NSE: OSWALPUMPS · BSE: 544418
OSWAL PUMPS LIMITED
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.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,25,627 | 53.1 | 14.82 | 41.3 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 27,342 | 50.0 | 7.65 | 21.9 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,468 | 36.6 | 7.38 | 24.5 | 19.3 | 24.3 | 15.5 | 15.9 |
| INGERSOLL-RAND INDIA LTD | 12,413 | 46.4 | 20.16 | — | 41.6 | 54.7 | — | 26.4 |
| KIRLOSKAR BROTHERS LTD | 12,334 | 33.0 | 4.98 | 20.8 | 15.2 | 16.8 | 10.8 | 11.8 |
| KSB LIMITED | 11,467 | 46.7 | 6.75 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 4,515 | 21.3 | 2.65 | 10.2 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,220 | 42.1 | 2.79 | 17.4 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.0 | 42.1 | 1 of 15 | 100% |
| P/B | 1.4 | 4.7 | 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 | 2405 | 4220 | 11 of 15 | 29% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Postal Ballot notice for Composite Scheme and Form PAS-1 | compliance | minimal | — | — |
| 12 Oct 2026 · Postal ballot to reallocate IPO funds to 1.2 GW solar cell plant | fund raising | medium | — | — |
| 10 Oct 2026 · Oswal Pumps to set up 1.2 GW TOPCon solar cell plant, Rs 456 cr project | compliance | low | — | — |
| 10 Oct 2026 · Oswal Pumps shifts IPO funds to solar cell plant | capital market events | high | — | — |
| 8 Oct 2026 · Quarterly compliance certificate under Reg 74(5) for Q2 | compliance | minimal | — | — |
| 26 Sept 2026 · AGM voting results: All 5 resolutions passed with over 99 percent approval | compliance | minimal | — | — |
| 25 Sept 2026 · Oswal Pumps 23rd AGM held via video conference on September 25, 2026 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Oswal Pumps closes trading window from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Oswal Pumps to attend Bharat Connect Rising Stars conference on Sept 29 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · ICRA revises Oswal Pumps rating outlook to Negative | credit debt | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
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.