Oswal Pumps Ltd(OSWALPUMPS)

NSE: OSWALPUMPSBSE: 544418

₹ 219.45-5.14%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 2,502 crWebsite: oswalpumps.com/Updated: 24 Oct 2026

About

Oswal Pumps Ltd, founded in 2003 and headquartered at Kutail, Karnal, Haryana, is a vertically integrated maker of solar pumping solutions. It sells solar and grid-connected submersible and monoblock pumps, induction and submersible motors, and solar modules under the 'Oswal' brand. It reported FY26 revenue of ₹2,064 crore and has executed 1,19,402 cumulative PM-KUSUM solar pumping systems across 13 states. It holds an approximately 28% share of total PM KUSUM 1.0 installations.^[1][2]

Revenue by application and customer

Agriculture brought in ₹16,427 mn, or 83.6% of FY26 revenue.^[1]
Residential revenue rose to ₹3,042 mn (15.5%) in FY26 from ₹236 mn (1.8%) in FY25, driven by rooftop solar under PM Surya Ghar.^[1]
Industrial applications brought in ₹180 mn, or 0.9% of FY26 revenue.^[1]
Government entities made up 76.3% of FY26 revenue (₹14,984 mn), up from 74.5%.^[1]
Revenue from other government schemes, mainly Maharashtra's Magel Tyala, rose to ₹9,638 mn in FY26 from ₹230 mn in FY25.^[3]
Direct PM KUSUM revenue fell to ₹5,347 mn in FY26 from ₹9,611 mn in FY25.^[3]
Q1 FY27 revenue from operations was ₹474 cr, down 7.9% YoY and 7.1% QoQ. The company linked this to PM KUSUM 2.0 not yet launching and a 9% fall in Magel Tyala realisation.^[4]

Products and in-house manufacturing

The company makes pumps, motors, solar modules, mounting structures, BOS kits, controllers, castings, stampings, winding wire and rubber parts in-house (FY26).^[1]
Its key raw materials are steel, copper, aluminium, polymers and solar PV components (FY26).^[1]
Wholly owned subsidiary Oswal Solar Energy Pvt Ltd makes solar PV modules. Walso Solar Solution Pvt Ltd (51% stake) makes mounting structures, BOS and components for turnkey systems.^[1]
It has an in-house team of 39 R&D engineers (FY26). Its RMU IoT device is in production, a VFD is under testing, and DTU and WTU are in development.^[1]
Solar inverter: the prototype is complete. As of the Q1 FY27 call, field trials were expected in about 2 months and commercial production in about 6 months.^[4]
Both facilities hold ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certification, and its modules are on MNRE's approved list (FY26).^[1]

Manufacturing capacity and utilisation

As of FY26, installed capacity was 4,704.02 MT of pumps and 1,985.52 of motors.^[1]
The Karnal manufacturing campuses cover 3,50,000 sq m of land, with 2,80,000 sq m built up (FY26).^[1]
Annualised utilisation for 9M FY26: stainless steel pumps 94.5% (vs 79.0% in FY25), cast iron pumps 83.2% and stainless steel motors 86.1%.^[5]
Solar module capacity was 600 MW before Phase 1. The 1 GW Phase 1 addition was completed, with commercial production targeted for early September 2026.^[4]

Volumes and order book

In FY26 the company supplied 1,80,908 pumps in total, solar and non-solar.^[1]
Solar pumps supplied: 87,323 in FY26 vs 71,167 in FY25. Non-solar pumps: 93,585 vs 86,378.^[3]
Cumulative PM-KUSUM installations reached 1,19,402 across 13 states, including 53,968 under the Magel Tyala scheme (FY26 annual report).^[1]
Q1 FY27 pump volumes were 43,077 units, down from 56,000 in Q1 FY26.^[4]
The pump order book was 22,025 units as of Q1 FY27, down from over 24,500 on January 31, 2026. The near-term pipeline was about 12,500 pumps.^[4]
Solar EPC order book was about 72 MW in Q1 FY27, with a wider pipeline of 359 MW. Open and upcoming tenders totalled 1,474 MW.^[4]

Customers, geography and distribution

Maharashtra accounted for 57.8% of operating revenue in 9M FY26, vs 48.1% in FY25. Haryana contributed 29.7% in H1 FY26.^[5]
Exports fell to ₹413 mn (2.1% of revenue) in FY26 from ₹503 mn (3.8%). They serve the Middle East, Africa and Southern Europe, with 3,000 units in the export order book.^[1]
Service centres are concentrated in Haryana (66), Uttar Pradesh (53), Bihar (29) and Rajasthan (28) (FY26).^[1]
Wires and cables are being added to existing channels in FY27, using spare capacity with no new capex. The target is ₹70-100 cr of revenue.^[4]
Demand depends on PM-KUSUM, PM Surya Ghar (₹22,000 crore FY27 budget) and Maharashtra's MTSKPY scheme (₹8,096 crore earmarked).^[1]

Expansion and capex

Subsidiary Oswal Solar is setting up a 1.2 GW TOPCon solar cell plant at Karnal, Haryana. Total capex is ₹4,558.50 mn: ₹1,598.50 mn from unused IPO proceeds and the rest from debt.^[6]
The pump and motor capacity expansion and automation programme is targeted for completion by Q3 FY27, with target capacity of 5 lakh pumps.^[4]
About ₹350 cr of capex was planned for FY27 across pump and motor expansion (about ₹90 cr from IPO proceeds) and the solar module scale-up.^[3]
As of June 30, 2026, the company had deployed ₹6,059.66 mn of ₹8,415.14 mn in total IPO proceeds.^[4]
PM Surya Ghar has been set up as its own vertical with a dedicated business head. The company is evaluating Jal Jeevan Mission, with an addressable pipeline of about 42,000 pumps.^[4]

Working capital

The cash conversion cycle widened to 244 days at June 30, 2026 from 172 days at March 31, 2026. Receivable days rose to 229 from 155 on delayed payments from state nodal agencies.^[4]
At June 30, 2026, ₹305 cr of receivables were not yet due. Net debt to equity rose to 0.15x from 0.08x at March 31, 2026.^[4]

Recent developments

Shares were listed on BSE and NSE on June 20, 2025.^[1]
On September 23, 2026, it won a ₹273.19 crore TGREDCO order for 46.7 MW of rooftop solar across 9,937 Telangana government schools, to run over 5 years.^[7]
On September 23, 2026, ICRA reaffirmed its A+ rating and changed the outlook to Negative from Stable, citing higher receivables and lower profitability.^[8]
On October 10, 2026, the company announced the 1.2 GW TOPCon cell project through Oswal Solar as a new line of business.^[9]

Market Cap

₹2,502 Cr

High / Low

₹778 / 217

Stock P/E

7.5

Price / Book

1.5

Book Value

₹148

EPS

₹33.0

No. of Shares

11.4 Cr

ROCE

38.2%

ROE

35.1%

OPM

24.9%

Debt / Equity

0.14

Sales

₹2,064 Cr

Net Profit

₹376 Cr

Promoter holding

75.7%

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