Indian manufacturer Shakti Pumps, a leading producer of solar pumps and solar motors, saw its shares jump 14.25% on Thursday, December 11, to reach a high of ₹629 per share. This came after the company won a significant order from the Maharashtra State Electricity Distribution Company.
The surge in share price brought relief to shareholders, as the stock had been under pressure for the last eight trading sessions, losing a cumulative 19%. The order win is a major boost for the company, which has been facing challenges due to rising raw material prices and an extended monsoon season.
The order is for the design, manufacture, supply, transport, installation, testing, and commissioning of off-grid DC solar photovoltaic water pumping systems, worth ₹443.78 crore (inclusive of GST). The project must be completed within 60 days from the issuance of the work order.
Shakti Pumps reported revenue of ₹666 crore for the quarter ended September (Q2FY26), marking a 5% year-on-year improvement. However, the company's operating margins were affected by rising raw material prices, coming in at 20.4%, down from 23.4% in the same period last year.
Despite challenges, the company has successfully executed projects in Haiti, Uganda, Bangladesh, and Nepal. Demand continues to grow from the USA, Middle East, and Africa, with the company confident in its ability to sustain this momentum going forward.
Shakti Pumps shares have remained under pressure since the start of 2025, leading to a 40% decline in value so far. However, the stock has risen phenomenally by 3605% from the 2020 low of ₹17 per share, making it one of the biggest wealth creators in the Indian stock market.
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