Oswal Pumps Limited reported a 6.9% sequential increase in revenue from operations to ₹5,063 million in the second quarter of FY2026-27, supported by solar pump order execution and expansion across solar business segments. However, rising raw material prices and higher operating expenses weighed on profitability during the quarter.
For the quarter ended September 2026, the company recorded total income of ₹5,118 million, up 6.2% from the previous quarter. Revenue growth was driven by continued demand for solar-powered irrigation solutions and execution of projects under government-led programmes.
Oswal Pumps reported EBITDA of ₹628 million during the quarter, with an EBITDA margin of 12.3%. Profit After Tax (PAT) stood at ₹396 million, translating into a margin of 7.7%. Profitability was affected by higher prices of aluminium, glass, copper, zinc and steel, alongside increased employee expenses and project-related operating costs.
Managing Director Vivek Gupta said rising input costs and additional operating expenses had put pressure on margins. The company is focusing on operational efficiency, cost control and strengthening its business model to support future growth.
Oswal Pumps Plans 1.2 GW TOPCon Solar Cell Manufacturing Facility
As part of its expansion and backward integration strategy, Oswal Pumps plans to establish a 1.2 GW TOPCon solar cell manufacturing facility in Karnal, Haryana, through its subsidiary Oswal Solar Energy Private Limited.
The proposed facility involves an investment of approximately ₹4,558.5 million and will be financed through a combination of debt and reallocation of unutilised IPO proceeds, subject to shareholder approval.
The manufacturing plant is expected to fulfil around 75% of the subsidiary’s solar cell requirements using Domestic Content Requirement (DCR)-compliant cells. The initiative is aimed at reducing dependence on external suppliers, strengthening supply chain control and improving the company’s position in India’s domestic solar manufacturing market.
Solar EPC Business Expansion
Oswal Pumps is also expanding beyond its core solar pump business into rooftop solar, utility-scale solar and Commercial and Industrial (C&I) solar EPC segments.
The company’s combined order book across these solar businesses stood at approximately 143 MW, supported by an additional project pipeline of 168 MW. In its core pump business, Oswal Pumps reported an order book of 9,487 pumps, alongside a near-term pipeline of approximately 10,000 pumps.
H1 FY27 Financial Performance
For the first half of FY2026-27, Oswal Pumps reported total income of ₹9,934 million, EBITDA of ₹1,453 million and PAT of ₹935 million.
Going forward, the company plans to prioritise order execution, cost optimisation, manufacturing integration and business diversification. Its proposed solar cell manufacturing investment and expansion into solar EPC segments are expected to strengthen operational capabilities and support long-term growth.
Electrify your feed! Click here to join our Whatsapp group and to get the latest updates, expert insights, and innovations driving India’s energy storage revolution.
