Disclosure Context

Regulatory filing under SEBI Listing Regulations 30 by Oswal Pumps Limited (Scrip Code: 544418) dated October 10, 2026. Disclosure concerns adoption of new business line and variation of IPO proceeds utilization terms.

Subsidiary Business Expansion

Oswal Solar Energy Private Limited (formerly Oswal Solar Structure Private Limited), a wholly owned subsidiary, approved setting up a greenfield 1.2 GW solar cell manufacturing plant at Karnal, Haryana in its board meeting held on October 10, 2026.

Variation of IPO Proceeds

Company's Board of Directors in its meeting held on October 10, 2026 (1645 to 1730 hours) approved variation in objects/terms of utilization of IPO proceeds and modification of time limit for utilization. Approval is subject to receipt of statutory/regulatory approvals including shareholder approval via postal ballot.

Detailed IPO Proceeds Utilization Status and Variation

Original IPO Objects (Prospectus dated June 17, 2025)

Net proceeds from fresh issue: ₹8,415.14 million

Total including issue expenses: ₹8,900.00 million

Original Allocation:

  • Funding company capex: ₹898.60 million
  • Investment in Oswal Solar for new manufacturing units: ₹2,727.58 million
  • Pre-payment/repayment of company borrowings: ₹2,800.00 million
  • Investment in Oswal Solar for debt repayment: ₹310.00 million
  • General corporate purposes: ₹1,678.96 million
  • Issue related expenses: ₹484.86 million

Current Utilization Status (as of October 08, 2026)

Total amount utilized: ₹6,797.55 million (76.38% of total including issue expenses)

Total unutilized amount: ₹2,102.45 million

Object-wise Utilization:

1. Company capex: ₹455.46 million utilized (50.69%), ₹443.14 million unutilized - No variation in amount proposed, but schedule extended to Financial Year 2027

2. Investment in Oswal Solar for manufacturing: ₹1,097.14 million utilized (40.22%), ₹1,630.44 million unutilized - Proposed to utilize ₹1,598.50 million for solar cell manufacturing instead of original objects

3. Company debt repayment: ₹2,800.00 million utilized (100%) - Object fully achieved, no variation

4. Oswal Solar debt repayment: ₹310.00 million utilized (100%) - Object fully achieved, no variation

5. General corporate purposes: ₹1,650.18 million utilized (98.29%), ₹28.78 million unutilized - No variation proposed

First Variation Context (Approved December 17, 2025)

Previous variation changed location of New Manufacturing Facility to larger land parcel at Karnal adjacent to existing facility, without change in allocated amount of ₹2,727.58 million.

New Manufacturing Facility Original Plan

Oswal Solar originally proposed (May 26, 2025 board approval):

  • Aluminium Frame Facility at Existing OSSPL Facility
  • 1,500 MW Solar Module Facility at Initial Project Land
  • 1,500 MW EVA Encapsulant Facility at Initial Project Land

Current status: 1000 MW Solar Module Facility and 1,200 MW EVA Encapsulant Facility are being set up as per prospectus.

Strategic Rationale for Variation (Annexure B)

Industry: Solar Cell Manufacturing

Expected Benefits:

  • Addresses binding constraint of solar cell supply for module business
  • Solves difficulty securing Domestic Content Requirement (DCR) cells from domestic manufacturers
  • Secures supply, insulates from spot-price and deposit demands
  • Deepens value addition from module assembly to cell manufacturing
  • Strengthens cost structure and competitive positioning in government programs (PM-KUSUM, PM Surya Ghar)
  • 1.2 GW capacity will meet approximately 75% of company's cell requirements (captive consumption)

Comparative Analysis:

  • Versus additional module capacity: Existing ~570 MW plus 1 GW planned sufficient; more modules would deepen exposure to externally-sourced cells
  • Versus aluminum frames: Frames are commoditized, low value-add, can be sourced externally
  • Versus EVA encapsulant: 1.2 GW EVA capacity retained is largely sufficient for requirements

Estimated Investment: Total project cost estimated at ₹4,558.50 million

Compliance and Next Steps

Detailed disclosures will form part of postal ballot notice. Company will seek requisite statutory/regulatory approvals including shareholder approval.