Shakti Pumps (India) Ltd Q2 FY26 — ₹1,800 Cr Order Book, 55% ROCE, 25% PM-KUSUM Market Share & a Government-Fueled Pump Party
1. At a Glance – Pumps, Politics & Profits
Shakti Pumps is what happens when irrigation meets government policy and decides to lift weights. With a market cap of ₹8,181 Cr, ROCE of 55.3%, ROE of 42.6%, and a Q2 FY26 quarterly revenue of ₹666 Cr, this company looks less like a sleepy capital-goods player and more like a caffeinated solar contractor. The stock is currently at ₹663, down 16.3% over 3 months and 24.9% over 6 months, which basically means the business sprinted while the stock tripped on a banana peel.
The crown jewel is its dominance in PM-KUSUM, where it holds a 25% market share and has already installed 1,14,900+ solar pumps across multiple Indian states. Add to that an order book of ₹1,800 Cr as of Q2 FY25, a freshly approved ₹400 Cr QIP, and a ₹560 Cr capex plan to double capacity, and you get a company that clearly didn’t come to the party for free snacks—it came to own the dance floor.
2. Introduction – From Borewells to Balance Sheets
Shakti Pumps is not a startup pretending to be green. It’s a 1995-vintage manufacturer that quietly turned stainless steel pumps into a government-sponsored growth rocket. While most capital-goods companies beg private capex to revive, Shakti found religion in solar irrigation, timed it perfectly with PM-KUSUM, and is now cashing cheques written by state utilities.
The result? Revenue growth of 45.7% CAGR over five years, profit growth of 98.8% CAGR, and margins that jumped from single digits to 23% OPM in FY25. Of course, the stock corrected hard after its euphoric run, but operationally the company is still firing orders like a Diwali rocket launcher.
And just when you thought pumps were boring, Shakti casually entered EV motors, VFDs, solar PV/DCR cells, and charging infrastructure—because why not turn every rotating machine into a growth story?
3. Business Model – WTF Do They Even Do?
In simple words: they move water, electrons, and government money.
Pumps: Submersible, solar, wastewater, pressure boosters—you name it, they pump it.
Motors: Submersible motors, surface motors, and now EV motors via a subsidiary.
Controllers & VFDs: Solar drives, hybrid controllers, soft starters—basically the brains behind the brawn.
Solar Structures & Misc: Because once you’re in PM-KUSUM, you might as well sell the full thali.
The real sauce is integration. Shakti doesn’t just sell pumps; it sells end-to-end solar pumping systems, making it a preferred vendor for government tenders where execution capability matters more than PowerPoint slides.
4. Financials Overview – Numbers That Actually Pump
Result Type Detected: Quarterly Results (Q2 FY26 locked)
Metric
Latest Qtr (Q2 FY26)
YoY Qtr (Q2 FY25)
Prev Qtr (Q1 FY26)
YoY %
QoQ %
Revenue (₹ Cr)
666
635
622
4.9%
7.1%
EBITDA (₹ Cr)
136
149
144
-8.7%
-5.6%
PAT (₹ Cr)
91
101
97
-9.9%
-6.2%
EPS (₹)
7.35
8.44
8.06
-12.9%
-8.8%
Annualised EPS (Q2 rule): ₹7.35 × 4 = ₹29.4 At a CMP of ₹663, recalculated P/E ≈ 22.5x, not the headline fantasy multiple.
Yes, margins dipped QoQ—welcome to execution-heavy government projects with seasonality.
