Oswal Pumps Ltd. achieved a historic fiscal year in FY26, with operating income surging 44.3% YoY to ₹20,644 million. Driven by the PM KUSUM scheme and aggressive execution, the company reported its highest-ever PAT of ₹3,763 million, a 34.1% increase over the previous year. With a robust order book of over 19,912 pumps and a strategic diversification into rooftop solar, the company is well-positioned for sustained growth in the renewable energy sector.
Financial Performance Overview
Oswal Pumps reported strong growth across all metrics in FY26. The company’s operating income reached ₹20,644 million, while Operating EBITDA grew by 22.4% YoY to ₹5,139 million, maintaining a healthy margin of 24.9%. Profit after tax (PAT) for the full year reached ₹3,763 million, marking a historic milestone. In Q4 FY26 specifically, operating income climbed 39.8% YoY to ₹5,097 million, with PAT standing at ₹925 million.
Leadership in Solar Irrigation
The company maintains a dominant position as a turnkey provider for PM KUSUM solar-powered irrigation solutions. To date, the company has successfully supplied 1,06,122 solar pumping systems directly under the scheme. Currently, the firm holds a firm order book of over 19,912 pumps and a promising pipeline exceeding 25,000 pumps, underscoring strong demand and consistent execution capabilities.
Strategic Diversification into Rooftop Solar
Moving beyond government-driven irrigation, Oswal Pumps has entered the Rooftop Solar and C&I (Commercial & Industrial) solar segments. This strategy is designed to reduce dependency on single-scheme projects. A significant entry was marked through the PM Surya Ghar: Muft Bijli Yojana. The company has already built a pipeline of 300 MW across these new verticals, utilizing its 570 MW solar module manufacturing capacity to capture the growing demand in India’s renewable energy market.
Operational Efficiency and Capital Allocation
The company’s cash flow position has seen significant improvement, turning positive at ₹393 million for FY26 after accounting for major collections received in early April 2026. With total borrowings reduced to ₹2,253 million as of March 31, 2026, the company continues to maintain a solid balance sheet. IPO funds are actively being deployed, with significant investments directed toward new manufacturing units in Karnal, Haryana, to support long-term scalability.
Source: BSE
