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Shakti Pumps (India) Ltd

SHAKTIPUMP

NSE

₹415.45-1.73%19 Oct 2026

Reports

Solar Pumps

Shakti Pumps (India) Ltd

SHAKTIPUMP

NSE

₹415.45

-1.73%

19 Oct 2026

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Solar Pumps

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

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Mkt Cap

Market Capitalization

₹5,123Cr

Close Price

₹415.15

Industry

Solar Pumps

Price To Earnings

24.12

Price To Sales

1.75

Revenue

₹2,934Cr

Rev Gr TTM

Revenue Growth TTM

14.10%

PAT Gr TTM

PAT Growth TTM

-48.53%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	153	496	609	568	635	649	665	623	666	551	858	859
Growth YoY Revenue Growth YoY%	-29.4	57.7	233.6	402.0	315.4	30.9	9.2	9.7	5.0	-15.1	28.9	37.9
Expenses ExpensesCr	138	425	479	432	486	494	501	479	530	492	775	776
Operating Profit Operating ProfitCr	15	71	131	136	149	154	164	144	136	59	83	83
OPM OPM%	9.9	14.3	21.5	23.9	23.4	23.8	24.6	23.1	20.4	10.7	9.7	9.7
Other Income Other IncomeCr	1	1	1	3	6	4	4	2	6	8	10	10
Interest Expense Interest ExpenseCr	4	5	8	8	11	12	13	10	13	18	18	15
Depreciation DepreciationCr	5	5	5	5	5	5	5	6	7	7	9	8
PBT PBTCr	7	63	119	126	138	142	150	130	122	42	66	71
Tax TaxCr	2	18	29	33	37	38	40	33	31	10	28	19
PAT PATCr	6	45	90	93	101	104	110	97	91	32	38	52
Growth YoY PAT Growth YoY%	207.4	301.7	3,885.3	9,166.0	1,636.6	130.3	22.9	4.5	-10.6	-69.5	-65.2	-46.7
NPM NPM%	3.8	9.1	14.7	16.3	16.0	16.0	16.6	15.6	13.6	5.8	4.5	6.0
EPS EPS₹	0.5	4.1	8.1	7.7	1.4	8.7	9.2	8.1	7.3	2.6	3.1	4.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	153	496	609	568	635	649	665	623	666	551	858	859
Growth YoY Revenue Growth YoY%	-29.4	57.7	233.6	402.0	315.4	30.9	9.2	9.7	5.0	-15.1	28.9	37.9
Expenses ExpensesCr	138	425	479	432	486	494	501	479	530	492	775	776
Operating Profit Operating ProfitCr	15	71	131	136	149	154	164	144	136	59	83	83
OPM OPM%	9.9	14.3	21.5	23.9	23.4	23.8	24.6	23.1	20.4	10.7	9.7	9.7
Other Income Other IncomeCr	1	1	1	3	6	4	4	2	6	8	10	10
Interest Expense Interest ExpenseCr	4	5	8	8	11	12	13	10	13	18	18	15
Depreciation DepreciationCr	5	5	5	5	5	5	5	6	7	7	9	8
PBT PBTCr	7	63	119	126	138	142	150	130	122	42	66	71
Tax TaxCr	2	18	29	33	37	38	40	33	31	10	28	19
PAT PATCr	6	45	90	93	101	104	110	97	91	32	38	52
Growth YoY PAT Growth YoY%	207.4	301.7	3,885.3	9,166.0	1,636.6	130.3	22.9	4.5	-10.6	-69.5	-65.2	-46.7
NPM NPM%	3.8	9.1	14.7	16.3	16.0	16.0	16.6	15.6	13.6	5.8	4.5	6.0
EPS EPS₹	0.5	4.1	8.1	7.7	1.4	8.7	9.2	8.1	7.3	2.6	3.1	4.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	264	425	437	544	383	930	1,179	968	1,371	2,516	2,698	2,934
Growth Revenue Growth%	-10.9	60.7	2.8	24.5	-29.6	142.8	26.8	-17.9	41.6	83.6	7.2	14.1
Expenses ExpensesCr	244	371	358	454	371	788	1,068	901	1,146	1,913	2,276	2,573
Operating Profit Operating ProfitCr	20	54	78	89	12	142	110	67	225	603	422	361
OPM OPM%	7.6	12.7	18.0	16.4	3.2	15.3	9.4	6.9	16.4	24.0	15.6	12.3
Other Income Other IncomeCr	9	7	3	4	4	4	6	3	4	17	25	33
Interest Expense Interest ExpenseCr	14	16	14	18	21	16	16	19	19	44	59	64
Depreciation DepreciationCr	12	13	14	15	17	18	19	18	19	20	28	30
PBT PBTCr	3	32	54	60	-22	111	82	32	190	556	359	301
Tax TaxCr	1	11	19	15	-8	36	18	8	48	147	102	88
PAT PATCr	1	21	35	45	-14	76	65	24	142	408	258	212
Growth PAT Growth%	-95.9	1,826.4	69.7	29.4	-131.2	637.0	-14.3	-62.8	487.3	188.1	-36.9	-48.5
NPM NPM%	0.4	4.8	8.0	8.3	-3.7	8.1	5.5	2.5	10.3	16.2	9.6	7.2
EPS EPS₹	0.1	2.0	3.2	4.1	-1.3	6.8	5.9	2.2	12.8	34.0	21.0	17.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	264	425	437	544	383	930	1,179	968	1,371	2,516	2,698	2,934
Growth Revenue Growth%	-10.9	60.7	2.8	24.5	-29.6	142.8	26.8	-17.9	41.6	83.6	7.2	14.1
Expenses ExpensesCr	244	371	358	454	371	788	1,068	901	1,146	1,913	2,276	2,573
Operating Profit Operating ProfitCr	20	54	78	89	12	142	110	67	225	603	422	361
OPM OPM%	7.6	12.7	18.0	16.4	3.2	15.3	9.4	6.9	16.4	24.0	15.6	12.3
Other Income Other IncomeCr	9	7	3	4	4	4	6	3	4	17	25	33
Interest Expense Interest ExpenseCr	14	16	14	18	21	16	16	19	19	44	59	64
Depreciation DepreciationCr	12	13	14	15	17	18	19	18	19	20	28	30
PBT PBTCr	3	32	54	60	-22	111	82	32	190	556	359	301
Tax TaxCr	1	11	19	15	-8	36	18	8	48	147	102	88
PAT PATCr	1	21	35	45	-14	76	65	24	142	408	258	212
Growth PAT Growth%	-95.9	1,826.4	69.7	29.4	-131.2	637.0	-14.3	-62.8	487.3	188.1	-36.9	-48.5
NPM NPM%	0.4	4.8	8.0	8.3	-3.7	8.1	5.5	2.5	10.3	16.2	9.6	7.2
EPS EPS₹	0.1	2.0	3.2	4.1	-1.3	6.8	5.9	2.2	12.8	34.0	21.0	17.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	17	18	18	18	18	18	18	18	20	120	123
Reserves ReservesCr	170	200	235	272	247	322	375	400	736	1,041	1,582
Current Liabilities Current LiabilitiesCr	150	182	175	255	242	292	447	290	685	734	1,215
Non Current Liabilities Non Current LiabilitiesCr	15	19	28	38	33	38	23	17	10	79	128
Total Liabilities Total LiabilitiesCr	366	420	457	583	541	671	864	725	1,450	1,974	3,048
Current Assets Current AssetsCr	210	287	326	412	370	501	713	562	1,245	1,666	2,571
Non Current Assets Non Current AssetsCr	156	133	131	172	171	170	151	163	205	308	477
Total Assets Total AssetsCr	366	420	457	583	541	671	864	725	1,450	1,974	3,048

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	17	18	18	18	18	18	18	18	20	120	123
Reserves ReservesCr	170	200	235	272	247	322	375	400	736	1,041	1,582
Current Liabilities Current LiabilitiesCr	150	182	175	255	242	292	447	290	685	734	1,215
Non Current Liabilities Non Current LiabilitiesCr	15	19	28	38	33	38	23	17	10	79	128
Total Liabilities Total LiabilitiesCr	366	420	457	583	541	671	864	725	1,450	1,974	3,048
Current Assets Current AssetsCr	210	287	326	412	370	501	713	562	1,245	1,666	2,571
Non Current Assets Non Current AssetsCr	156	133	131	172	171	170	151	163	205	308	477
Total Assets Total AssetsCr	366	420	457	583	541	671	864	725	1,450	1,974	3,048

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	33	58	20	-2	50	141	17	39	50	20	124
Investing Cash Flow Investing Cash FlowCr	-18	-23	-19	-44	-35	0	-8	-12	-61	-198	-286
Financing Cash Flow Financing Cash FlowCr	-14	-33	6	42	-14	-126	0	-47	191	44	544
Net Cash Flow Net Cash FlowCr	1	2	6	-5	1	15	10	-20	180	-134	382
Free Cash Flow Free Cash FlowCr	13	42	9	-35	34	129	1	20	-9	-84	-36
CFO To PAT CFO To PAT%	3,090.3	282.6	56.2	-5.1	-357.6	186.8	26.2	160.3	35.0	5.0	48.2
CFO To EBITDA CFO To EBITDA%	163.7	107.5	24.9	-2.6	410.9	99.4	15.4	58.1	22.1	3.4	29.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	33	58	20	-2	50	141	17	39	50	20	124
Investing Cash Flow Investing Cash FlowCr	-18	-23	-19	-44	-35	0	-8	-12	-61	-198	-286
Financing Cash Flow Financing Cash FlowCr	-14	-33	6	42	-14	-126	0	-47	191	44	544
Net Cash Flow Net Cash FlowCr	1	2	6	-5	1	15	10	-20	180	-134	382
Free Cash Flow Free Cash FlowCr	13	42	9	-35	34	129	1	20	-9	-84	-36
CFO To PAT CFO To PAT%	3,090.3	282.6	56.2	-5.1	-357.6	186.8	26.2	160.3	35.0	5.0	48.2
CFO To EBITDA CFO To EBITDA%	163.7	107.5	24.9	-2.6	410.9	99.4	15.4	58.1	22.1	3.4	29.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	245	360	1,005	729	217	948	843	743	2,674	11,775	5,681	5,123
Price To Earnings Price To Earnings	228.8	16.6	28.8	16.2		12.5	13.0	30.8	18.9	28.8	22.1	24.1
Price To Sales Price To Sales	0.9	0.8	2.3	1.3	0.6	1.0	0.7	0.8	1.9	4.7	2.1	1.8
Price To Book Price To Book	1.3	1.6	4.0	2.5	0.8	2.8	2.1	1.8	3.5	10.1	3.3	3.0
EV To EBITDA EV To EBITDA	16.2	8.0	13.8	9.8	29.6	6.9	8.2	12.0	11.4	19.5	13.1	14.0
Profitability Ratios Profitability Ratios
GPM GPM%	46.3	41.2	43.4	37.8	32.6	28.1	22.6	22.4	27.8	32.0	24.4	24.4
OPM OPM%	7.6	12.7	18.0	16.4	3.2	15.3	9.4	6.9	16.4	24.0	15.6	12.3
NPM NPM%	0.4	4.8	8.0	8.3	-3.7	8.1	5.5	2.5	10.3	16.2	9.6	7.2
ROCE ROCE%	6.1	16.0	18.9	16.9	-0.2	30.4	19.6	10.4	24.9	45.1	18.9	18.9
ROE ROE%	0.6	9.4	13.7	15.5	-5.3	22.2	16.5	5.8	18.8	35.2	15.1	15.1
ROA ROA%	0.3	4.9	7.6	7.7	-2.6	11.3	7.5	3.3	9.8	20.7	8.4	8.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	245	360	1,005	729	217	948	843	743	2,674	11,775	5,681	5,123
Price To Earnings Price To Earnings	228.8	16.6	28.8	16.2		12.5	13.0	30.8	18.9	28.8	22.1	24.1
Price To Sales Price To Sales	0.9	0.8	2.3	1.3	0.6	1.0	0.7	0.8	1.9	4.7	2.1	1.8
Price To Book Price To Book	1.3	1.6	4.0	2.5	0.8	2.8	2.1	1.8	3.5	10.1	3.3	3.0
EV To EBITDA EV To EBITDA	16.2	8.0	13.8	9.8	29.6	6.9	8.2	12.0	11.4	19.5	13.1	14.0
Profitability Ratios Profitability Ratios
GPM GPM%	46.3	41.2	43.4	37.8	32.6	28.1	22.6	22.4	27.8	32.0	24.4	24.4
OPM OPM%	7.6	12.7	18.0	16.4	3.2	15.3	9.4	6.9	16.4	24.0	15.6	12.3
NPM NPM%	0.4	4.8	8.0	8.3	-3.7	8.1	5.5	2.5	10.3	16.2	9.6	7.2
ROCE ROCE%	6.1	16.0	18.9	16.9	-0.2	30.4	19.6	10.4	24.9	45.1	18.9	18.9
ROE ROE%	0.6	9.4	13.7	15.5	-5.3	22.2	16.5	5.8	18.8	35.2	15.1	15.1
ROA ROA%	0.3	4.9	7.6	7.7	-2.6	11.3	7.5	3.3	9.8	20.7	8.4	8.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SHAKTIPUMP	OSWALPUMPS	GKENERGY
Market CapitalizationMkt CapCr	5,123	2,824	2,089
Close PriceClose₹	415.15	247.70	103.00
IndustryIndustry	Solar Pumps	Solar Pumps	Solar Pumps
Price To EarningsPE	24.12	8.23	8.95
Price To SalesPS	1.75	1.40	1.10
RevenueRevenueCr	2,934	2,024	1,896
Revenue Growth TTMRev Gr TTM%	14.1%	29.0%
PAT Growth TTMPAT Gr TTM%	-48.5%	9.9%

	SHAKTIPUMP	OSWALPUMPS	GKENERGY
Market CapitalizationMkt CapCr	5,123	2,824	2,089
Close PriceClose₹	415.15	247.70	103.00
IndustryIndustry	Solar Pumps	Solar Pumps	Solar Pumps
Price To EarningsPE	24.12	8.23	8.95
Price To SalesPS	1.75	1.40	1.10
RevenueRevenueCr	2,934	2,024	1,896
Revenue Growth TTMRev Gr TTM%	14.1%	29.0%
PAT Growth TTMPAT Gr TTM%	-48.5%	9.9%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

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Mar 26

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Dec 25

Result PPT Transcript Summary

Sep 25