Makes solar water pumping systems, with the bulk of its orders flowing through central and state government schemes such as PM-KUSUM. As of May 2026, the executable order book stood at 19,912 pumps with a further 25,000 pumps in the near-term pipeline, and the company has cumulatively executed 1,06,122 solar pumping systems across 15 states. It is now broadening beyond solar pumps into distributed rooftop solar — winning 63 MW of grid-connected rooftop projects from Bihar DISCOMs (NBPDCL, SBPDCL) covering 57,492 consumer installations, with installation value of about ₹247 crore and an additional ~₹257 crore of energy-supply revenue expected over a 10-year RESCO contract — and is building utility and C&I solar pipelines totalling 300 MW. A ₹350 crore FY27 capex programme lifts solar module manufacturing capacity to 2.1 GW and pump capacity by 2.25x by Q3 FY27, alongside backward integration into inverters and aluminium extrusion. Customers are state power distribution companies and state nodal agencies running government programmes; end users are farmers (for solar pumps) and residential consumers (for rooftop solar). Materials are the dominant cost at 56.8% of FY26 revenue, with FY26 revenue of ₹2,064 crore, PAT of ₹376 crore, and an EBITDA margin of 25.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar water pumps, Rooftop solar (installation + RESCO energy supply), Utility and C&I solar, Solar components manufacturing. Capital goods manufacturer dependent on government solar irrigation and rooftop solar scheme cycles, with backward integration into solar components.
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,430 | 2,064 |
| EBITDA (ex other income) | 420 | 513 |
| margin % | 29.4 | 24.8 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | 28.21 | 34.76 |
| ROE % · ROCE % | 60.7 · 81.5 | 22.4 · 29.8 |
| Debt / equity (x) | 0.72 | 0.14 |
| Cash from operations | (151) | (58) |
| Capex | (49) | (137) |
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 365 | 514 | 540 | 501 | 510 | 474 |
| Profit before tax | 82 | 125 | 126 | 119 | 112 | 68 |
| Net profit | 64 | 95 | 98 | 92 | 93 | 54 |
| EPS (₹) | 6.32 | 8.55 | 8.43 | 8.26 | 8.55 | 4.86 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,40,540 | 59.4 | 16.58 | 46.2 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 31,552 | 57.8 | 8.83 | 24.8 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 19,591 | 43.5 | 8.78 | 29.1 | 19.3 | 24.3 | 15.5 | 15.9 |
| INGERSOLL-RAND INDIA LTD | 14,428 | 53.9 | 23.43 | — | 41.6 | 54.7 | — | 26.4 |
| KIRLOSKAR BROTHERS LTD | 14,231 | 38.1 | 5.75 | 24.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · Newspaper publication: 23rd AGM notice and FY26 Annual Report dispatch | compliance | minimal | — | — |
| 3 Sept 2026 · Oswal Pumps files AGM notice and FY26 Annual Report | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Notice of 23rd AGM and Annual Report FY 2025-26 | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Notice of 23rd AGM on September 25, 2026 along with FY26 Annual Report | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Oswal Pumps 23rd AGM on September 25, 2026; FY26 results show strong growth | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Notice of 23rd AGM and FY26 Annual Report | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper publication for 23rd AGM of Oswal Pumps | compliance | minimal | — | — |
| 31 Aug 2026 · Senior Manager Export & Sales resigns at Oswal Pumps | management changes | medium | — | — |
| 31 Aug 2026 · GM Export and Sales resigns from Oswal Pumps citing personal reasons | management changes | medium | — | — |
| 17 Aug 2026 · Oswal Pumps Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| KSB LIMITED |
| 13,955 |
| 56.9 |
| 8.22 |
| — |
| 5.7 |
| 6.7 |
| — |
| 12.6 |
| SHAKTI PUMPS (I) LTD | 6,085 | 28.6 | 3.57 | 13.7 | 15.1 | 19.6 | 23.7 | 10.9 |
| KIRLOSKAR PNEUMATIC COM L | 4,674 | 17.8 | 3.71 | 12.3 | 20.2 | 26.4 | — | 17.7 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 44.6 | 1 of 15 | 100% |
| P/B | 1.9 | 5.2 | 1 of 15 | 100% |
| ROCE | 27.8 | 16.9 | 4 of 15 | 79% |
| ROE | 22.4 | 15.2 | 4 of 15 | 79% |
| Debt / Equity | 0.1 | 0.1 | 9 of 15 | 43% |
| EBITDA margin | 17.4 | 15.8 | 6 of 15 | 64% |
| Revenue growth | (7.9) | 17.9 | 15 of 15 | 0% |
| Profit growth | (42.8) | 11.1 | 13 of 15 | 14% |
| Market cap | 3226 | 4674 | 11 of 15 | 29% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
