Oswal Pumps Limited, a manufacturer of solar-powered pumping systems, has reported total income of ₹5,118 million for the second quarter of FY27, registering sequential growth of 6.2%. Revenue from operations increased 6.9% quarter-on-quarter to ₹5,063 million, supported by execution of its solar pump order book.
The company’s EBITDA for the quarter stood at ₹628 million, with a margin of 12.3%. Operating EBITDA was ₹574 million, translating into a margin of 11.3%, while profit after tax (PAT) stood at ₹396 million, with a margin of 7.7%. Diluted earnings per share were ₹3.34. For the first half of FY27, total income was ₹9,934 million. EBITDA stood at ₹1,453 million, with a margin of 14.6%, while PAT was ₹935 million, translating into a margin of 9.4%. Diluted EPS for the half year was ₹8.20.
Commenting on the results, Vivek Gupta, Chairman and Managing Director, Oswal Pumps Limited, said the company recorded sequential growth during Q2 FY27, supported by continued execution of solar pump orders despite competitive pricing conditions. He said operating EBITDA margin declined by 437 basis points sequentially, mainly due to higher raw material costs and operating expenses. Increased prices of aluminium frames, glass and copper, along with higher zinc and steel costs at subsidiary Walso Solar Solutions Private Limited, accounted for around 210 basis points of the decline. Higher employee costs, project-related expenses and increased provisions for debtors contributed to the remaining impact. PAT margin declined by 343 basis points to 7.7%.
The company’s pump order book currently stands at 9,487 units, with a near-term pipeline of approximately 10,000 pumps across direct PM-KUSUM, Magel Tyala, indirect PM-KUSUM and export opportunities. Oswal Pumps is also expanding beyond government-led solar irrigation projects into rooftop solar, utility-scale solar and commercial and industrial (C&I) solar EPC businesses. The combined order book in these segments is approximately 143 MW, with a pipeline of 168 MW.
As part of its backward integration plans, the company’s wholly owned subsidiary, Oswal Solar Energy Private Limited, plans to establish a 1.2 GW TOPCon solar cell manufacturing facility at Karnal, Haryana. The project cost is estimated at ₹4,558.5 million. Of this, ₹2,960 million is proposed to be funded through debt and ₹1,598.5 million through reallocation of unutilised IPO proceeds, subject to shareholders’ approval. The facility is expected to meet around 75% of the subsidiary’s solar cell requirements and support the supply of Domestic Content Requirement-compliant cells.
Management said the company would focus on order execution, cost optimisation, operational efficiencies and expansion of its solar EPC operations. It also expects to strengthen its margins over the medium to long term through greater integration of its manufacturing operations.
Oswal Pumps is a vertically integrated manufacturer of solar pumps and pumping systems with more than two decades of experience in pump engineering and manufacturing. Its product portfolio includes solar-powered and grid-connected submersible and monoblock pumps, electric motors and solar modules, marketed under the Oswal brand. The company operates a pan-India distribution network and has an international presence, serving agricultural, residential and industrial customers. It holds ISO 9001:2015, ISO 45001:2018 and ISO 14001:2015 certifications and is listed under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.
