Oswal Pumps

Listed EPC / O&M — per-stock model.

As of 21 Aug 2026

EPC / O&M—

CMP ₹300NSE: OSWALPUMPS

Latest concall

Q4 FY26 · 18 May 2026

FY26 rev ₹2,064cr +44%, PAT ₹376cr +34%; Q4 rev ₹510cr, PAT ₹92cr.
Order book ~19,912 pumps (24,500+ incl. schemes/exports); pipeline >25,000.
Diversifying into rooftop/C&I/utility solar EPC — 300 MW pipeline; first PM Surya Ghar order.
Receivables rose sharply during large-scale PM-KUSUM execution ramp.

Order-book execution

~20,000-pump book executes over ~12 months; H1 FY27 soft, recovery on fresh scheme awards.

Management guidance

FY27 growth targeted 20-25%; EBITDA margin 22-23%, PAT margin 15-16%.
H1 FY27 revenue may dip on award/execution timing; ramp on PM-KUSUM 2.0.
Prepared to scale execution quickly once PM-KUSUM 2.0 orders confirmed.

Oswal Pumps Q4 FY26 concall, May 18 2026; ScanX, Construction World, SaurEnergy, GuruFocus, TradeBrains

Revenue FY26E

2,064₹ cr

EBITDA margin

25%

P/E

10.1×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY22	360	39	11.0%	17	—	—	—	—	—	28.9	—
FY23	385	58	15.0%	34	—	—	—	—	—	58.4	—
FY24	759	153	20.0%	98	—	—	—	—	—	166.9	—
FY25	1,430	420	29.0%	281	—	—	—	—	—	28.2	—
FY26	2,064	514	25.0%	376	—	—	—	—	—	33.0	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY24	230	45	20.0%	29	12.6%
Q1FY25	376	101	27.0%	71	18.9%
Q2FY25	310	101	33.0%	66	21.3%
Q3FY25	380	118	31.0%	80	21.1%
Q4FY25	365	99	27.0%	64	17.5%
Q1FY26	514	141	27.0%	95	18.5%
Q2FY26	540	128	24.0%	98	18.1%
Q3FY26	501	127	25.0%	92	18.4%
Q4FY26	510	118	23.0%	93	18.2%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

10.1×

EV / EBITDA

8.2×

P/B

2.0×

Operating metrics

What the rest of the dashboard tracks for Oswal Pumps — capacity, auctions, offtake, manufacturing and returns.

Policy exposure

Schemes whose impact note names this company

Policy

PM-KUSUMAgriActive
The core order book for solar-pump makers — Shakti Pumps, Oswal Pumps, Tata Power — and feeds EPCs building the decentralised farm plants.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026