Shakti Pumps India has secured a significant contract worth ₹112.18 crore from the Maharashtra State Electricity Distribution Company (MSEDCL) for solar water pumping systems. According to reports from CNBC TV18 and HDFC SKY, the company received a Letter of Empanelment on Tuesday, October 6, for the supply and installation of 4,755 off-grid Solar Photovoltaic Water Pumping Systems (SPWPS) across Maharashtra. The order covers solar water pumping systems with capacities of 3 HP, 5 HP and 7.5 HP under the Magel Tyala Saur Krushi Pump Yojana. As per the exchange filing, the order involves the design, manufacture, supply, transportation, installation, testing and commissioning of off-grid solar photovoltaic water pumping systems.
The contract is valued at ₹103.01 crore excluding GST and ₹112.18 crore including GST, as reported by CNBC TV18 and HDFC SKY. The order must be executed within 60 days from the issuance of the work order or Notice to Proceed (NTP). Under the comprehensive contract, Shakti Pumps will handle the entire project lifecycle including design, manufacturing, supply, transport, installation, testing and commissioning of the off-grid solar photovoltaic water pumping systems. The company disclosed the development to the BSE and NSE under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
This latest contract follows another significant order received last month from MSEDCL worth ₹235.92 crore to supply and install 10,000 solar-powered water pumping systems across Maharashtra. According to CNBC TV18, that order, including GST, also covers solar pumps with capacities of 3 HP, 5 HP and 7.5 HP under the same Magel Tyala Saur Krushi Pump Yojana. The company noted that both orders were awarded by domestic entities without any interest involvement of promoter, promoter group or group companies in the awarding entities.
Shares of Shakti Pumps gained ₹5.20 or 1.17% to ₹448.60 on the NSE at around 12:36 PM on Tuesday, October 6, following the contract announcement. As per HDFC SKY, the stock was trading close to the ₹449 mark during the session. However, the stock has declined 5.4% over the past month and is down 39.5% so far this year, indicating mixed investor sentiment despite the recent contract wins. The company's existing order book stood at around ₹1,000 crore at the end of July 2026, offering further revenue visibility for the company. Currently, Shakti Pumps is trading at a price-to-earnings multiple of 25.7 times, with a market cap of ₹5,496.15 crore.
