Company Overview

Oswal Pumps Limited (Scrip Code: 544418, NSE: OSWALPUMPS) is a vertically integrated manufacturer of solar pumping systems headquartered in Kutail, Karnal, Haryana. The company listed on BSE and NSE on June 20, 2025, completing an IPO at ₹614 per share that raised ₹8,900 million in fresh capital. FY2025-26 marked the company's first year as a listed entity.

Financial Performance FY2025-26

Consolidated Results:

  • Revenue from Operations: ₹20,644 million (44.3% YoY growth)
  • Profit After Tax: ₹3,763 million (34.1% YoY growth)
  • Operating EBITDA: ₹5,139 million (22.4% YoY growth)
  • Operating EBITDA Margin: 23.1% (vs 25.7% in FY25)
  • Diluted EPS: ₹33.96

Standalone Performance:

  • Revenue from operations: ₹17,746 million (41.9% YoY growth)
  • Net profit: ₹2,815 million (21.9% YoY growth)
  • Basic EPS: ₹25.40

Balance Sheet Strength:

  • Net Debt: Reduced 70% to ₹1,346 million from ₹4,560 million
  • Net Debt/Equity: 0.08x (vs 0.99x in FY25)
  • Current Ratio: 4.05x (vs 1.61x in FY25)
  • Net Worth: ₹16,638 million
  • Return on Net Worth: 35.7%
  • Cash and cash equivalents: ₹988 million

IPO Proceeds Deployment

Total net proceeds raised: ₹8,415 million (after issue expenses)

Amount Deployed in FY26: ₹5,702 million

  • Repayment of company borrowings: ₹2,800 million
  • Repayment of subsidiary borrowings: ₹310 million
  • Investment in Oswal Solar Energy's new manufacturing units: ₹684 million
  • Capital expenditure at parent company: ₹258 million
  • General corporate purposes: ₹1,650 million

Unutilized Proceeds: ₹2,713 million held in fixed deposits and public-issue bank account

Operational Highlights

Manufacturing Capacity:

  • Solar Module Capacity: 570 MW (expanding to 1,570 MW in FY27)
  • Pump/Motor Capacity Utilization: 95.1% (stainless steel pumps), 81.7% (cast iron pumps)

PM-KUSUM Performance:

  • Cumulative Installations: 119,402 systems across 13 states
  • Current Order Book: 22,025 pumps
  • Pipeline: >12,500 pumps
  • Maharashtra Magel Tyala Scheme: 53,968 pumps installed

Market Diversification:

  • Rooftop Solar: First order under PM Surya Ghar scheme
  • Utility & C&I Solar: 72 MW order book, 359 MW pipeline
  • Industrial Pumps: Product development completed for launch in FY27
  • Exports: 3,000 pump units in order book

Corporate Governance and Compliance

Board of Directors:

  • Mr. Vivek Gupta - Chairman and Managing Director
  • Mr. Amulya Gupta - Whole Time Director
  • Mr. Shivam Gupta - Whole Time Director
  • Mr. Vijay Kumar Yadav - Chief Financial Officer (appointed August 08, 2026)

Contingent Liabilities:

  • GST demands/show cause notices: ₹38.16 million
  • Labour law demands: ₹10.04 million
  • Civil claims: ₹2.35 million
  • MSME dues: ₹572.50 million principal + ₹5.70 million interest

Regulatory Matters:

  • Company did not comply with Section 149(1)(b) concerning appointment of woman director up to FY24
  • Application for compounding of offence submitted with adjudicating authority

AGM Details

  • AGM Date: September 25, 2026 at 1400 hours (IST)
  • Mode: Video Conference/Other Audio Visual Means
  • Cut-off Date: September 18, 2026
  • E-voting Period: September 21, 2026 (0900 hours) to September 24, 2026 (1700 hours)
  • Agenda: Adopt financial statements, re-appoint director, ratify cost auditor remuneration, re-appoint Mr. Vivek Gupta as Chairman & Managing Director

Forward-looking Outlook

The management commentary highlights India's solar energy growth trajectory, with the country installing 45 GW of solar capacity in FY26 alone. The company identifies two key demand pools: agricultural (8 million diesel pump replacement opportunity) and rooftop/utility-scale solar driven by programs like PM Surya Ghar (₹75,000 crore outlay).