This solar pump manufacturer's stock zoomed over 100% in 33 trading days
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Shares of Shakti Pumps (SPIL) locked in the upper circuit for the fifth straight day, up 5 per cent at Rs 2,585.85 per share on the BSE in Monday's intraday deals. This came after the company reported a robust March quarter (Q4FY24) earnings and strong order book. In comparison, the S&P BSE Midcap and Smallcap index were down by 1 per cent.
The stock of the company is trading at its record high level and has rallied 28 per cent in past one week. Moreover, in the past 33 trading days, the stock has more than doubled or zoomed 104 per cent from Rs 1,121 on March 14, 2024.
Meanwhile, in the last one year, it skyrocketed 420 per cent. Currently, the stock is quoting 89 per cent higher against its qualified institutional placement (QIP) price of Rs 1,208.50. In March, the company had raised Rs 200 crore via QIP issue.
Currently, SPIL is trading in ‘T’ segment. T group shares are securities that are put into the Trade to Trade segment by the BSE. These stocks are not allowed for intraday trading. The T2T stocks can only be delivery based i.e. the buyer has to take the delivery of these shares.
SPIL is a leading manufacturer of solar stainless-steel submersible pumps, pressure booster pumps, pump-motors, controllers, and inverters among other products. SPIL is the only company that manufactures a wide range of products for solar pump installation in-house, including variable frequency drives, structures, motors, inventors, and so on.
In Q4FY24, SPIL’s profit after tax (PAT) increased to Rs 89.7 crore from Rs 2.2 crore in Q4FY23, registering a sharp growth on a year-on-year (YoY) basis. Revenue grew 233.6 per cent YoY at Rs 609.30. Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin expanded to 21.5 per cent in Q4FY24 from 6.0 per cent in previous year quarter.
SPIL has an impressive order book, amounting to Rs 2,400 crore as of Q4FY24, and has expanded with the recent addition of three new orders worth Rs 250.62 crore from Haryana and Maharashtra, secured since the beginning of January 2024. The management remains optimistic about the continued expansion of its order book, driven by the company’s persistent endeavours to enhance the prominence of solar pumps amidst the farming community.
The solar pump industry through the PM KUSUM Scheme, led by the Government, has huge opportunities ahead as it is estimated that there are over 1.4 million solar pumps under Component B (Off Grid Pumps) and 3.5 million solar pumps under Component C (On Grid Pumps) to be installed.
Positioned strategically, SPIL is gearing up for robust and ongoing growth, ready to capitalise on the forecasted surge in orders and aptly position itself for prospective opportunities. With these encouraging developments, the management maintains confidence in the company’s ability to constantly deliver robust outcomes for all stakeholders in the future, SPIL said.
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