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Oswal Pumps Results: Latest Quarterly Results & Analysis

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Oswal Pumps Ltd. 18 May 2026 15:17 PM
Result PDF

Q4FY26 & FY26 Result Announced for Oswal Pumps Ltd.

Compressors & Pumps company Oswal Pumps announced Q4FY26 & FY26 results

Standalone Financial Highlights:

  • Revenue from Operations:
    • For Q4FY26, the revenue stood at Rs 4,197.63 million representing a QoQ decrease of 6.24% compared to Rs 4,477.17 million in Q3FY26, and a YoY increase of 49.81% compared to Rs 2,802.04 million in Q4FY25.
    • For the full year FY26, the revenue was Rs 17,962.76 million compared to Rs 12,716.51 million in FY25, marking a YoY growth of 41.26%.
  • Total Income:
    • The total income for Q4FY26 was Rs 4,238.22 million, a QoQ decline of 5.74% from Rs 4,496.23 million in Q3FY26, but a YoY increase of 51.05% from Rs 2,805.75 million in Q4FY25.
    • For FY26, the total income reached Rs 18,059.47 million, up by 41.76% YoY from Rs 12,739.66 million in FY25.
  • Net Profit:
    • Net profit for Q4FY26 was Rs 622.63 million, reflecting a QoQ decrease of 10.32% compared to Rs 694.31 million in Q3FY26, and a YoY increase of 28.87% compared to Rs 483.16 million in Q4FY25.
    • For the full year FY26, the net profit stood at Rs 2,815.07 million, representing a YoY growth of 21.92% compared to Rs 2,308.93 million in FY25.
  • Earnings Per Share (EPS):
    • Basic EPS for Q4FY26 was Rs 5.62, compared to Rs 6.25 in Q3FY26 and Rs 4.86 in Q4FY25.
    • For FY26, basic EPS was Rs 25.40, up from Rs 23.21 in FY25.

Consolidated Financial Highlights:

  • Revenue from Operations:
    • For Q4FY26, the consolidated revenue was Rs 5,097.37 million, representing a QoQ increase of 1.73% compared to Rs 5,010.70 million in Q3FY26, and a YoY increase of 39.79% compared to Rs 3,646.36 million in Q4FY25.
    • For the full year FY26, revenue reached Rs 20,643.89 million, a YoY increase of 44.33% from Rs 14,303.07 million in FY25.
  • Total Income:
    • Total income for Q4FY26 stood at Rs 5,166.72 million, a QoQ increase of 1.76% from Rs 5,077.20 million in Q3FY26, and a YoY increase of 41.33% from Rs 3,655.79 million in Q4FY25.
    • For FY26, total income was Rs 20,859.05 million, up by 45.57% YoY from Rs 14,329.23 million in FY25.
  • Net Profit:
    • Net profit for the period/year (attributable to owners) for Q4FY26 was Rs 918.73 million, a QoQ increase of 1.27% compared to Rs 907.24 million in Q3FY26, and a YoY increase of 46.01% compared to Rs 629.17 million in Q4FY25.
    • For the full year FY26, the consolidated net profit stood at Rs 3,728.96 million, reflecting a YoY growth of 33.79% compared to Rs 2,787.13 million in FY25.
  • Earnings Per Share (EPS):
    • Basic EPS for Q4FY26 was Rs 8.55, compared to Rs 8.26 in Q3FY26 and Rs 6.42 in Q4FY25.
  • For FY26, basic EPS reached Rs 34.76, up from Rs 28.21 in FY25.

Business Highlights:

  • Segment Performance: The company operates within one broad business segment, namely "Various types of Solar panels, Pumps & Motors." Substantially all sales of the products are within India, and there are no separate reportable segments under Ind AS 108.
  • Initial Public Offering (IPO): The company completed its IPO of 22,595,114 equity shares at an issue price of Rs 614 per share (including a premium of Rs 613 per share). The shares were listed on the NSE and BSE on June 20, 2025. The fresh issue component aggregated to Rs 8,900.00 million.
  • Utilization of IPO Proceeds: As of March 31, 2026, out of the planned Rs 8,415.14 million actual net proceeds, the company has utilized Rs 5,701.73 million. Key utilizations include Rs 2,800.00 million for repayment/pre-payment of borrowings and Rs 684.02 million for investment in the wholly-owned subsidiary, Oswal Solar Energy Private Limited. An unutilized amount of Rs 2,713.41 million has been temporarily deployed in fixed deposits and public issue bank accounts.
  • Shareholding in Associates: The holding company acquired a 38.50% equity stake in M/s Walso Solar Solution Private Limited on June 20, 2024, making it an associate company.
  • Employee Stock Option Plan (ESOP): The company recognized an expense of Rs 17.65 million for the year ended March 31, 2026, in accordance with Ind AS 102 "Share Based Payments" on the grant of 85,313 ESOPs.
  • Subsidiaries: The consolidated results include wholly-owned subsidiaries Oswal Solar Energy Private Limited and Oswal Green Industries Private Limited.

Vivek Gupta, Chairman and Managing Director, Oswal Pumps, said: “It gives me immense pleasure to report a landmark year for the Company. FY26 Total Income reached Rs 20,859 million, the highest in the Company's history, representing a robust YoY growth of 45.6%. Q4 FY26 Total Income stood at Rs 5,167 million, reflecting a strong YoY growth of 41.3%, driven by consistent and large-scale execution under PM KUSUM and state government schemes, reinforcing our leadership in solar-powered irrigation solutions.

EBITDA for Q4 FY26 stood at Rs 1,250 million with a margin of 24.2%. For the full year, EBITDA grew 26.7% YoY to Rs 5,354 million with a healthy margin of 25.7%. The sequential moderation in Q4 margins reflects competitive tender pricing and input cost pressures from prevailing geopolitical uncertainties, headwinds we are proactively addressing through structured value engineering and cost optimization initiatives.

FY26 also marked a historic milestone in profitability, with PAT reaching Rs 3,763 million, the highest ever recorded, representing a YoY growth of 34.1%. Q4 FY26 PAT stood at Rs 925 million, a YoY increase of 44.8%, with PAT margins of 17.9% for Q4 and 18.0% for the full year.

Cash Flow from Operations improved from negative Rs 1,421 million in FY25 to negative Rs 771 million in FY26, reflecting stronger working capital discipline and improved collections efficiency. Notably, collections exceeding Rs 1,164 million received on April 2, 2026, alone effectively turned the full year operating cash flow position positive to Rs 393 million, underscoring the strong underlying cash generation capability of the business. Reinforcing this trend, Operating Cash Flow for Q4 FY26 turned decisively positive, clocking a healthy Rs 1,706 million.

The Company continues to maintain a robust order book of over 19,912 pumps across direct PM KUSUM, Magel Tyala, indirect PM KUSUM, and export orders, complemented by a near-term pipeline exceeding 25,000 pumps. We are also closely tracking the anticipated rollout of PM KUSUM 2.0, which we expect to scale meaningfully in FY27 and represents a significant incremental opportunity.

As part of our long-term growth strategy, the Company is proactively diversifying beyond government-driven solar irrigation into Rooftop Solar, Utility and Commercial & Industrial (C&I) Solar EPC projects, reducing single-scheme dependency and broadening its addressable market. FY26 marked our entry into the rooftop solar segment through the first order under PM Surya Ghar: Muft Bijli Yojana. As of date, we have built a healthy pipeline of 300 MW across Rooftop Solar, Utility, and C&I Solar EPC opportunities, reflecting growing market traction and reinforcing the scalability of these verticals.

With a strong foundation in solar-powered irrigation, a growing presence across renewable energy segments, and a proven ability to execute at scale, the Company enters into its next phase of growth from a position of considerable strength. Ongoing capacity expansions, a diversifying revenue mix, and India's clean energy tailwind together create a compelling platform for sustained value creation for our farmers, our communities, and our shareholders."

Result PDF

Result PDF

Compressors & Pumps company Oswal Pumps announced Q3FY26 results

  • Total income of Rs 5,077 million in Q3FY26, registering a growth of 33.4% YoY.
  • EBITDA of Rs 1,337 million in Q3FY26, growing 12.2% YoY. EBITDA Margin was at 26.3%.
  • PAT of Rs 916 million in Q3FY26, up 13.9% YoY and PAT Margin was at 18.0%.
  • Diluted EPS stood at Rs 8.25 in Q3FY26 as against Rs 8.08 in Q3FY25.

Vivek Gupta, Chairman & Managing Director, Oswal Pumps, said: “We are pleased to report Total Income of Rs 5,077 million in Q3FY26 and Rs 15,692 million in 9MFY26, representing YoY growth of 33.4% and 47.0%, respectively. This strong performance was primarily driven by the consistent execution of projects under the PM KUSUM scheme.

EBITDA for Q3FY26 stood at Rs 1,337 million, translating into an EBITDA margin of 26.3%, reflecting a sequential improvement of 166 bps. For the nine months ended FY26, Operating EBITDA amounted to Rs 4,104 million, with a margin of 26.2%. While the Company faced recent margin pressures, primarily due to competitive tender pricing, it successfully expanded margins on a quarter-on-quarter basis, driven by ongoing value-engineering initiatives. These efforts are expected to support margin resilience over the medium term.

Profit Before Tax (PBT) for Q3FY26 was Rs 1,192 million, with a margin of 23.5%, while PBT for 9MFY26 stood at Rs 3,707 million, with a margin of 23.6%. These figures also include the exceptional labour code impact of Rs 18.92 million. Excluding this item, PBT for Q3FY26 would have been Rs 1,211 million with a YoY growth of 16.0% and margin of 23.8%, and PBT for 9MFY26 would have been Rs 3,726 million with a YoY growth of 30.5% and margin of 23.7%.

Profit After Tax (PAT) for Q3FY26 was Rs 916 million and Rs 2,837 million for 9MFY26, reflecting YoY growth of 13.9% and 30.9%, respectively. PAT margins stood at 18.0% in Q3FY26 and 18.1% in 9MFY26.

The Company continues to strengthen its order book, supported by government-backed solar irrigation programs. Looking ahead, we maintain a robust order book of over 24,500 pumps, comprising direct PM-KUSUM, Magel Tyala, indirect PM-KUSUM, and export orders. In addition, we have a strong near-term pipeline exceeding 25,000 pumps.

This sustained focus by the Government on expanding solarisation initiatives and promoting renewable-powered irrigation is expected to further accelerate the structural shift toward solar-powered irrigation, driving scalable and predictable demand for energy-efficient pumping solutions. Supported by proposed manufacturing capacity expansions and a proven execution track record, the Company is well positioned to translate these policy tailwinds into meaningful on-ground outcomes empowering farmers while advancing India’s clean energy objectives.”

Result PDF

Compressors & Pumps company Oswal Pumps announced Q2FY26 results

  • Total income of Rs 5,465 million in Q2FY26, registering a growth of 75.8% YoY.
  • EBITDA of Rs 1,348 million in Q2FY26, growing 32.6% YoY. EBITDA Margin was at 24.7%.
  • PAT of Rs 975 million in Q2FY26, up 48.3% YoY and PAT Margin was at 17.8%.
  • Diluted EPS stood at Rs 8.43 in Q2FY26 as against Rs 6.57 in Q2FY25.

Vivek Gupta, Chairman & Managing Director, Oswal Pumps, said: “We are pleased to report Total Income of Rs 5,465 million, reflecting a 75.8% YoY increase and 6.1% QoQ growth. This sustained momentum was primarily driven by the continued execution of our PM Kusum and Magel Tyala orders.

Our EBITDA margin for the quarter stood at 24.7% while our operating EBITDA margin stood at 23.7%, reflecting a QoQ decline of 368 bps. The primary reason was reduction in PM Kusum and Magel Tyala tender rates, which fell by an average of 7.5%, impacting over 80% of our core revenue. In addition, certain one-time factors contributed to margin pressure, including approximately Rs 400 million of module sales at significantly lower margins compared to complete pumping systems, and a one-time expense of Rs 25 million related to increasing the authorised capital of our subsidiary. These factors together caused an estimated 180 bps decline in operating EBITDA margins, which we expect to recover in Q3FY26.

Overall, these elements resulted in an Operating EBITDA margin compression of over 6.5%. However, through proactive value engineering initiatives and operational efficiencies, we were able to mitigate the impact by 285 bps. These actions reinforce our ability to navigate pricing pressures and protect profitability, while positioning the business for a stronger margin profile going forward.

While the rate revision continues to put pressure on margins, we are progressing towards the completion of several key backward integration and value engineering projects, which will positively impact our operating profitability by another 1% by Q4FY26.

Profit After Tax (PAT) for Q2FY26 was Rs 975 million, marking a 48.3% YoY and 3.0% QoQ increase, with a healthy PAT margin of 17.8%.

Looking ahead, we have a strong order book exceeding 18,800 pumps consisting of direct PM Kusum, indirect PM Kusum and export orders and a pipeline of over 30,000 pumps across major states including Maharashtra, Haryana, Karnataka and Madhya Pradesh. These orders, along with the robust pipeline position us well to achieve our FY26 targets. Additionally, we anticipate the launch of PM Kusum 2.0 before the end of this fiscal. Given our integrated business model and strong execution capabilities, we are well placed to leverage the opportunities that will arise from this upcoming program.

Separately, we propose shifting the Solar Module Expansion Project to a land parcel adjacent to our existing plant, as it offers a larger area, superior logistics, better manpower utilization, and the ability to leverage existing R&D and administrative infrastructure. This change is expected to improve operational efficiencies and costs, provide stronger long-term value, while all other elements of the object clause remain unchanged. Overall this will be value accretive to all the stakeholders and for which we will seek shareholders approval.”

Result PDF

Compressors & Pumps company Oswal Pumps announced Q1FY26 results

  • Total Income grew by 37.0% YoY and 40.9% QOQ to Rs 5,150 million in Q1FY26.
  • EBITDA for the quarter grew by 39.2% YoY and 42.2% QoQ to Rs 1,419 million in Q1FY26, resulting in an EBITDA Margin of 27.5%.
  • Profit After Tax (PAT) for Q1FY26 reached Rs 947 million, reflecting a growth of 34.2% YoY and 48.2% QoQ, with a PAT Margin of 18.4%.
  • Return on Net Worth (RoNW) and Return on Capital Employed (RoCE) remains strong at 41.6% and 50.6%, respectively.
  • Diluted EPS stood at Rs 8.54 in Q1FY26 as against Rs 7.08 in Q1FY25.

Vivek Gupta, Chairman and Managing Director, Oswal Pumps, said: “On behalf of the management team at Oswal Pumps Limited, I would like to sincerely thank the entire investment community for the overwhelming response to our IPO. We are deeply honored by the trust and confidence you have shown in us. Your support motivates us to strive harder and strengthens our resolve to fulfill our commitments and surpass expectations.

We are pleased to announce that the company has achieved its highest-ever quarterly Total Income, EBITDA, and Profit After Tax (PAT).

Total Income grew by 37.0% year-over-year and 40.9% quarter-over-quarter to Rs 5,150 million in Q1FY26.

EBITDA for the quarter grew by 39.2% YoY and 42.2% QoQ to Rs 1,419 million in Q1FY26, resulting in an EBITDA Margin of 27.5%.

Profit After Tax (PAT) for Q1FY26 reached Rs 947 million, reflecting a growth of 34.2% YoY and 48.2% QoQ, with a PAT Margin of 18.4%.

Despite the capital infusion, the Company’s Return on Net Worth (RoNW) and Return on Capital Employed (RoCE) remains strong at 41.6% and 50.6%, respectively.

As of June 30, 2025, we successfully executed 48,915 Turnkey Solar Pumping System orders directly under the PMKUSUM Scheme. Considering both direct and indirect supplies under the scheme, Oswal Pumps’s Live-to-Date market share was at 31%.

As of July 31, 2025 we had an order book of 29,961 pumps. With the government actively advancing the rollout of the PM-KUSUM scheme, we anticipate strong order inflows in the coming quarters as well.

Given our current order backlog and the favourable industry tailwinds, we are confident to continue the growth momentum and achieve revenue growth in the range of 50–60% in the current fiscal, and a sustained growth rate of 30–35% over the medium term.

The primary objectives of our IPO was to support capital expenditure and reduce outstanding borrowings. Out of the proceeds from the Fresh Issue of Rs 8,415.14 million, Rs 3,084.78 million has already been deployed toward these goals.”

Result PDF

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