OSWALPUMPS
Oswal Pumps share price & financials
- Price
- ₹398.85
- Market cap
- ₹3.4k Cr
- Sector
- Capital Goods
- Calls analysed
- 5
Oswal Pumps Limited Q1 FY27
What went well
- Revenue from operations at INR 474 crores, demonstrating continued execution.
- PAT of INR 54 crores with a PAT margin of 11.2%.
- Strong order book of 22,025 pumps and 72 MW in solar EPC, with a wider pipeline of 359 MW.
What to watch
- Revenue declined 7.9% YoY and 7.1% QoQ over Q4 FY26.
- Gross margin declined by 548 basis points sequentially, and operating EBITDA margin moderated by 747 basis points QoQ.
What Oswal Pumps Limited does
Oswal Pumps designs, manufactures and installs solar-powered and grid-connected agricultural pumps, electric motors and solar PV modules under the 'Oswal' brand, from two single-site facilities at Karnal, Haryana. It earns primarily by executing turnkey solar pumping systems (pump, motor, panels, mounting structures and installation) for farmers and state nodal agencies under the central government's PM KUSUM scheme and state programmes such as Maharashtra's Magel Tyala, alongside standalone pump, motor and module sales to distributors, industrial customers and other PM KUSUM participants. The company backward-integrated into solar module manufacturing in 2024 and, through subsidiary Oswal Solar and associate Walso Solar, is extending into rooftop, utility and C&I solar EPC projects and mounting-structure/BoS manufacturing.
Segments
- Turnkey Solar Pumping Systems (submersible & monoblock)
- Standalone Solar Pumps
- Non-Solar (Grid-Connected) Pumps
- Electric Motors
- Solar PV Modules
- Manufacturing facilities
- 2 single-site facilities (pumps & motors; solar modules), both at Karnal, Haryana
- Installed capacity - pumps & motors (combined)
- 5,402.43 MT (FY25)
- Installed capacity - solar PV modules
- 570 MW
- Distributor network
- 1,383 distributors (as of Mar 31, 2026)
- Oswal Shoppe retail outlets
- 320 outlets across multiple states (FY25)
- Turnkey solar pumping systems executed under PM KUSUM (cumulative)
- 64,003 pumps (as of Apr 30, 2026)
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 1 delivered 6 missed 10 open- FY26 Revenue Growth missed said Q1 FY26 Promised: 50%-60% Q1 FY27: Promise deadline passed. Final verdict is 'missed'.
- Pump Manufacturing Capacity delayed said Q1 FY26 Promised: >5 lakh pumps within a year Q1 FY27: The timeline for the pump and motor plant capacity expansion remains delayed, with completion still expected by Q3 FY27.
- Medium-Term Revenue CAGR on track said Q1 FY26 Promised: 30%-35% Q1 FY27: Reiterated the revised guidance: 'Looking beyond FY27, we are targeting a sustained growth momentum of 30% to 40% in the medium term'.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 7.8%, net profit down 43.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 310 | 380 | 365 | 514 | 540 +74% | 501 +32% | 510 +40% | 474 −8% |
| EBITDA | 101 | 118 | 99 | 141 | 128 +27% | 127 +8% | 118 +19% | 74 −48% |
| Net profit | 66 | 80 | 64 | 95 | 98 +48% | 92 +15% | 93 +45% | 54 −43% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −64.7% 1Y
1Y: ₹799.9 on 10 Sept 2025 → ₹282.45. High ₹822 (15 Sept 2025), low ₹274.4 (7 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −6.1%
- 10 Aug
- Q4 FY26
- −3.7%
- 18 May
- Q3 FY26
- −0.1%
- 9 Feb
- Q2 FY26
- +3.3%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 44.3% a year over 1 year, FY25 to FY26. Operating margin narrowed to 24.9%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.4k Cr | ₹2.1k Cr |
| Operating profit | ₹419 Cr | ₹514 Cr |
| Operating margin | 29.3% | 24.9% |
| Interest | ₹42 Cr | ₹36 Cr |
| Depreciation | ₹12 Cr | ₹16 Cr |
| Net profit | ₹281 Cr | ₹378 Cr |
| Net margin | 19.6% | 18.3% |
| Cash from operations | ₹-151 Cr | ₹-77 Cr |
| Free cash flow | ₹-198 Cr | ₹-213 Cr |
| ROCE | 78.0% | 38.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹38 Cr | ₹73 Cr | ₹173 Cr | ₹1.5k Cr | ₹1.7k Cr |
| Borrowings | ₹90 Cr | ₹62 Cr | ₹78 Cr | ₹124 Cr | ₹237 Cr |
| Other liabilities | ₹88 Cr | ₹111 Cr | ₹254 Cr | ₹241 Cr | ₹226 Cr |
| Total liabilities | ₹222 Cr | ₹252 Cr | ₹511 Cr | ₹1.9k Cr | ₹2.1k Cr |
| Fixed assets | ₹71 Cr | ₹81 Cr | ₹97 Cr | ₹144 Cr | ₹162 Cr |
| Capital work in progress | ₹0 Cr | ₹3 Cr | ₹1 Cr | ₹2 Cr | ₹44 Cr |
| Investments | ₹4 Cr | ₹0 Cr | ₹0 Cr | ₹7 Cr | ₹8 Cr |
| Other assets | ₹147 Cr | ₹168 Cr | ₹413 Cr | ₹1.7k Cr | ₹1.9k Cr |
| Total assets | ₹222 Cr | ₹252 Cr | ₹511 Cr | ₹1.9k Cr | ₹2.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +7.98 pp while FIIs trimmed −4.30 pp. The shareholder count grew 12% to 1,11,232.
- Promoters
- 75.7%
- FIIs
- 0.1%
- DIIs
- 5.5%
- Public
- 18.8%
Since Jun 2025
- Public +7.98 pp
- FIIs −4.30 pp
- DIIs −3.65 pp
How it drifted, 5 quarters
Over this window the public went from 10.8% to 18.8% — +8.0 pp.
Ownership split by quarter, oldest first. Jun '25: Promoters 75.7%, FIIs 4.4%, DIIs 9.1%, Public 10.8%.Sep '25: Promoters 75.7%, FIIs 3.8%, DIIs 9.8%, Public 10.8%.Dec '25: Promoters 75.7%, FIIs 2.6%, DIIs 8.8%, Public 12.9%.Mar '26: Promoters 75.7%, FIIs 0.8%, DIIs 6.6%, Public 16.9%.Jun '26: Promoters 75.7%, FIIs 0.1%, DIIs 5.5%, Public 18.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Oswal Pumps Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Shorya Trading Company Private Limited | 47.82% | unchanged |
| Ess Aar Corporate Services Private Limited | 15.43% | unchanged |
| Vivek Gupta | 10.47% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 1.68% | unchanged |
| Mahindra Manulife Small Cap Fund Mutual fund | 1.48% | unchanged |
| Radhika Gupta | 1.41% | unchanged |
| Rajev Gupta | 0.29% | unchanged |
| Renu Goyal | 0.16% | unchanged |
| Vishal Goela | 0.04% | unchanged |
| Vikas Goela | 0.04% | unchanged |
| Organia Fastfoods Private Limited | 0.00% | unchanged |
| P S Mega Store | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹282, this stock must grow earnings at -1% every year for 7 years. Our analysis caps realistic growth at ~28%. At that growth it is worth ₹1316 — upside of 366%.
- Growth the price implies
- -0.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 28.5% a year
- net profit, FY25–FY26
- The gap
- -0.3 pp
- 366% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Oswal Pumps Limited
Guides on how to read this kind of business and the numbers that matter.