Shakti Pumps (India) Ltd.
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1. Key Highlights:
Here are the 5 key latest highlights on Shakti Pumps:
Big Order Wins: Received ₹36+ crore in March–April 2025 from MEDA under PM-KUSUM for ~1,300 solar pump installations.
Robust Order Book: Order book stood at ₹2,070 crore (as of Dec 2024), ensuring strong revenue visibility.
Profit Surge: Q3 FY25 net profit jumped 130% YoY to ₹104 crore; revenue rose ~31% to ₹649 crore.
Solar Expansion: Acquired 113 acres from MPIDC to set up a solar cell manufacturing unit.
Promoter Confidence: Promoter stake increased slightly to 51.61% in Q4 FY25, signaling long-term confidence.
2. Company Charts
*Comparison charts are Indexed*
Shakti Pumps (India) Ltd. Performance (1yr- up 322.48%)
Shakti Pumps (India) Ltd. vs. NSE Nifty
Shakti Pumps (India) Ltd. vs. NSE Smallcap
3. About Company
Shakti Pumps (India) Limited is a leading Indian manufacturer of energy-efficient pumps and motors, with a presence in over 125 countries. Founded in 1982 and headquartered in Pithampur, Madhya Pradesh, the company produces submersible pumps, solar pumps, monoblock pumps, centrifugal pumps, and more.
Company Journey
State-of-art Manufacturing Facilities
Company Presence & Market Share
Customer Mix
4. Management Analysis:
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5. Revenue Breakdown:
6. Company’s Financial Analysis:
SALES:
Sales have grown at a CAGR of ~19% in the past 10 years.
A significant portion of Shakti Pumps’ revenue depends on government-backed rural solar pumping initiatives—especially the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan) scheme. In FY23, there were notable delays in receiving orders under Component B (standalone solar pumps) and Component C (solarization of grid-connected pumps).
These components are major revenue contributors for Shakti Pumps, as they involve bulk procurement by state nodal agencies.
The delay stemmed from slow implementation by states, bureaucratic bottlenecks, and fund disbursement lags, which led to fewer tenders being issued or executed within the year.
As a result, the company’s project pipeline was disrupted, leading to lower order inflow and slower execution cycles, directly impacting topline revenue.
Additionally, Shakti had made capacity and inventory investments anticipating steady order flows, which didn’t materialize as expected in FY23—intensifying the mismatch between cost and realized sales.
​Shakti Pumps (India) Ltd. experienced a significant surge in sales during FY24, with revenue increasing by approximately 41.7% year-over-year to ₹1,370.7 crore.
This growth was primarily driven by substantial orders under the PM-KUSUM scheme, which contributed around ₹945 crore, accounting for 69% of the total revenue.
GROSS PROFIT:
Gross profit has increased at a CAGR of ~12% for the past 10 years. The Margin was continuously falling due to increases in raw Material Costs (stainless steel, copper & solar panels). In FY24, it saw a relief due to a drop in costs.
EBITDA:
EBITDA has increased at a CAGR of ~19% for the past 10 years. Even though the Cost of materials was higher during the period. Employee costs and S&A costs have come down from 13% and 24% in FY15 to 6% and 10% in FY24, respectively.
Net Profit
Net profits have continuously increased at a CAGR of ~21% for the past 10 years.
BALANCE SHEET:
Common-Size Balance Sheet:
Cashflow Statement:
Cash Conversion Cycle:
7. KEY RATIOS:
8. Shareholding Pattern:
Public holding has gone down continuously while FIIs and DIIs are picking up, which is a good sign.
9. SWOT ANALYSIS:
10. Concall Analysis Q3FY25: Management Guidance
11. Growth Drivers
12. Competiors in the Market
1. Kirloskar Brothers Ltd (KBL)
One of the oldest and largest pump manufacturers in India.
Offers pumps for agriculture, domestic, and industrial use.
2. C.R.I. Pumps
A strong player in submersible and agricultural pump segments.
Also has a growing solar pump portfolio.
3. Texmo Industries (AQUATEX brand)
Popular in Southern India for agricultural and domestic pumps.
Focuses on reliability and rural distribution.
4. KSB Pumps Ltd (India subsidiary of German KSB Group)
Focuses more on industrial and municipal applications.
Strong brand in process industries and wastewater management.
5. V-Guard Industries
Known for domestic pump solutions and growing solar segment.
13. Industry Overview
Pumps and Water Management Industry Overview
The pumps and water management industry is critical to sectors such as agriculture, infrastructure, industrial manufacturing, and urban development. It includes various types of pumps like submersible, centrifugal, monoblock, and solar pumps, used for irrigation, water supply, wastewater treatment, and industrial fluid handling. In India, this industry is especially vital due to the high dependence on agriculture and increasing demand for efficient urban water systems.
Market Size
Globally, the pump market was valued at around USD 60 billion in 2024 and is projected to reach approximately USD 91 billion by 2034, growing at a CAGR of over 4%. In India, the water pumps market was valued at USD 2 billion in 2024 and is expected to grow to USD 2.9 billion by 2033. The broader Indian pumps market, including industrial segments, stood at USD 4.36 billion in 2023 and is forecast to reach USD 6.39 billion by 2030, growing at a CAGR of 5.6%.
Growth Drivers
Key drivers of growth include increasing agricultural needs for efficient irrigation, rising urbanization and infrastructure development, and rapid industrialization. Government schemes like PMKSY (Pradhan Mantri Krishi Sinchayee Yojana) and PM-KUSUM promote solar-powered and energy-efficient pump systems. There's also a strong push for sustainable water management due to depleting groundwater levels and climate change.
Industry Trends
Trends include the shift toward energy-efficient and solar-powered pumps, especially in rural and off-grid regions. The industry is also seeing increased use of smart technologies like IoT and automation for real-time monitoring, predictive maintenance, and efficiency. Manufacturers are focusing on customization and modular designs to meet the needs of diverse industries and geographies.
Industry Outlook
The future of the pumps and water management industry looks promising. With rising awareness around water conservation and energy efficiency, demand for sustainable pump solutions will continue to grow. In India, urban expansion, rural electrification, and climate-focused government policies are expected to fuel long-term growth. Globally, the transition to smart and green infrastructure will drive further innovation and market expansion.
Thank you for reading till the end! We hope you enjoyed this report.
Researched By- Naresh, Mayank and Vaibhav
All information is sourced from the company's annual reports, GoIndiastocks.in, Screener.in, industry reports and Economy Outlook reports.
Disclaimer: We do not recommend buying or selling any stock. You should consult your financial advisor before buying or selling any financial instrument.
If you like the hard work we put in, you can invest in us:
For our Non-Indian audience: You can donate to us through PayPal. Click here.
For our Indian audience, UPI QRs are given below: