Synopsis: Oswal Pumps’ CMD Vivek Gupta mentioned the factors contributing to the company’s success, a robust, quick delivery of Rs 380 cr order, late government payments, bright order visibility, and a 40-50 percent increase in pump installations targeted for FY26.
Through a series of solar pump installations under different government schemes, the company has been progressively increasing its abilities, notably in the renewable energy area, which is the main point of interest now, after the management has given a brief of the business by outlining the key updates. Here, we are going to explore the details of it in depth.
With a market capitalisation of Rs 6,069 crore, the shares of Oswal Pumps Ltd closed at Rs 534.30 per share, up 0.84 percent from its previous day’s closing price of Rs 529.85 per share. Post its listing on the stock exchange in June 2025, the stock has plunged by nearly 15 percent.
Vivek Gupta, the Chairman and Managing Director (CMD) of Oswal Pumps, recently shared some important business updates that shed light on the company’s growth and operational challenges.
He mentioned that Oswal Pumps is currently working on a large Rs 380 crore order that needs to be completed in just three months. This shows strong demand and a busy execution schedule. Meanwhile, the payment cycle for government-driven schemes remains lengthy, around 100 to 120 days.
Gupta also pointed out that receivables from the Maharashtra government, totalling nearly Rs 500 crore, are slightly delayed right now. Despite this issue, he is confident about the company’s future, saying that Oswal Pumps already has enough orders to meet its FY26 revenue targets.
Looking ahead, Gupta highlighted an ambitious plan to scale up operations, targeting a 40-50 percent increase in pump installations in FY26 compared to FY25. This underscores Oswal Pumps’ strong position in the renewable energy-linked pump segment and its commitment to expanding execution capacity, even while dealing with delays in government payments.
Financial and Other Highlights
Oswal Pumps Limited is an Indian manufacturer that focuses on producing top-notch pumping solutions. These include submersible pumps, motors, solar pumping systems, and other water management products. The company, which is operating in both the domestic and foreign markets, has a clientele base of sectors like agriculture, industry, and the supply of water to the households.
Oswal Pumps reported a revenue from operations of Rs 540 crore in Q2 FY26, a significant growth of 74 percent as compared to Rs 310 crore in Q2 FY25. Additionally, on a quarter-on-quarter basis, it grew slightly by 5 percent from Rs 514 crore.
Regarding its profitability, it reported a net profit of Rs 98 crore in Q2 FY26, a significant growth of 48 percent as compared to Rs 66 crore in Q2 FY25. Additionally, on a quarter-on-quarter basis, it grew slightly by 3 percent from Rs 95 crore. As of H1 FY26, Oswal Pumps is operating with strong utilisation across most product categories.
In the stainless steel pumps division, installed capacity stands at 1,160 MT, operating at a high 93.9 percent utilisation. The cast iron pumps segment, with a larger installed capacity of 3,544 MT, is similarly healthy at 83.5 percent utilisation. In motors, stainless steel motors have an installed capacity of 1,314.72 MT and are running at 86.1 percent utilisation, while cast iron motors, with 670.80 MT of capacity, are at 71.3 percent utilisation.
The company’s solar manufacturing vertical (solar modules) has also scaled meaningfully, with 570 MW of installed solar module capacity operating at 72.9 percent utilisation in H1 FY26, reflecting strong traction in both pumps and renewable energy segments.
The company has a robust order book of 18,800 pumps, including PM-KUSUM, Magel Tyala, indirect government schemes, and exports. Besides, it also possesses a short-term pipeline of over 30,000 pumps coming from the major states of Maharashtra, Haryana, Karnataka, and Madhya Pradesh. So, these, in a way, offer strong clarity of going to their FY26 goals.
For FY26, the company plans to achieve a revenue growth rate of 50–60 percent in support of a medium-term goal of a 30–35 percent CAGR. Management has also indicated that the single event that caused the margin to be negatively impacted in the quarter will not be repeated, and they are anticipating an additional 100 bps of cost savings by Q4 FY26.
They plan to finish Q3 with an operating EBITDA margin of 25.5–26 percent and Q4 with a margin slightly higher at 26.25–26.75 percent. PAT margins are expected to be quite strong and range between 17.5 and 19 percent. The firm, in general, is committed again to the core three values of disciplined execution, financial prudence, and sustainable growth.
Written by Satyajeet Mukherjee
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