Shakti Pumps - solar shakti (power)!

Shakti Pumps Q4 FY23 Result Update:

  • Future orders: It gives me great pleasure to announce that the Solar Energy Corporation of India Limited (SECI) has sanctioned the issuance of new tenders for approximately 8.57 lakh solar pumps under the PM-Kusum scheme III, and Shakti Pumps has qualified in 21 states to provide Off Grid Solar Photovoltaic Water Pumping Systems. As the bidding process has concluded, we expect orders to be received from various states in the next 1 month. The major states, including Maharashtra, Haryana, Rajasthan, Madhya Pradesh, and Punjab, make up 80% of the total requirement mentioned under the current tenders in the KUSUM scheme. Total no. of pumps are 857000 at the price of Shakti Pumps and letter of acceptance has been shared with GOI. It will be completed in 2 years. Margins for this order will be better than previous orders. Revenue Realization will start from July, 2023. No price escalation is allowed if the raw material prices.
  • Uganda Project has begun (revenue realizations from Q1 FY24) which will encourage other African countries for collaboration. US & Middle East already prefer to partner with Shakti Pumps and planning to expand their presence.
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https://twitter.com/MrRChaudhary/status/1681918950920310786

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Does shakti pumps inhouse manufacture solar module ( panel ) and solar cells required for solar pump ?

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Except solar panel (and cells) Shakti manufactures every thing required for Solar Pumps i,e Motor , Pump, VFD/Pump controller, Structure for mounting solar panel.
Integrated player for solar pump.

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Very poor set of Q1 results by the Company

Investor presentation and results …

Disclosure : Invested and gradually increasing position by tracking the results and development in Kusum…

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Slowly diversifying to be an auto ancillary business as well , which is a good development.

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As per the Concal KUSUM pump rates have been finalised by MNRE and only one issue is pending which is related to GST rate to be applicable for the project.

Company has advised that: (at Time stamp 24.09
SECI is handling the current KUSUM 3 project and SECI earlier has handled power project where GST rate is 18% (as per services) where as the rate advised by Government GST department earlier is 13.9% (30% services and 70% Product under KUSUM Scheme). Now clarification is pending whether rate should be 13.9% or 18%. Promoter on a lighter note has said that he will go and sit in MNRE office till the matter is resolved… :grinning: (35.20)
Clarification seems to be a minor issue and should get resolved at an early date.

Company has advised that the GST rate is not going to affect them as they claim input credit on the same.
Company also expects that GST issue will be resolved within this month and there are no other issues.

Now the big question is once the GST issue is resolved how much further time it will take for implementation of scheme by state and selection of beneficiaries…

Company is confident of installing 10000 Pumps per month once the scheme is fully implemented, which even if we consider 5000 Pumps turns out into revenue of 150 Cr per month.

Solar Panel prices have come down which will help in improvement of margins.

Company is also looking for opportunities in EV segment and has already supplied around 400 motors for buses which is running in road(names not disclosed due to NDA).(Time Stamp 36.00). More than 28 patents and and has hired Engineers from IIT. 175000 Controllers already supplied for solar pumps. Two wheelers (motors) already developed and 4 wheelers under development.

Company has already received LOI from Haryana Government. (total Pumps to be implemented by Haryana is around 90000 and Company is expecting around 30000 from Haryana).
Company is positive and welcomes competition from KSB and Kirloskar Brothers, however it is is confident that the performance of Shakti pumps in Solar Pumps is 30% higher than others.
The Current Kusum Pricing will fetch higher margins for the Company.

Company is also looking for selling of Solar pumps to other OEM also.

Total EV Capex can be around Rs 250 Cr for developing motors for 2 wheeler and 4 wheeler.

KUSUM implementation is expected to shift from MNRE to SECI.
Number of Pumps is increasing from Kusum 1 to Kusum 2 to Kusum 3.

Uganda project will be implemented gradually.

Disclosure: Invested and gradually increasing position.

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The revenue of the company last year was 968 Cr. And the management has given a guidance of 20-25% increase (1200 Cr) But even if we go by your calculation of 150Cr revenue per month x 6 months that makes revenue from just Solar pumps = 900. Do you believe the management guidance is extremely modest?

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Management has given figures on very conservative basis as all depends on implementation of KUSUM . Management had made aggresive projection in past which they were not able to achieve and hence its good that they are conservative.
Kusum has became like Sher aaya … Sher aaya … but I hope this time KUSUM should really fructify… and then all estiamations can be surpassed.

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As per ground check… States have already initiated process for selection of beneficiaries for KUSUM scheme which means they have visibility of implementation of KUSUM scheme which is a good news… Trying to get more information and will share in the group.

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https://cdnbbsr.s3waas.gov.in/s3f80ff32e08a25270b5f252ce39522f72/uploads/2023/08/20230817130618173.pdf

Finally Good News for Shakti Pumps: As per ground check GST issue has finally been resolved and which is also evident from the fact that Haryana Government has also issued notification advising rates of Solar Pump under different category along with finalized list of beneficiaries (link attached).The total beneficiaries selected is 45,648 in the state of Haryana. The beneficiaries have been advised for deposit of applicant margin from 18/08/2023 till 22/08/2023. The beneficiaries have already made their online applications 2 to 3 months back and now online portal has been provided to selected beneficiaries for selection of Vendors and generation of Challan/payment of margin.
As per the notification following vendors have been shortlisted:
Alpex Solar Pvt Ltd.
Australian Premium Solar India Pvt Ltd
AVI Appliances Pvt. Ltd.
C.R.I. Pumps Private Limited
Crompton Greaves Consumer Electricals Ltd
Duke Plasto Technique Private Limited
Dynamech Electropower Private Limited
Ecozen Solutions Pvt Ltd
Ethos Power Private Limited
Everrenew Energy Private Limited
GK Energy Marketers Private Limited
Himalayan Solar Private Limited
Kosol Energie Pvt Ltd.
KSB Ltd.
Laxmi Agency
Mira Energy Resources Private Limited
Oneindig Technologies Private Limited
Oswal Pumps Limited
PCI Wires Pvt Ltd
Premier Energies Limited
PV Power Technologies Pvt Ltd
Rotomag Motors & Controls Pvt. Ltd
Shakti Pumps India Limited
Span Pumps Private Limited
Ultech Energies .
Shakti Pumps among them is the strongest with maximum integration of products for Solar Pump. Surprisingly biggest competitor Tata Solar is not in the vendor list and KSB ltd name is there.
The rates for all categories 5 HP and some categories of 3 HP & 7 HP is yet to be finalized and once the same is finalized additional list of beneficiaries will also be issued. As per ground information rates quoted for pending categories are higher in comparison to adjacent states and vendors have given their consent to work in the rates finalized for adjacents states like UP & Rajasthan.

Disclosure: Invested and added positions today.
HARYAN GOVERNMENT LIST AND NOTIFICATION.pdf (4.5 MB)

Maharashtra State Government has also finalised the list of beneficiaries. MEDA is the implementation agency in Maharashtra and they had inititated the application process around 2 to 3 months back

Beneficiary list has not been made publicly available , however district wise beneficiary list has been issued around 1 months back and I have verified the facts by calling Maharashtra Energy Development Agency (MEDA) office.
https://www.mahaurja.com/meda/data/other/Divisomnal%20office%20address%20and%20contact%20number.pdf.

We can hope that KUSUM revenue can start flowing in from Q3 onwards.

https://cdnbbsr.s3waas.gov.in/s3f80ff32e08a25270b5f252ce39522f72/uploads/2023/08/20230822857291690.pdf

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SHAKTI PUMPS Q1 FY24 Result Update:

  • Little delay in orders of Kusum scheme so revenue should start recognizing from Q3 FY24. GST issue has been resolved so now orders will start coming in.
  • The company expects to start execution of KUSUM 3 orders in September and anticipates a monthly installation capacity of 10,000-15,000 pumps. Shakti Pumps expects to install 1 lakh pumps in the next 2 years and is prepared with working capital and factory capacity.
  • In terms of export performance, the quarter has been robust, witnessing a YoY increase of 59.1% in Q1FY24. Revenue reached Rs. 647 million compared to Rs. 407 million in Q1FY23. We anticipate maintaining a consistent growth rate of approximately 25% annually in the export market by initiating similar projects to the one in Uganda in the upcoming quarters.
  • Regarding electric vehicles, our subsidiary Shakti EV Mobility Pvt. Ltd. has successfully developed EV Motors and EV Controllers, garnering substantial acclaim. Few companies have endorsed our products, leading us to initiate the design and production of these components for these companies.
  • The company anticipates a 20-25% revenue growth in FY24 and aims for an EBITDA margin of 10%.

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I am now closely monitoring the Company and KUSUM scheme. The current tender of around 800000 Pumps had been floaated by SECI and the thorough ground work down by SECI for finalisation of tender is really very professional and commendable

On 31.12.2022
SPECIFICATION FOR SOLAR PHOTOVOLTAIC WATER PUMPING SYSTEMS
WAS ISSUED BY SECI
Request for Selection (RfS) Document for Selection of Vendors for Design, Manufacture, Supply, Transport, Installation, Testing and Commissioning of Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) of 1-10 HP capacities in selected States on PAN India basis, including complete system warranty and its repair and maintenance for 5 Years under Component-B of PM-KUSUM scheme of MNRE

SECI000093-4049247-Annexure-A(Technical-Specifications) SPECIFICATION FOR SOLAR PHOTOVOLTAIC WATER PUMPING SYSTEMS.pdf (2.7 MB)

Date 31.12.2022

Annexure-E
State Wise Requirement of EMD and PBG from the Bidder(S)/Selected Vendors

SECI000093-5683814-Annexure-E(Statewise Requirement of EMD and PBG).pdf (438.1 KB)

09.01.2023
Format for seeking clarifications on tender was issued.
SECI000093-9283776-Format for seeking clarifications on tender.xlsx (14.4 KB)

17.02.2023
Inte
SECI000093-4704182-Integrity Pact.pdf (3.0 MB)
griti Pact Agreement between SECI and Contractor.

17.02.2023

Clarification given by SECI on various suggestions/modification

SECI000093-4704182-Clarification-01 to the RfS documentof PM-KUSUM ComponentB.pdf (472.3 KB)

SECI000093-4704182-Clarification-01 to the RfS documentof PM-KUSUM ComponentB.pdf (472.3 KB)

17.02.2023

Final amemded/modified RFS (Request for Selection) document issued by SECI.

SECI000093-6338748-Amendment-01-PMKUSUMComponent B final.pdf (399.8 KB)

17.02.2023

Revised annexure documents issued.

Annexure-A (Technical Specifications)_Revised.pdf (2.4 MB)
Annexure-D (Price bid format)_Revised.xlsx (21.0 KB)
Annexure-D2 (Price bid format).xlsx (21.0 KB)
Annexure-E (State wise Requirement of EMD and PBG)_Revised.pdf (145.7 KB)
Annexure-F (RMS Communication and Security Architecture- PM KUSUM National Portal).pdf (765.3 KB)

16.03.2023
Final Clarification/modification issued.

SECI000093-1494342-CLARIFICATIONS-02.pdf (766.4 KB)

16.03.2023
Revised Technical Specification uploaded.

SECI000093-1494342-Annexure-A Technical Specifications (R2).pdf (2.6 MB)

17.03.2023

Amended and Final RFS document.

SECI000093-9849775-Amendment02.pdf (1.0 MB)

21.03.2023

Final clarification

SECI000093-8566667-Clarificationamendment-03PMKUSUMComponentB21-03-2023.pdf (708.1 KB)

Summary:
https://www.seci.co.in/view/publish/tender/details?tenderid=53454349303030303933

Summary of RFS:

SECI’s role is limited to price discovery through transparent competitive bidding mechanism. Award of work will be carried out by respective State Implementation Agencies (SIAs) designated under this scheme.

Individual farmers will be supported to install standalone solar Agriculture pumps of capacity up to 7.5 HP for replacement of existing diesel Agriculture pumps / irrigation systems in off-grid areas, where grid supply is not available. Installation of new pumps shall also be permitted under this scheme except in dark zone areas. Pumps of capacity higher than 7.5 HP may be allowed, however, the CFA will be limited to the CFA applicable for pump of 7.5 HP.

Water User Associations and community/State/UT based irrigation system will also be covered under this component. However, priority would be given to small and marginal farmers. In order to minimize the water usage for irrigation purpose, preference will be given to the farmers using Micro irrigation systems or covered under Micro irrigation schemes or who opt for micro irrigation system.

The size of pump would be selected based on water table in the area, land covered, and quantity of water required for irrigation. For solar pumps to be set up and used by Water User Associations/ Farmer Producer Organizations/Primary Agricultural Credit Societies or for State/UT based irrigation system, the CFA will be allowed for solar pump capacity of higher than 7.5 HP considering up to 5 HP capacity for everyone in the group.

CFA of 30% of the benchmark cost or the tender cost, whichever is lower, of the stand-alone solar Agriculture pump will be provided. The State Government will give a subsidy of 30%; and the remaining 40% will be provided by the farmer. Bank finance may be made available for farmer’s contribution, so that farmer has to initially pay only 10% of the cost and remaining up to 30% of the cost as loan. In case the State Government provides subsidy more than 30%, the beneficiary share will reduce accordingly.

However, in Northeastern States, Sikkim, Jammu & Kashmir, Himachal Pradesh and Uttarakhand, Lakshadweep and A&N Islands, CFA of 50% of the benchmark cost or the tender cost, whichever is lower, of the stand-alone solar pump will be provided. The State Government will give a subsidy of 30%; and the remaining 20% will be provided by the farmer. Bank finance may be made available for farmer’s contribution, so that farmer has to initially pay only 10% of the cost and remaining up to 10% of the cost as loan. In case the State Government provides subsidy more than 30%, the beneficiary share will reduce accordingly.

Scope of Work
Under this RfS, the selected vendors shall be required to Design, Manufacture, Supply, Transport, Installation, Testing and Commissioning of stand-alone off Grid Solar Photovoltaic Water Pumping Systems (SPWPS) of 1-10 HP capacity in selected States on PAN India basis, including complete system warranty and its repair and maintenance for 5 Years under Component- ‘B’ of PM-KUSUM scheme of MNRE. As per MNRE specifications and applicable BIS standards, bidder shall follow all provisions of the Scheme Guidelines as amended from time to time.

Supply and Manufacture
a. The Selected vendor shall be responsible for design, supply, installation and commissioning of SPWPS along with 5 years of repair and maintenance. To ensure timely maintenance of SPWPS, apart from training a local person and making available necessary spare parts & tools in each district, to ensure timely maintenance of the systems the vendor shall have one authorized service center in each operational district and a helpline in local language in each operational State. Helpline number shall be indicated on the pump/ controller at suitable location easily visible to the user.
b. Each pump should be marked with Toll Free No. of successful bidder (Toll Free No. shall be affix on controllers and shall be readable for 5 years) operating in English/Hindi and Regional language of respective state and specific pump number and same must have been captured by SIA’s web-based application (as per instruction of SIA) at the time of installation at site. During the time of PDI of each component, test reports of equipments, warranty certificates, calibration certificates and any other certificates as specified in the guidelines and specification issued by MNRE should be provided by the bidder.

Installation and Commissioning

b. Selected vendors have to submit monthly consent of beneficiaries in their favor to SIA for which SIA’s will be Notice to Proceed and for this, vendor shall complete the installation and commissioning of SPWPS within 120 days from date of issuance of NTP for general category states. However, for special category states/Hill States & UTs and Island UTs, Vendor shall complete the installation and commissioning of SPWPS within 150 days of issuance of such NTP.

c. Selected Vendor and SIA representative should conduct site survey and submit Progress report on fortnight basis as per the requirement of SIA via PM-KUSUM App released by MNRE.

Action plan should be submitting to SIAs including complete details of team, resources, and service centers in each district within 30 days of acceptance of LoA from SIA, failing of which by vendor SIA have the right to leavy penalty.

Vendors will have to submit installation reports as per given format on weekly basis and Monthly basis to MNRE and SIA.
Vendor will have to submit the completion reports of each district to SIA within one week from 100% completion of work as per allocation of each district.

Selected Vendor shall submit monthly and quarterly progress reports to SIA in online mode.
h. Vendor shall comply with all applicable regulatory and statutory norms. Vendor must obtain approval/ NOC from appropriate Govt body for implementing the project in each selected village.
i. Selected vendor should have finalized sub-bidders and Purchase order for all materials such as PV Modules, Structure, Pump, Controllers, etc. within 30 days from date of award of contract and unpriced copy of such award letter/Purchase order will be submitted within 30 days from date of issuance of award.
j. Vendor should commission minimum pumps/ quarter as defined above at Clause 3.2b of Scope of work. Vendor must submit handing over certificates in the format prescribed by MNRE.
k. Each SPWPS is to be provided with the required details as mentioned in the specification and guidelines of the PM-KUSUM scheme.
l. Vendor should submit the prescribed certificate and photographs of each SPWPS installed which must show complete installation setup along with beneficiary pump number etc.

Technical Requirement and Testing
a. SPWPS installed under this programme should meet technical specification and construction standards as specified by BIS and MNRE from time to time as given in Annexure-A.
b. Only indigenously manufactured solar panels with indigenous solar cells and modules. Further, the motor-pump-set, controller and balance of system should also be manufactured indigenously.
m. The selected vendors shall take all necessary permits, approvals and licenses, insurance etc., provide training and such other items and services required to complete the scope of work mentioned above.
n. Time Schedule includes the time required for mobilization as well as testing, rectifications if any, retesting and completion in all respects to the entire satisfaction of Engineer-In Charge designated by respective SIA.

Vendors have to provide the Remote Monitoring System (RMS) with all the SPWPS installed under the scheme. Further, vendor has to maintain the RMS in working condition for the period of 5years and RMS systems shall push the accurate data of the parameters as specified in the specification and guidelines of the scheme failing which the installation of the system will not be accepted by SIA.

Selection of Beneficiary: -
The implementation of Scheme is demand based. However, the following shall be ensured before inclusion of a beneficiary under the Scheme:

  1. Beneficiary should not have an electricity connection at the farm.
  2. Installation of the new pumps not allowed in the notified areas issued by the Central Ground Water Board.
  3. Priority to be given to small and marginal farmers.
  4. Preference be given to the farmers using Micro irrigation systems or covered under Micro irrigation schemes or who opt for micro irrigation system.

Performance Monitoring
Selected Vendor must ensure working of minimum of 95% of total installed SPWPS at any point of time. Remote monitoring system shall be installed integrated with the SPWPS controllers rather than having as a separate unit through an integral arrangement and it should be capable of providing accurate live status/parameters on State portal maintained by concern SIA and on central portal maintained by MNRE. Detailed requirements of Remote Monitoring System along with minimum performance requirements are brought out as per Annexure-A.

Commissioning of Projects
Selected vendors must submit monthly consent of beneficiaries in their favours to SIA for which SIA will give notice to proceed and for this selected vendor shall complete the installation and commissioning of allocated SPWPS within 120 days from issuance of notice to proceed for general category state. However, for, special category states/Hill States/UTs/Island UTs, selected vendor shall complete the installation and Commissioning of allotted SPWPS within 150 days of issuance of notice to proceed.
9.1 Commissioning of the SPWPS shall be carried out by the vendor in line with the detailed procedure as per clause 3.2 of section II of this RfS. The concerned SIA may authorize any individual or committee or organization to witness and validate the installation/commissioning on site(s). Commissioning certificates shall be issued by the concerned SIA after successful commissioning of allotted SPWPS for any particular State/UT. MNRE authorized representative may also be allowed for the inspection/ commissioning if required.

**16 Payment Terms **
**Stage-1: 90 % of the value of month wise nos. of SPWPS installed at site based on: - **
**• • Submission of detailed work plan (Project Execution Plan) with timeline for the lot supplied duly approved by the SIA’s representative. **
**• • Submission of evidence in hard copy regarding completion of installation of SPWPS in good condition at site duly verified and acknowledged by Engineer-In Charge/SIA and Beneficiary. **
**• • All the relevant warranty and quality (Performance Test Reports) of the lot to be submitted. **
**• • Signing of contract agreement between SIA and Vendor. **
**• • Submission of Original Supply invoices/bills duly verified by the SIA. **
**• • Submission of software generated installation reports as per prescribed format by SIA which shall include following but not limited to consumer details, site survey details, asset inspection and mapping details, Remote monitoring system parameters etc. **
**• • Proof of distribution of O&M Manual to beneficiary printed in both English and local language. **
**• • Submission of handing over certificates of SPWPS in the format as suggested by MNRE. **
**• • Performance report for one week after commissioning based on the accurate data of the parameters received from RMS or data logger in case of internet unavailability. **
**• • An Undertaking with respect to withstand ability of SPWPS to the wind speed of 150 km/hr in all weather conditions. **

**Stage-II: Balance 10% on completion of one month from date of completion certificate **
**Note: **
**• • Payment shall be made to vendor within 30 days after submission of three copies of invoices to Engineer-in charge, complete in all respect (showing description, quantity, unit rate and total number of systems. **
**• • SIA has the right to seek any additional documents/certificates/information it deems fit prior to releaser of any payment. **
• • If the invoices are incomplete in any respect or in case on non-compliance with terms and conditions of letter of award/Notice to Proceed, the payment due date shall start from the submission of all necessary documents.

Validity of discovered prices for each State/UT
In order to allow States/SIA sufficient time to implement SPWPS based on the prices discovered under this tender, all prices discovered under this tender will remain valid for 24 months from the date of opening the price bids, which will be announced by MNRE/SECI. Within this 24-month period, empanelled vendors have no right of refusal to complete the allocated work.

Recommendation and Issuance of LoAs
At the end of selection process, SECI will issue the recommendation to MNRE for announcement of prices discovered and empanelment of Vendors / Letters of Award (LoAs) to the MNRE and the LoAs will be issued to the Selected Vendors identified, by the respective SIA as per the recommendation.
In case of a Consortium being selected as the Selected Vendor, the LoA shall be issued to the Lead Member of the Consortium.
Each Selected Vendor shall acknowledge the LoA and return duplicate copy with signature of the authorized signatory of the Selected Vendor to respective SIA within 15 (Fifteen) days of issue of LoA, failing which it will be deemed to have been accepted by the Bidder.
If the Selected Vendor, to whom the LoA has been issued does not fulfil any of the conditions specified in Bid document, then SIA reserves the right to annul/cancel the award of the LoA of such Selected Vendor also imposing the penalty such as encashment of BG or/and Blacklisting.
In all cases, SECI’s decision regarding selection of Bidder based on price or annulment of tender process shall be final and binding on all participating bidders.

Inspection and Audit by the Government/MNRE
All materials / equipments manufactured by the bidder/consortium of bidders against the Letter of Award shall be subject to inspection, check and/or test by the SIA/MNRE or his authorized representative at all stages and place, before, during and after the manufacture. All these tests shall be carried out in the as per technical specifications and bidder shall submit the relevant test reports at the time of bid submission to SECI. If upon delivery the material/equipment does not meet the specification, the materials/equipment shall be rejected and returned to the bidder for repairs/modification etc. or for replacement and SIA may also impose the penalty or/and blacklist the vendor. In such cases all expenses including the to-and-fro freight, repacking charges, any other costs etc. shall be to the account of the Vendor.

Stage-II: Balance 10% on completion of one month from date of completion certificate
Payment shall be made to vendor within 30 days after submission of three copies of invoices to Engineer-in charge, complete in all respect along with 90 days accurate performance data of SPWPS through RMS on State SEDM portal and central portal of PM-KUSUM.

It is apparent that lot of planning has undergone before finalsing this tender and hence success of implementation should be fairly high.

After Haryana & Maharashtra now Jharkand has also started online application for Solar Pump under Kusum.

https://pmkusum.jharkhand.gov.in/JH/landing.html

Punjab:
PEDA WILL SHORTLY INVITE APPLICATIONS FOR 20000 SOLAR SPV PUMPS UNDER COMPONENT-B OF PM KUSUM SCHEME
https://www.peda.gov.in/

National KUSUM portal.
https://mnretestui2.hkapl.in/#/vendor-list

Disclosure : Invested and accumalating.

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No of vendors shortlised for supply of solar pumps approx 25 .What is the probability of Shakti Pumps getting appreciable pie of orders ?

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I have done some analysis of Vendors selected under KUSUM 3.0 scheme which may be helpful to the group:

  1. Alpex Solar Pvt Ltd.

(No Pump/Motor manufacturing capacity.)

Alpex is a significant global player in the manufacture highly specialized high power photovoltaic modules and solar systems which are not only world class but also most cost effective. With state-of-the-art technology and highly skilled manpower, we strive to be the best in the Industry.

  1. Australian Premium Solar India Pvt Ltd

https://apsindia.co/

(No Pump/Motor manufacturing capacity.)

Indigenous Solar Solutions Provider –Global Expertise for Local Needs

With unflinching support for the “Make In India” campaign launched by the Government of India, APS India has the only mission of making India a true solar leader through the development of indigenous solar products and solutions.

Founded in 2013, APS India strives to become an independent manufacturer, seller, and innovator within the Indian solar sector. Our products are backed by our ongoing investments in R&D and are designed to offer world-class solutions across segments.

Besides helping commercial and residential sectors shift to solar through our indigenous product range, we work to preserve the world that’s grappling with evident climate change and environmental concerns. Our beliefs and research give us the vision to believe that solar power is the only feasible alternative to India’s current dependency on coal and fossil fuels.

Global Expertise for Local Benefits – That’s the team’s motto at APS India.

  1. AVI Appliances Pvt. Ltd.

https://www.avi-products.com/

AVI APPLIANCES PVT LTD.

(No Pump/Motor manufacturing capacity.)

We want to provide green solutions to people since we believe that they should be able to save and produce their own electricity at affordable costs and help protect the earth by using renewable solar energy.

AVI, a pioneering EPC (Engineering Procurement and Commissioning) company has 25+ years of experience and expertise in designing, manufacturing, erection, testing, commissioning and service of power electronics and solar solutions.

We aspire to equip our customers with excellent quality at competitive prices for various end to end solar solutions like residential solar rooftop, industrial solar plant, ground mounted solar plant, solar pumping solution, solar street lighting, solar home lighting etc. products customized and designed to your needs and available at various locations throughout India.

  1. C.R.I. Pumps Private Limited (Reputed player with focus in solar)

Commitment Reliability Innovation – C.R.I. ranks high among the world’s fastest-growing fluid management solution providers with a wide global presence. C.R.I. offers Pumps, Motors, Valves, IoT Drives & Controllers, Pipes, Wires & Cables, and Solar Pumping Systems. C.R.I. Group has a diversified range of 9,000+ products in its portfolio and is among the few to manufacture 100 percent stainless steel pumps in the world. The company has 21+ manufacturing facilities across the globe and has made acquisitions in U.K. and Italy. The R&D division - “Fludyn Advanced Technology Centre” is recognized by the Ministry of Science & Technology, Govt of India. India’s top exporter; winner of EEPC (Engineering Export Promotion Council) award 16 times and also won the National Energy Conservation (NEC) award from the Government of India for 8 times.

  1. Crompton Greaves Consumer Electricals Ltd

Not a focussed player in Pumps

  1. Duke Plasto Technique Private Limited

(No Pump/Motor manufacturing capacity.)

We, Duke Pumps started in 1989, Since then we are being a symbol of Trust & Quality in providing pumping solutions to major sectors like Agriculture, Residential, commercial, Industries and waste water by our world-class Submersible, Surface and Solar pumps, motors and accessories.

With the noble vision of establishing its name, known for Trust & Quality across the globe, the company’s Principles & Policies are carefully framed & implemented.

Being one of the best companies, the company often self-exercises to result in exponential growth in key result areas by establishing its own short-term mottos. With our latest motto of “New Duke for New Era” the company rejuvenates and strengthens itself in all the key areas like Innovative products, Infrastructures, Quality, Human resources, etc.,

  1. Dynamech Electropower Private Limited

(No Pump/Motor manufacturing capacity.)

https://www.dynamechelectropower.com/about.php

Dynamech Electropower Pvt Ltd has been established as a manufacturer of Convectional Distribution and Power Transformer Company. Our traditional business model is based on provide the conversion of High Voltage into Low Voltage through Power and Distribution Transformer. Based on the decision of the company to diversify our properties. The revenues of our company are expected to be nearly 50 Cr per year. There is a great need for certified products. In addition to manufacturing of Conventional Power and Distribution Transformer, the company works in the Solar Power Pack and Solar Water Pumping System and supply DG Sets.

  1. Ecozen Solutions Pvt Ltd

No Pump/Motor manufacturing capacity.

Enabling Farm-to-Fork Value Chain for Perishables

  1. Ethos Power Private Limited

(No Pump/Motor manufacturing capacity.)

  1. Everrenew Energy Private Limited

(No Pump/Motor manufacturing capacity.)

  1. GK Energy Marketers Private Limited
    (No Pump/Motor manufacturing capacity.)

https://energymarketers.in/

G K Energy Marketers Pvt Ltd (GKEMPL) are pioneer in manufacturing and system integrator of Renewable energy products, Solar Power,Energy Efficiency product & projects.

GKEMPL is approved Manufacturer/ / channel partner of Solar Thermal & Solar Photovoltaic (Power & Lighting) products , projects manager to Ministry of New & Renewable Energy ( MNRE ), United Nations Development Programme ( UNDP ) – Global Environment Facility ( GEF ) Market Transformation and Strengthening Initiatives: India Country Program

GKEMPL is empanelled with Bureau of Energy Efficiency (BEE – Ministry of Power) as ESCO to promote energy efficient products & projects under ESCO (Guaranteed Savings, Shared Saving, Lease Rental & BOOT models ).

  1. Himalayan Solar Private Limited

(No Pump/Motor manufacturing capacity.)

https://himalayansolar.co.in/

Himalayan Solar is leading solar PV module manufacturer and comprehensive EPC solution provider in the north Indian region. We have an ultra-modern, fully automatic, State-of-the-art, advanced technology driven, clean & dust free robotic world class Solar PV module manufacturing facility with an installed capacity of 50 MW per annum. To produce best quality modules with highest efficiency, we have advanced and high quality production machinery from globally acclaimed Tier 1 companies like Mondragon Assembly, Spain.

We manufacture Solar modules in the range of 3Wp to 340Wp using world’s best premier quality raw materials. Our modules have successfully passed all the stringent quality tests at TUV Rhineland, one of the reputed German Laboratories having testing facilities in India also. Our modules are certified for IEC61215 and IEC61730 Part-1 & 2. Our modules are marked for “CE” certification and tested at ERTL as per STQC/MNRE standards for projects initiated under the policy of Government of India. We are also ISO 9001-2015 and 14001-2015 certified company. We are well known for our commitment towards excellence, innovation & quality with technical capability to deliver highest quality Solar PV Modules within a stipulated time frame.

We have expertise in Design, Engineering, Manufacturing, Supply, Erection, Installation, Testing, Commissioning, Operation and Maintenance of Solar PV Modules, MW scale Solar Power Projects, Grid Connected/Hybrid/Off Grid Roof Top Solar (RTS) Power Plant, Canal based Solar Power Projects, Solar Power Packs, Solar Street Lighting Systems, Solar Home Systems, Solar Home lighting Systems, Solar lantern, Solar Charge controller for different applications, Solar Controller/ Inverter/PCU, Solar Water Pumping Systems, Solar Pump Controller, Solar Water Heating Systems, Other Solar PV and thermal based products, AC & DC LED lights, Solar Domes etc.

Mission

To become a key player among who are making clean and green environment for human beings.

Vision

Solar PV modules as Power Solution for a Shining Future

  1. Kosol Energie Pvt Ltd.

https://kosolenergie.com/

KOSOL Energie is an ISO 9001:2015, 14001:2015 & 45001:2018 certified leading organization in India, where we innovate to create and empower the world with functional products to harness and employ clean and green solar energy.

KOSOL provides solutions for solar photovoltaic systems and solar heating water under one roof with in-house R&D facility. Exceeding the high standards and commitment to excellence, our solar products are accepted in domestic as well as overseas markets like in US, Mexico, Africa, Middle East.

(No Pump/Motor manufacturing capacity.)

  1. KSB Ltd.
    Reputed player with full capabilities but not focussed

  2. Laxmi Agency

Unknown Player (No Pump/Motor manufacturing capacity.)

  1. Mira Energy Resources Private Limited

Unknown Player (No Pump/Motor manufacturing capacity.)

  1. Oneindig Technologies Private Limited

Unknown Player (No Pump/Motor manufacturing capacity.)

  1. Oswal Pumps Limited

Reputed player with focus in Haryana.

  1. PCI Wires Pvt Ltd

https://www.pcicable.com/

(No Pump/Motor manufacturing capacity.)

  1. Premier Energies Limited

https://www.premierenergies.com/
(No Pump/Motor manufacturing capacity.)

ABOUT US

THE PREMIER NAME IN SUSTAINABLE ENERGY SOLUTIONS FOR

OVER 28 YEARS

Welcome to Premier Energies, the largest integrated solar manufacturer in Southern India and second largest in India. With an influential presence and expertise of over 28 years in the solar industry, Premier Energies is revered for its commitment towards the development of sustainable energy solutions to build a better tomorrow for the planet and its inhabitants.

  1. PV Power Technologies Pvt Ltd

https://www.pvpowertech.com/

(No Pump/Motor manufacturing capacity.)

  1. Rotomag Motors & Controls Pvt. Ltd

Reputed Player with focus in Solar

  1. Shakti Pumps India Limited

Reputed Player with full focus and integration in Solar Pump.

  1. Span Pumps Private Limited

Reputed small Player with focus in Solar

So there are very few companies with capacity for manufacturing Pumps & Motors and rest of them are mainly EPC companies. However, as already advised Shakti is the only player integrated focused player with in house capabilities of manufacturing all components (except Solar Panel)for solar pump and had been eyeing for this opportunity for the last 5 to 6 years and hence most likely to reap benefits if the KUSUM project is fully implemented.

As application has already been called from the farmers in Maharashtra & Haryana and beneficiaries selected who have also deposited the token amount, I don’t think Government can afford delay in an election year. Govt is already in election mode which is evident from reduction in Gas cylinder prices by Rs 200 for general public and Rs 400 overall benefit under Ujjawala scheme.

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Pursuant to regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 read with Schedule III thereof, we would like to inform you that
Shakti Pumps (India) Limited Received its first work order under the KUSUM-3
scheme from Haryana Renewable Energy Department (HAREDA) for 7,781 pumps.
The total amount of the work order is for around Rs. 358 Crores (inclusive of GST).

I am expecting Genus Infrastructure like movement in this stock.

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Beneficiary wise and vendor wise list issued by HAREDA(HARYANA RENEWABLE ENERGY DEVLOPMENT AGENCY). Shakti Pumps has received order for around 7800 pumps from a list of around 23300 beneficiaries … which clearly establishes the Management claim of around 30%.

The list is only for 23300 farmers out of first phase of around 48000 so we can expect further orders also in coming months. We can expect similar orders from Haryana Governent very soon…

20230831413747289 (1).pdf (2.9 MB)

SR NO VENDOR NO OF PUMPS ALLOTTED % SHARE
1 M/s Rotomag Motors and Controls 1943 8.36
2 Everrenew Energy Private Limited 294 1.27
3 Oneindig Technologies Private Limited 59 0.25
4 DUKE PLASTO TECHNIQUE PRIVATE 235 1.01
5 M/s Avi Applicances Pvt Ltd 2393 10.30
6 CROMPTON GREAVES CONSUMER 538 2.32
7 M/s Shakti Pumps (I) Ltd 7779 33.48
8 M/s Dynamech Electropower Pvt Ltd 303 1.30
9 Australian Premium SolarIndia Pvt Ltd 3 0.01
10 GALO ENERGY PRIVATE LIMITED 688 2.96
11 GK Energy Marketers Private Limited 28 0.12
12 Kosol Energie Pvt Ltd. 38 0.16
13 KSB LTD 0 0.00
14 KSB LTD 46 0.20
15 Laxmi Agency 21 0.09
16 M/s Alpex Solar Pvt Ltd 213 0.92
17 M/s Ecozen Solutions Pvt. Ltd 77 0.33
18 M/s Ethos Power Pvt. Ltd 271 1.17
19 M/s Himalayan Solar Pvt Ltd 2121 9.13
20 M/s Premier Energies Pvt. Ltd 15 0.06
21 M/s Span Pumps Pvt Ltd 28 0.12
22 Mira Energy Resources Private Limited 51 0.22
23 Oswal Pumps Limited 4592 19.76
24 PCI WIRES PVT LTD 16 0.07
25 PV Power Tecchnologies Private 5 0.02
26 Surya International Enterprise Private 2 0.01
27 ULTECH ENERGIES 40 0.17
CRI Pumps Pvt. Ltd 1433 6.17
23232 100.00

Orders for other all vendors are in line with my estimates, however AVI & HIMALYAN orders are surprisingly high. AVI & Himalyan are pure EPC players and hence Shakti may explore for supplying of Solar Pump, Motors, VFD and structures to them.
As most of the Vendors do not have manufacturing capabilities Shakti Pumps can explore opportunities for make sales to these vendors.
As advised by the Company it has capacityf of installing around 10000 pumps a month so it should not take more than 2 months to the Company for demonstrating its capabilities. Faster implementation of the Current order will help the Company to further strengthen its brand image in Haryana as the state is having target of installing around 160000 Pumps under Kusum 3.0 and on a conservative basis Shakti Pumps can secure order for at least 50000 Pumps having revenue potential of Rs 1500 Cr.

Tata Power seems to have exited the business. The second biggest player is KSB which is a late entrant.

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https://www.bseindia.com/xml-data/corpfiling/AttachLive/c399f5f4-595d-46dd-b876-01d8a9eca91f.pdf

Annual Report:

With a view towards incorporating climate change factors
in its purview, Shakti EV was incorporated, which is a 100%
subsidiary. The subsidiary is currently engaged in the EV
segment and is responsible for the manufacture and sale
of EV motors, charging stations, EV controller, electric
control panels, smart electric control panels, VFDs and
other items. Manufacture of homegrown motors for twowheelers,
three-wheelers and four-wheelers is the forte of
the Company, which it has developed to be in alignment
with the Make in India initiative. After immense research
and development in this segment, we have successfully got
approval from other companies and we have manufactured
the motors and controllers for them.
As you all know, we have been working continuously
working on the R&D of motor pumps. This has led to
growth of the company and increase in productivity. Energy
conservation is another focus area of the company. The
patents which we have been filed and got approved will
be conferring various benefits to the shareholders in the
coming years.
It is with immense pride that I convey to all the
stakeholders that SPIL received patent for inventing
a ‘Switching Circuit to Start Single Phase Induction
Motor” from “Intellectual Property India, a Ministry of
Commerce & Industry Organisation”. For most of the
pumps manufactured in India as well as in other countries,
there is a requirement of control panels, that often get
damaged. This has led us to developing a pump which can
start automatically without a control panel and we have
also received the patent for the same. All our stakeholders
especially our customers and our shareholders will have
great advantage due to this technology. This patent is an
outcome of the technology upgradation and environment
conducive efforts.
The company has also achieved success in streamlining
and improving the supply chain, though we have notbeen able to meet the financial levels of last year.
Though there were plans to go robust with the PM
KUSUM scheme, the global economic scenario due to
geo political tensions and raw material price fluctuations
was not very conducive for our operations. Inspite of
having new orders, due to supply chain constraints
causing pricing concerns, we did not execute them due
to lesser profit margins. However, all pending orders
have been executed. Some orders are on hold, with some
expectation of better pricing and the rates have been
confirmed with current prices.
Presently Shakti Pumps is working in many states and in
near future we are expecting to receive new orders under
PM-KUSUSM scheme III, approximately 8.57 lakh solar
pumps has sanctioned by SECI under the PM KUSUSM
Scheme.
The Uganda project has also commenced in the year, which
aligns with the green energy plans in Africa. Collaboration
for similar projects is expected from the adjoining African
nations as well. SPIL is already a preferred partner for major
export markets in USA and the Middle East and efforts are
being taken to expand this into other continents as well.
In FY2023, the exports to the Middle East, USA and
Africa contributed to 24.6% of the total revenue. Shakti
Pumps has been investing heavily in enhanced R&D and
technological upgradation and is intent on patents and
innovations. It is poised to capitalize on the increasing
manufacturing exports in India, which has been growing at
a rapid pace over the last few years.

SPIL is the only company with in-house manufacturing of a whole range
of products including Variable Frequency Drives, Structures, Motors
and Inventors for solar pump installation. These products have varied
applications and are manufactured in more than 1,200 variants. The
products have wide-ranging applications in sectors such as agriculture,
building services, oil and gas, power, metals and mining. With advanced
in-house R&D and robust backend support, the
production facility at Pithampur, Madhya Pradesh
churns out close to 5,00,000 units per annum.
The Company’s strong brand recall has empowered
it to make immense contribution to the industry as
well as create value for its stakeholders. Making the
pumping system in India robust, durable and hygienic,
Shakti Pumps has led initiatives like Make in India with
in-house research and manufacturing capabilities.
The specialised manufacturing setup at SPIL allows for accommodation of
evolving demands, whilst adhering to quality standards. Complete backward
integration involves the manufacturing of all the key components that are prerequisite
for the manufacture of pumps and motors.
The solar structures for solar panels are also manufactured in-house, with a
capacity of 1,00,000 units. Quality and standards are kept in check through the
computerised testing facility. The R&D wing, which IIT Delhi supports under
the Government of India’s Advanced Invention Scheme, undertakes advanced,
cutting-edge research and facilitates the development and manufacture of
innovative products.

SHAKTI EV
MOBILITY PVT. LTD.
Establishing new business segments and gaining a dominant position in the
market has been the forte of SPIL. Thus, in addition to upholding domestic and
international sales, SPIL recently ventured into a new industry to expand its
clientele and increase its margins. By utilising its technical knowledge and inhouse
research abilities, and also emphasising the need to address the climate
change issues, the Company has entered into the green power industry.

Shakti EV Mobility was incorporated as a wholly-owned
subsidiary by Shakti Pumps in December 2021. The
subsidiary is currently engaged in the EV segment, including
the manufacturing and sale of EV motors, charging stations,
battery management systems, electric control panels, smart
electric control panels, VFDs and other items. For twowheelers,
three-wheelers and four-wheelers, it has created
homegrown motors, in alignment with the Make in India
initiative.
Shakti EV has already catered to the two-wheeler and
three-wheeler segments and is in the process of testing and
developing of other products.

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