Financial Results Summary

Oswal Pumps Limited announced its unaudited financial results for Q2 FY27 ended September 30, 2026, with the Board of Directors approving the results on November 12, 2026.

Quarterly Performance (Q2 FY27 vs Q2 FY26 vs Q1 FY27):

  • Total Income: ₹5,118 million (down 6.4% YoY, up 6.2% QoQ)
  • EBITDA: ₹628 million (down 53.4% YoY, down 23.8% QoQ)
  • EBITDA Margin: 12.3% (down 1,239 bps YoY, down 484 bps QoQ)
  • PAT (attributable to owners): ₹396 million (down 59.4% YoY, down 26.4% QoQ)
  • PAT Margin: 7.7% (down 1,010 bps YoY, down 343 bps QoQ)
  • Diluted EPS: ₹3.34 (down 60.4% YoY, down 31.3% QoQ)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Total Income: ₹9,934 million (down 6.4% YoY)
  • EBITDA: ₹1,453 million (down 47.5% YoY)
  • EBITDA Margin: 14.6% (down 1,144 bps YoY)
  • PAT (attributable to owners): ₹935 million (down 51.4% YoY)
  • PAT Margin: 9.4% (down 870 bps YoY)
  • Diluted EPS: ₹8.20 (down 50.9% YoY)

Full Year FY26 Reference:

  • Total Income: ₹20,859 million
  • EBITDA: ₹5,354 million
  • EBITDA Margin: 25.7%
  • PAT: ₹3,763 million
  • PAT Margin: 18.0%
  • Diluted EPS: ₹33.96

Performance Drivers and Margin Analysis

Revenue from Operations increased by 6.9% quarter-on-quarter to ₹5,063 million, supported by steady execution of its solar pump order book despite a competitive pricing environment.

Operating EBITDA stood at ₹574 million with a margin of 11.3%. Operating EBITDA margin reduced by 437 basis points quarter-on-quarter primarily due to:

  • Higher raw material costs accounting for approximately 210 basis points of decline, driven by increase in aluminium frame, glass and copper prices, as well as higher zinc and steel costs at the Company's subsidiary, Walso Solar Solutions Private Limited
  • Remaining 227 basis points attributable to higher employee costs associated with strengthening workforce to support Solar EPC business scale-up, increased project related operating expenses, and higher debtors provisions resulting from applicable accounting standard

Order Book and Business Diversification

The Company's pump order book currently stands at 9,487 pumps, complemented by a near-term pipeline of approximately 10,000 pumps across:

  • Direct PM-KUSUM
  • Magel Tyala
  • Indirect PM-KUSUM
  • Export opportunities

Due to delays in the rollout of PM-KUSUM 2.0, the Company is strategically diversifying its revenue streams beyond its core government-led solar irrigation business. It is expanding presence across:

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

The combined order book across these segments currently stands at approximately 143 MW, with a robust pipeline of 168 MW.

Backward Integration and Expansion Plans

Through its wholly owned subsidiary, Oswal Solar Energy Private Limited, the Company plans to establish a 1.2 GW TOPCon solar cell manufacturing facility at Karnal, Haryana.

Project Details:

  • Total project cost: Approximately ₹4,558.5 million
  • Funding structure: ₹2,960.0 million through debt and ₹1,598.5 million through reallocation of unutilised IPO proceeds
  • IPO proceeds reallocation: Originally earmarked for aluminium frame manufacturing facility, remaining 300 MW EVA encapsulant capacity, and remaining 500 MW solar module capacity (subject to shareholders' approval)

This initiative is expected to meet approximately 75% of the subsidiary's solar cell requirements, ensuring reliable supply of Domestic Content Requirement (DCR)-compliant cells while reducing dependence on external suppliers.

Management Commentary

Mr. Vivek Gupta, Chairman and Managing Director, stated that the Company remains focused on:

  • Disciplined execution of its order book
  • Restoring operating margins through cost optimisation and operational efficiencies
  • Building a more diversified and integrated business platform
  • Driving sustainable growth and long-term value creation for all stakeholders

Company Background

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

  • Solar-powered and 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).