Shakti Pumps, a leading Indian manufacturer of solar pumps and motors, saw its shares rally 14.25% in Thursday’s trade, December 11, to reach a day’s high of ₹629 apiece, following an order win from the Maharashtra State Electricity Distribution Company.
The rally came as a relief for shareholders, as the stock had been under pressure over the last eight trading sessions, losing a cumulative 19%.
In its filing to the exchanges today, the company said it received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited.
The order is for the design, manufacture, supply, transport, installation, testing, and commissioning of off‐grid DC solar photovoltaic water pumping systems, which is worth ₹443.78 crore (inclusive of GST) and is to be executed within 60 days from the issuance of the work order.
The company’s order book at the end of the September quarter stood at ₹13,000 crore, according to its Q2 earnings filing. According to the company, order inflows from Maharashtra have been particularly encouraging, with the state leading in execution and expected to contribute further through large upcoming projects.
For the quarter ended in September, the company reported revenue of ₹6,664 million, marking a 5% year-on-year improvement over the same period last year. However, the performance was impacted by an extended monsoon, which slowed installations during the period.
Rising raw material prices also affected the company’s operating margins, which came in at 20.4%, down from 23.4% in the same period last fiscal year. Key raw materials such as copper, steel, and solar panels saw price increases of around 3–4% due to volatile market conditions, further impacting margins.
Despite these challenges, the company successfully executed projects in Haiti, Uganda, Bangladesh, and Nepal, while demand continues to grow from the USA, Middle East, and Africa. The company remains confident in its ability to sustain this momentum going forward.
Shakti Pumps share price trend
The shares have remained under pressure since the start of 2025, leading to a 40% decline in value so far. This comes after the stock delivered a massive 526% return in the previous calendar year, following a 150% gain in CY23.
Looking further back, the shares have risen phenomenally by 3605% from the 2020 low of ₹17 apiece, emerging as one of the biggest wealth creators in the Indian stock market.
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