Shakti Pumps (India) Limited achieved its highest-ever consolidated annual revenue of INR 2,698 crore for FY26. The company reported a robust Q4 performance with INR 858 crore in revenue, driven by a 51% year-on-year growth in solar pump installations. Despite margin pressures from geopolitical-related raw material price fluctuations, the company sustained an EBITDA margin of approximately 16% and successfully improved its receivable cycle, strengthening its overall balance sheet and liquidity position.
Financial Performance Highlights
The company delivered strong financial results for the full year ending March 31, 2026. Consolidated revenue reached a record INR 2,698 crore, with the fourth quarter contributing INR 858 crore. This performance was underpinned by the successful execution of 86,086 solar pump units throughout the fiscal year, representing a 20% year-on-year increase.
Strategic Balance Sheet Strengthening
A key focus for the management during the year was capital stewardship and working capital efficiency. The company significantly improved its cash flow, with receivables reducing from INR 1,697 crore in December 2025 to INR 1,276 crore by the end of March 2026. This 77-day improvement in receivable days demonstrates the firm’s commitment to maintaining a robust financial position despite a challenging global operating environment.
Operational Outlook and Growth Drivers
With an order book standing at approximately INR 1,500 crore as of May 7, 2026, the company holds strong revenue visibility for the upcoming quarters. Management remains optimistic about future demand, supported by the anticipated KUSUM 2.0 policy momentum and sustained opportunities in state-level solar initiatives. Additionally, the company is diversifying into new growth areas, including solar rooftop systems and electric vehicle (EV) components, which are aligned with India’s clean energy transition.
Margin Management and Future Expectations
While EBITDA margins were impacted by approximately 6% to 7% due to rising raw material costs and 3% to 4% from specific tender pricing pressures, the leadership views these as cyclical and external challenges. Management is actively implementing reverse engineering and vendor negotiations to improve margins. The commissioning of a new 0.5 GW solar module plant, expected by the end of Q1 FY27, is projected to further bolster operational efficiency and profitability in the coming periods.
Source: BSE
