Shakti Pumps shares gain on order win from Maharashtra

Shares of Shakti Pumps Ltd. surged by 4.6% to reach ₹1,008.9 in intra day trading today, following the announcement of a significant order win amounting to ₹114 crore. The order, issued by the Maharashtra Energy Department Agency (MEDA), involves the supply and installation of 4,500 Off-grid Solar Photovoltaic Water Pumping Systems across Maharashtra under the PM-KUSUM scheme. The company's ability to secure such substantial contracts underscores its growing influence in the renewable energy sector, particularly in solar technology.

This latest order marks Shakti Pumps' second significant engagement with the Maharashtra government this year. Previously, in April, the company secured a ₹12.42 crore contract for 445 solar water pumping systems. The firm aims to execute the new ₹114 crore project within 90 days, highlighting its commitment to strengthening its position in renewable energy solutions.

Earlier this year, Shakti Pumps' subsidiary, Shakti Energy Solutions Ltd., acquired 113 acres in Madhya Pradesh to expand its solar cell and PV module operations. This strategic acquisition is expected to bolster the company's production capabilities, allowing it to meet increasing demand efficiently.

Financially, Shakti Pumps reported robust performance in its latest quarterly results. The company saw a 23% increase in profit, reaching ₹110.23 crore, with total income rising to ₹669.76 crore. This financial growth, coupled with strategic expansions and key project wins, positions Shakti Pumps as a formidable player in the solar energy sector. Industry experts will be watching closely to see how these developments impact the company's market share and future growth prospects. As the demand for renewable energy solutions continues to rise, Shakti Pumps is well-positioned to capitalise on these trends, ensuring sustained growth and innovation.