Oswal Pumps Limited has informed the Exchange about Transcript
OSWALPUMPS · price
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Oswal Pumps reported Q3 FY26 total income of INR 507.7 crores, up 33.4% year-on-year, with operating EBITDA margin expanding 164 basis points sequentially to 25.4% on the back of value engineering and backward integration. Nine-month FY26 revenue grew 47% to INR 1,569 crores, while PAT stood at INR 283.7 crores (up 30.9%). The company holds an order book of over 24,500 pumps plus a near-term pipeline of 25,000 pumps, and reaffirmed FY26 revenue growth guidance of ~50% with medium-term CAGR target of 30-35%. Management flagged receivables pressure, with cash conversion cycle rising to 177 days, attributing 70-75% of receivables to delays under Maharashtra's Magel Tyala scheme, though they expect payments to normalize within the quarter. PM KUSUM 2.0 is expected to launch by end of March or early April 2026 with significantly larger allocation. Capacity expansion continues with 1 GW solar module capacity targeted by Q1 FY27 and another 0.5 GW by Q3 FY27.
Short-term stock may remain sensitive to working capital stretch and Maharashtra receivables, but management's reaffirmed ~50% FY26 growth, expanding margins, and visibility into PM KUSUM 2.0 are positives. Shareholders should watch for Q4 receivables collection and clarity on PM KUSUM 2.0 launch timing as near-term catalysts.