Oswal Pumps Limited (OSWALPUMPS)
₹248.40 -3.66% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Oswal Pumps' revenue was ₹474 Cr (-7.9% year on year, -7.1% on the previous quarter), and net profit ₹54.1 Cr (-42.8% year on year); the operating margin was 15.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹474 | -7.9% | -7.1% |
| Operating profit | ₹74.3 | -47.2% | -37.0% |
| Net profit | ₹54.1 | -42.8% | -41.5% |
| EPS (₹) | 4.86 | -43.2% | -43.2% |
| Operating margin | 15.7% | — | — |
OSWALPUMPS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.33% of the OSWALPUMPS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.55%. The price fell 3.66% on that unusually high delivery, the pattern the delivery dashboard labels distribution. It traded 2.0 times its average daily volume.
Delivery in the last 5 sessions: 30.5% · 38.5% · 46.6% · 47.7% · 59.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Oswal Pumps has issued a Postal Ballot notice seeking shareholder approval via Special Resolution to modify the objects and timeline for utilizing its Initial Public Offering (IPO) proceeds. Out of the total unutilized IPO amount of ₹210.24 Cr (out of total ₹890 Cr issue size), ₹159.85 Cr is proposed for reallocation towards adjusted capital expenditure objects. The e-voting runs from October 13, 2026, to November 11, 2026, with the cut-off date set at October 09, 2026. This adjustment aims to optimize capital deployment across its manufacturing facilities, which includes ongoing solar module and EVA encapsulant expansion at its subsidiary.
- Proposed variation of ₹159.85 Cr out of total unutilized IPO proceeds of ₹210.24 Cr
- Company has already utilized ₹679.76 Cr (76.38%) of the total ₹890.00 Cr IPO proceeds
- E-voting begins on October 13, 2026, and concludes on November 11, 2026
- Existing capex plans at subsidiary Oswal Solar include a 1,000 MW Solar Module Facility and 1,200 MW EVA Encapsulant Facility
Oswal Pumps' subsidiary, Oswal Solar Energy Private Limited (OSEPL), has approved setting up a 1.2 GW TOPCon solar cell manufacturing facility with an estimated capex of ₹456 crore. The project represents ~22.5% of TTM revenue (₹2,024 crore) and ~16.1% of market cap (₹2,830 crore). To fund this, ₹159.85 crore will be reallocated from unutilized IPO proceeds (previously slated for aluminum frames, module, and EVA encapsulant expansion), alongside ₹296 crore in proposed debt. Commercial production is slated for April 2028, aiming to supply ~75% of OSEPL's captive cell demand for DCR-mandated government tenders like PM-KUSUM.
- Planned 1.2 GW TOPCon solar cell manufacturing facility with commercial operations by April 2028
- Total project capex estimated at ₹456 crore (~22.5% of TTM revenue of ₹2,024 crore)
- Funding structure: ₹296 crore debt and ₹159.85 crore reallocated unutilized IPO proceeds
- Reallocates IPO capital away from aluminum frames, 300 MW EVA line, and 500 MW solar module line
- Output to cover ~75% of in-house captive cell requirements for ALMM List-II compliant projects
Oswal Pumps' subsidiary, Oswal Solar Energy, has approved setting up a 1.2 GW greenfield solar cell plant in Karnal, Haryana, with an estimated project cost of Rs 455.85 Cr (~22.5% of TTM revenue). To fund this, the company plans to vary its IPO object, reallocating Rs 159.85 Cr of unutilised proceeds originally slated for aluminium frame, module, and EVA encapsulant capacities towards this facility by FY28. The backward integration into DCR (Domestic Content Requirement) solar cells is intended for captive use to meet ~75% of internal demand, reducing dependency on external suppliers for PM-KUSUM and PM Surya Ghar projects. The variation is subject to shareholder approval via postal ballot.
- Approved greenfield 1.2 GW solar cell manufacturing plant at Karnal, Haryana
- Total project cost estimated at Rs 455.85 Cr (Rs 4,558.50 million)
- Rs 159.85 Cr of unutilised IPO proceeds reallocated to fund cell plant by FY28
- Cell plant designed for captive consumption, expected to meet ~75% of group's cell requirements
- Dropped low-value aluminium frame plant and curtailed 500 MW module and 300 MW EVA capacity expansions
Oswal Pumps Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued on October 03, 2026, by MUFG Intime India Private Limited, the Registrar and Share Transfer Agent (RTA). The RTA confirmed that securities received for dematerialisation were processed, verified, and listed within prescribed timelines. This is a standard regulatory filing with zero impact on the operational or financial performance of the company.
- Regulation 74(5) compliance submitted for the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Filing submitted to stock exchanges on October 08, 2026
ICRA Limited has reaffirmed Oswal Pumps Limited's long-term credit rating at 'ICRA A+' while revising the outlook to Negative from Stable on September 22, 2026. The agency cited a substantial build-up in receivables, working capital elongation, and moderation in profitability amid elevated input costs and competitive intensity. Short-term facilities were reaffirmed at 'ICRA A1'. Ratings for material subsidiary Oswal Solar Energy Private Limited were also mirrored with a revised Negative outlook.
- Long-term fund-based rating reaffirmed at ICRA A+ but outlook revised from Stable to Negative
- Short-term non-fund-based facilities reaffirmed at ICRA A1
- Material subsidiary Oswal Solar Energy Private Limited long-term facilities also revised to ICRA A+ (Negative)
- Rating agency flagged stretched collection cycles and delayed receipts from government subsidy schemes
Oswal Pumps Limited has received a Letter of Intent from TGREDCO for setting up 46.7 MW (46,705 kW) aggregate capacity on-grid rooftop solar PV plants across 9,937 government schools in Telangana. The order is valued at ₹273.19 crore excluding GST (approx. ₹297.50 crore including GST), representing roughly 18.4% of Oswal Pumps' TTM revenue of ₹1,484 crore. The contract includes design, supply, installation, commissioning, and 5 years of comprehensive maintenance, with execution required within 180 days of receiving the work order. This marks the company's first major contract win in Telangana, supporting geographic diversification beyond its core northern agricultural markets.
- Order value of ₹273.19 crore (excl. GST) and approx. ₹297.50 crore (incl. GST)
- Aggregate rooftop solar capacity of 46,705 kW (46.7 MW) across 9,937 government schools in 33 districts
- Tight execution timeframe of 180 days from the receipt of the Work Order
- Includes 5 years of comprehensive maintenance services
Oswal Pumps Limited has received a Letter of Intent from TGREDCO for setting up 46.7 MW (46,705 kW) aggregate capacity on-grid rooftop solar PV plants across 9,937 government schools in Telangana. The order is valued at ₹273.19 crore excluding GST (approx. ₹297.50 crore including GST), representing roughly 18.4% of Oswal Pumps' TTM revenue of ₹1,484 crore. The contract includes design, supply, installation, commissioning, and 5 years of comprehensive maintenance, with execution required within 180 days of receiving the work order. This marks the company's first major contract win in Telangana, supporting geographic diversification beyond its core northern agricultural markets.
- Order value of ₹273.19 crore (excl. GST) and approx. ₹297.50 crore (incl. GST)
- Aggregate rooftop solar capacity of 46,705 kW (46.7 MW) across 9,937 government schools in 33 districts
- Tight execution timeframe of 180 days from the receipt of the Work Order
- Includes 5 years of comprehensive maintenance services
Oswal Pumps Limited has released its FY2025-26 Annual Report and scheduled its 23rd Annual General Meeting for September 25, 2026. In FY26, the company recorded consolidated operating income of ₹20,644 million (up 44.3% YoY) and PAT of ₹3,763 million (up 34.1% YoY). Post-IPO proceed deployment of ₹5,702 million helped reduce net debt from ₹4,560 million to ₹1,346 million (net debt-to-equity at 0.08x). On a standalone basis, trade receivables expanded to ₹11,019.29 million, driven by high exposure to government project tenders which formed ₹14,984.13 million of sales.
- 23rd AGM to be held on September 25, 2026, via VC/OAVM, with e-voting cut-off set for September 18, 2026.
- FY26 consolidated revenue rose 44.3% to ₹20,644 million, with EBITDA up 22.4% to ₹5,139 million.
- Net debt reduced significantly to ₹1,346 million from ₹4,560 million, bringing net debt/equity to 0.08x.
- Government projects accounted for ₹14,984.13 million of total standalone sales of ₹17,746.00 million.
- Standalone trade receivables stood at ₹11,019.29 million as of March 31, 2026, compared to ₹6,150.94 million in FY25.
Oswal Pumps Limited has released its FY2025-26 Annual Report and announced its 23rd Annual General Meeting (AGM) to be held on September 25, 2026 via video conference. The cut-off date to determine voting eligibility is September 18, 2026, with remote e-voting running from September 21 to September 24, 2026. In the report, the Chairman highlighted FY26 consolidated operating income growth of 44.3% to ₹2,064.4 crore (₹20,644 million) and net debt reduction to ₹134.6 crore (₹1,346 million) post-IPO deployment.
- 23rd Annual General Meeting scheduled for Friday, September 25, 2026 at 14:00 IST via Video Conference.
- Cut-off date for remote e-voting set for Friday, September 18, 2026; e-voting runs from September 21 to September 24, 2026.
- Net debt reduced from ₹456.0 crore (₹4,560 million) to ₹134.6 crore (₹1,346 million), bringing net debt to equity to 0.08x.
- Deployed ₹570.2 crore (₹5,702 million) of net IPO proceeds toward capacity expansion, backward integration, and debt repayment.
Oswal Pumps Limited has disclosed the resignation of Mr. Santhosh Kumar TE from his role as General Manager - Export due to personal circumstances. The resignation letter was submitted on August 1, 2026, and notified to the exchanges on August 31, 2026. Given that domestic government contracts and agri-solar pumps account for the bulk of the company's Rs 1,484 Cr TTM revenue, this SMP transition is not expected to materially affect core operations.
- Santhosh Kumar TE resigns as General Manager - Export citing personal circumstances
- Formal resignation letter dated August 1, 2026
- Disclosure filed with the stock exchanges on August 31, 2026
- Company TTM revenue stands at Rs 1,484 Cr with net profit of Rs 238 Cr
Oswal Pumps Limited has informed exchanges about a change in its Senior Management Personnel (SMP). Mr. Santhosh Kumar TE, General Manager - Export & Sales, has resigned citing personal circumstances. His resignation was submitted on August 01, 2026, and his cessation became effective at the close of business hours on August 31, 2026.
- Mr. Santhosh Kumar TE resigned from the post of General Manager - Export & Sales
- Resignation was tendered on August 01, 2026 citing personal circumstances
- Relieved from company services effective close of business on August 31, 2026
- Company confirmed there are no other material reasons for the resignation
In its Q1 FY27 earnings call, Oswal Pumps reported revenue of INR 474 Cr (down 7.9% YoY) and PAT of INR 54 Cr (11.2% margin), pressured by a 9% realization drop in Magel Tyala tender pricing. Working capital elongated significantly, with the cash conversion cycle rising to 244 days and receivable days jumping to 229 days due to payment delays from state nodal agencies. Despite near-term margin pressure, management maintained full-year FY27 revenue growth guidance of 20-25% with operating EBITDA margins of 15-17%, heavily reliant on H2 execution of PM Surya Ghar orders and commissioning of a 1 GW solar module facility by Q2 FY27.
- Q1 FY27 revenue fell 7.9% YoY to INR 474 Cr, with operating EBITDA margin contracting 747 bps QoQ to 15.7%
- Cash conversion cycle increased to 244 days (vs 172 days in March 2026), driven by receivable days reaching 229 days
- Maintained FY27 revenue growth guidance of 20-25% with operating EBITDA margins guided at 15-17%
- Order book stands at 22,025 pumps and 72 MW in solar EPC, supported by a 359 MW project pipeline
- Phase 1 solar module plant expansion of 1 GW capacity is scheduled for completion by end of Q2 FY27
Oswal Pumps has received a Letter of Award from North Bihar Power Distribution Company Limited (NBPDCL) for a 20 MW rooftop solar project. The contract involves installing 1.1 kW solar plants for 18,089 consumers under the PM Surya Ghar – Muft Bijli Yojana. The total revenue opportunity is approximately Rs 145 crore, consisting of Rs 78 crore for installation and Rs 67 crore for 10-year O&M and energy supply. This order represents approximately 9.5% of the company's TTM revenue of Rs 1,525 crore.
- Total cumulative revenue opportunity of approximately Rs 145 crore over a 10-year period.
- Installation of grid-connected rooftop solar plants for 18,089 consumers in the Darbhanga Circle.
- Project execution timeline set at 9 months from the signing of the Power Purchase Agreement (PPA).
- Includes a mandatory 10-year operation and maintenance (O&M) period for the installed systems.
- Project follows the Utility-Led Aggregation (ULA) model under the PM Surya Ghar Yojana.
Oswal Pumps has received a Letter of Award from North Bihar Power Distribution Company Limited (NBPDCL) for a 20 MW grid-connected rooftop solar project. The contract involves installing 1.1 kW solar plants for 18,089 consumers in the Darbhanga Circle under the PM Surya Ghar Yojana. The immediate installation value is approximately Rs 78 crore, with an additional Rs 67 crore expected from energy supply over a 10-year O&M period. This cumulative revenue opportunity of Rs 145 crore represents roughly 9.5% of the company's TTM revenue of Rs 1,525 crore.
- Cumulative revenue opportunity of approximately Rs 145 crore including installation and 10-year O&M
- Installation of 1.1 kW grid-connected solar plants for 18,089 consumers in Bihar
- Project execution timeline set for 9 months from the date of signing the Power Purchase Agreement
- Long-term revenue potential of Rs 67 crore from energy supply over a 10-year tenure
- Project falls under the CAPEX Plus RESCO mode of the PM Surya Ghar – Muft Bijli Yojana
Oswal Pumps has released the audio recording of its Q1FY2027 earnings call held on August 10, 2026. The company is operating with a TTM revenue of ₹1,525 Cr and a healthy operating margin of 25.3%. Investors should focus on management's commentary regarding the ₹1,058 Cr order book and the execution of the ₹270 Cr capacity expansion at its subsidiary. Despite strong growth, the company faces significant headwinds from 6-9 month government subsidy delays and a 7.5% price reduction in recent L1 tenders.
- Audio recording of the Q1FY2027 earnings call held on August 10, 2026, is now public.
- Company maintains a TTM revenue of ₹1,525 Cr with a PAT of ₹279 Cr.
- Order book stood at ₹1,058 Cr as of October 2025, providing revenue visibility.
- Government contracts represent over 67% of total revenue, amounting to ₹961.11 Cr.
- Ongoing capacity expansion at Oswal Solar Structure Private Limited involves a ₹270 Cr budget.
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.
