Shakti Pumps India Ltd-$ — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shakti Pumps India Ltd-$ filed with BSE on 01 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shakti Pumps reported Q1 FY27 revenue of INR859 crores, up 37.9% year-on-year, driven by solar pump installation volumes rising 57.6% to 27,678 pumps. EBITDA margin stayed broadly stable sequentially at 9.6% but remained under year-on-year pressure from higher raw material costs and lower realization on some orders, while PAT rose to INR52 crores with PAT margin improving to 6% from 4.5% in Q4 FY26. Management discussed the order book of approximately INR1,000 crores, progress on the 0.5 GW and 2.2 GW solar cell and module capacities, and updates on the rooftop, EV and export businesses.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR859 crores (Q1 FY27)
p. 3
“Revenue for Q1 FY27 grew by 37.9% year-on-year to INR859 crores as compared to INR623 crores in Q1 FY26.”
Ramesh Patidar, page 3 of the filed PDF · View the filing
Solar pump installation volume: 27,678 pumps (Q1 FY27)
p. 3
“with volume increasing by 57.6% year-on-year to 27,678 pumps in Q1 FY27 compared to 17,557 pumps in Q1 FY26”
Ramesh Patidar, page 3 of the filed PDF · View the filing
EBITDA margin: 9.6% (Q1 FY27)
p. 3
“Our EBITDA margin remained broadly stable on a sequential basis at 9.6%.”
Ramesh Patidar, page 3 of the filed PDF · View the filing
PAT: INR52 crores (Q1 FY27)
p. 4
“During Q1 FY27, the company reported a PAT of INR52 crores, representing an increase of 35% over Q4 FY26.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
PAT margin: 6% (Q1 FY27)
p. 4
“PAT margin improved to 6% in Q1 FY27 from 4.5% in Q4 FY26, reflecting disciplined cost management and profitability during the quarter.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Order book: approximately INR1,000 crores (as on 22nd July 2026)
p. 4
“We continue to maintain a healthy and diversified order book of approximately INR1,000 crores as on 22nd July 2026.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Cash and retail sales business revenue: INR24 crores (Q1 FY27)
p. 4
“In Q1 FY27, this business recorded sales of INR24 crores, registering strong growth.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Rooftop business revenue: INR8 crores (Q1 FY27)
p. 5
“We clocked INR8 crores revenue as compared to INR2 crores in a like-to-like quarter last year.”
Ramakrishna Sataluri, page 5 of the filed PDF · View the filing
EBITDA impact from raw material costs: around INR36 crores (Q1 FY27 vs Q1 FY26)
p. 9
“In absolute terms, this translated into an EBITDA impact of around INR36 crores from raw material costs and INR25 crores from sales price realization.”
Dinesh Patel, page 9 of the filed PDF · View the filing
Working capital limits: approximately INR1,800 crores
p. 12
“we have arrangements with around 10 leading banks in India and one bank from Qatar, providing us with sufficient working capital limits of approximately INR1,800 crores”
Dinesh Patel, page 12 of the filed PDF · View the filing
Term loan for 2.2 GW solar project: around INR800 crores
p. 12
“for the 2.2 GW solar project, we have also entered into a term loan arrangement of around INR800 crores”
Dinesh Patel, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue target — INR5,000 crores · FY29
stated firmly by Dinesh Patidar
p. 10
“we have shared the overall vision for the group”
Dinesh Patidar, page 10 of the filed PDF · View the filing
Revenue target — INR5,000 crores · next three years
stated firmly by Dinesh Patidar
p. 6
“we are making these investments with the goal of becoming a INR5,000 crores company over the next three years”
Dinesh Patidar, page 6 of the filed PDF · View the filing
0.5 GW DCR module facility completion — 0.5 GW plant · September '26
stated firmly by Dinesh Patel
p. 7
“We have two facilities coming up. One is for 0.5 GW which will be completed in September '26.”
Dinesh Patel, page 7 of the filed PDF · View the filing
2.2 GW integrated DCR cell and module project completion — 2.2 GW facility · September '27
stated firmly by Dinesh Patel
p. 7
“The second is for 2.2 GW, for which we are aiming at September '27.”
Dinesh Patel, page 7 of the filed PDF · View the filing
EBITDA margin expansion — 3% expansion · after total capacity commissioned
stated conditionally by Dinesh Patel
p. 7
“After the total capacity is commissioned, we expect a 3% expansion in margins at the EBITDA level.”
Dinesh Patel, page 7 of the filed PDF · View the filing
Margins — quarter-on-quarter going forward
stated conditionally by Dinesh Patel
p. 9
“Going forward, with KUSUM 2.0 expected to come in and raw material prices likely to ease as the geopolitical situation stabilizes, we expect margins to improve gradually on a quarter-on-quarter basis.”
Dinesh Patel, page 9 of the filed PDF · View the filing
Order book execution — current INR1,000 crores order book · next two quarters
stated firmly by Dinesh Patel
p. 10
“for the current order book of INR1,000 crores, we believe we can comfortably execute it over the next two quarters”
Dinesh Patel, page 10 of the filed PDF · View the filing
Rooftop and module business margin — around 15%
stated as an aspiration by Dinesh Patel
p. 11
“if we combine the current industry benchmark and module, we are targeting around 15%.”
Dinesh Patel, page 11 of the filed PDF · View the filing
EV motors business revenue ramp — next eight to nine months, meaningful contribution from next year
stated conditionally by Dinesh Patel
p. 14
“We expect this phase to continue for the next eight to nine months. Revenue should begin to ramp up gradually thereafter, with meaningful contribution expected from next year onwards.”
Dinesh Patel, page 14 of the filed PDF · View the filing
Total capex — INR1,500 to INR1,700 crores · by September 2027
stated firmly by Dinesh Patel
p. 17
“By September 2027, we have to complete all these capex. So, almost the capex of INR1,500 to INR1,700 crores is to be completed in this time period.”
Dinesh Patel, page 17 of the filed PDF · View the filing
Capex for current year — around INR800 crores · this year
stated firmly by Dinesh Patel
p. 18
“Take it as 50-50% this year. Around INR800 crores capex will be in this year and the remaining capex will be in the next year.”
Dinesh Patel, page 18 of the filed PDF · View the filing
Margin recovery
stated as an aspiration by Dinesh Patidar
p. 18
“definitely, margin correction will come, we hope that it will definitely come”
Dinesh Patidar, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
KUSUM 2.0 is awaiting PMO clearance; payments including from Maharashtra are progressing; no El Nino-related demand uptick observed
Answered by Dinesh Patidar
Asked by Himanshu Shivhare: Update on PM KUSUM 2.0, payment issues, and El Nino impact on demand
p. 5
“PM KUSUM 2.0 is ready for launch and could be announced as early as next week or next month. It is currently with the PMO and awaiting clearance from there.”
Dinesh Patidar, page 5 of the filed PDF · View the filing
Company targets becoming a INR5,000 crores company in three years through investments in VFDs, module and cell plant, and capacity expansion
Answered by Dinesh Patidar
Asked by Harshil Solanki: Long-term growth visibility given upcoming capex
p. 6
“we see our company as a INR5,000 crores company in the next three years”
Dinesh Patidar, page 6 of the filed PDF · View the filing
Realization was almost flat; minor change due to sales mix between PM KUSUM and Magel Tyala scheme orders
Answered by Dinesh Patel
Asked by Pavan KV: Reason for slight sequential improvement in realization per pump
p. 7
“This quarter, the realization is at INR248,153 and last quarter it was INR248,374. So, there is no big impact.”
Dinesh Patel, page 7 of the filed PDF · View the filing
0.5 GW facility by September '26, 2.2 GW by September '27, expecting 3% EBITDA margin expansion after full commissioning
Answered by Dinesh Patel
Asked by Veer C. Mehta: Timeline and impact of DCR solar cell manufacturing facility
p. 7
“After the total capacity is commissioned, we expect a 3% expansion in margins at the EBITDA level.”
Dinesh Patel, page 7 of the filed PDF · View the filing
Plant will ramp gradually from 40-50% to 85% efficiency, supporting captive consumption for KUSUM orders, private market and rooftop business
Answered by Dinesh Patidar
Asked by Prakhar Tibrewal: How much internal pump module integration will the 0.5 GW capacity enable
p. 8
“In the first month, we will run it at about 40%-50% efficiency, in the second at 60%-70%, and then around 85%.”
Dinesh Patidar, page 8 of the filed PDF · View the filing
Margin impact was about 10% YoY, split between raw material costs and realization; expect gradual improvement as raw material prices ease
Answered by Dinesh Patel
Asked by Praveen Motwani: Margin trajectory and whether current levels are the bottom
p. 9
“there is an impact of about 10% on a on a Y-o-Y basis, comprising approximately 6% from higher raw material costs and a 4% from lower realization or sales price impact.”
Dinesh Patel, page 9 of the filed PDF · View the filing
Management believes captive consumption, exports and domestic demand for integrated Shakti products will absorb the 2 GW capacity, reducing vendor dependency
Answered by Dinesh Patidar
Asked by Ronak Agarwal: Whether backward integration benefits could be offset by competition and lower tender realization by FY28
p. 9
“we believe that the 2 GW capacity we have planned, will be largely absorbed by our captive consumption, exports, and the domestic market”
Dinesh Patidar, page 9 of the filed PDF · View the filing
Other states have not launched schemes yet; orders expected to flow once KUSUM 2.0 rolls out; some MP orders are still being executed
Answered by Dinesh Patel
Asked by Keval Gala: Progress of orders from other states like MP and Rajasthan
p. 13
“Other states have not yet launched their respective schemes, as these are expected to come along with KUSUM 2.0.”
Dinesh Patel, page 13 of the filed PDF · View the filing
Product is in validation and testing phase expected to last eight to nine months, with revenue ramp-up and meaningful contribution from next year
Answered by Dinesh Patel
Asked by Keval Gala: Update on EV motors business and JV progress
p. 14
“The product is currently in the validation and testing phase, which is a time-taking process. We expect this phase to continue for the next eight to nine months.”
Dinesh Patel, page 14 of the filed PDF · View the filing
Decline attributed to lower realization and higher raw material costs; viewed as temporary and expected to improve as situation stabilizes
Answered by Dinesh Patel
Asked by Ghansham Joshi: Reasons for decline in operating margin from 24-25% to 10% and whether it is cyclical or structural
p. 15
“We view this impact as temporary, mainly driven by geopolitical factors that led to higher raw material prices.”
Dinesh Patel, page 15 of the filed PDF · View the filing
Raw material costs have risen across the industry; pricing operates as rate contract with farmers as decision makers, not a conventional tender, and some raw material prices have begun softening
Answered by Dinesh Patidar
Asked by Deepak Purswani: Pricing scenario for new tenders given raw material cost increases
p. 17
“Recently, some raw material prices have softened by around INR1–1.5, and we expect prices to remain stable or ease further.”
Dinesh Patidar, page 17 of the filed PDF · View the filing
Risks flagged
Margin pressure from inflated raw material costs due to geopolitical situation
p. 3
“On a corresponding basis, the 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.”
Ramesh Patidar, page 3 of the filed PDF · View the filing
Lower realization impacting EBITDA
p. 9
“there is an impact of about 10% on a on a Y-o-Y basis, comprising approximately 6% from higher raw material costs and a 4% from lower realization or sales price impact”
Dinesh Patel, page 9 of the filed PDF · View the filing
No hedging in place against raw material price volatility from geopolitical situation
p. 15
“No, we are not taking any hedging position right now because we are looking at it as a temporary situation.”
Dinesh Patel, page 15 of the filed PDF · View the filing
Execution dependent on ground conditions during monsoon
p. 10
“However, with ongoing rains and floods, execution will depend on ground conditions.”
Dinesh Patel, page 10 of the filed PDF · View the filing
Uncertainty in EBITDA guidance due to raw material price volatility
p. 8
“It depends largely on raw material prices, and with the current volatility due to the geopolitical uncertainties, we cannot say anything.”
Dinesh Patidar, page 8 of the filed PDF · View the filing
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