Financial Performance Summary

Oswal Pumps Limited announced its unaudited financial results for Q1 FY27 ended June 30, 2026, showing significant declines in profitability metrics due to industry-wide competitive pressures.

Key Financial Metrics (₹ Million):

| Metric | Q1 FY27 | Q1 FY26 | YoY Change | Q4 FY26 | QoQ Change | FY26 Full Year |

| Total Income | 4,817 | 5,150 | (6.5%) | 5,167 | (6.8%) | 20,859 |

| EBITDA | 825 | 1,419 | (41.9%) | 1,250 | (34.0%) | 5,354 |

| EBITDA Margin | 17.1% | 27.5% | (1,042 bps) | 24.2% | (708 bps) | 25.7% |

| PAT* | 538 | 947 | (43.1%) | 925 | (41.8%) | 3,763 |

| PAT Margin | 11.2% | 18.4% | (721 bps) | 17.9% | (673 bps) | 18.0% |

| Diluted EPS (₹) | 4.86 | 8.54 | (43.1%) | 8.53 | (43.0%) | 34.73 |

*Profit for the period attributable to the owners of the parent

Performance Drivers and Margin Analysis

The decline in margins was primarily attributable to industry-wide competitive bidding under the Magel Tyala scheme, which resulted in a 9% reduction in realizations. This impact was partially mitigated by the Company's focused cost and value-engineering initiatives, resulting in a net 548 bps QoQ decline in gross margin.

EBITDA margin declined by 708 bps QoQ due to three main factors: (1) fall in gross margins, (2) increase in employee benefit expenses driven by annual increments and hiring at senior level, and (3) impact of negative operating leverage.

Order Book and Business Pipeline

The Company's pump order book stands at 22,025 pumps as of August 9, 2026, with a near-term pipeline of 12,500 pumps across various segments:

  • Direct PM KUSUM
  • Magel Tyala
  • Indirect PM KUSUM
  • Export orders

Additionally, the Company has expanded into solar EPC segments with an order book of approximately 72 MW across:

  • Rooftop Solar
  • Utility Solar
  • Commercial & Industrial (C&I) Solar EPC

Strategic Diversification Initiatives

Given the delay in the rollout of PM KUSUM 2.0, the Company is diversifying beyond its core government-led solar irrigation business. Key initiatives include:

Jal Jeevan Mission Entry: The Company is evaluating entry into the Jal Jeevan Mission and has identified an addressable pipeline of approximately 42,000 pumps.

Solar EPC Expansion: The Company continues to scale its presence across Rooftop Solar, Utility and Commercial & Industrial Solar EPC segments with a wider pipeline of 359 MW.

Management Commentary

Mr. Vivek Gupta, Chairman and Managing Director, stated: "Backed by a healthy execution pipeline, a rapidly growing presence across multiple renewable energy segments and proven project execution capabilities, the Company remains focused on disciplined execution, operational efficiency and creating long-term value for all stakeholders."

Company Background

Oswal Pumps is a vertically integrated solar pump manufacturer with over two decades of experience in pump engineering and manufacturing. The company provides turnkey solar pumping systems and has established presence across:

  • Solar-powered submersible and monoblock pumps
  • Grid-connected submersible and monoblock pumps
  • Electric motors
  • Solar modules

The Company is accredited with ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015 certifications and is listed under the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers (ALMM).