Shakti Pumps India Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shakti Pumps India Ltd-$ filed with BSE on 15 May 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 its highest ever consolidated revenue of Rs 2,698 crores for FY26 with Q4FY26 revenue at Rs 858 crores, while EBITDA margins were pressured by lower Magel Tyala realizations, higher raw material costs and elevated logistics expenses. Management said receivables were reduced by over Rs 420 crores during the fourth quarter and the order book stood at approximately Rs 1,500 crores as of May 7, 2026. Solar pump installations grew 20% year-on-year to 86,086 units in FY26, with Q4FY26 installations up 51% year-on-year to 28,345 units.
Numbers mentioned
Consolidated revenue: INR 2,698 crores (FY26)
p. 3
“The company delivered its highest ever consolidated revenue of INR 2,698 crores in FY26 with Q4FY26 revenue at INR 858 crores, also the highest in the single quarter.”
Ramesh Patidar, page 3 of the filed PDF · View the filing
Solar pump installations: 86,086 units (FY26)
p. 3
“This performance was backed by a strong execution ramp-up with solar pump installation”
Ramesh Patidar, page 3 of the filed PDF · View the filing
Q4FY26 solar pump installations: 28,345 installations (Q4FY26)
p. 4
“a robust 51% year-on-year growth in Q4FY26 to 28,345 installations.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
EBITDA margin: approximately 16% (FY26)
p. 4
“Despite these challenges, we sustained EBITDA margin at approximately 16% for FY26, reinforcing the robustness of our operating model and our ability to protect profitability while maintaining execution momentum.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Receivables: INR 1,276 crores (as of March 31, 2026)
p. 4
“Receivables were reduced by over INR 420 crores during the fourth quarter, reduced from INR 1,697 crores as of December 31st, 2025, to INR 1,276 crores as of March 31st, 2026, representing a 77-day improvement in receivable days.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Cash flow from operations: INR 124 crores (FY26)
p. 4
“As a result, the company generated healthy cash flows from operations of INR 124 crores in FY26, significantly strengthening balance sheet quality and liquidity.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Order book: approximately INR 1,500 crores (as of May 7, 2026)
p. 3
“Our order book stands at approximately INR 1,500 crores as of May 7, 2026, providing strong revenue visibility for the coming periods.”
Ramesh Patidar, page 3 of the filed PDF · View the filing
Operating leverage advantage: 2% to 3% (Q4FY26)
p. 8
“Sir, we have got 2% to 3% operating leverage advantage.”
Dinesh Patel, page 8 of the filed PDF · View the filing
Raw material price impact: 6% to 7% (Q4FY26)
p. 8
“The raw material price has an impact of around 6% to 7% in this quarter.”
Dinesh Patel, page 8 of the filed PDF · View the filing
Magel Tyala realization impact: 3% to 4% (FY26)
p. 6
“There has been a 3% to 4% impact because of Magel Tyala.”
Dinesh Patel, page 6 of the filed PDF · View the filing
Full year effective tax rate: around 27% (FY26)
p. 12
“But if you look at the full year, it is around 27% approximately, which is normal for our company.”
Dinesh Patel, page 12 of the filed PDF · View the filing
Solar business execution: Rs. 704 crores (Q4FY26)
p. 17
“In the solar business, we have executed around Rs. 704 crores worth of orders in Q4FY26 and around Rs. 2,080 crores in full year FY26.”
Dinesh Patel, page 17 of the filed PDF · View the filing
Export margin premium: around 10% more than domestic
p. 13
“Export margin is around 10% more as compared to domestic market.”
Dinesh Patel, page 13 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.
Expanded pump capacity — Q2FY27
stated firmly by Dinesh Patel
p. 9
“We are expecting that we will have the expanded capacity in pumps from Q2FY27 onwards.”
Dinesh Patel, page 9 of the filed PDF · View the filing
Solar module capacity — 0.5 GW · Q2FY27
stated firmly by Dinesh Patel
p. 9
“Apart from this, we will also get the capacity of 0.5 GW from Q2FY27 onwards and the 2.2 GW solar cell capacity, we are looking at March’28.”
Dinesh Patel, page 9 of the filed PDF · View the filing
KUSUM 2.0 rollout — end of Q1FY27
stated conditionally by Dinesh Patel
p. 12
“As per the announcement by the Hon’ble PM, we feel that it should roll out by the end of Q1FY27 and we should start getting orders by Q2FY27 onwards.”
Dinesh Patel, page 12 of the filed PDF · View the filing
Order book execution — next two quarters
stated firmly by Dinesh Patel
p. 14
“Yes, it will be executed in the next two quarters.”
Dinesh Patel, page 14 of the filed PDF · View the filing
EBITDA margin for rooftop business — 15% margins at EBITDA level
stated as an aspiration by Dinesh Patel
p. 10
“And margin wise, we have already given guidelines that we are seeing 15% margins at the EBITDA level for this business.”
Dinesh Patel, page 10 of the filed PDF · View the filing
EV business results — next six months to one year
stated as an aspiration by Dinesh Patidar
p. 10
“So, yes, in the next six months to one year, the results will start showing.”
Dinesh Patidar, page 10 of the filed PDF · View the filing
Margin improvement
stated as an aspiration by Dinesh Patidar
p. 13
“We feel that as soon as the pricing improves, the margin will also improve.”
Dinesh Patidar, page 13 of the filed PDF · View the filing
Revenue growth — FY27
stated as an aspiration by Dinesh Patel
p. 8
“We are not guiding on any number at the moment. We are saying that we will continue to grow.”
Dinesh Patel, page 8 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.
Management said margins were affected by raw material price increases and geopolitical factors, and it was too early to commit to a specific number, promising an update in Q1FY27.
Answered by Dinesh Patel
Asked by Prakhar Tibrewal: Will margins return to the peak 24% seen earlier?
p. 6
“It will be a little early to comment on a number right now. Once things improve, we’ll communicate with you.”
Dinesh Patel, page 6 of the filed PDF · View the filing
Management acknowledged increased competition affecting pricing but pointed to strong demand for the Shakti brand, citing rapid subscription of a Maharashtra tender portal.
Answered by Dinesh Patidar
Asked by Aashish Upganlawar: Why did tender prices reduce and what is the competitive scenario?
p. 7
“Like in Maharashtra, the portal for Shakti opened for 25,000 pumps and it was fully subscribed in 25 minutes.”
Dinesh Patidar, page 7 of the filed PDF · View the filing
Management quantified operating leverage benefit and raw material cost impact separately.
Answered by Dinesh Patel
Asked by Ankit Shah: How much has operating leverage and raw material prices impacted margins?
p. 8
“Sir, we have got 2% to 3% operating leverage advantage.”
Dinesh Patel, page 8 of the filed PDF · View the filing
Management said execution was concentrated in Maharashtra where pricing was low, and expected margin improvement as other states contribute and cost measures take effect.
Answered by Dinesh Patel
Asked by Kamlesh Bagmar: How is margin factored into new tenders given raw material volatility?
p. 15
“The execution is happening more in Maharashtra, and there the price was already low, which is why the margin could not improve in this quarter.”
Dinesh Patel, page 15 of the filed PDF · View the filing
Management confirmed the order book would be executed in the next two quarters and cited the upcoming solar panel plant and vendor negotiations as margin levers.
Answered by Dinesh Patel
Asked by Jeet Jhaveri: What margin can be expected on the current order book and will it be executed in two quarters?
p. 14
“Secondly, on the margins, our solar panel plant will start from end of Q1FY27, which will give upward push to margins.”
Dinesh Patel, page 14 of the filed PDF · View the filing
Management confirmed the payment issue was resolved and execution had resumed.
Answered by Dinesh Patel
Asked by Suvankar Mallick: Has the Maharashtra government payment delay been resolved?
p. 12
“Yes sir, that problem has been solved. That is why we have increased our execution in Maharashtra.”
Dinesh Patel, page 12 of the filed PDF · View the filing
Management stated export margins are higher than domestic margins.
Answered by Dinesh Patel
Asked by Rahul Gupta: What is the export margin compared to domestic?
p. 13
“Export margin is around 10% more as compared to domestic market.”
Dinesh Patel, page 13 of the filed PDF · View the filing
Risks flagged
Raw material price increases due to geopolitical situation
p. 5
“There has been a lot of variation in raw material prices including copper, stainless steel and silicone sheets.”
Dinesh Patidar, page 5 of the filed PDF · View the filing
Lower realizations under Magel Tyala scheme
p. 4
“EBITDA margins faced pressure from lower realizations under the Magel Tyala scheme, a sharp increase in raw material prices and elevated logistic and freight costs impacted by ongoing global geopolitical disruptions.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Export disruption due to Middle East geopolitical tensions
p. 4
“During Q4, exports were temporarily affected due to delays in order placement amid geopolitical tensions in the Middle East.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
Increased competitive intensity affecting pricing
p. 7
“What I would like to say is that yes, our competition has increased and because of that the price also gets affected a bit.”
Dinesh Patidar, page 7 of the filed PDF · View the filing
Elevated logistics and freight costs from global disruptions
p. 4
“and elevated logistic and freight costs impacted by ongoing global geopolitical disruptions.”
Ramesh Patidar, page 4 of the filed PDF · View the filing
High effective tax rate in the quarter from temporary items
p. 12
“Actually, there have been some temporary impacts like the warranty provisions, dividend tax, corporate CSR, etc.”
Dinesh Patel, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.