump installation, including VFDs, inverters, motors, and mounting structures, and claims to be the only domestic player with in-house manufacturing of this entire product range. The VFD is indigenously developed as an economical substitute for imported electronics and has a built-in remote monitoring system. - **Government tenders are the main customer** - customers under government projects accounted for 77% of revenue in FY26, with the company participating in tenders issued by state nodal agencies under schemes like PM-KUSUM (Component B and C) and state-level programmes such as Maharashtra’s Magel Tyala scheme. It is one of only five to seven L1 (lowest-price) qualified bidders from whom farmers can choose their pump supplier. - **Stainless steel as a differentiator** - its pumps are made of stainless steel rather than cast iron, which means they deliver roughly 40% more output, consume 30-40% less energy, resist rust and corrosion, and last about twice as long. The company was the first in India to manufacture stainless-steel pumps and energy-efficient motors, earning five-star ratings from the Bureau of Energy Efficiency. - **A subsidy-fuelled replacement cycle** - India has roughly 8-9 million diesel pumps that need replacing and an additional 12-13.5 million farmers with no pump access at all, creating a combined addressable market the company estimates at roughly ₹5,500 billion. The PM-KUSUM scheme alone targets 4.9 million solar pumps, of which only about 0.8 million have been deployed so far. - **Service network locks in the installed base** - the company provides a five-year backend support service to farmers and operates more than 400 service centres across India, while its “Shakti Remote Monitoring System” mobile app lets customers start or stop the pump, track total water flow, and monitor solar energy consumed from anywhere. ## 2. Solar rooftop systems: the inverter-led extension into residential rooftops **The company sells grid-tie inverters and mounting structures for rooftop solar through a newly built dealer network, leveraging the same power-electronics expertise that runs its pump controllers.** - **The inverter is the “heart”** - the rooftop product range centres on the Sunshakti 2.0 and Kalpavriksha grid-tie inverters, and the company says customer feedback indicates roughly 10% better generation when a Shakti inverter is installed compared to alternatives. - **Distribution, not tenders** - unlike the pump business, the rooftop segment is built on a dealer channel, with more than 90 dealers onboarded in states such as Rajasthan, Uttar Pradesh, Maharashtra, and Madhya Pradesh. The company describes having “very good distributors set across the country”. - **Riding the PM Surya Ghar scheme** - the business is aligned with the government’s rooftop solar subsidy programme, which offers up to 40% of the panel cost and targets one crore households; the Union Budget for 2026-27 allocated ₹220 billion to the scheme. - **Run through a subsidiary** - the rooftop business operates under Shakti Energy Solutions Limited, a wholly owned subsidiary that also manufactures solar mounting structures and is expanding into solar cell and module production. ## 3. Electric vehicle components: the early-stage bet on motors and chargers **The company designs and manufactures motors, controllers, and chargers for electric two-wheelers, three-wheelers, and four-wheelers through a dedicated subsidiary, applying its motor-winding and power-electronics know-how to a new industry.** - **Same DNA, different vehicle** - the EV subsidiary produces steering and compressor motors with IP67 waterproof ratings, controllers that manage power distribution, and single-phase chargers compatible with both lithium-ion and lead-acid batteries. It has indigenously developed AC and DC fast chargers for two-, three-, and four-wheelers. - **Government contracts as an early anchor** - the subsidiary has secured supply and installation orders for 2,000 EV chargers under government initiatives and holds contracts with state electricity distribution companies (DISCOMs) for public charging infrastructure. - **Still under construction** - the Board has approved investments of ₹114.3 crores in the EV subsidiary over five years, with ₹65.0 crores deployed as of April 2026, and a dedicated manufacturing facility is being established as part of the company’s broader ₹17,000-crore capex plan. - **A patent for the rotor** - the subsidiary was granted a patent for a “Stack Assembly for Permanent Magnet Rotor,” signalling in-house R&D effort rather than licensed technology. # Group structure and partners **The Patidar family controls the listed parent through three family trusts, while wholly owned subsidiaries house the rooftop-solar and EV businesses and international sales are routed through subsidiaries in the US, UAE, and Bangladesh.** - **Parent and promoter structure** - Shakti Pumps (India) Ltd is listed on the BSE and NSE, with the promoters having transferred their entire shareholding to three family trusts in December 2023: Shakti Sons Trust (20.50%), Shakti Brothers Trust (8.50%), and Shakti Future Trust (8.16%), bringing total promoter holding to 56.22%. The Board includes ten directors, five of whom are independent. - **Domestic operating arms** - Shakti Energy Solutions Limited (100% owned) manufactures solar structures and is expanding into solar DCR cell and PV module production with a planned 2.20 GW facility on 113 acres in Pithampur, with the first 0.5 GW module line expected by end-Q1 FY27. Shakti EV Mobility Private Limited (100% owned) houses the EV components business. - **International footprint** - the company has branch offices in the US, UAE, Bangladesh, and Uganda, where it is executing a USD 35.30 million contract funded by the Indian EXIM Bank to supply solar-powered water pumping systems across 20 rural districts. - **Supplier partnerships for solar modules** - the company has tied up with Mundra Solar PV Limited (Adani), Premier Energies Ltd, and ReNew Photovoltaic Private Limited for the supply of DCR cell-based solar modules, with the ReNew tie-up alone worth ₹1,300 crores.