Shakti Pumps (India) Limited has released its investor presentation for Q4FY26, disclosing audited financial results alongside a comprehensive business update. The presentation was filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and uploaded on the company's website on May 08, 2026. Subsequently, pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published its audited financial results for the quarter and financial year ended March 31, 2026 in the Business Standard (Hindi edition) and The Economic Times (English edition) on May 09, 2026. The company delivered its highest-ever quarterly and full-year consolidated revenue, even as profitability came under pressure from scheme-level realisation challenges and elevated cost inputs.

Chairman Mr. Dinesh Patidar described FY26 as a "strategic transition year" focused on balance sheet quality and receivable efficiency. He noted that receivables reduced significantly by over ₹4,200 Mn (77 days) — from ₹16,790 Mn (250 days) as on December 31, 2025, to ₹12,757 Mn (173 days) as on March 31, 2026 — despite the record quarterly revenue. He added that the order book of approximately ₹15,000 Mn provides strong revenue visibility, supported by expected policy momentum under KUSUM 2.0, the Magel Tyala Scheme in Maharashtra, and other state government initiatives.

Financial Performance

Shakti Pumps reported a mixed set of results for Q4FY26, with revenue growth offset by a sharp contraction in profitability. Revenue from operations rose 28.93% year-on-year in Q4FY26, while full-year FY26 revenue also improved over FY25. EBITDA for Q4FY26 stood at ₹832 Mn, with EBITDA margin compressing to 9.70% from 24.60% in Q4FY25. The margin contraction was attributed to lower realisation from the Magel Tyala Scheme, higher raw material costs, and elevated logistics expenses owing to prevailing geopolitical tensions. The following table presents the quarterly and annual consolidated financial highlights:

Consolidated and Standalone Results (₹ Crores)

The newspaper publication also disclosed a condensed statement of consolidated and standalone financial results. The key figures are presented below:

The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 7, 2026. Figures for corresponding previous periods have been regrouped or rearranged wherever necessary.

Multi-Year Financial Trend

Over a four-year period, Shakti Pumps has demonstrated strong revenue growth, though FY26 marks a moderation in profitability metrics. The table below captures the multi-year performance:

*Historical EPS is adjusted for bonus issue in the ratio of 5:1.

Balance Sheet & Cash Flow

Total assets expanded to ₹30,484 Mn as of March 2026, up from ₹19,744 Mn in March 2025, reflecting the company's ongoing capital investment cycle. Net worth stood at ₹17,056 Mn, while working capital secured loans rose to ₹4,457 Mn. Net cash from operating activities improved to ₹1,241 Mn in FY26 from ₹205 Mn in FY25, and cash & cash equivalents at the end of the period stood at ₹4,387 Mn.

Solar Pumps Business

Shakti Pumps reported a 20% YoY growth in pump installations, with 86,086 solar pumps installed during FY26. During Q4FY26, the company installed 28,345 solar pumps, rising 51% YoY. Revenue from the Solar Pumps business grew 7% YoY in FY26 to ₹20,806 Mn, while Q4FY26 Solar Pumps revenue stood at ₹7,040 Mn, a growth of 42% YoY, driven primarily by strong execution in Maharashtra. The Ministry of New and Renewable Energy (MNRE) has extended the commissioning deadline for PM KUSUM scheme projects from March 31, 2026 to March 31, 2027, for orders issued on or before December 31, 2025.

Under the PM KUSUM scheme, Shakti Pumps has installed 1,77,100 pumps under the KUSUM scheme and 59,235 pumps under non-KUSUM schemes, bringing total solar pumps installed to 2,36,335 as of March 31, 2026. The company has also received an ICRA ESG Impact Rating of 75 (Good) in October 2025.

Receivables Position

Despite the highest-ever quarterly revenue, receivables reduced significantly to ₹12,757 Mn as on March 31, 2026 from ₹16,790 Mn as on December 31, 2025. Around ₹9,158 Mn, i.e., 72% of total receivables, are yet to become due, while around 21% are less than 180 days overdue.

Order Book

As of May 07, 2026, Shakti Pumps reported a total outstanding order book of ₹15,000 Mn (inclusive of GST), driven primarily by off-grid solar photovoltaic water pumping system orders across multiple states. The company also received a Letter of Empanelment on April 30, 2026, from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 6,580 pumps under Magel Tyala Saur Krushi Pump Yojana for a total value of ₹1,552 Mn (inclusive of GST).

Export Business & International Presence

Shakti Pumps' export revenue has grown at a 21% CAGR, with FY26 export revenue at ₹4,111 Mn and Q4FY26 export revenue at ₹1,041 Mn. Revenue during the quarter was largely affected due to delays in receiving new orders on account of ongoing geopolitical tensions in the Middle East. However, the company observed growth in business from its dealer and distributor network. The Middle East (41.10%), Africa (33.40%), the United States (19.10%), Asia (3.80%), and Rest of World (2.60%) constitute the primary export markets. On the international business front, the company secured a contract worth USD 35.30 million from the Government of Uganda for supplying solar-powered water pumping systems. Additionally, Shakti Pumps is part of the International Solar Alliance (ISA), which has aggregated demand for more than 2,70,000 solar pumps across 22 countries, more than 1 GW of solar rooftop across 11 countries, and more than 10 GW of solar mini-grids across 9 countries.

Capex & Expansion Plans

Shakti Pumps is executing a capital expenditure plan of ₹17,000 Mn in a phased and demand-linked manner. The company recently invested ₹290 Mn over three tranches in its wholly owned subsidiary Shakti Energy Solutions Limited for establishing a greenfield high-efficiency solar DCR cell and solar PV modules manufacturing plant in Pithampur, Madhya Pradesh, with a production capacity of 2.2 GW. Shakti Pumps also invested ₹100 Mn in its wholly owned subsidiary Shakti EV Mobility Private Limited for expansion of the EV motors and controllers business, with consolidated investment in the subsidiary increasing to ₹650 Mn till April 2026. Key components of the overall capex plan include:

• ₹2,500 Mn for doubling capacity for pumps, motors, VFDs, and solar structures
• ₹2,500 Mn for establishing an EV motors, controllers, and chargers facility under Shakti EV Mobility Pvt Ltd (capex under budgeting stage)
• ₹12,000 Mn for setting up a 2.2 GW solar DCR cell and PV module plant in Pithampur, Madhya Pradesh
• The commissioning of the DCR Module capacity of 0.5 GW is expected to be operational by the end of Q1FY27

In the Cash Sales business, the company generated revenue of around ₹774 Mn in FY26.

Earnings Conference Call Details

The Q4 & FY26 earnings conference call is scheduled for May 11, 2026, at 14:00 hours IST. Participants are advised to connect at least 10 minutes prior to the scheduled start time.

For further details, participants may contact investor relations representatives at Ernst & Young LLP — Vikash Verma ( vikash.verma1@in.ey.com ), Rohit Anand ( rohit.anand4@in.ey.com ), or Riddhant Kapur ( riddhant.kapur@in.ey.com ). The company's CFO, Dinesh Patel, may also be reached at dinesh.patel@shaktipumps.com .

Source: None/Company/INE908D01010/308f3566-7f1f-481f-8fa4-5da9ab1929b9.pdf

Shakti Pumps (India) Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report, dated May 7, 2026, was prepared by India Ratings & Research Private Limited, the monitoring agency appointed by the company, and covers the utilisation of proceeds raised through two separate Qualified Institutions Placements (QIPs) — conducted on March 22, 2024, and July 5, 2025, respectively.

QIP Issue Details

The two QIPs differ in size, pricing, and stated objects. The March 2024 QIP was directed towards capacity expansion at a new facility in Pithampur, Madhya Pradesh, while the July 2025 QIP was aimed at funding a greenfield solar manufacturing project through the company's subsidiary. The key parameters of both issues are summarised below.

No Deviation from Objects Reported

India Ratings & Research confirmed that, based on management undertakings and supporting documents, no deviation from the stated objects of either QIP has been observed for the quarter ended March 31, 2026. The monitoring agency noted that no government or statutory approvals were required for funds utilised up to the quarter ended March 31, 2026, as per management undertaking, and that necessary approvals will be obtained in future wherever required.

However, the monitoring agency noted a change in implementation for the July 2025 QIP: out of the proposed 2.2 GW capacity, the company is setting up a 0.5 GW module plant adjacent to its existing facility, rather than at the new land as disclosed in the placement document. The Board of Directors confirmed that utilisation remains in line with the offer document.

Fund Utilisation — QIP 1 (March 2024): INR 2,000.00 Mn

As of March 31, 2026, cumulative utilisation under the March 2024 QIP stood at INR 956.50 Mn, with INR 114.84 Mn deployed during the quarter. The remaining INR 1,043.50 Mn is yet to be utilised. The following table details the progress against each object.

Of the INR 114.44 Mn deployed towards capacity expansion during the quarter, INR 41.39 Mn was paid to related party Vintex Tools and Machineries Private Limited (Promoter Group). The monitoring agency noted a delay in deployment and implementation of the capacity expansion object. The company's revised timeline for the Pithampur project is as follows:

• Land Acquisition: August 10, 2025 (out of 45.66 acres, 23.35 acres acquired; balance under process)
• Site Development & Civil Construction: April 30, 2026
• Commissioning of Plant: July 31, 2026
• Trial Run and Production: August 31, 2026

Additionally, the monitoring agency noted that expansion with respect to Inverters, Variable Frequency Drives & Structures has been undertaken at the existing facility rather than at the new Pithampur facility. The Board of Directors approved, vide resolution dated January 24, 2025, investment of part of the issue proceeds in wholly owned subsidiary Shakti Energy Solutions Private Limited for capital expenditure pertaining to structures capacity expansion — a detail not mentioned in the original placement document.

Unutilised proceeds from QIP 1 totalling INR 1,212.12 Mn (including reinvested interest of INR 168.82 Mn) are deployed across fixed deposits with Federal Bank and ICICI Bank, at annualised returns ranging from 2.75% to 7.25%.

Fund Utilisation — QIP 2 (July 2025): INR 2,926.00 Mn

For the July 2025 QIP, cumulative utilisation as of March 31, 2026, stood at INR 1,821.21 Mn, with INR 973.11 Mn deployed during the quarter. The total unutilised amount is INR 1,104.79 Mn. The progress against each object is detailed below.

Of the INR 972.79 Mn deployed towards the solar project during the quarter, INR 16.81 Mn was paid to related party Shakti Construction & Development Pvt Ltd. The company has revised the completion timeline for the solar project to fiscal 2027, from the originally stated fiscal 2026. Unutilised proceeds from QIP 2 totalling INR 1,167.81 Mn (including reinvested interest of INR 63.02 Mn) are held in fixed deposits with Federal Bank, ICICI Bank, and IndusInd Bank, at annualised returns ranging from 2.75% to 7.05%.

Compliance and Monitoring Agency Declaration

India Ratings & Research, acting solely in its capacity as monitoring agency, confirmed that the report provides an objective view of issue proceeds utilisation based on information provided by the issuer. The agency clarified that it does not perform an audit and undertakes no independent verification of information, certifications, or statements received. The report was prepared in line with the format prescribed under Schedule XI of the SEBI (ICDR) Regulations, 2018. No conflict of interest was reported by the monitoring agency in its relationship with the issuer.