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

Executive summary

• Q2 FY26 revenue reached INR 666 crore, the highest-ever quarterly figure, and H1 FY26 revenue was INR 1,289 crore, both up YoY 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 strong order inflows from Maharashtra.

• Retail sales surged 67% YoY to INR 43 crore, with over 100 exclusive outlets nationwide, and solar rooftop and emerging segments are gaining traction.

• Export revenue for Q2 FY26 was INR 103 crore; H1 FY26 export revenue reached INR 200 crore, with strong demand from USA, Middle East, and Africa.

• QIP raised INR 292 crore in July, boosting cash reserves and supporting capex and expansion plans.

Financial highlights

• Q2 FY26 EBITDA was INR 136 crore (20.4% margin); H1 FY26 EBITDA was INR 280 crore (21.7% margin).

• Q2 FY26 PAT was INR 91 crore (13.6% margin); H1 FY26 PAT stood at INR 188 crore.

• Earnings per share (basic) for H1 FY26 was 15.4, compared to 16.14 in the prior year.

• Receivable days declined to 152 from 178 in FY24.

• Raw material prices rose 3%-4% in Q2, impacting margins.

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 7th November 2025 stood at INR 1,300 crore, with substantial inflows expected.

• Receivables are expected to normalize next quarter, aligning with year-end guidance of 120 days.

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