Oswal Pumps Strategy Presentation November 2026

Date: November 13, 2026

Company Snapshot

Oswal Pumps Limited is positioned as one of the fastest growing vertically integrated solar pump manufacturers in India. The company operates as fully integrated turnkey providers of solar pumping systems with comprehensive backward integration encompassing pumps, motors, solar panels, mounting structures, and balance of system (BoS) kits.

The company operates two manufacturing facilities:

Pumps and Motors: One of India's largest single-site facilities for manufacturing pumps and motors
Solar Modules: 570MW capacity

Both facilities are accredited with ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications. The company is included in the approved list of manufacturers and models for solar modules by the Ministry of New and Renewable Energy, Government of India.

Product Portfolio and Revenue Mix

The company offers a wide range of solar-powered and grid-connected submersible and Monoblock pumps, electric motors, and solar modules under the 'Oswal' brand.

Revenue by Product Category (excluding traded goods):

| Product Category | FY24 | FY25 | FY26 | H1 FY27 |

| Turnkey Solar Pumping Systems (Submersible Pumps) | 49.5% | 65.1% | 69.7% | 64.4% |

| Turnkey Solar Pumping Systems (Monoblock Pumps) | 11.6% | 9.4% | 6.6% | 0.6% |

| Solar Submersible Pumps | 11.1% | 5.0% | 3.4% | 2.5% |

| Solar Monoblock Pumps | 2.9% | 1.2% | 0.8% | 0.3% |

| Non-Solar Submersible Pumps | 5.5% | 3.6% | 2.3% | 2.3% |

| Non-Solar Monoblock Pumps | 0.6% | 0.4% | 0.2% | 0.2% |

| Electric Motors | 5.1% | 4.3% | 2.3% | 2.0% |

| Solar PV Modules | - | 9.4% | 13.0% | 20.3% |

| Others | 13.7% | 1.6% | 1.8% | 7.4% |

Customer Segmentation:

| Segment | FY24 | FY25 | FY26 | H1 FY27 |

| Agriculture | 96.1% | 97.0% | 83.6% | 73.9% |

| Residential | 2.1% | 1.8% | 15.5% | 25.1% |

| Industrial | 1.8% | 1.2% | 0.9% | 1.0% |

Geographic Revenue Distribution:

| State | FY24 | FY25 | FY26 | H1 FY27 |

| Maharashtra | 7.9% | 48.1% | 54.9% | 61.2% |

| Haryana | 72.3% | 29.2% | 20.2% | 9.2% |

| Karnataka | 0.1% | 0.4% | 5.4% | 2.0% |

| Uttar Pradesh | 6.1% | 6.7% | 3.4% | 4.8% |

| Punjab | 0.9% | 2.5% | 3.2% | 2.7% |

| Rajasthan | 4.5% | 4.9% | 3.0% | 0.9% |

| Uttarakhand | 0.1% | 2.0% | 2.1% | 0.9% |

| Others | 3.4% | 2.4% | 5.8% | 16.6% |

Distribution Network

The company has an extensive network of 1,462 distributors in India as of H1 FY27, with distribution growing from 636 in FY24 to 1,462 in H1 FY27. The network is distributed across:

Central: 383 distributors
East: 141 distributors
North: 690 distributors
South: 45 distributors
West: 203 distributors

The company introduced "Oswal Shoppe" in March 2024 to bolster market presence, with 457 Oswal Shoppe established as of October 31, 2026 (114 in Haryana, 111 in Uttar Pradesh, 74 in Punjab, and 53 in Rajasthan).

Customer Type Distribution:

| Customer Type | FY24 | FY25 | FY26 | H1 FY27 |

| Institutional customers | 43.4% | 7.4% | 7.0% | 7.4% |

| Government entities | 45.6% | 74.5% | 76.3% | 65.1% |

| Sales through Distributors | 5.4% | 14.2% | 14.3% | 19.5% |

| Exports | 4.8% | 3.8% | 2.1% | 1.7% |

| Others | 0.8% | 0.1% | 0.3% | 6.3% |

PM-KUSUM Scheme Participation

The company has emerged as one of the largest suppliers of solar powered agricultural pumps under the PM KUSUM Scheme within six years of supplying solar powered agricultural pumps.

Orders Executed Directly under PM-KUSUM Scheme (as of October 31, 2026):

| State Government | Number of Solar Pumping Systems Supplied |

| Government of Maharashtra | 27,223 |

| Government of Maharashtra (Magel Tyala) | 67,193 |

| Government of Haryana | 24,851 |

| Government of Rajasthan | 3,447 |

| Government of Uttar Pradesh | 2,392 |

| Government of Uttarakhand | 1,405 |

| Government of Karnataka | 3,633 |

| Government of Punjab | 341 |

| Government of Assam | 643 |

| Government of Ladakh | 414 |

| Government of Himachal Pradesh | 78 |

| Government of Gujarat | 54 |

| Government of Orissa | 127 |

| Government of Kargil | 30 |

| Government of Madhya Pradesh | 1,870 |

| Total | 133,701 |

Pending Orders (Letter of empanelment/award yet to be executed):

| Particulars | Maximum Number of Solar Pumping Systems |

| Government of Maharashtra (Magel Tyala) | 2,000 |

| Government of Karnataka | 707 |

| Government of Uttarakhand | 81 |

| Government of Ladakh | 6 |

| Government of Madhya Pradesh | 443 |

| Other Indirect orders | 2,750 |

| Export orders (only pumps) | 3,500 |

| Total | 9,487 |

Pipeline of approximately 10,000 pumps.

Pump Supply Statistics:

| Particulars | FY24 | FY25 | FY26 | H1 FY27 |

| Solar pumps supplied directly under PM-KUSUM (A) | 9,383 | 36,046 | 18,604 | 2,518 |

| Solar pumps supplied other than A, C and D (B) | 1,868 | 5,551 | 45,609 | 27,151* |

| Solar pumps supplied to players participating under PM-KUSUM (C) | 3,568 | - | 3 | - |

| Only solar pumps supplied to players participating under PM-KUSUM (D) | 33,444 | 29,570 | 23,107 | 6,887 |

| Total solar pumps supplied (A+B+C+D) | 48,263 | 71,167 | 87,323 | 36,556 |

| Non-solar agri pumps (F) | 33,722 | 50,452 | 52,670 | 21,484 |

| Non-solar non-agri pumps (G) | 18,778 | 35,926 | 40,915 | 16,264 |

| Total non-solar pumps (F+G) | 52,500 | 86,378 | 93,585 | 37,748 |

| Total solar and non-solar pumps | 100,763 | 157,545 | 180,908 | 74,304 |

*Includes Turnkey Solar Pumping Systems supplied under Magel Tyala Scheme and other Government schemes

Revenue from Government Schemes (INR millions):

| Particulars | FY24 | FY25 | FY26 | H1 FY27 |

| Revenue from direct PM-KUSUM Scheme (A) | 3,274 | 9,611 | 5,347 | 722 |

| Revenue from other Government Schemes (B) | 64 | 230 | 9,638 | 5,028 |

| Revenue from supply to players in PM-KUSUM (C) | 1,126 | - | 0.21 | - |

| Revenue from solar components to PM-KUSUM players (D) | 1,869 | 955 | 754 | 466 |

| Total (A+B+C+D) | 6,333 | 10,796 | 15,738 | 6,216 |

| Revenue other than Government Schemes (E) | 980 | 2,415 | 3,911 | 2,622 |

| Total (A+B+C+D+E) | 7,313 | 13,211 | 19,649 | 8,839 |

New Business Opportunities

The company is expanding into rooftop solar, utility, and Commercial & Industrial (C&I) solar projects under the PM Surya Ghar: Muft Bijli Yojana, which has a ₹75,000 crore outlay aimed at enabling rooftop solar adoption across 1 crore households.

The Government of India has allocated ₹22,000 crore for this scheme in the Union Budget 2026-27. Progress under the scheme shows approximately 8.98 million applications, 19.56 GW capacity installed, 5.64 million installations, 5.64 million households covered, and ₹368.81 billion subsidy released.

Oswal Solar Energy Private Limited has incorporated a special purpose vehicle, Oswal Doon Baran Bundi Solar Projects Limited (60% stake), in partnership with Doon Infrapower Projects Private Limited to execute rooftop solar photovoltaic power projects on state government buildings in Rajasthan under Hybrid Annuity Mode (HAM).

Manufacturing Capacity

Installed Capacity and Utilization:

| Stainless Steel Pumps (MT) | 1,160.07 | 57.1% | 1,160.07 | 79.0% | 1,160.07 | 95.1% | 1,160.07 | 89.2% |

| Cast Iron Pumps (MT) | 2,123.04 | 73.1% | 3,544.13 | 58.0% | 3,544.13 | 81.7% | 3,544.13 | 75.6% |

| Stainless Steel Motors (MT) | 1,314.72 | 44.9% | 1,314.72 | 79.6% | 1,314.72 | 86.3% | 1,314.72 | 68.3% |

| Cast Iron Motors (MT) | 561.60 | 81.4% | 670.80 | 43.2% | 670.80 | 67.4% | 670.80 | 68.8% |

| Solar Modules (MW) | 170 | 67.2%# | 570 | 57.4% | 570 | 71.4% | 570 | 77.3% |

*Annualized; #Manufacturing facility commissioned on January 8, 2024

Management Team

The presentation highlights an experienced promoter and senior management team, including:

Independent Directors (3)
Anish Kumar - Company Secretary and Compliance Officer (20+ years experience)
Vijay Kumar Yadav - Chief Financial Officer (38+ years experience)