Synopsis: Karnal-based Oswal Pumps Limited has received three Letters of Award from North Bihar Power Distribution Company Limited and South Bihar Power Distribution Company Limited for setting up 63 MW of grid-connected rooftop solar projects across Bihar under the PM Surya Ghar Muft Bijli Yojana, with an installation order value of approximately Rs. 247 crore and a long-term revenue potential of Rs. 257 crore over a 10-year RESCO horizon.
India’s rooftop solar ambitions under the PM Surya Ghar scheme are beginning to translate into tangible order flow for listed manufacturers, and one Haryana-based pump company has just made a decisive strategic move stepping well beyond its traditional solar irrigation roots to land a multi-circle government mandate in Bihar, marking its most significant foray yet into the distributed residential rooftop solar segment.
With a market capitalization of Rs. 4,940 crore, the shares of Oswal Pumps Limited were trading at Rs. 435 per share; the stock went up by 9 percent and is trading at a P/E of approximately 13x.
Order Update
Oswal Pumps Limited has received three Letters of Award (LOAs) from North Bihar Power Distribution Company Limited (NBPDCL) and South Bihar Power Distribution Company Limited (SBPDCL) under the CAPEX plus RESCO Mode Utility-Led Aggregation (ULA) model of the PM Surya Ghar – Muft Bijli Yojana (PMSG-MBY).
The orders are for setting up 63 MW of grid-connected rooftop solar projects covering 57,492 consumer installations across the Motihari, Saharsa, and Ara circles in Bihar. The orders are domestic in nature and were disclosed on June 14, 2026.
The installation order value is approximately Rs.247 crore, with an additional long-term revenue potential of approximately Rs.257 crore from energy supply over a 10-year tenure under the RESCO model, taking the cumulative revenue opportunity to over Rs.500 crore. All projects are to be commissioned within nine months from the execution of the respective Power Purchase Agreements (PPAs).
The scope is end-to-end, covering design, engineering, procurement, manufacturing, quality assurance, civil and structural works, installation, commissioning, project financing, and mandatory 10-year operations and maintenance of the rooftop solar systems. This win marks a meaningful strategic shift for Oswal Pumps beyond its traditionally PM Kusum-heavy portfolio, with the RESCO model adding annuity-style recurring revenue visibility.
Financial Snapshot & Business Overview
Oswal Pumps Limited is a Karnal, Haryana-based, vertically integrated manufacturer of solar pumps, submersible pumps, monoblock pumps, electric motors, and solar modules, with over 23 years of experience and a 570 MW solar module manufacturing capacity. The company is one of India’s largest turnkey solar pumping system suppliers under the PM-KUSUM scheme, having supplied over 64,000 pumps.
On a consolidated basis for FY26, the company delivered revenue from operations of Rs.2,064.4 crore, up 44.3% YoY. Operating EBITDA grew 22.4% YoY to Rs.513.9 crore at a margin of 24.9%. PAT rose 34.1% YoY to Rs.376.3 crore, the highest ever recorded, at a PAT margin of 18.0%. Q4 FY26 revenue stood at Rs.509.7 crore, up 39.8% YoY, with quarterly PAT of Rs.92.5 crore, up 44.8% YoY. The company’s net debt has declined sharply to Rs.134.6 crore as of March 31, 2026, with a net debt-to-equity ratio of just 0.08x.
The company currently has an order book of 19,912 pumps across PM-KUSUM, Magel Tyala, indirect PM-KUSUM, and export orders, supported by a near-term pipeline of over 25,000 pumps. Beyond its core solar irrigation business, Oswal Pumps is expanding into rooftop, utility-scale, and commercial & industrial (C&I) solar projects, with a 93 MW order book, a 300 MW project pipeline, participation in 2,483 MW of tenders, and visibility on more than 4 GW of upcoming solar opportunities, providing strong long-term growth visibility.
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