GK Energy vs Saatvik vs Shakti Pumps: Which Solar Pump Stock Leads in Revenue, Profit and Order Book?

SYNOPSIS: Solar pump players delivered mixed Q3 FY26 performances amid KUSUM-driven demand. While GK Energy and Saatvik posted strong growth and healthy order books, Shakti Pumps reported revenue and profit declines due to cautious execution.

Renewable energy remains central to India’s long-term power strategy. The Government of India has launched the Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) scheme to increase the income of the farmers, promote irrigation access, and reduce diesel dependence in agriculture. The scheme provides subsidies for standalone solar pumps and solarisation of grid-connected agricultural pumps. In the Union Budget 2026-27, the government has allocated Rs. 5,000 crore for the KUSUM scheme.

In CY25, under the PM KUSUM scheme, Shakti Pumps emerged as a leading installer with 24,986 solar pumps, followed by Oswal Pumps with 14,180 installations and GK Energy with 9,446 pumps deployed. Listed below are three notable solar pump-related stocks that have reported their financial results for the third quarter of FY26:

GK Energy Limited

With a market cap of Rs. 2,553 crores, the stock was trading in the green at Rs. 125.9 on Wednesday, up by around 3 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 510 crores, reflecting a sequential growth of more than 26 percent QoQ compared to Rs. 404 crores in Q2 FY26, and a year-on-year increase of around 59 percent from Rs. 320 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 61 crores, indicating a growth of about 30 percent QoQ from Rs. 47 crores in Q2 FY26, and a rise on a year-on-year basis by nearly 65 percent from Rs. 37 crores reported in Q3 FY25.

As of December 2025, the company reported an order book of Rs. 803.24 crores consisting of solar-powered pump systems of Rs. 787.58 crores (33,067 pumps) and rooftop of Rs. 15.66 crores (3.55 MW).

GK Energy Limited is one of India’s largest pure play providers of engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems. It offers farmers an end-to-end single-source solution for the survey, design, supply, assembly, installation, testing, commissioning and maintenance of solar-powered pump systems.

The company is empanelled across key agricultural states, including Maharashtra, Rajasthan, Haryana, Uttar Pradesh, and Madhya Pradesh, which collectively contribute more than 88.16 percent of India’s total Solar Pump Systems installed.

Saatvik Green Energy Limited

With a market cap of Rs. 5,266 crores, the stock was trading in the green at Rs. 414.3 on Wednesday, up by 0.11 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 1,257 crores, reflecting a sequential growth of around 64 percent QoQ compared to Rs. 768 crores in Q2 FY26, and a year-on-year increase of around 143 percent from Rs. 518 crores recorded in Q3 FY25.

Meanwhile, net profit stood at Rs. 99 crores, indicating a rise of more than 19 percent QoQ from Rs. 83 crores in Q2 FY26, as well as an impressive growth on a year-on-year basis by nearly 147 percent from Rs. 40 crores reported in Q3 FY25.

Saatvik Green Energy Limited is primarily engaged in the business of manufacturing solar photovoltaic (PV) modules, solar cells, solar pumps, and inverters, along with providing solar engineering, procurement, and construction (EPC) services.

As of 31st December 2025, the company’s order book stood at 5.05 GW, providing strong revenue visibility, with domestic orders aggregating Rs. 963 crore for solar PV modules. During the same quarter, the company secured orders worth Rs. 30.24 crores for solar PV water pumps.

The company is among the fastest-growing solar module manufacturers in India, with an operational capacity of ~4.8 GW. It is expanding its footprint in Odisha by setting up an additional 4 GW module manufacturing facility, targeted to be operational in FY26, along with a 4.8 GW cell manufacturing plant expected to commence operations in FY27.

Shakti Pumps (India) Limited

With a market cap of Rs. 7,132.4 crores, the stock was trading in the green at Rs. 578 on Wednesday, up by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 551 crores, reflecting a sequential decline of more than 17 percent QoQ compared to Rs. 666 crores in Q2 FY26, and a year-on-year decrease of around 15 percent from Rs. 649 crores recorded in Q3 FY25. 

Revenue growth was primarily impacted as the company deliberately slowed down execution and followed a cautious approach in states with high receivables. Meanwhile, net profit stood at Rs. 32 crores, indicating a fall of about 65 percent QoQ from Rs. 91 crores in Q2 FY26, and a decline on a year-on-year basis by nearly 69 percent from Rs. 104 crores reported in Q3 FY25.

Shakti Pumps (India) Limited is engaged in the business of manufacturing and selling pumps, motors, VFD, inverters & their spare parts. The core products of the company are engineered pumps, industrial pumps, and solar pumps, etc. 

It is one of the leading integrated player manufacturing fabrication technology-based solar/electricity operating submersible pumps in India, with an export presence in 100+ countries. As of December 2025, the company’s total order book is Rs. 2,100 crores, diversified across multiple states, with Maharashtra and Karnataka being key contributors.

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