Shakti Pumps (India) Limited (NSE: SHAKTIPUMP) Q3 2026 Earnings Call dated Feb. 14, 2026
Corporate Participants:
Ramesh Patidar — Managing Director
Ramakrishna Sataluri — Chief Executive Officer
Dinesh Patidar — Chairman & Whole-time Director
Analysts:
Unidentified Participant
Rohit Anand — Analyst
Mahesh Bendre — Analyst
Ashish — Analyst
Praveen Motwani — Analyst
Kamlesh Bagmar — Analyst
Nikunj Bhanushali — Analyst
Dhaval Gala — Analyst
Darshil Jhaveri — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to Q3 and 9 months FY26 earnings conference call hosted by Shakti Pums India Limited. As a reminder, all participants line will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. I now hand over the conference to Mr. Rohit Anand from EY. Thank you. And over to you, sir.
Rohit Anand — Analyst
Good afternoon everyone. Before we proceed, let me remind you that the discussion may contain forward looking statement that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risks that could cause future results, performance or achievements to differ significantly from what is expressed or implied by such forward looking statements. To take us forward through the financial results and developments and to answer our questions today we have the senior management of Shaktipam India Limited represented by Mr. Dinesh Patidar, Chairman. Mr. Ramesh Patidar, Managing Director. Mr. Ramakrishna Satlori, CEO Shakti Energy Solutions Limited Mr.
Dinesh Patel, Chief Financial Officer and Mr. Ravi Patida, CS and Compliance Officer. We will start the call with a brief overview of the past quarter by Mr. Ramesh Patidar, our Managing Director. I will now hand over the call to Mr. Ramesh Patita. Sir. Over to you, sir.
Ramesh Patidar — Managing Director
Thank you, Rohit. Good afternoon everyone and thank you for joining us on a Saturday. I am pleased to welcome you to Shaktipam’s earnings calls for the third quarter and nine month ended December 31, 2025. Let me start by saying that Q3 FY26 was a quarter of deliberate and disciplined choice for us. While our reported financial performance for the quarter was below our earlier expectations. The actions we took were intentional, prudent and aimed at strengthening the company for the long term. During Q3, we consciously moderated execution, especially in Maharashtra to address elevated receivables level and protect balance sheet strength.
As part of this approach, we temporarily paused execution of orders of approximately 200 crores. This decision resulted in lower revenue recognition and pressure run margins on both QoQ and YOY basis. However, we want to clearly emphasize that that this was a strategic decision prioritizing cash flows and working capital discipline over short term revenue growth margins during the quarter were also impacted by several factors. These included lower realizations of around 4% in Mageltal orders, a continued increase of around 2% in raw material prices such as copper, steel and solar panels and higher employee cost. Additionally, we consumed some inventory that was procured in Q2 FY26 when input prices were higher which also impacted the margins.
We also incurred a one time manpower cost of rupees 4.4 crore due to the implementation of the new Labor Code along with investments in emerging businesses that are still in there buildup phase. Importantly, our working capital position has started to stabilize even with incremental revenue recognition during the quarter. Trade receivables remain broadly stable compared to Q2 FY26 reflecting improved collections and tighter execution disciplines. This give us confidence that the corrective steps taken are already showing results. We continue to maintain a strong diversified order book of approximately 2,100 crore rupees with healthy representation across multiple states including Maharashtra, Karnataka, Madhya Pradesh, Jharkhand, Uttar Pradesh and Haryana.
Payments from Maharashtra have started improving following the release of funds by the ASEAN Infrastructure Investment bank and the state government. The execution in the state has now resumed. Our entry into Karnataka with our first large order marks an important expansion into the southern region. The executions there will be closely aligned with the payment timelines. Our export business remained resilient performing well during the quarter with the retail business reporting 25% yy growth. Revenue from export business stood rupees 307 crores in nine months FY26 and Rs 105 crores in Q3 FY26. We expect this segment to grow at a healthy pace for the full year supported by the strong retail exports and expanding international opportunities.
We also expect our export business to gain traction with the signing of trade agreements of India in in major international markets like usa, our major export market and also with the Europe. We also continue to see encouraging traction in emerging businesses. Case sales grew strongly during the nine month period to Rs 66.6 crore or YoY growth of 68% and our solar rooftop business is steadily expanding its dealer network positioning it to become a meaningful contributor post commissioning of our DCR module capacity of 500 megawatt in Q1 FY27. Looking ahead, we expect execution momentum to improve meaningful in Q4 26 which we anticipate to be our highest revenue quarter ever.
Although some revenue may spill over into subsequent quarters, we aim to reach as close to our revenue guidance given for the full year FY26, our focus remains firmly on strengthening the balance sheet, disciplined executions and sustainable growth. In closing, we believe the steps we have taken during the quarter place Shakti pumps on a much stronger footing allowing us to capture upcoming opportunities while protecting long term value for all stakeholders. Thank you for your continued trust and support. Now I would like to request Mr. Ramakaran Satyalodu Ji to share the developments and outlook for the Solar Rupta business.
Thank you.
Ramakrishna Sataluri — Chief Executive Officer
Thank you very much. Mr. Ramesh Patidar. We’ve had very exciting set of actions in the quarter for the rooftop business. This being a new business that we are starting off, the focus isn’t to look into the long term but work on the basics. At present we spent a lot of time in building the infrastructure, the channel infrastructure for the business. We placed our products in the market to get feedback and the feedback has been very positive. We also started a digital campaign speaking about our products, our strengths, the legacy of Shakti. That’s been well received as well.
And as Mr. Patidar just said, we are looking at some volumes coming in in the next financial year. Once our module plant, the 500 megawatt module plant also comes up. I now open the floor for questions please.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mahesh Behendre from LIC Mutual fund. Please proceed.
Mahesh Bendre
Hi, good afternoon sir. Thank you for the opportunity. Sir. This quarter was. I mean unexpected one. So was that expected from your end or is it that the. As quarter progressed the situation become challenging in terms of execution.
Dinesh Patidar
Yes, Maharaj Government make which payment delay. Development bank. Already Pesanachaluga Confidence Lagragi routine Mepesa Kalvikushaya. Acha Tender B Dusra Bulayah Government department. Clear.
Mahesh Bendre
Okay, okay sir. I mean when you go into this quarter.
Dinesh Patidar
Yes, yes.
Mahesh Bendre
Okay, okay sir. Another thing is non Kusum business and export business. What was the contribution from this? Non consumer and export business.
Dinesh Patidar
Okay. Okay.
Mahesh Bendre
And non Kusum pump business. Okay, so last question from my end I think we were doing two projects. One was backward integration project after solar sail or solar. I mean solar cell capacity, solar model and solar sale. And secondly EV business electric vehicle. How. What is the timeline for these two businesses and ISKA effort 27 make an impact.
Dinesh Patidar
Or Yay. August Mayamco trial and order full fledged production Lepine Jopna module capacity. Second your sale plus module capacity 2.2 Giga projects remaining capacity. Shakti ev kibat karthi shakti evlasal laga hamla kush motors donna kalihe testing biochoki or kush already jamarajo customer varieties controllers. Motor or controller Next year ma’ am or Hamarijo CSH solar panel next year initial stage pay or development. Technology. Consent.
Mahesh Bendre
Sure, sure sir. Thank you so much sir.
Dinesh Patidar
Thank you Mesh thank you.
operator
Thank you sir. The next question is on the line of Ashish from invest Q PMS. Please proceed.
Ashish
Yeah, so 4% gross margins. Sustainable margin. Pressure.
Dinesh Patidar
Actually Joe margin Basically Maharash government Kehi order to execute Kia Khamara. Mp. Kabid steel copper solar panel Abiyanga panel Johan DCR panel Kamua price.
Ashish
Because of competition L1 prices.
Dinesh Patidar
Nat correction margin Koleke planning Karthiki business. Conclude. Yes.
Ashish
If you can give some direction on that, it will be great. Second is your working capital collections. Working capital situation.
Dinesh Patidar
Fund Your release next 15 to 1 month. 15 days to 1 month. Visibility of decree availability.
Ashish
Visibility wise.
Dinesh Patidar
Kyoki customer co pump Usko Chai lake in Miltani number pump Ham Dekrabi Marash requirement. Okay. Subsidy Kapampaga or may full payment Lagate Ego had.
Ashish
Issues directly government incentive. The government side may be Pataga still improvement.
Dinesh Patidar
Last year allocation 2,600 something. Just double. The Kal Kusum Nahi abstrate tender be available. Third thing is may Jessarna tender business. Quality competition Karpang competitor. Add on leadership.
Ashish
Is one of the states. But major one. Given the size that India has or us maybe process Salem on the bottle.
Dinesh Patidar
Farmer. Chief minister. Thank you. Thank you. Thank you.
operator
Thank you. The next question is from the line of Praveen Mutwani from Boimf. Please proceed.
Praveen Motwani
Yeah. Hi. Thanks for the opportunity, sir. Because amlo margin trajectory hamari b sky.
Dinesh Patidar
Execution of Nabara the other scale up Kaviamko benefit Malega.
Praveen Motwani
It will come back to 20% plus level.
Dinesh Patidar
Jota because of Hamnesri Magata lake business pick Amgyata. Or in Kameh margin.
Praveen Motwani
Okay, okay. And sir, last quarter. There is some delay.
Dinesh Patidar
Consumer non consumer export and domestic. Domestic market.
Praveen Motwani
Okay, okay, okay. Internal targets in 27.
Ramesh Patidar
As I said marketing programs or Hamarajo 500 megawatts or a plant B expect Kara Key Q1 of FY27 volumes may be impacted planning. I think by quarter one we will be clear with what volumes we will be looking for for the year.
Praveen Motwani
Okay, got it. So you will give us some more clarity in Q1 of 27.
Ramesh Patidar
Yes.
Praveen Motwani
Okay, got it. So the last question. If you can just help me to give some timeline on the new businesses. Sorry I missed your initial remarks.
Dinesh Patidar
April 27th may expected. So that is the update for the project. Remaining May just say structure capacity already built up. Hojigais VD capacity already built up.
Praveen Motwani
Thank you.
operator
Thank you. The next question is from the line of Kamles Bagmar from Lotus Asset Managers. Please proceed.
Kamlesh Bagmar
Times. Sir miscommunication or the say earning now margin dip way realizations over here. Lastly sir Joe your copper K prices or yes of Kuch Barang or stabilize the whole mcu. Current governmental prices continue.
Dinesh Patidar
So ye pesa or kush farmer kape. 50% 40% 50% possibility clearity I give her call with Pele. Payment key possibility. Go down ome matil bhararakata. First phase Kayaga to second phase. Yes Discipline Merina Chayangi Jabkabiji department. Top line K pressure may Pelebi ham Haryana may Panchakur Kaikada. Hamari shareholders.
Kamlesh Bagmar
Secondly margins. Or secondly Sir.
Ramesh Patidar
Rightly said sir. Price it’s any volatile Hori $it’s not volatile Horai so isma big buddy guideline Alka Abikili difficult Eggbar Torah economic condition or your global conditions. Earlier quarters. Due to sales mix but. Thank you.
operator
Thank you. The next question is from the line of Nikunj Banushali from Coach Wealth. Please proceed.
Nikunj Bhanushali
Hello sir. Thank you for the opportunity sir. So first of all order book may gap. So last quarter our order book was at 1300 crores. And we received additional 1900 crores to order book execution. I think there’s a gap of around 400500 crores.
Dinesh Patidar
Yeah, you rightly said. Second 1. 52 Kadi remaining 300 Karodka orders. Or Uskijarapana Order SAMKO 52 Garud Correction. Why Order book may slightly change the Karai but Uski sufficient order book for next two quarter.
Nikunj Bhanushali
Okay. Current order book 2100 crores. Execution timeline approximately.
Dinesh Patidar
Next two quarters. Sufficient order book.
Nikunj Bhanushali
Right? Right Right. Or components There has been not much movement. So what do we expect A component solar panels. I think feeder level pay program. So how is our involvement in that? And the PM Kosum 2.0 maybe boltrack see component C level modification. So any any news on that? S.
Dinesh Patidar
Major.
Nikunj Bhanushali
Okay. Okay. And for long term vision businesses solar pump then Solar and the EV so from 23 years point of view how do you see the company growing? I mean percentage. And what are our targets right now? What direction we are moving and what actions are we taking right now to achieve your goals?
Dinesh Patidar
New diversification or export market. He has even rooftop advertisements. New team development.
Nikunj Bhanushali
Right, right. Export. Earlier we had guided in current financial year approximately we want to cross 500 crores this year. So what are we expecting? Exports be in this year and next year.
Dinesh Patidar
Yeah. So actually. Always 25% say every year grow K.
Nikunj Bhanushali
Okay, okay. That. That’s it. From my side. Thank you.
Dinesh Patidar
Thank you.
operator
Thank you. The next question is from the line of cable gala from NKAR Investments. Please receive.
Dhaval Gala
Sir. Thank you for the opportunity. December or january. Next quarter.
Dinesh Patidar
Sabi sabi state may achakam hoga jesse order millennium subsequent. Export may be a charter or cash sale. Maybe a charter.
Dhaval Gala
Working capital. Education force curving competitor. Government related Apna Kama obviously.
Dinesh Patidar
Balance sheet Kobe strength organization. Kobe competition. Requirement. Profitability maintain. Visibility check. Same profitability.
Dhaval Gala
Okay, last question.
operator
Thank you. The next question is from the line of Darsheel Zaveri from Crown Capital. Please proceed.
Darshil Jhaveri
Hello. Good afternoon sir. Thank you so much. Because that is like nearly double of what we’ve done in last quarter. And company’s highest ever but highest ever capability capacity constraint that we’ll be able to maintain. Like we’ll be able to do a thousand crore revenue sir.
Dinesh Patidar
For future execution or sufficient capacity here for supply of the pump and other products. Business opportunity sufficient available.
Darshil Jhaveri
Okay, okay sir. Because upon 20% growth last year at least 800900 plus so confidence level we’ll be near by many exact number but at least. Okay, okay. Fair enough sir. Fair enough sir. And sir diversification. So over the next two, three years assumption pump division. It will be you know 25% plus because export. Okay, okay, okay. Fair enough sir. And there’s a class question in Q3 bada. Why I assume working capital QSA. But normal interest cost up now nearly I think 18 crore. I think so. Interest cost elevated because working capital extended.
Ramesh Patidar
Historical trend SRI working capital utilization. Finance cost.
Darshil Jhaveri
Okay, okay.
Ramesh Patidar
Yeah. April 27th.
Darshil Jhaveri
Okay. Because you know industry negativity.
Ramesh Patidar
Second. Record integration of a solar pump or solar rooftop Kilhay demand Kili Amari Parasi sufficient capacity expansion or Jago minimum requirements.
Darshil Jhaveri
Okay, okay, fair enough. That’s it from my session. Thank you.
operator
Thank you. The next question is from the line of Praveen Motwani from Boim F please. Mr. Praveen, are you there on the line?
Praveen Motwani
Yes, yes I’m watching now.
Dinesh Patidar
Yes.
Praveen Motwani
Yeah. Hi. Yeah, hi. Thanks for the opportunity, sir. Again. For next couple of months. Yeah. Immediately. Or secondly sir, would it be better than the Kosum one.
Dinesh Patidar
Or second. Or other states? So let’s see.
Praveen Motwani
Okay. Thank you.
operator
Thank you. The next question is from the line of Gaurav Shukla from Finn Investors. Please proceed.
Unidentified Participant
Sir. I’m audible.
Dinesh Patidar
Yes, sir.
Unidentified Participant
Maximum question to postly again. Previous Participant Solar Plant 27 May Radio Jaga as a backward integration expense.
Dinesh Patidar
Margin. Margin or timely applied supply karpangay. Number one. Number two Apna kusum Kibatki kusum. Yes. Reason behind LC baked Karna pathiya deposits. Thank you. Thank you.
operator
Thank you. Ladies and gentlemen, due to time constraints that was the last question for today. I now hand over the conference to Mr. Dinesh Patidar for closing comments. Over to you, sir.
Dinesh Patidar
Okay. Thank you. Thank you very much. Thank you.
operator
Thank you. On behalf of Shakti Pums India limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.