Oswal Pumps to set up 1.2 GW TOPCon solar cell plant, Rs 456 cr project
OSWALPUMPS · price
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On the reaction day the stock moved 0.7 pts less than Nifty Microcap 250 and 0.1 pts more than its Compressors Pumps & Diesel Engines peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Oswal Pumps subsidiary OSEPL will set up a 1.2 GW TOPCon solar cell plant in Karnal for captive use. Total cost around Rs 456 crore - Rs 296 crore via debt, Rs 159.85 crore from reallocated IPO proceeds (originally meant for Aluminium Frame, 300 MW EVA Encapsulant, and remaining 500 MW Solar Module capacity). Production targeted by April 2028. Aims to secure DCR cell supply for PM-KUSUM type schemes.
Backward integration may lift margins and protect scheme eligibility, but IPO fund reallocation and 2028 production start add execution risk.