Synopsis:
Oswal Pumps jumped sharply after receiving an order worth Rs 442 for the supply, installation, and commissioning of 14,787 Off-Grid DC Solar Photovoltaic Water Pumping Systems. This project is awarded by the Maharashtra Electricity Division under the PM Kusum Scheme.
The shares of this solar pump manufacturer are in focus after bagging an award worth Rs 442 crore. In this article, we will dive more into the details of the order.
With a market capitalization of Rs 9,187 crore, the shares of Oswal Pumps Ltd made a day high of Rs 818.80 per share (52-week high), up by 6.5 percent from its previous day’s closing price of Rs 769 per share. Since its debut on the stock exchanges in June 2025, the stock has delivered a robust return of 28 percent.
About the order
Oswal Pumps, through a stock exchange filing, announced that they’ve won a Letter of Award from the Maharashtra State Electricity Distribution Company Limited.
This means they’ll be supplying, installing, and commissioning a whopping 14,787 Off-Grid DC Solar Photovoltaic Water Pumping Systems, valued at around Rs 442 crore (GST included), as part of the PM Kusum B Scheme “Magel Tyala Saur Krushi Pump” Yojana.
The project will cater to farmers across Maharashtra with 3HP, 5HP, and 7.5HP pumps, and it comes with a five-year warranty, maintenance, and remote monitoring. The whole thing is set to wrap up within a year, with installations expected to be completed within 60 days of receiving the work order.
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Financial Highlights
Oswal Pump’s revenue for Q1 FY26 came in at Rs 514 crore, registering a 37 percent growth from Rs 376 crore in the same quarter last year. Additionally, on a sequential basis, revenue grew by 41 percent from Rs 365 crore in Q4 FY25.
Coming to its profitability, the company reported a net profit growth of 34 percent to Rs 95 crore in Q1 FY26 as compared to Rs 71 crore in Q1 FY25. Additionally, on a QoQ basis, it grew by 48 percent from Rs 64 crore.
As per the latest filing, Oswal Pumps has a robust order book comprising around 30,000 pumps, which translates into an estimated revenue potential of Rs 700-800 crore.
The company has delivered solid return ratios, with ROE and ROCE touching 87.47 percent and 77.89 percent, respectively, and is currently trading at a low P/E of 32.68x as compared to its industry average of 45x.
Oswal Pumps is one of India’s fastest-growing, vertically integrated solar pump manufacturers. With a legacy of over two decades in pump engineering and manufacturing, the company is a fully integrated provider of turnkey solar pumping systems. It has a strong distributor network of 1,166 across India.
It has a strong presence in solar-powered and grid-connected submersible and monoblock pumps, electric motors, and solar modules. With a wide pan-India distribution network, a growing international footprint, and a focused design and engineering team, Oswal Pumps serves diverse needs in the agricultural, residential, and industrial sectors.
Written by Satyajeet Mukherjee
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