Shakti Pumps (India) (531431) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 achieved record consolidated revenue of INR 666 crore, with H1 FY26 revenue at INR 1,289 crore, both showing strong YoY growth despite headwinds from extended monsoon and raw material inflation.

• Solar pumps business saw 39,861 installations in H1 and 22,304 in Q2, growing 19% and 21% YoY, respectively, with robust order inflows from Maharashtra and a strong pipeline.

• Retail sales surged 67% YoY to INR 43 crore, supported by over 100 exclusive outlets and strong cash sales growth.

• Solar rooftop and emerging business segments expanded into new states, leveraging government initiatives and establishing 57 channel partners.

• Completed QIP raising INR 292 crore during the quarter, boosting cash reserves and supporting capex plans.

Financial highlights

• Q2 FY26 revenue: INR 666 crore (up 5% YoY); H1 FY26 revenue: INR 1,289 crore (up 7% YoY); Q2 EBITDA: INR 136 crore (20.4% margin); Q2 PAT: INR 91 crore (13.6% margin).

• H1 FY26 EBITDA: INR 280 crore (21.7% margin); PAT: INR 188 crore (14.6% margin).

• Export revenue: INR 103 crore in Q2 FY26; INR 200 crore in H1 FY26, with strong demand from USA, Middle East, and Africa.

• Earnings per share (basic) for H1 FY26 was INR 15.40.

• Receivable days declined to 152 from 178 in FY24.

Outlook and guidance

• Management maintains FY26 guidance of 20%-25% revenue growth and 24% EBITDA margin, with H2 expected to outperform H1.

• Order book as of Nov 7, 2025: INR 1,300 crore, with substantial inflows expected.

• CapEx plan on track: doubling pump and motor capacity and commissioning a 2.2 GW solar cell and module plant by March 2027.

• Solar rooftop business expected to see significant growth in the next 12 months.

• Cash flow outlook aligned with year-end guidance of 120 days of receivables.