Overview

Detailed Summary

Shakti Pumps (India) Limited manufactures an integrated range of pumps, motors, power electronics and solar systems, serving government irrigation programs, exports to 100+ countries, industrial and retail channels; the company also operates subsidiaries for EV motors/controllers and solar structures and holds significant in‑house R&D and manufacturing capabilities including VFDs, inverters and mounting structures.
The company signalled disciplined balance-sheet management in Q3 FY26 by intentionally pausing execution of ~₹2,000 Mn of orders to address elevated receivables, which caused lower revenue and margins but preserved cash flows and stabilized collections—management expects stronger execution and the highest-ever revenue quarter in Q4 FY26 as payouts resume.
SPIL has announced a material ₹17,000 Mn capex program that includes doubling pump and related capacities, establishing a 2.2 GW solar DCR cell + PV module plant and an EV motors/controllers facility; the 0.5 GW module line is targeted for Q1 FY27 and pump capacity trials for Aug 2026, indicating accelerated vertical integration and long-term margin improvement potential.
Despite quarter-on-quarter margin compression driven by product mix, raw material inflation and a one‑time ₹44 Mn labour-code cost, the company reports strong nine‑month revenues of ₹18,398 Mn, exports momentum (₹3,070 Mn in 9M) and rapid retail cash-sales growth (₹666 Mn, +68% YoY), reflecting diversified revenue streams beyond state tenders.
Technically differentiated with 15 granted patents, integrated manufacturing across pumps, motors and electronics, and a ~25% share under PM KUSUM, Shakti Pumps benefits from structural tailwinds in domestic solar irrigation, significant addressable markets and export agreements that should help scale international traction in the coming quarters.

Sector: Capital Goods-Non Electrical Equipment
Industry: Pumps
Market Cap: 6,051 Cr
Volatility: High Risk
P/E Ratio: 18.3
Industry P/E: 25.7
PEG Ratio: 0.2
P/B Ratio: 3.7
52W High: 1,047.00
52W Low: 462.50

Sales CAGR

1Y: 83.57%
3Y: 30.17%
5Y: 47.35%
10Y: 27.87%

Profit CAGR

1Y: 188.13%
3Y: 92.02%
5Y: —
10Y: 80.09%

ROE

TTM: 24.70%
3Y: 24.59%
5Y: 23.29%
10Y: 18.66%

ROCE

TTM: 25.86%
3Y: 35.27%
5Y: 33.58%
10Y: 28.20%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KSB	761.35	13,264 Cr	65.30	7.90	0.58	16.11	21.59	9.69
KIRLOSBROS	1576.75	12,521 Cr	31.37	5.67	0.44	17.76	21.92	10.07
SHAKTIPUMP	491.00	6,051 Cr	18.26	3.72	0.20	24.70	25.86	10.99
OSWALPUMPS	301.35	3,434 Cr	9.73	2.29	0.00	22.48	29.61	18.48
ROTO	54.60	1,024 Cr	34.78	4.47	0.49	12.71	16.80	9.88
LATTEYS	19.97	115 Cr	43.41	5.33	0.00	9.12	12.88	5.06
BRIGHT	2.80	7 Cr	-1.16	0.24	0.00	-0.02	0.02	0.13

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	153	496	609	568	635	649	665	623	666	551
Expenses	138	425	479	432	486	494	501	479	530	492
Operating Profit	15	71	131	136	149	154	164	144	136	59
OPM %	9.95	14.32	21.46	23.94	23.44	23.80	24.64	23.06	20.40	10.71
Other Income	0.75	1.42	0.85	2.96	5.73	3.96	4.44	1.90	5.54	7.70
Interest	3.81	4.83	7.74	8.47	11	12	13	9.76	13	18
Depreciation	4.79	4.80	4.81	4.77	4.92	4.93	5.37	6.05	6.67	6.86
Profit Before Tax	7.35	63	119	126	138	142	150	130	122	42
Tax %	20.54	27.98	24.69	26.21	26.75	26.49	26.63	25.32	25.35	24.09
Net Profit	5.84	45	90	93	101	104	110	97	91	32
EPS in Rs	0.48	3.66	7.90	7.51	8.22	8.44	8.93	8.05	7.34	2.57

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	433	437	544	383	930	1,179	968	1,371	2,516	2,571
Expenses	371	358	454	371	788	1,068	901	1,146	1,913	1,961
Operating Profit	63	78	89	12	142	110	67	225	603	611
OPM %	14.45	17.97	16.42	3.20	15.28	9.37	6.88	16.40	23.96	23.75
Other Income	7.04	3.49	3.70	4.09	3.77	6.14	3.25	3.56	17	16
Interest	16	14	18	21	16	16	19	19	44	46
Depreciation	13	14	15	17	18	19	18	19	20	21
Profit Before Tax	32	54	60	-22	111	82	32	190	556	560
Tax %	35.47	35.47	24.99	34.98	32.05	21.28	25.17	25.37	26.53	26.32
Net Profit	21	35	45	-14	76	65	24	142	408	413
EPS in Rs	1.82	2.81	3.65	-1.14	6.12	5.25	1.95	12.12	33.10	26.89
Dividend Payout %	17.73	19.51	20.38	0.00	19.46	5.67	15.23	5.20	2.94	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	18	18	18	18	18	18	18	20	120
Reserves	170	200	235	272	247	322	375	400	736	1,041
Borrowings	104	83	106	170	185	79	106	75	85	170
Other Liabilities	76	119	98	123	91	251	364	232	610	644
Total Liabilities	366	420	457	583	541	671	864	725	1,450	1,974
Fixed Assets	110	121	121	140	153	147	146	147	149	227
CWIP	8.20	0.00	0.24	12	0.70	0.76	0.60	1.55	39	33
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	248	299	336	431	387	522	717	577	1,263	1,715
Total Assets	366	420	457	583	541	671	864	725	1,450	1,974

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	33	58	20	-2.29	50	141	17	39	54	20
Cash from Investing Activity	-18	-23	-19	-44	-35	0.15	-7.60	-12	-67	-198
Cash from Financing Activity	-14	-33	6.15	42	-14	-126	0.28	-47	192	44
Net Cash Flow	0.80	1.52	6.35	-5.05	1.29	15	9.68	-20	180	-134

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Nov 2024	Dec 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Dec 2025
Promoters	56.22%	56.22%	51.58%	51.58%	51.58%	51.58%	51.58%	51.61%	50.27%	50.27%	50.30%	50.34%
FIIs	0.64%	0.49%	0.77%	2.32%	3.36%	3.11%	3.16%	5.16%	5.72%	5.72%	5.60%	5.34%
DIIs	0.22%	0.31%	8.68%	6.84%	6.78%	6.11%	5.27%	4.32%	6.42%	6.42%	6.71%	6.30%
Public	42.93%	42.98%	38.97%	39.26%	38.28%	39.20%	39.99%	38.91%	37.59%	37.59%	37.39%	38.02%
Total Shareholders	45,279	47,502	52,943	70,190	96,955	1,24,476	1,53,361	1,98,924	2,36,665	2,36,665	2,39,674	2,40,021

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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