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Oswal Pumps Results: Latest Quarterly Results & Analysis

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Oswal Pumps Ltd. 09 Feb 2026 15:34 PM
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Q3FY26 Quarterly Result Announced for Oswal Pumps Ltd.

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

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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