OSWALPUMPS - Oswal Pumps
📢 Recent Corporate Announcements
Oswal Pumps Limited has scheduled a virtual meeting with institutional investors and analysts on March 10, 2026. The session is part of the 'Bharat Connect Conference: Rising Stars 2026' organized by Arihant Capital. The interaction is scheduled for one hour, starting at 1:00 PM. The company has stated that the discussions will be limited to information already in the public domain, ensuring compliance with SEBI regulations.
- Meeting scheduled for March 10, 2026, from 1:00 PM to 2:00 PM.
- Participation in the 'Bharat Connect Conference: Rising Stars 2026' hosted by Arihant Capital.
- The interaction will be conducted via a virtual medium.
- Discussions will focus exclusively on publicly available information as per SEBI LODR Regulations.
Oswal Pumps Limited's wholly-owned subsidiary has secured a strategic order worth ₹39.40 crore for the installation of 7.46 MWp rooftop solar systems. This project, awarded by Swashakthi Energy, marks the company's entry into the PM Surya Ghar: Muft Bijli Yojana, targeting 3,729 consumers in Andhra Pradesh. The contract includes design, supply, and commissioning along with a five-year maintenance period. This move positions the company to benefit from the government's increased budget allocation of ₹22,000 crore for rooftop solar initiatives.
- Order value of approximately ₹39.40 crore inclusive of GST for 7.46 MWp capacity.
- Strategic entry into the PM Surya Ghar: Muft Bijli Yojana rooftop solar segment.
- Project covers 3,729 SC & ST consumers across Pulivendula and Puttaparthy divisions in Andhra Pradesh.
- Includes a 5-year Comprehensive Maintenance Contract (CMC) post-installation.
- Leverages the increased Union Budget allocation for the scheme from ₹17,000 crore to ₹22,000 crore.
Oswal Pumps' wholly-owned subsidiary, Oswal Solar Energy Private Limited, has secured a significant order worth approximately Rs 39.40 crore. The contract involves the installation of 7.46 MWp rooftop solar systems for 3,729 consumers in Andhra Pradesh under the PM-Surya Ghar: Muft Bijli Yojana. This marks the company's strategic entry into the rooftop solar segment, diversifying its business beyond traditional pump manufacturing. The project includes design, supply, and a five-year comprehensive maintenance contract, ensuring long-term service revenue.
- Total order value of approximately Rs 39.40 crore inclusive of GST
- Installation of 7.46 MWp grid-connected rooftop solar plants for 3,729 SC & ST consumers
- Project awarded under the Government's flagship PM-Surya Ghar: Muft Bijli Yojana
- Includes a 5-year Comprehensive Maintenance Contract (CMC) post-commissioning
- Strategic diversification into the high-growth rooftop solar market
Oswal Pumps reported a strong Q3 FY26 with operating revenue growing 31.9% YoY to ₹501.1 crores and PAT reaching ₹91.6 crores. The company achieved an EBITDA margin of 25.4%, showing sequential improvement despite competitive pricing in government tenders. Management reaffirmed its FY26 revenue growth guidance of approximately 50% YoY, backed by an order book of 24,500 pumps and a pipeline of 25,000+ units. However, the cash conversion cycle elongated to 177 days due to receivable delays from the Maharashtra government's Magel Tyala scheme.
- Q3 FY26 Operating Revenue grew 31.9% YoY to ₹501.1 crores; 9M FY26 Revenue up 45.9% to ₹1,554.7 crores
- Operating EBITDA margin improved sequentially by 164 bps to 25.4% in Q3 FY26 driven by backward integration
- Order book stands at 24,500+ pumps with a near-term pipeline exceeding 25,000 pumps providing high visibility
- Receivable days increased to 157 days from 138 days due to payment delays in the Maharashtra state scheme
- 1 GW solar module capacity expansion and pump plant automation on track for completion by Q1-Q2 FY27
Oswal Pumps Limited has announced its participation in the Ambit Global Private Client’s Upnext Conference 2026 scheduled for February 17, 2026. The event will take place from 10:00 A.M. to 5:00 P.M. and will involve physical one-to-one and group meetings with various institutional investors and analysts. The company has clarified that discussions will be strictly based on publicly available information. This engagement indicates active institutional interest in the company following its listing.
- Investor meeting scheduled for February 17, 2026, at the Ambit Global Private Client’s Upnext Conference.
- The session will run for 7 hours from 10:00 A.M. to 5:00 P.M.
- Format includes both physical one-to-one and group meetings with institutional participants.
- Discussions will be restricted to information already in the public domain as per SEBI regulations.
Oswal Pumps Limited has shared the audio recording of its conference call held on February 09, 2026, regarding its Q3FY2026 financial results. The recording provides a detailed discussion between management and institutional investors about the company's recent performance. This disclosure follows the requirements of Regulation 30 of the SEBI (LODR) Regulations, 2015. Investors can access the full audio via the company's official website or the provided direct link.
- Conference call for Q3FY2026 financial results held on February 09, 2026.
- Audio recording link made available for public access and transparency.
- Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Recording hosted on the company's investor relations website for stakeholder review.
Oswal Pumps reported a strong Q3 FY26 with revenue rising 31.9% YoY to ₹5,011 million, primarily driven by the PM-KUSUM solar irrigation scheme. Operating EBITDA margins showed a sequential recovery of 164 bps to reach 25.4%, supported by value-engineering initiatives despite competitive pricing. The company maintains a robust order book of over 24,500 pumps and a near-term pipeline exceeding 25,000 units. Post-IPO, the balance sheet has significantly strengthened, with the Net Debt/Equity ratio improving from 0.70 in March 2025 to 0.12 in December 2025.
- 9M FY26 Revenue increased 45.9% YoY to ₹15,547 million with PAT growing 30.9% to ₹2,837 million.
- Q3 FY26 EBITDA margins recovered to 25.4% from sequential lows through cost-optimization and value engineering.
- Current order book stands at 24,500+ pumps with an additional near-term pipeline of 25,000+ pumps.
- Planned 1,500 MW solar module capacity expansion funded by ₹1,536.6 million from IPO proceeds.
- Net Debt/Operating EBITDA ratio reduced significantly from 0.77 in March 2025 to 0.36 in December 2025.
Oswal Pumps reported a strong 9M FY26 performance with total income reaching ₹15,692 million, a 47% YoY increase driven by the execution of projects under the PM KUSUM scheme. While net profit grew 30.9% YoY to ₹2,837 million, margins faced pressure from competitive tender pricing, with PAT margins contracting from 20.3% to 18.1% YoY. However, the company demonstrated sequential margin recovery in Q3 FY26 through value-engineering initiatives. The outlook remains robust with an order book of 24,500 pumps and a near-term pipeline exceeding 25,000 units.
- 9M FY26 Total Income grew 47% YoY to ₹15,692 million, while Q3 FY26 income rose 33.4% to ₹5,077 million.
- 9M FY26 PAT increased by 30.9% YoY to ₹2,837 million with a PAT margin of 18.1%.
- EBITDA for 9M FY26 stood at ₹4,104 million, though margins compressed by 408 bps YoY to 26.2% due to competitive pricing.
- Robust order book of 24,500+ pumps with an additional pipeline of 25,000+ pumps supported by government solar initiatives.
- Sequential EBITDA margin improvement of 166 bps in Q3 FY26 (26.3%) compared to Q2 FY26 (24.7%).
Oswal Pumps reported a strong year-on-year performance for Q3 FY26, with revenue growing 31% to ₹4,477 million. While sequential (QoQ) revenue and profit saw a slight dip, the nine-month (9M FY26) performance remains robust with total income rising 39% to ₹13,821 million. The company has effectively utilized ₹2,800 million of its IPO proceeds for debt repayment, which is reflected in reduced finance costs. A one-time exceptional charge of ₹18.52 million was taken to account for new labor code liabilities.
- Revenue from operations grew 31% YoY to ₹4,477.17 million in Q3 FY26.
- Net profit for the quarter increased 16% YoY to ₹694.32 million.
- 9M FY26 revenue reached ₹13,765.13 million, a 39% increase over the same period last year.
- Debt repayment of ₹2,800 million completed using IPO proceeds, strengthening the balance sheet.
- Exceptional item of ₹18.52 million recognized due to the implementation of new Government Labour Codes.
Oswal Pumps Limited has scheduled a conference call for investors and analysts on February 9, 2026, at 3:30 PM IST. The call is intended to discuss the company's financial results for the third quarter of FY26 along with its business strategy and future outlook. Key management personnel, including the Chairman and Managing Director, Whole Time Director, and CFO, will be present to address queries. This event is organized by IIFL and provides a platform for stakeholders to gain deeper insights into the company's operational performance.
- Conference call scheduled for February 9, 2026, at 3:30 PM IST following Q3 FY26 results.
- Management participants include Chairman Vivek Gupta, Whole Time Director Shivam Gupta, and CFO Subodh Kumar.
- Discussion will cover Q3 FY26 financial performance, business strategy, and sector outlook.
- Universal access numbers provided are +91 22 6280 1259 and +91 22 7115 8160.
Oswal Pumps Limited has announced its participation in two major investor conferences scheduled for February 2026. The company will attend the Nuvama India Conference on February 10 and the Axis Capital Flagship India Conference on February 11. These physical meetings will involve one-to-one and group interactions with institutional investors and analysts. The company has clarified that discussions will be based strictly on publicly available information.
- Scheduled to attend Nuvama India Conference 2026 on February 10 from 9:00 AM to 6:00 PM
- Scheduled to attend Axis Capital's Advantage India Conference on February 11 from 10:00 AM to 6:00 PM
- Meetings will be held in physical format including both one-to-one and group sessions
- Discussions will be limited to publicly available information per SEBI LODR regulations
Oswal Pumps Limited has scheduled participation in two major institutional investor conferences in February 2026. The company will attend the Nuvama India Conference on February 10 and Axis Capital's Advantage India Flagship Conference on February 11. These meetings will be held physically and will include both one-to-one and group interactions. The company has stated that discussions will be restricted to publicly available information in compliance with SEBI regulations.
- Participation in Nuvama India Conference 2026 scheduled for February 10, 2026, from 9:00 AM to 6:00 PM.
- Attendance at Axis Capital's Advantage India Flagship Conference on February 11, 2026, from 10:00 AM to 6:00 PM.
- Meetings will be conducted in physical format involving one-to-one and group sessions.
- Discussions will be based strictly on publicly available information as per SEBI LODR Regulations.
Oswal Pumps Limited has secured a significant contract worth approximately ₹119.92 crore from Karnataka Renewable Energy Development Limited (KREDL). The order involves the supply, installation, and commissioning of 3,263 solar water pumping systems across the state of Karnataka. This project marks the company's first major entry into the Karnataka market, significantly expanding its geographic footprint. The execution is slated for completion by March 31, 2026, providing clear revenue visibility for the next five quarters.
- Total order value of ₹119.92 crore inclusive of GST for 3,263 solar pump sets.
- Scope includes 214 surface and 3,049 submersible pumps with capacities ranging from 3HP to 10HP.
- Strict execution timeline with commissioning required on or before March 31, 2026.
- Includes a 5-year comprehensive warranty, repair, maintenance, and Remote Monitoring System (RMS) integration.
- Strategic geographic expansion into Karnataka, diversifying from the company's existing market base.
Oswal Pumps Limited has secured a significant Letter of Award worth approximately ₹119.92 crore from Karnataka Renewable Energy Development Limited. The contract involves the supply and installation of 3,263 solar agriculture pump sets across the state of Karnataka under the PM-KUSUM scheme. This project marks the company's first major entry into the Karnataka market, representing a strategic geographic expansion. With a completion deadline of March 31, 2026, the order provides strong revenue visibility for the next several quarters.
- Total order value of ₹119.92 crore inclusive of GST for 3,263 solar pump sets.
- Order includes 214 surface and 3,049 submersible solar pumps ranging from 3HP to 10HP.
- Project execution and commissioning must be completed by March 31, 2026.
- Contract includes a 5-year warranty, maintenance, and Remote Monitoring System (RMS) integration.
- Represents the company's first major comprehensive project in the state of Karnataka.
Oswal Pumps has issued a point-by-point clarification regarding a report highlighting high-risk observations in its financial statements. The company explained that its negative operating cash flow of ₹1,505 million in FY25 is a result of rapid growth in government-led PM-KUSUM projects, which involve 6-9 month payment cycles. While trade receivables surged to ₹6,150 million, management maintains that credit risk is low given the sovereign nature of the counterparties. The company is also migrating to a new ERP system to address auditor concerns regarding database-level audit trails.
- Reported FY25 PAT of ₹2,806 million against negative Operating Cash Flow of ₹1,505 million due to working capital lock-up.
- Trade receivables increased to ₹6,150 million in FY25 from ₹2,399 million in FY24, with DSO rising to 176 days.
- Clarified that ₹1,336.96 million in supply chain financing is classified as 'Other Financial Liabilities' in accordance with Ind AS.
- Migration to Microsoft Business Central ERP is underway to resolve audit trail and edit log compliance issues.
- Post-IPO Net Worth improved to over ₹12,300 million by September 2025, providing a liquidity buffer against cash burn.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 88.55% YoY to INR 1,430.31 Cr in FY25. The Turnkey Solar Pumping Systems segment (PM-KUSUM) grew 193.5% from INR 327.42 Cr in FY24 to INR 961.11 Cr in FY25. Q2 FY26 revenue reached INR 539.6 Cr, a 73.9% YoY increase.
Geographic Revenue Split
Domestic revenue (India) contributed 95.02% (INR 1,359.07 Cr) of total FY25 revenue, while international sales contributed 3.51% (INR 50.27 Cr).
Profitability Margins
Net Profit Margin improved from 12.83% in FY24 to 19.58% in FY25. Restated profit for FY25 was INR 280.61 Cr, up 187.3% from INR 97.67 Cr in FY24. Q2 FY26 PAT stood at INR 93 Cr.
EBITDA Margin
Consolidated EBITDA margin was ~30% in FY25. Q2 FY26 operating EBITDA margin was 23.7%, reflecting a 3.68% QoQ decline due to a 7.5% drop in L1 tender prices. H1 FY26 EBITDA margin remained healthy at 25.5%.
Capital Expenditure
Planned capex of INR 360 Cr total: INR 90 Cr for plant modernization at OPL in FY26 and INR 270 Cr for capacity expansion at Oswal Solar Structure Private Limited across FY26-FY27.
Credit Rating & Borrowing
CRISIL assigned a 'Positive' outlook with strong liquidity. The company has a fund-based bank limit of INR 312 Cr utilized at 57% on average. Annual debt obligations are low at INR 4-5 Cr.
Operational Drivers
Raw Materials
Solar modules, steel, and copper are primary inputs. Solar modules specifically impacted margins in Q2 FY26 with INR 40 Cr in lower-margin sales. Cost of materials consumed was INR 731.31 Cr in FY25.
Capacity Expansion
Capacity expansion is underway at the subsidiary Oswal Solar Structure Private Limited with a budget of INR 270 Cr to support the growing solar pump segment.
Raw Material Costs
Cost of material consumed represented 51.1% of total revenue in FY25, increasing from INR 511.83 Cr in FY24 to INR 731.31 Cr in FY25.
Manufacturing Efficiency
Vertical integration (manufacturing solar modules to pumps) is a key efficiency driver. Efficiency programs resulted in meaningful savings in FY25.
Strategic Growth
Expected Growth Rate
14.9%
Growth Strategy
Growth will be achieved through a robust order book of INR 1,058 Cr (as of Oct 2025), expansion into Haryana, Maharashtra, and Uttar Pradesh, and diversifying the product portfolio into industrial, helical, and chemical pumps.
Products & Services
Solar pumps, submersible pumps, monobloc pumps, electric motors, and solar module panels.
Brand Portfolio
Oswal.
New Products/Services
New launches include industrial pumps, helical pumps, boiler feed pumps, and chemical pumps to diversify beyond the agricultural segment.
Market Expansion
Targeting deeper penetration in major agricultural belts including Haryana, Maharashtra, and Uttar Pradesh.
Market Share & Ranking
The company is among the largest suppliers of agri-solar pumps under the PM-KUSUM Yojana.
External Factors
Industry Trends
The solar pump industry is projected to grow at a 14.9% CAGR (FY25-30P) driven by government incentives and a shift toward sustainable irrigation.
Competitive Landscape
Faces competition from both organized and unorganized players; maintaining profitability amid L1 bidding pressure is a key monitorable.
Competitive Moat
Moat is built on vertical integration (one of the few fully integrated agri-solar pump suppliers) and an extensive network of 2,000+ distributors.
Macro Economic Sensitivity
Highly sensitive to government subsidy programs (PM-KUSUM) and monsoon patterns which create demand volatility in the agricultural segment.
Consumer Behavior
Farmers are increasingly adopting solar pumps due to cost-effective solar panel prices and government incentives.
Geopolitical Risks
Global supply chain uncertainties and trade fluctuations pose risks to material procurement and costs.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by PM-KUSUM scheme guidelines and state DISCOM tender requirements.
Environmental Compliance
The company is focused on energy-efficient solutions and solar energy, aligning with national environmental goals.
Taxation Policy Impact
Effective tax rate was 24.2% in FY25 (INR 890.32 Cr tax on INR 367.75 Cr PBT).
Legal Contingencies
A petition under Section 441 of the Companies Act, 2013, regarding Section 149(1)(b) (Board composition) was filed on August 22, 2024; the order is currently awaited.
Risk Analysis
Key Uncertainties
Working capital stress is the primary risk, with negative operating cash flow of INR 150.59 Cr in FY25 and INR 65.9 Cr in H1 FY26 due to subsidy payment cycles.
Geographic Concentration Risk
95% of revenue is concentrated in India, primarily in agricultural belts.
Third Party Dependencies
High dependency on government disbursement and approval cycles for cash realization.
Technology Obsolescence Risk
Mitigated by continuous R&D investment in energy-efficient pump technologies.
Credit & Counterparty Risk
High exposure to government receivables; payments typically face 6-9 month delays.