Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Shakti Pumps (India) Limited (NSE: SHAKTIPUMP) Q4 2026 Earnings Call dated May. 11, 2026
Corporate Participants:
Ramesh Patidar — Managing Director
Analysts:
Rohit Anand — Analyst
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4 and full year FY26 earnings conference call hosted by Shakti Pumps India Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Rohit Anand from Ernst Young LLP. Thank you. And over to you, Mr. Anand.
Rohit Anand — Analyst
Good afternoon everyone. Before we proceed, let me remind you that the discussion may contain forward looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risk 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 development and to answer your question, today we have the senior management of Shaktipam India Limited represented by Mr.
Dinesh Patidar, Chairman. Mr. Ramesh Patitar, Managing Director Mr. Ramakrishna Satlori, Chief Executive Officer, Jakti Energy Solutions Limited Mr. Dinesh Patel, Chief Financial Officer and Mr. Ravi Patidar, Company Secretary and Compliance Officer. We will start the call with the brief overview of the past quarter and full year FY26 by Mr. Ramesh Patidar, our Managing Director. I will now hand over the call to Mr. Ramesh Patidar. So over to you sir.
Ramesh Patidar — Managing Director
Thanks, Rohit. Good afternoon everyone and thank you for joining us on Saktipam’s Q4FY26 earning calls. FY26 marked a strategic transition year for the company. One where we deliberately balance growth with financial discipline. Our priority throughout the year was clear to strengthen the balance sheet, improve case conversion and build a resilient operating platform capital capable of delivering sustainable long term growth while continuing to reinforce our leadership in the solar pumping segment.
The company delivered its highest ever consolidated revenue of rupees 2,698 crore in FY26 with Q4 FY26 revenue at Rs. 858 crore, also the highest in the single quarter. This performance was backed by a strong execution ramp up with solar pump installation increasing 20% year on year to 86,086 units in FY26 and a robust 51% year on year growth in Q4 FY26 to 28,345 installations. The strong exit run rate in the fourth quarter underlines our improved execution capabilities and sustained traction across key states during the year.
We navigated a challenging operating environment. EBITDA margin faced pressure from lower realizations under the Margaret scheme, a sharp increase in raw material prices and elevated logistic and freight cost impacted by ongoing global geopolitical disruptions. Importantly, these are external and cyclical headwinds, not structural issue. Despite these challenges, we sustained EBITDA margin at approximately 16% for FY26, reinforcing the robustness of our operating model and our ability to protect profitability while maintaining execution momentum.
Crucially, we have not pursued growth at the cost of balance sheet strength. FY26 focused on discipline, execution and capital stewardship and this is now clearly reflected in our financial receivables were reduced by over rupees 420 crores during the fourth quarter, reduced from 197 corrode as of 12-31-2025 to rupees 1276 crore as of 03-31-2026, representing a 77 day improvement in receivable debt. This was achieved even as Q4 marked the highest quarterly revenue in the company’s history, underscoring our strong focus on working capital efficiency.
As a result, the company generated healthy cash flows from operations of rupees 124 crore in FY26, significantly strengthening balance sheet quality and liquidity. The improvement in case conversion is key pillar of our long term strategy and position us well to fund growth sustainably without undue leverage. Our order book stands at approximately rupees fifteen hundred crore as of 05.07.2026 providing strong revenue visibility for the coming periods. We remain constructive on demand prospects supported by anticipated policy Momentum under Kusum 2.0, continued opportunities under the margin product scheme and sustained demand across other state level solar initiatives.
On the export front, FY26 saw a stable performance during the E4 export were temporarily affected due to the delays in order placement amid geopolitical tensions in the Middle East. Increasingly we have witnessed improving traction through our dealer and distributor network which we expect to remain a steady contributor going forward. Meanwhile, the growth in our case based domestic business has enhanced revenue diversification and further supported working capital efficiency. Beyond our core solar pumping business, we are also looking into related areas like solar rooftop system and electric vehicle parts which are aligned with India’s clean energy transition and offer attractive medium to long term opportunities.
Bhakti Pumps remain committed to growing responsibly, protecting the balance sheet, preserving case flows and investing for the long term. We are confident that the fundamentals of the Business remain strong and the step taken in FY26 ensure that we emerge from current challenges better positioned, more resilient and firmly focused on sustainable value creation. We believe these actions reinforce our long standing commitment to all stakeholders and underscore the Sakti Pumps is here to stay with long term growth firmly intact.
I now request Mr. Ramakastra Satal Aroji to share key developments and the outlook of our Solar Gupta business. Thank you. Thank you very much. Thank you very much. Mr. Ramesh Patidar. Good afternoon everybody. Just to take it from where he has left the strong fundamentals and the excellent product quality has really helped the rooftop business to start off very well. We started very well and we realized that the heart of this solution belongs to the inverter. And therefore we placed a lot of inverters in the market to check the feedback.
Given that the strong Shakti brand acceptance is pretty good, the feedback also for this product is very good. We have partners and we have customers who come back to us and say that whenever there is a Shakti inverter that has been installed, we are having about roughly 10% better generation, which all goes very well for this business. We have already set the channel up in most of the places. That’s a continuous process. But we have some very good distributors set across the country. We are looking forward to some very good numbers in this financial year.
This year really looks very good for us. Thank you very much. And now I open the floor for your questions, please. Thank you.
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 the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Prakar Tibriwal from Choice Institutional Equities. Please go ahead.
Rohit Anand — Analyst
Yeah. Hello sir. Congratulations for a record breaking revenue number. My question is regarding
Operator
The margins. So do we see a way back to the peak margins of 24% we saw in H1 FY26 and back in FY25 or are we expected to remain at the current levels.
Ramesh Patidar — Managing Director
Or raw material pies? Copper, stainless steel or silicone sheets? Dollar may be increased margin. So yes, margin always, always depend on the raw material pricing. Temporary impact just because of this war and other things.
Questions and Answers:
Operator
Okay, so do we see it coming Back to like 20 again
Ramesh Patidar
Once the things get back Then I will.
Operator
Approximately
Ramesh Patidar
3 to 4%.
Operator
Okay. Or abi follow up agay for fy27 conflict states
Ramesh Patidar
Abi amaripas order book. Solar pumps Karnaki Bhatki 0.20.
Operator
Thank you.
Ramesh Patidar
Thank you. Thank you.
Operator
Thank you. Our next question is
Rohit Anand
From the line of Ashish Upan Balawal from Invest qs. Please go ahead.
Operator
So.
Ramesh Patidar
Or almost updating. 10% basically 90 days.
Operator
Okay. Competitive intensity.
Ramesh Patidar
Numbers we issue Mati subsidiary. Portal Kula or purchase market may price. Number one Joe leadership already.
Operator
Profitability
Ramesh Patidar
Part of life. Same condition Miki I hope Kiana tender tradition.
Operator
Margin.
Ramesh Patidar
Kib. Diversified order book maintained Kiy the next two quarters of sufficient order book or Ham Yevi Mantanki announcement. Or I give you a check numbers. Quarter on quarter update.
Operator
Okay thank you. Thank you. Our next question is from the line of Ankit Shah from Anand. Please go ahead.
Ramesh Patidar
Hello. Am I audible?
Operator
You are audible sir. You may proceed.
Ramesh Patidar
Yes.
Operator
Start revenue year and year increase.
Ramesh Patidar
2 to 3% operating leverage.
Operator
2 to 3%. Okay. Or raw material price.
Ramesh Patidar
Raw mater price around 6 to 7% impact every quarter.
Operator
Okay. 6 to 7%. Okay. Impact or 3 to 4% upna operating everything. Okay. Okay.
Ramesh Patidar
Execution quarter on quarter.
Operator
Okay. Or financial top line.
Ramesh Patidar
Numbers.
Operator
Okay. Okay. Thank you. Thank
Rohit Anand
You so much.
Ramesh Patidar
Thank you again.
Operator
Thank you. Our next question comes from the line of Nikonj Banushali from Walford pms. Please go ahead. Yeah. Hi sir. Thank you for the opportunity. So my first question is up in next year financial year standpoint. So firstly FY26 and FY27 plan for the solar cells or model.
Ramesh Patidar
So it may actually get donor monitoring report 1 or 2 donor projects. From March 28th. So yeah.
Operator
Okay. And in terms of pump installations next year.
Ramesh Patidar
Around 28,000.
Operator
One last question to exports because of the West Asia war impact. So will the current year maybe orders.
Ramesh Patidar
Definitely. And our material.
Unidentified Participant
Thank you sir.
Ramesh Patidar
Okay. Thank you.
Operator
Thank you. Our next question comes from the line of Daksh Malhotra from ADRI Global. Please go ahead.
Ramesh Patidar
10% extra generation milk for customers. Energy solutions. So as you know long term game solid fundamentals.
Operator
But sir would you like to give any put any numbers to this for FY27.
Ramesh Patidar
Number skills quarter on quarterly update actually mature new. Partners or margin wise. I’m already guidelined.
Operator
Are we getting any breakthroughs. But it still shows under emerging business in the presentation output made revenue.
Ramesh Patidar
It’s a big things Motors or controllers or chargers. Is controller Kobanapa. So yes. Automobile company.
Operator
Thank you for answering these questions. Wish
Ramesh Patidar
You the best
Operator
Thank you. Thank
Ramesh Patidar
You. Thank you. Thank you very much.
Operator
Thank you. Our next question comes from the line of Mahindra Jain from way to wealth. Please go ahead.
Ramesh Patidar
Yeah. Good afternoon sir. Thank you for giving me that opportunity. I’m audible sir. Yes. Yes man you only know. Thank you sir. Thank you. We are expecting.
Operator
Are we thinking on that line we can enter like in future. Generated.
Ramesh Patidar
Situation. Export is a tough business. Agreement where Europe may. Hamkulak maybe a check sport current. Some serif solar pump. Sabasthe solar pump Samaste solar inverter. Sabasthe.
Operator
Market. Share in that.
Ramesh Patidar
Okay sir. Thank you. Thank you man. Sir. Thank you.
Operator
Thank you. Ladies and gentlemen. To ask a question you may please Press Star and 1. Our next question is from the line of Johan Kinvasra from Asian Broking. Please go ahead.
Ramesh Patidar
Hello.
Operator
42%.
Ramesh Patidar
Actually total profit quarter on quarter impact Lagarai but up year on year predicting it to always 27%.
Operator
Okay sir. Thank
Ramesh Patidar
You.
Operator
Thank you. Our next question is from the line of Suvankar Malik
Ramesh Patidar
From Sanghai family office. Please go ahead.
Operator
Hello sir. Am I audible? I think last q3. Okay. Okay. Thank you. The next question is from the line of Rahul Gupta from Evergrowth capital. Please go ahead. Hello. Next quarter
Ramesh Patidar
Margin improve because inflated. 6 to 7% impact.
Operator
Export margin export margin I think double enough
Ramesh Patidar
Export margin was around 10% plus retire as compared to domestic market.
Operator
Okay sir. Okay sir. Thank you sir.
Ramesh Patidar
Thank you.
Operator
Thank you. Our next question is from the line of Javeri from via financial technologies. Please go ahead.
Ramesh Patidar
We will update you in the quarter one. So we once execute then we’ll update you. Because the operational efficiency is the second meter and raw model price dependency is one meter. Salome. Margin be improvement. Next 2/4. Q1 onwards margin plus. Margin.
Rohit Anand
Thank you.
Ramesh Patidar
Thank you.
Operator
Thank you. Our next question is from the line of Bhavya Shah from Walford Fund management. Please go ahead.
Ramesh Patidar
Good afternoon sir.
Operator
What is your view on battery management.
Ramesh Patidar
India may look. Algorithm.
Unidentified Participant
Thank you sir.
Ramesh Patidar
Thank you. Thank you. Our next question is from the line of Kamlesh Bagmar from Lotus Asset managers. Please go ahead.
Operator
Copper orange or silver conduct or the if it margins or other raw material. Yes. Project.
Ramesh Patidar
Just because of this long term killer sustainable reduction or reduction improvements. But in future may I’m Kodiktagi Sudan Hogi tender Give Alami. Call. Thank you. Competition be different so. Page. So next time some compliance officers the order. Within 24 hours. Updated. Visibility. A 1st of April 31st March updates incorporate Kirkus May proper disclosure. Our next question comes from the line of Himanshu Shivare from MB Investment. Please go ahead.
Operator
Thank you. Our next question comes from Vamika Mandanya from Anandhrati. Please go ahead.
Unidentified Participant
Hello sir. Congratulations on your set of numbers. Last quarter mentioned Kiataki up south. Out of the total order book
Ramesh Patidar
24 hours.
Unidentified Participant
Okay. And my second question was 0.5 commission Q1 27. Okay, thank you so much.
Ramesh Patidar
Thank you. Thank you.
Operator
Thank you. Our next question is from the line of Prakhar Tibrival from choice institutional
Rohit Anand
Equities. Please go ahead.
Operator
Hi sir, a question. January the comment. Fulfill properly forecast.
Ramesh Patidar
Second thing joy last quarter. May execution KIA around 700 execution KIA or put a year May 2000 and 80 solar May remaining execution joy domestic may export solar segment EPC segment.
Operator
Timeline 60 days. 120 days. 90 days.
Ramesh Patidar
Exactly.
Operator
Exactly. Wife except Kia approximately Kitajin.
Ramesh Patidar
Actually minor correction here.
Operator
Ga.
Ramesh Patidar
90 to 120 days. Extension already government players.
Operator
Okay. Thank you sir.
Rohit Anand
Thank
Operator
You. Ladies and gentlemen, due to time constraints we will take that as a last question. I would now like to hand the conference over to Mr. Dinesh Patidar chairman for closing comments. Over to you sir.
Ramesh Patidar
Thank you. Thank you very much.
Operator
Thank you. On behalf of Shakti Palms India Limited that concludes this conference. Thank you all for joining us. You may now disconnect your lines.