Announcement
Announcement under Regulation 30 (LODR)-Acquisition 12 Oct - Shakti Pumps invests Rs10 crore in SESL for 2.20 GW solar cell and module plant at Pithampur.
Source: Bse
Shakti Pumps (India) Limited (SHAKTIPUMP)
Micro CapIndustrials stocks · Micro cap · NSE
Shakti Pumps (India) Limited manufactures solar pumps, motors, VFDs, and solar structures. The company is expanding into solar rooftop and EV businesses, aiming to provide integrated renewable energy solutions and support agricultural infrastructure. It focuses on both government-led programs and retail sales.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result24 Jul, 11:19 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -7.5% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHAKTIPUMPD candles · FIT view-23.8%Latest close ₹415.45 on 2026-10-19
Bar
-1.6%
RSI
30
MACD hist
-1.46
52W pos
1%
2026-10-19O ₹422.00H ₹424.00L ₹415.00C ₹415.45Vol 1.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHAKTIPUMPNifty India ManufacturingNifty 500
- SHAKTIPUMP
- -23.7%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -18.1 pp
Chart stats
19 Oct 2026- From 52W high
- -49.9%
- 52W range position
- 1%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.46x
- Avg traded value
- ₹17.8 Cr
- 20D price channel
- ₹413 - ₹482.3
₹830
₹413 - ₹830
₹13
Latest completed session
20-session average
26.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +38.1% · PAT -46.4% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+38.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -46% YoY · margin compression · Rev +38% YoY
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹859 Cr | +38.1% | +0.1% |
| EBITDA | ₹83 Cr | -42.4% | +0.0% |
| Operating margin | 10.0% | -1300 bps | +0 bps |
| PAT | ₹52 Cr | -46.4% | +36.8% |
| PAT margin | 6.0% | -954 bps | +162 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.60
- P/B
- 3.07
- EV/EBITDA
- 14.63
- Market Cap
- 5217.00Cr
Profitability
- ROE
- 18.00%
- ROCE
- 23.60%
- ROA
- 6.96%
- Dividend Y
- 0.24%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 28.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 70.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 5.64×
- Altman Z
- 4.62
- Book Value
- 138.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 124.00 Cr
- EPS TTM
- 17.21
Shareholding
- Promoter Hold
- 24.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 859+0.1% vs prev
Net Profit
₹ CrLatest: 52.0+36.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 30. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 30 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
8
RS percentile
Stage 4 Downtrend
1M return
-9.9%
3M return
-23.7%
6M return
-26.4%
1Y return
-48.6%
RS 1D
0
RS 20D
-3
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 19.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 52.09-0.71%
RS vs Nifty 50052
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth22/25
Quality11/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 38.6%.
- Growth contributes 22/25 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
24.6
PB
3.1
EV/EBITDA
14.6
ROE
18.0%
ROCE
23.6%
FCF Yield
—
Debt/Equity
0.3
MoS
+38.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+38.6%
Previous: +38.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
57
57
57
57
57
57
57
57
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹231.16
-79.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹676.35
+38.6% MoS
PEG
0.55
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
INDOFARM
Small
Indo Farm Equipment Limited
Industrial Machinery
match 83
51
24.9
4.8%
+37%
FAIR VALUE
MACPOWER
Small
Macpower CNC Machines Limited
Industrial Machinery
match 82
53
55.2
21.3%
-19%
FAIR VALUE
MAMATA
Small
Mamata Machinery Limited
Industrial Machinery
match 81
26
89.8
9.6%
-901%
OVERVALUED
MENONBE
Small
Menon Bearings Limited
Industrial Machinery
match 81
57
36.5
22.3%
+12%
FAIR VALUE
RVTH
Small
Revathi Equipment India Limited
Industrial Machinery
match 81
40
14.3
8.6%
+64%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T07:44:57.944Z
Management commentary snapshot
Q1 FY27 revenue grew 37.9% YoY to INR859 crores, driven by 57.6% YoY increase in solar pump installations. PAT rose 35% QoQ to INR52 crores, with EBITDA margin stable QoQ at 9.6%. Order book stands at INR1,000 crores, executable in two quarters, but margins remain under YoY pressure from raw material costs.
The company delivered robust Q1 FY27 results with strong revenue growth and operational execution in its core solar pump business. Management's strategic investments in backward integration and diversification into solar rooftop and EV segments support long-term growth. While raw material costs pressured YoY margins, these are viewed as temporary, maintaining the overall investment thesis.
Growth engines
Core Solar Pump Business
Robust performance was driven by strong operational execution, continued traction in our core solar pump business, and sustained demand across key markets.
PM-KUSUM 2.0 Scheme
We are witnessing increasing visibility around the PM-KUSUM 2.0 scheme along with growing traction from other state-led programs, which give us confidence in sustaining our growth momentum.
Emerging Cash & Retail Sales
Our emerging cash and retail sales business is witnessing encouraging traction, supported by the continued expansion of our dealer network. In Q1 FY27, this business recorded sales of INR24 crores.
Solar Rooftop Business
The rooftop business in this quarter showed a healthy growth. We clocked INR8 crores revenue as compared to INR2 crores in a like-to-like quarter last year.
Capacity and execution
0.5 GW DCR Module Facility
Our 0.5 GW DCR module facility remains on track for completion in September '26.
2.2 GW Integrated DCR Cell & Module Project
Our 2.2 GW integrated DCR cell and module project remains on track, aiming for September '27.
Pumps, Motors, VFDs, Solar Structures
Ongoing capacity expansion across pumps, motors, VFDs, and solar structures, enabling us to strengthen our integrated manufacturing capabilities.
Pump Plant
Our pump plant will come in November '26.
Tailwinds
PM-KUSUM 2.0 Scheme
PM KUSUM 2.0 is ready for launch and could be announced as early as next week or next month. It has a big opportunity.
Government Policy Support
Increasing policy support from the government positions us at a unique inflection point to deliver sustainable performance in the future.
Demand for Higher HP Pumps
Requirement for higher HP pumps is emerging in Haryana and Punjab, creating a good business opportunity going forward.
PM Surya Ghar Muft Bijli Yojana
We have registered ourselves as a brand owner. The government's focus on quality, digitalization, and end-to-end warranty will largely benefit the Shakti brand.
Headwinds
Geopolitical Situation
Margins remained under pressure due to the inflated raw material costs driven by the ongoing geopolitical situation as well as lower realization in some orders.
Global Trade & Demand Conditions
Our export business delivered a steady performance despite the continued geopolitical uncertainties impacting global trade and demand conditions.
Risk radar
Raw Material Cost Volatility
The ongoing geopolitical situation has continued during the quarter, because of which, the expected softening in raw material prices has not yet happened.
Receivables Management
Of our total outstanding, around INR560 crores is over 180 days, and the balance is the retention amount of INR477 crores.
EV Business Validation Phase
In the EV business, we are currently in trial order phase with new customers. This phase is inherently time-taking given validation and onboarding requirements.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Revenue and solar pump installations are best compared YoY to reflect underlying market demand and growth. PAT and EBITDA margin are compared QoQ to show sequential stability and improvement in profitability, while acknowledging YoY pressures.
Sector KPIs management disclosed
Revenue
Revenue for Q1 FY27 grew by 37.9% year-on-year to INR859 crores as compared to INR623 crores in Q1 FY26.
Solar Pump Installations
Volume increasing by 57.6% year-on-year to 27,678 pumps in Q1 FY27 compared to 17,557 pumps in Q1 FY26.
EBITDA Margin
Our EBITDA margin remained broadly stable on a sequential basis at 9.6%. On a corresponding basis, margins remained under pressure due to inflated raw material costs and lower realization.
PAT
The company reported a PAT of INR52 crores, representing an increase of 35% over Q4 FY26.
Management forward view
Revenue Target
We are making these investments with the goal of becoming a INR5,000 crores company over the next three years (by FY29).
Margin Improvement Outlook
With KUSUM 2.0 expected and raw material prices likely to ease, we expect margins to improve gradually on a quarter-on-quarter basis.
Integrated Solar Company
With our in-house manufacturing of structures, VFDs, controllers, inverters, and now panels, we can say that we are a fully integrated solar company.
Rooftop Business Margin Target
In the rooftop business, if we combine the current industry benchmark and module, we are targeting around 15% EBITDA margin post-integration of modules/cells.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PM-KUSUM 2.0 Order Inflow | Awaiting launch and specifications; big opportunity expected. | Official scheme launch, tender specifications, and subsequent order timelines and volumes. |
| Raw Material Price Trend | Inflated due to geopolitical situation, causing YoY margin pressure. | Stabilization and easing of raw material prices to support margin recovery. |
| Capacity Commissioning & Ramp-up | 0.5 GW module by Sep '26, pump plant by Nov '26, 2.2 GW cell/module by Sep '27. | Timely commissioning and efficient ramp-up of new manufacturing capacities. |
| EV Business Momentum | Currently in trial order and validation phase, expected to continue for 8-9 months. | Meaningful revenue contribution and bulk orders from next year (FY28) onwards. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 56th percentile within Industrials. Main check: results consistency is weak at 29/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
78 docs text-extracted · 20 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Industrials: 56th pctile, median 68 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
78 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 14%.
- ▸7 years of positive FCF.
- ▸ROCE is 23.6%.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 24%.
- ▸ROCE trend is -13.1%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Shakti Pumps (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 12 Oct - Shakti Pumps invested Rs 5 crore in Shakti EV Mobility, taking total investment to Rs 80 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 8 Oct - Shakti Pumps invests Rs 10 crore in subsidiary for 2.20 GW solar DCR cell and PV plant in Pithampur.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 6 Oct - Empanelled by MSEDCL for 4,755 solar water pumps worth Rs. 112.18 crore, executable within 60 days.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 29 Sep - India Ratings assigned/affirmed IND AA-/Stable and IND A1+ for ₹21,600 million bank facilities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 14 Sep - Shakti Pumps invested Rs. 11 crore in subsidiary to set up 2.2 GW solar cell and module plant at Pithampur.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep - We are submitting herewith copy of newspaper publication regarding opening of Special Window for re-lodgement of transfer of physical shares as per SEBI Circular.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 9 Sep - Received Maharashtra empanelment for 10,000 solar pumps worth Rs. 235.92 crore, executable within 60 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 5 Sep - Shakti Pumps invests Rs 11 crore in subsidiary to set up 2.2 GW solar cell and module plant at Pithampur.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 20 Aug - Shakti Pumps invested Rs 5 crore in subsidiary Shakti EV Mobility; cumulative investment now Rs 75 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 17 Jul - Shakti Pumps invested Rs. 5 crore in Shakti EV Mobility, raising total investment to Rs. 70 crore.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul - We are submitting herewith a copy of Newspaper Advertisement published today regarding sending of Annual Report to shareholders, remote E-voting facilities and record date.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.