Which Companies Manufacture Solar Pumps In India?

Agriculture remains the backbone of India's economy, and at the heart of agriculture is irrigation. Ensuring crops receive consistent irrigation is critical for farmers, who often go to great lengths to manage their water pumps, even at odd hours, due to irregular power supply.

This irregularity, combined with the high cost of electricity to run these pumps, creates ongoing challenges for rural farmers across the country.

A transformative solution to these irrigation challenges lies in solar water pumps. With solar energy powering irrigation, farmers can bypass unreliable electricity, reduce costs, and achieve greater independence in managing water resources.

India has been making remarkable progress in the solar energy sector, driven by the government's ambitious renewable energy targets.

The country's solar capacity has grown significantly, reaching 84.27 GW from just 2.6 GW in 2014, securing India's position as the fifth-largest in global solar power capacity.

As the solar industry powers forward, here are the best solar pump stocks in India to keep an eye on.

#1 Shakti Pumps

Leading the list is Shakti Pumps.

Leading the charge in sustainable irrigation solutions, Shakti Pumps is India's foremost manufacturer and exporter of solar-powered pumps.

Known for its advanced technology and unmatched service quality, Shakti has positioned itself as a go-to solution for eco-friendly and cost-effective water management in agriculture.

As a 1A-rated partner of India's Ministry of New and Renewable Energy (MNRE), Shakti Pumps has consistently delivered on quality and efficiency, maintaining its leadership in the solar pump market.

Shakti Pumps' solar-powered technology not only outperforms its peers with 40% greater water discharge but also offers significant energy efficiency.

Its unique fabricated technology ensures optimal discharge at a competitive cost, while a low-torque requirement helps reduce wear and tear, extending the lifespan of both the rotor and pump.

Additionally, Shakti Pumps provides comprehensive solutions, including the supply, installation, and commissioning of pumps, made possible through its extensive network of channel partners, reinforcing the company's stronghold in the agricultural sector.

In August 2024, Shakti Pumps received a high-value contract from the Department of Agriculture, Uttar Pradesh, to install 12,537 solar water pumps statewide under the PM-KUSUM Scheme (Phase-III, Component-B).

This substantial contract, worth Rs 5.6 bn (US$ 66.7 m), will be implemented over 120 days and underscores Shakti Pumps' alignment with the government's sustainability initiatives.

Component B of the PM-KUSUM scheme supports individual farmers in off-grid areas by enabling them to replace diesel-based pumps with solar-powered options up to 7.5 HP in capacity.

Although pumps of greater capacity can be installed, financial assistance is provided up to the 7.5 HP limit.

In addition, Shakti Pumps is expanding into new territories with its first contract in Jharkhand, valued at Rs 94 m, awarded by the Jharkhand Renewable Energy Development Agency.

This contract includes the installation of 400 Solar Water Pumping Systems (SWPS) under the PM-KUSUM scheme's Component-B, across multiple rural locations in Jharkhand.

Shakti Pumps' Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	3,828.00	9,297.00	11,785.00	9,677.00	13,707.00
Revenue Growth (%)	(-29.6)	142.8	26.8	(-17.9)	41.7
Net Profit	-141	756	648	241	1,417.00
Net Profit Margin (%)	(-3.7)	8.1	5.5	2.5	10.3
Return on Equity (%)	(-5.3)	22.2	16.5	5.8	18.8
Return on Capital Employed (%)	(-0.3)	35.4	15.3	21.7	27.7

Source: Equitymaster

Coming to financials, the sales and net profit have grown at a 5-year CAGR of 20.3% and 25.7%, respectively. The returns have been strong, with the RoE and RoCE averaging over 12.6% and 19.9%, respectively.

By tapping into these government-backed projects, Shakti Pumps solidifies its role as a key player in advancing solar solutions for India's agricultural sector, contributing to both economic and environmental sustainability.

For more details, see the Shakti Pumps company fact sheet and quarterly results.

#2 Waaree Energies

Next on the list is Waaree Energies.

Waaree Energies Limited stands as a prominent force in India's solar energy sector, widely recognized for its extensive line of solar water pumps, PV solar panels, inverters, and batteries.

Designed for a broad range of applications, Waaree's solar water pumps offer solutions for agricultural irrigation, livestock, and residential water supply, reinforcing the company's commitment to sustainable energy.

A pioneer in renewable technology, Waaree Energies is lauded for its innovative approach, continuously advancing high-performance solar pumps that are trusted by customers worldwide.

Waaree pumps integrate advanced motor technology to maximize water supply while minimizing energy consumption, meeting the varied demands of agricultural, residential, and industrial sectors alike.

Each pump model is crafted for durable and reliable performance, ensuring consistent water supply and reducing operational downtimes.

In addition, Waaree's products are backed by industry certifications, providing customers with the assurance of global standard compliance and quality control.

Waaree Energies Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	19,958.00	19,530.00	28,543.00	67,509.00	113,976.00
Revenue Growth (%)	25.4	(-2.2)	46.1	136.5	68.8
Net Profit	390	456	797	5,003.00	12,744.00
Net Profit Margin (%)	2	2.3	2.8	7.4	11.2
Return on Equity (%)	13.1	12.9	18.6	27.8	31.5
Return on Capital Employed (%)	24.5	18	25.8	39	45.2

Source: Equitymaster

From FY20 to FY24, the company achieved a compound annual growth rate (CAGR) of 49.7% in sales, while its net profit surged by 99.5%.

Additionally, Waaree Energies has consistently maintained strong financial metrics, with an average return on equity (RoE) of 6.3% and a return on capital employed (RoCE) of 12.0%.

Waaree's range of solar and electric pumps offers customers a dependable, energy-efficient option that aligns with their sustainability goals.

For more details, see the Waaree Energies Ltd. company fact sheet and quarterly results.

#3 KSB

Next on the list is KSB.

KSB India, a key player in solar-powered pumping solutions, provides a comprehensive range of solar pumps tailored to various applications, including agriculture and drinking water needs.

KSB's solar pumps feature a high-efficiency KSB motor and pump, optimized to transfer water in sunny areas lacking a direct mains supply. Powered by photovoltaic systems, KSB's solutions enable reliable, sustainable water pumping.

Designed as a fully integrated solution, KSB solar systems combine multiple components, all engineered to maximize the efficiency of water pumping.

Their submersible borehole pump range-available in sizes from 4" to 8" and powered up to 30 HP-ensures precise hydraulic matching to meet diverse requirements.

In particular, the 4" and 6" CORAChrom models are crafted from durable stainless steel, including the CORAChrom motor, offering robust performance.

In addition, KSB supplies a complete array of compatible components, including sensors, solar power connection equipment, racking, and PV modules, ensuring a streamlined, single-source solution for solar water systems.

KSB's Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY19	FY20	FY21	FY22	FY23
Revenue	12,939.00	12,081.00	14,973.00	18,220.00	22,472.00
Revenue Growth (%)	18.4	(-6.6)	23.9	21.7	23.3
Net Profit	1,007.00	938	1,494.00	1,827.00	2,087.00
Net Profit Margin (%)	7.8	7.8	10	10	9.3
Return on Equity (%)	12.2	10.5	14.8	16	16
Return on Capital Employed (%)	17.6	18	20.4	22	21.9

Source: Equitymaster

Between FY20 and FY24, KSB's revenue and net profit have surged with an impressive CAGR of 15.5% and 23.9%, respectively.

The company has demonstrated consistent financial strength, boasting an average RoE of 13.9% and RoCE of 20%.

Looking ahead, KSB aims to increase its market presence in the solar pump sector, continuing to expand its offerings and meet the rising demand for sustainable water solutions across India.

For more details, see the KSB company fact sheet and quarterly results.

#4 Kirloskar Brothers

Next on the list is Kirloskar Brothers.

Kirloskar Brothers Ltd (KBL), the pioneering force of the Kirloskar Group since 1888 and formally incorporated in 1920, is a leader in centrifugal pump manufacturing, exporting, and innovation.

Known for producing India's largest pumps in terms of both size and horsepower, KBL's capabilities extend across a broad spectrum of industries and applications.

With 14 manufacturing facilities, including five located internationally, KBL has positioned itself as a key provider of pump solutions that cater to both domestic and global demand, equipped to meet the rigorous requirements of multiple sectors.

KBL's solar pump offerings are designed to address diverse needs, including drinking water supply, lift irrigation, cooling tower systems, and pressure-boosting applications.

Their range includes high-efficiency solar submersible pumps, such as the 3 HP Solar Submersible Pump with Jalverter, which features robust safety mechanisms like short circuit and over-voltage protection.

The Jalverter Hybrid pump, one of KBL's notable products, is proudly designed and manufactured in India, reflecting KBL's commitment to sustainable energy solutions and local manufacturing excellence.

Kirloskar Brothers' Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	31,354.00	27,165.00	30,576.00	37,302.00	40,012.00
Revenue Growth (%)	(-6.4)	(-13.4)	12.6	22	7.3
Net Profit	683	1,539.00	815	2,251.00	3,395.00
Net Profit Margin (%)	2.2	5.7	2.7	6	8.5
Return on Equity (%)	7.2	13.9	6.9	16	19.8
Return on Capital Employed (%)	16.4	19	12.9	23.3	28.4

Source: Equitymaster

Between FY20 and FY24, Kirloskar Brothers' revenue has surged at a CAGR of 3.6%.

The growth has led to a RoCE and RoE averaging 12.8% and 20% over the last 5 years.

Going forward, the company plans to expand its presence in the solar pump market, aiming to contribute further to India's renewable energy goals while providing efficient and reliable water solutions.

For more details, see the Kirloskar Brothers company fact sheet and quarterly results.

#5 Latteys Industries

Next on the list is Latteys Industries.

Latteys Industries is an Ahmedabad-based company that manufactures and markets a wide range of pumps, including solar pumps.

Latteys solar pumps are energy efficient and have features like automatic controllers, dry run protection, and a conversion efficiency of 98%. They can operate in temperatures up to 50°C and are environmentally friendly.

The company is recognized for its extensive portfolio of over 2,000 different models of pumps and these pumps are manufactured and marketed all over India and abroad.

Recently, Latteys secured significant orders for solar water pumping systems under the PM-KUSUM Scheme from the Rajasthan Horticulture Department, amounting to approximately Rs 300 m for the supply and installation of various pump types.

The company has also been empanelled for similar projects in Madhya Pradesh and expects to receive orders from that state soon. The Rajasthan Horticulture Department project is a domestic commercial order to be completed by March 2025.

Additionally, the company also received an order supply of Solar Submersible Pumps to the MSEDCL Department through its OEM.

The order, valued at Rs 30 m plus GST, represents a substantial addition to the company's growing portfolio of solar energy solutions. The order is expected to be executed within three months.

In addition to its core pump manufacturing business, Latteys Industries has recently diversified into the LED lighting segment and is in the process of launching its LED lighting products across India.

Latteys Industries' Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	271	245	271	409	525
Revenue Growth (%)	(-16.9)	(-9.5)	10.5	50.8	28.5
Net Profit	8	4	5	10	13
Net Profit Margin (%)	2.9	1.7	1.9	2.5	2.5
Return on Equity (%)	5.8	3	3.5	6.7	7.8
Return on Capital Employed (%)	13.4	11.4	11.8	14.9	17.4

Source: Equitymaster

The company's revenue grew at a CAGR of 10% from FY20 to FY24.

Despite this, the company maintained strong financial health, with an average RoE of 5.4% and RoCE of 13.8%.

Moreover, the PM-KUSUM Scheme acts as a catalyst for Latteys Industries, driving demand for solar pumps, facilitating significant contracts, and enhancing its competitive positioning within the Indian agricultural sector.

For more details, see the Latteys Industries company fact sheet and quarterly results.

#6 Roto Pumps

Last on the list is Roto Pumps.

Roto Pumps, a well-established pump manufacturer, is making strides in the solar pumping sector. In February 2024, the company announced the formation of its subsidiary, Roto Energy Systems Ltd., marking a strategic expansion into the fast-growing solar submersible pumping solutions market.

Roto Energy Systems Ltd. will concentrate on developing and manufacturing a variety of solar-powered pumps.

This includes Solar Submersible Pumps designed for efficient water extraction from deep wells and boreholes, Surface Pumps for irrigation, livestock watering, and water transfer, and Helical Rotor Submersible Pumps, known for their high performance and durability in challenging environments-all powered by solar energy.

This move aligns with Roto Pumps' commitment to sustainability, offering customers eco-friendly and cost-effective pumping solutions.

Beyond solar pumps, Roto Pumps Ltd. maintains a comprehensive portfolio that includes progressive cavity pumps (PCP), twin screw pumps, and other positive displacement (PD) pumps, such as air-operated double-diaphragm (AODD) and gear pumps.

Roto Pumps' Financial Snapshot (FY20-24)

(Rs m, Consolidated)	Mar-20	Mar-21	Mar-22	Mar-23	Mar-24
Revenue	1,326.00	1,265.00	1,756.00	2,258.00	2,745.00
Revenue Growth (%)	(-1.8)	(-4.6)	38.8	28.6	21.6
Net Profit	116	183	302	331	394
Net Profit Margin (%)	8.8	14.5	17.2	14.7	14.4
Return on Equity (%)	13.3	17.7	22.5	20.4	20.2
Return on Capital Employed (%)	20.8	25.8	32.2	30.3	29.4

Source: Equitymaster

The revenue and net profit have grown at a 5-year CAGR of 15.2% and 19.5%, respectively. This robust growth has led to a strong RoCE and RoE averaging 18.8% and 27.7% over the last 5 years.

With rising energy costs, increased water scarcity, and a growing emphasis on environmental sustainability, the solar submersible pumping market is seeing significant growth. Roto Pumps will leverage its expertise in pump technology to capitalise on this expanding market.

#7 WPIL

Last on the list is WPIL.

WPIL, a prominent player in India's pump and pumping systems industry, brings over 65 years of expertise to the field.

With a strategic vision for global expansion, WPIL has extended its operations internationally, establishing manufacturing units in the UK, Italy, France, Switzerland, South Africa, Zambia, Australia, and Thailand through its group companies.

WPIL specializes in designing, developing, manufacturing, and servicing a diverse range of pumps and pumping systems, including solar-powered pumps.

These solar pumps harness energy from sunlight through solar panels, generating direct current (DC) to power the motor, which then pumps water.

For systems requiring alternating current (AC), an inverter is employed to convert DC into AC. WPIL's product range supports both industrial and domestic needs, with a strong emphasis on innovative pumping solutions.

WPIL's Financial Snapshot (FY20-24)

(Rs m, Consolidated)	FY20	FY21	FY22	FY23	FY24
Revenue	9,089.00	9,948.00	11,813.00	16,055.00	16,644.00
Revenue Growth (%)	(-21.4)	9.5	18.7	35.9	3.7
Net Profit	527	761	1,180.00	1,779.00	1,930.00
Net Profit Margin (%)	5.8	7.6	10	11.1	11.6
Return on Equity (%)	11.6	14	18.6	22	15.5
Return on Capital Employed (%)	15.2	18.7	24.2	29.6	23.7

Source: Equitymaster

The revenue and net profit have grown at a 5-year CAGR of 7.6% and 4.3%, respectively. This robust growth has led to a strong RoCE and RoE averaging 16.3% and 22.3% over the last 5 years.

In response to the growing importance of solar energy and government-backed incentives for solar pump adoption, WPIL is increasingly investing in research and development.

This investment aims to advance its product offerings and integrate new techniques, reinforcing its position in the evolving market for sustainable water solutions.

For more details, see the WPIL. company fact sheet and quarterly results.

Conclusion

India's solar pump market is rapidly advancing, driven by supportive government policies and a rising focus on sustainable agricultural practices.

The PM KUSUM scheme underscores the government's commitment, targeting the installation of 1.4 million solar pumps and the solarization of 3.5 million grid-connected pumps and feeders by March 2026.

This central initiative is complemented by state-level programs, including Maharashtra's Magel Tyala Saur Krishi Pump Yojana which aims to install 0.85 million solar pumps, and Chhattisgarh's Saur Sujala Yojana, both enhancing irrigation access and reducing reliance on conventional power sources.

Maharashtra is further bolstering these efforts by allowing farmers to generate additional income through excess power sales from their solar pumps. This marks a shift from lengthy grid connection wait times to readily accessible solar solutions under the state's Solar Agriculture Pump on Demand (SAPD) scheme.

With these initiatives, India's solar pump market appears set for substantial growth, supporting both the nation's renewable energy goals and the future of solar pump stocks.

Nevertheless, it is always prudent to conduct thorough research before making any investment decisions. Ensure investment aligns with your financial objectives and matches your risk tolerance level.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...