Solar Turns Revenue Booster For Shakti Pumps

THE COMPANY HAS BEEN EXPERIMENTING WITH NEW PRODUCTS, WITH A FOCUS ON FINDING SOLUTIONS TO COMPLEX ENGINEERING CHALLENGES. AND THERE’S MORE IN STORE TO HELP TRANSITION THE PUMP BUSINESS.

- NEVIN JOHN

EVER SINCE HE took over the responsibilities of Indore-based Shakti Pumps from his father in 1986, chairman and managing director Dinesh Patidar has constantly re-invented the business. First, Patidar led the company to be one of the earliest stainless steel pump manufacturers in the country. Now, he has innovated solar pumping solutions to change its course again. Recently, it ventured into manufacturing of electronic controllers and motors for electric vehicles — two and three-wheelers. Next, he is preparing to offer similar products for the four-wheeler industry.

The rapid transformation is delivering growth. In 2020-21, the company’s revenue from operations increased 143% year-on-year to ₹929.66 crore. Net profit rose to ₹75.59 crore, from a net loss of ₹14.08 crore in the previous fiscal. Of the past year revenue, ₹560 crore came from the solar engineering, procurement and construction (EPC) business and ₹180 crore from exports. The company, ranked 305 on Fortune India’s Next 500 list this year, had a market cap of ₹1,000 crore in the second week of February.

The decision to manufacture fully stainless steel pumps was a major step in reforming the business, says Patidar. “Shakti Pumps has grown to become the largest manufacturer and supplier of stainless-steel submersible water pumps for borehole, water abstraction and other related works.” The pumps can save up to 45% power, he adds.