Shares of Shakti Pumps Ltd rallied more than 4% on Thursday, 12 June, following a Rs 114 crore order from the Maharashtra government.

In an exchange filing, the company stated that it had received a Letter of Award (LoA) from the Maharashtra Energy Department Agency (MEDA) for 4,500 Off-grid Solar Photovoltaic Water Pumping Systems (SPWPS) at various locations throughout Maharashtra under MNRE Component-B of the PM-KUSUM scheme.

The Maharashtra Energy Department Agency’s project includes the design, manufacture, supply, transportation, installation, testing, and commissioning of Solar Photovoltaic Water Pumping Systems.

The order is likely to be executed within 90 days of its issue.

The Maharashtra Energy Department Agency has placed its second order with the company.  In April 2025, the company received a Rs 12.42 crore order to install 445 off-grid solar photovoltaic water pumping systems across Maharashtra.

Earlier in March, the business stated that its wholly owned subsidiary, Shakti Energy Solutions Ltd, had purchased 113 acres of property in Madhya Pradesh for solar cell PV module manufacturing.

In Q4, the Indore-based company’s profit increased by 23% to Rs 110.23 crore. The company’s overall revenues rose to Rs 669.76 crore from Rs 610.13 crore in the same period last year.

Shakti Pumps’ shares are up 4.6% to Rs 1,008.9 following the order win. The stock has climbed 18% in the past month.

At 3:30 pm, the shares of Shakti Pumps closed 2.92% higher at Rs 993 on NSE.

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