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Shakti Pumps (India) Results: Latest Quarterly Results & Analysis

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Shakti Pumps (India) Ltd. 12 May 2025 13:05 PM
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Q4FY25 & FY25 Result Announced for Shakti Pumps (India) Ltd.

Compressors & Pumps company Shakti Pumps (India) announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • The company reported Revenue from Operations of Rs 6,653 million in Q4FY25, marking a YoY growth of 9.2% from Rs 6,093 million in Q4FY24.
  • EBITDA reached Rs 1,639 million during the quarter, a YoY increase of 25.4% over Rs 1,308 million in Q4FY24. The EBITDA margin improved to 24.6% in Q4FY25, expanding by 318 basis points from the previous year, supported by stronger order fulfillment and greater operational efficiencies.
  • PAT for the quarter stood at Rs 1,102 million, reflecting a YoY growth of 22.9% compared to Rs 897 million in Q4FY24. Consequently, the PAT margin rose to 16.6%, up from 14.7% in the same quarter last year.

FY25 Financial Highlights:

  • Revenue from Operations for FY25 reached Rs 25,162 million, a significant growth of 83.6% over previous year’s Revenue of Rs 13,707 million.
  • Export Revenue in FY25 grew by 52.7% to Rs 4,368 million as compared to Rs 2,861 million in FY24.
  • EBITDA climbed to Rs 6,030 million in FY25, compared to Rs 2,248 million in FY24, with the EBITDA margin improving to 24.0%, up from 16.4% in the previous fiscal, reflecting stronger operational execution and cost optimization.
  • PAT delivered a strong performance, increasing to Rs 4,084 million in FY25 from Rs 1,417 million in FY24. The PAT Margin widened to 16.2%, compared to 10.3% in FY24.

Dinesh Patidar, said: “We are delighted to report a remarkable financial performance in FY25, marked by substantial growth across all key metrics. We reported our highest-ever Revenue of Rs 25,162 million, which surged by 83.6% YoY, while PAT grew exceptionally by 188.2% to Rs 4,084 million. This impressive topline growth was driven by strong performances in both our domestic and export businesses, with profitability and margins further bolstered by our unwavering focus on operational efficiencies.

Our financial prudence is reflected in our ability to reduce receivable days significantly in FY25, despite higher revenues. The receivable days have come down to 152 days from over 178 days in FY24, and we are optimistic that this trend will continue to improve in the coming years. The export business continues to demonstrate strong performance, growing by 52.7% in FY25 to Rs 4,368 million. Our strong position in regions such as USA, Africa, Asia, and the Middle East ensures that this business remains stable and sustainable.

Our healthy order book of Rs 16,546 million and steady order inflow instil confidence in our ability to achieve robust growth in FY26 and beyond. In addition to our current order book and ongoing inflows from states like Maharashtra, Rajasthan, and Haryana, we have actively bid for orders in various other states, including Madhya Pradesh and Punjab. We are confident that our strong presence and market share in these states will enable us to secure significant new orders.

We remain highly optimistic about the vast opportunities that lie ahead. The solar pumps industry in India is experiencing rapid growth, driven by increasing focus from both central and state governments through initiatives such as PM KUSUM, Magel Tyala Saur Krushi Pump Scheme (Maharashtra), and Pradhan Mantri Krishak Mitra Surya Yojana (Madhya Pradesh). Additionally, the Solar Rooftop sector presents a promising opportunity, with initiatives like PM Surya Ghar: Muft Bijli Yojana further enhancing the growth potential.

Our strategic initiatives, robust order book, and focus on operational excellence will drive our growth and success in the years to come.”

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Industrial Machinery company Shakti Pumps (India) announced 9MFY25 & Q3FY25 results

Q3FY25 Financial Highlights:

  • Revenue from Operations grew by 30.9% YoY to reach Rs 6,488 million in Q3FY25, from Rs 4,596 million in Q3FY24.
  • EBITDA at Rs 1,544 million, up from Rs 710 million in Q3FY24, a growth of 117.6% YoY. EBITDA Margin at 23.8% in Q3FY25 expanded significantly by 938 bps from 14.3% in Q3FY24, attributed to higher execution of orders and economies of scale.
  • PAT witnessed a growth of 130.2% to reach Rs 1,040 million during Q3FY25, as compared to Rs Rs 452 million in Q3FY24. PAT Margin expanded to 16.0% as compared to 9.1% in Q3FY24.

9MFY25 Financial Highlights:

  • Revenue was reported at Rs 18,509 million in 9MFY25, as against Rs 7,615 million in 9MFY24.
  • EBITDA grew to Rs 4,390 million in 9MFY25, as compared to Rs 941 million in 9MFY24. EBITDA margin expanded to 23.7% as compared to 12.4% in 9MFY24.
  • PAT at Rs 2,981 million, witnessed a remarkable YoY growth, as compared to Rs 521 million in 9MFY24. PAT Margin expanded to 16.1% in 9MFY25 from 6.8% in 9MFY24.

Dinesh Patidar, Chairman, Shakti Pumps (India), said: “I am pleased to share that our company has earned the prestigious “Great Place to Work” certification, a testament to our strong and motivated team, which has contributed to the company’s consistent growth. The company has delivered strong overall financial performance led by increased execution of orders and operational efficiencies, which also resulted in significant margin expansion.

The order inflow continued to gain momentum, resulting in a robust outstanding order book position of around Rs 20,700 million (inclusive of GST) as on 31st December 2024, which is to be executed within a year. During the quarter, the company received a Letter of Empanelment of 25,000 pumps amounting to Rs 7,543 million (inclusive of GST) under the Magel Tyala Saur Krushi Pump Scheme in Maharashtra; and an order of 3,174 pumps from Haryana Renewable Energy Department (HAREDA) amounting to Rs 1,163.6 million (inclusive of GST). With the diversification of orders beyond the PM KUSUM Scheme like Magel Tyala Saur Krushi Pump Scheme, we remain confident about our growth prospects.

Solar rooftop presents a promising opportunity, bolstered by government initiatives like “PM Surya Ghar: Muft Biji Yojana” which is backed with an investment outlay of Rs 750 billion. We foresee significant opportunities with the government focusing on integrating renewable energy solutions with agriculture, for the betterment of farmers, as well as to their meet their sustainability objectives.

We have strategically diversified our business model by entering the manufacturing of Electric Motors & Controllers for Electric Vehicles. In the EV space, we are progressing with pilot orders from OEMs, and this could unlock a significant opportunity for us in the future. Our export business has also delivered a strong performance, as it grew by 58% YoY to Rs 3,119 million in 9MFY25.

To conclude, we foresee a bright future, with all our strategic initiatives poised to strengthen our market position and foster future growth.”

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Industrial Machinery company Shakti Pumps (India) announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue from Operations was reported at Rs 634.6 crore, up from Rs 152.8 crore in Q2FY24.
  • EBITDA of Rs 148.7 crorein Q2FY25, witnessed an increase from Rs 15.2 crore in the corresponding quarter of previous fiscal. EBITDA Margins also expanded significantly to 23.4% in Q2FY25 from 10.0% in Q2FY24, largely due to higher execution of orders and economies of scale.
  • PAT during the quarter was at Rs 101.4 crore, increased from Rs 5.9 crore in Q2FY24. PAT Margin expanded to 16.0% as compared to 3.8% in Q2FY24.

H1FY25 Financial Highlights:

  • Revenue increased to Rs 1,202.2 crore in H1FY25 as compared to Rs 265.8 crore in H1FY24.
  • EBITDA at Rs 284.6 crore in H1FY25 as against Rs 23.1 crore in H1FY24. EBITDA Margin at 23.7% in H1FY25 as against 8.7% in H1YF24.
  • PAT grew to Rs 194.1 crore in H1FY25 from Rs 6.9 crore in H1FY24. PAT Margin expanded to 16.1% in H1FY25 from 2.6% in H1FY24.

Other Highlights:

  • The Board has recommended issue of Bonus Shares in the ratio of 5:1, i.e., 5 new fully paid-up equity share for every 1 existing fully paid-up equity share.
  • SPIL received its 15th Patent from Government of India, for Ground breaking Sensorless Motor Drive Technology.
  • The company’s board has been strengthened with the appointment of Mr. Ramakrishna Sataluri as a NonExecutive Non-Independent Director. He has 37 years of experience working for leading organizations like Tata Power Solar Ltd., after working with Tata Group for two decades.

Dinesh Patidar, Shakti Pumps (India) Chairman, said: “We are delighted to announce another exceptional quarter for our company, showcasing significant revenue expansion and a marked increase in profitability. This has also translated into a remarkable first half of the financial year. Our achievements are a direct result of faster execution of orders within both the domestic and international spheres. Profitability margins also witnessed a significant expansion which can be mainly attributed to the realization of economies of scale, which was facilitated by increased operational activities during the quarter.

Our order inflow continues to remain robust with the outstanding order book stood at around Rs 1,800 crore as on September 2024. Given our leadership position in the PM KUSUM Scheme, we are confident that we will continue to witness an influx of orders, which will play a pivotal role in our sustained growth.

To conclude, given our robust order book, in conjunction with our consistent success in winning more orders, we are confident that we will deliver better than anticipated results this year. This confidence also stems from our ability to execute the current orders efficiently, backed by our advanced backward-integrated manufacturing capabilities. Parallelly, we continue to remain focused on expanding our presence in retail business as well as the EV business, which would contribute to a sustained financial performance in the future.”

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Industrial Machinery company Shakti Pumps (India) announced Q1FY25 results:

Financial Highlights:

  • Revenue increased to Rs 567.6 crore in Q1FY25 as compared to Rs 113.1 crore in Q1FY24
  • EBITDA at Rs 135.9 crore in Q1FY25 as against Rs 7.9 crore in Q1FY24. EBITDA Margin at 23.9% in Q1FY25 as against 7.0% in Q1YF24, largely driven by economies of scale and higher execution rate
  • PAT grew to Rs 92.6 crore in Q1FY25 from Rs 1.0 crore in Q1FY24. PAT Margin expanded to 16.3% in Q1FY25 from 0.9% in Q1FY24

Business Highlights:

  • SPIL received 1 more patent from Government of India in recognition of its technological edge. This takes the cumulative number of patents awarded to SPIL to 14 out of 29 applied.
  • The company’s long-term credit rating was upgraded to IND A / Stable and short-term rating was reaffirmed at IND A1 from INDIA Ratings & Research

Shakti Pumps (India) Limited Chairman, Dinesh Patidar, expressed his delight over the company’s recent performance, “We are pleased to report an outstanding start to the Financial Year 2025, with the first quarter demonstrating robust revenue growth and enhanced profitability. This commendable performance is attributable to the accelerated execution of the existing orders in both domestic and export markets. Furthermore, the improvement in margins was achieved due to a decline in raw material prices, coupled with economies of scale resulting from higher execution during the quarter.

We continue to maintain a healthy order book of approximately Rs 2,000 crore as on 30th June 2024, which is expected to be implemented in the next 15 months. We are also optimistic about the prospective order inflow from various states in the upcoming quarters, which we believe will contribute significantly to our growth trajectory. Moreover, the recognition by various state governments and electricity boards of the benefits of deploying solar pumps for farmers, is anticipated to lead to more orders from the state governments, further bolstering our growth potential. Additionally, we continue to witness a strong momentum in the export market, which is contributing positively to our growth.

To conclude, our substantial order book, coupled with our technological expertise, provides a solid foundation for sustained growth and success. We are confident in our capabilities to efficiently execute the orders at hand. Furthermore, we are also increasing our focus on other segments including the industrial and domestic retail business. This positions us to achieve favorable outcomes for the company in the future.”

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Industrial Machinery company Shakti Pumps (India) announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue surged by 233.6% YoY to Rs 609.3 crore from Rs 182.7 crore in Q4FY23.
  • EBITDA for Q4FY24 reached Rs 130.7 crore from Rs 10.9 crore in Q4FY23. The EBITDA margin in Q4FY24 was 21.5%, notably higher than the 6.0% recorded in Q4FY23, mainly due to economies of scale and increased execution rate.
  • Profit After Tax (PAT) soared to Rs 89.7 crore in Q4FY24, a remarkable growth from Rs 2.2 crore in Q4FY23. The PAT margin stood at 14.7% in Q4FY24, compared to 1.2% in Q4FY23.

FY24 Financial Highlights:

  • Revenue for FY24 increased by 41.7% YoY to Rs 1,370.7 crore, up from Rs 967.7 crore in FY23.
  • Revenue from government projects saw a robust growth of 51.7% YoY, reaching Rs 945.1 crore, while export revenue stood at Rs 286.1 crore, up by 23.0% YoY.
  • EBITDA stood at Rs 224.8 crore in FY24, a significant rise from Rs 66.6 crore in FY23. The EBITDA margin expanded to 16.4% in FY24, an increase of 953 basis points (bps) YoY from 6.9% in FY23.
  • PAT experienced a remarkable growth of 487.2% YoY, reaching Rs 141.7 crore in FY24, compared to Rs 24.1 crore in FY23. The PAT margin expanded by 784 bps to 10.3% in FY24, compared to 2.5% reported in FY23.

Other Key Highlights:

  • SPIL has been awarded 2 additional patents by the Government of India, recognizing its innovative efforts. This brings the total number of patents awarded to SPIL to 13.
  • Madhya Pradesh Industrial Development Corporation Limited (MPIDC) has allotted 46 acres of land to SPIL in Pithampur, Madhya Pradesh. This land allocation is earmarked for the company's future expansion plans.
  • SPIL has made an investment of Rs 5.08 crore in Shakti EV Mobility Private Limited (formerly known as Shakti Green Industries Private Limited), a wholly-owned subsidiary, to kickstart and expand its business operations. With this investment, SPIL's consolidated investment in the subsidiary has now reached Rs 32.00 crore.

Shakti Pumps (India) Chairman, Dinesh Patidar, expressed his delight over the company’s recent performance, “FY24 has been a remarkable year for SPIL, as the company delivered its strongest performance ever in terms of Revenue and Profitability. This is well supported by our outstanding performance in both our government and export businesses which reported a revenue growth of ~52% and ~23% YoY respectively in FY24.

Our impressive order book, amounting to ~Rs 2,400 crore as of 31st March 2024, has expanded with the recent addition of three new orders worth Rs 250.62 crore from Haryana and Maharashtra, secured since the beginning of January 2024. SPIL remains optimistic about the continued expansion of its order book, driven by our persistent endeavours to enhance the prominence of solar pumps amidst the farming community.

During the quarter, the company successfully raised Rs 200 crore through a QIP, garnering subscription from two marquee mutual funds. A significant portion of these funds will be directed toward scaling up the production capacities of pumps/motors, inverters/VFDs, and supporting structures."

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Industrial Machinery company Shakti Pumps (India) announced Q1FY24 results:

  • Revenue from operations was at Rs 1,131 million in Q1FY24.
  • EBITDA stood at Rs 79 million in Q1FY24 with an EBITDA margin of 7.0%
  • PAT at Rs 10 million in Q1FY24
  • Export business at Rs 647 million in Q1FY24

Shakti Pumps (India) Chairman, Dinesh Patidar, commented on the performance, “The Solar Energy Corporation of India (SECI) had sanctioned the release of tenders for 8.57 lakh pumps in March 2023, and as communicated earlier, we had expected orders to begin in Q1FY24. However, due to a delay in receiving final approval from the Ministry of New and Renewable Energy (MNRE), the orders did not materialize during the quarter. Nevertheless, with MNRE now approving the same, we have commenced the process for the Letter of Empanelment (LOE) with various states. It is encouraging to inform you that we have almost finalized LOE with one state, and we anticipate orders to start by the end of August 2023. Concurrently, discussions with several other states for LOE are also progressing, and we aim to conclude this process shortly. Based on that, we foresee a resurgence in momentum from Q3FY24, leading to a strong recovery in the Solar EPC business.

In terms of export performance, the quarter has been robust, witnessing a YoY increase of 59.1% in Q1FY24. Revenue reached Rs 647 million compared to Rs 407 million in Q1FY23. We anticipate maintaining a consistent growth rate of approximately 25% annually in the export market by initiating similar projects to the one in Uganda in the upcoming quarters. In Q1FY24, our Solar EPC business experienced setbacks as we executed pending orders at the previous pricing, impacting the overall performance. However, we project a return to normalcy as new orders begin to flow, bolstered by our in-house manufacturing capabilities enabling swift execution.

Regarding electric vehicles, our subsidiary Shakti EV Mobility Pvt. Ltd. has successfully developed EV Motors and EV Controllers, garnering substantial acclaim. Few companies have endorsed our products, leading us to initiate the design and production of these components for these companies.”

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