While the narrative around EVs, clean tech, and agri electrification grabs headlines, there’s a lesser-known company building the real hardware behind it — pumps, motors, solar infrastructure, and now EV components.
And they’re not just playing in one niche. They’re vertically integrated, margin-focused, and already exporting to over 100 countries.
This is Shakti Pumps — and it's not your usual pump manufacturer.
🧠 Business Snapshot: Not Just Pumps Anymore
Founded in 1982, Shakti Pumps started with energy-efficient motors and agricultural pumps. But it’s no longer a legacy player. Today, it’s tightly aligned with three structural trends:
Solarisation of agriculture
Export demand for industrial pumping solutions
India’s emerging EV infrastructure
The company’s strategy isn’t volume-chasing. It’s selective, margin-led, and focused on deeper plays — like DCR-compliant solar integration and export-led growth.
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The core revenue continues to come from solar pump installations under the PM-KUSUM scheme, where Shakti clocked ₹1,939 crore in FY25 with over 71,500 installations. What’s changed is their approach — the company is now exploring a retail solar pump model, reducing reliance on state-level tendering.
Export
Exports contributed ₹437 crore in FY25 and are guided to touch ₹500 crore in FY26. These are high-margin markets — nearly 10% better than domestic — and the company is actively expanding dealer networks globally.
EV
The third leg is EV components under the newly formed Shakti EV Mobility. With R&D completed, production of EV motors, controllers, and chargers has begun. While small today, management expects “good numbers” starting FY26 — a calculated entry into a sunrise sector.
🏭 Manufacturing — Centralized & Controlled
All production is consolidated at Pithampur (MP) — a deliberate move to streamline operations and quality.
The company has scaled up its manufacturing backbone:
4 lakh units/year VFD capacity
2 lakh units/year solar structures
A massive 2 GW solar cell manufacturing plant coming up on 113 acres — this will reduce input dependency and secure supply under DCR norms
Even the new EV vertical operates from the same industrial cluster — tight control, lower logistics cost, and quicker scale-up.
FINANCIAL
🧾 Capex, Liquidity & What It Signals
This is not just incremental capex.
Shakti Pumps is raising ₹400 crore through QIP and has doubled its working capital lines from ₹1,000 crore to ₹2,000 crore. A significant portion is being deployed towards the 2 GW solar cell plant and scaling EV production.
This is classic pre-positioning: build capacity ahead of demand curves and consolidate internal value chains to protect margins.
📈 Growth Outlook — Management’s Visibility
From the Q4FY25 concall, the roadmap is visibly aggressive:
FY26 revenue guidance: ₹3,000+ crore
Domestic order book: ₹1,655 crore — executable over the next 6–7 months
Expected export order intake: ₹500 crore
EV segment to begin contributing visibly by FY26
Backward integration through solar plant to improve margin profile
Export and retail solar pump expansion as mid-term catalysts
Unlike many growth stories, this one has execution visibility baked in.
🧭 Final Take — A Quiet Compounder in the Making?
Shakti Pumps isn’t betting on narratives. It’s backing megatrends with hard capex, deep integration, and quiet diversification.
It’s the kind of story that doesn’t scream. It compounds.
STRENGTH AND RISK
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We are SEBI registered Research Analyst (with Registration No. INH000019789
This article is for educational purposes only and does not constitute investment advice. Readers should consult a SEBI-registered advisor before making investment decisions.
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