Shakti Pumps Stock Surges 6%, Extends Rally to 36% in 5 Days on Strong Order Wins

On Tuesday, the Shakti Pumps share price extended its rally with the stock rising 5.8% reaching a day’s high price of Rs 796.20 on NSE. This surge was one among the various factors, like robust order inflows and solid Q2FY26 performance. On December 15, 2025, the stock surged and ended 15.7% higher at a closing price of Rs 632.45 on December 15, 2025, fuelled by a landmark order from Maharashtra State Electricity Distribution Company Limited (MSEDCL). In the past 5 trading days, the stock has surged around 36%, bettering its 17% negative returns in the past year.

Recent Orders Fuel Momentum

Shakti Pumps secured a Rs 443.78 crore contract from MSEDCL on December 11, 2025, to supply and install 16,025 off-grid solar water pumping systems under PM Kusum, with the core order at Rs 407.51 crore plus GST. Earlier in September 2025, the company bagged Rs 616.3 crore worth of solar pump orders from Maharashtra under Magel Tyala Saur Krushi Pump Yojana.

Q2FY26 Financial Performance

Shakti Pumps posted consolidated revenue of Rs 666.4 crore in Q2FY26, up 5% YoY from Rs 634.6 crore, driven by 22,304 solar pump installations (21% YoY growth). H1FY26 revenue reached Rs 1,288.9 crore, a 7.2% YoY rise. EBITDA stood at Rs 136 crore (20.4% margin), down from 23.4% YoY due to 3-4% hikes in copper, steel, and solar panel prices, while PAT hit Rs 90.7 crore (13.6% margin). Exports added Rs 102.9 crore in Q2, with H1 at Rs 200 crore, reflecting gains in the USA, the Middle East, and Africa.

Order Book

The Rs 1,300 crore order book as of 7th November 2025 primarily features off-grid solar photovoltaic water pumping systems (SPWPS), and other orders are related to grid-connected systems and exports, filling the rest.

State-wise, the orders span Maharashtra (Rs 554 crore via MEDA and MSEDCL), Uttar Pradesh (Rs 367 crore), Madhya Pradesh (Rs 85 crore), Haryana (Rs 90 crore), and exports like Uganda (Rs 131 crore).

Guidance and Management Outlook

Management reaffirms FY26 revenue growth of 20% to 25% and 24% EBITDA margins, backed by H2 execution ramp-up, state tenders, and capex doubling pump/motor capacity to 10 lakh units.

Chairman Dinesh Patidar highlights resilience amid headwinds, with Maharashtra leading inflows, robust pipelines in Madhya Pradesh, Rajasthan, and rooftop as a key growth driver via 57 channel partners and EMI tie-ups. The capex of Rs 1,200 crore for 2.2 GW solar DCR/PV modules commissioning in March 2027, targeting Rs 3,000 to 4,000 crore revenue at 15% EBITDA) and EV motors/controllers, positioning Shakti for sustained leadership in solar pumps and diversification.