OSWALPUMPS
Micro CapOswal Pumps Limited
IT
Oswal Pumps is a vertically integrated provider of solar pumping systems, manufacturing pumps, motors, solar panels, and BoS kits. The company is diversifying beyond government-driven solar irrigation into Rooftop Solar, Utility, and Commercial & Industrial (C&I) Solar projects to broaden its addressable market and reduce single-scheme dependency.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 67/100Rev +40% YoY · PAT +45% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹510 Cr | +39.7% | +1.8% |
| EBITDA | ₹118 Cr | +19.2% | -7.1% |
| Operating margin | 23.0% | -400 bps | -200 bps |
| PAT | ₹93 Cr | +45.3% | +1.1% |
| PAT margin | 18.2% | +71 bps | -12 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 Operating Income hit a record ₹20,644 mn, up 44.3% YoY, with PAT at ₹3,763 mn, up 34.1% YoY. Q4 FY26 saw strong YoY growth in income and PAT, but sequential operating EBITDA margins moderated to 23.2% due to competitive pricing and input costs.
Oswal Pumps delivered record FY26 financials, driven by government schemes. While Q4 margins faced pressure, management is addressing this. Strategic diversification into rooftop, utility, and C&I solar, coupled with a robust order book and anticipated PM KUSUM 2.0, supports continued growth. Improved operating cash flow is a positive.
PM KUSUM 2.0
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.
Rooftop Solar Segment
FY26 marked our entry into the rooftop solar segment through the first order under PM Surya Ghar: Muft Bijli Yojana. We have built a healthy pipeline of 300 MW across Rooftop Solar.
Utility and C&I Solar Projects
Proactively diversifying beyond government-driven solar irrigation into Rooftop Solar, Utility and Commercial & Industrial (C&I) Solar projects.
Robust Order Book
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.
Solar Module Manufacturing Capacity
Operates two manufacturing facilities: Solar Modules: 570MW capacity.
New Manufacturing Units
Investment in our wholly-owned subsidiary, Oswal Solar, for funding the setting up of new manufacturing units at Karnal, Haryana.
Government Support for Solar Irrigation
Consistent and large-scale execution under PM KUSUM and state government schemes, reinforcing our leadership in solar-powered irrigation solutions.
PM Surya Ghar: Muft Bijli Yojana
A flagship Government of India program (~₹75,000 crore outlay) aimed at enabling rooftop solar adoption across 1 crore households.
India's Clean Energy Transition
India's clean energy tailwind together create a compelling platform for sustained value creation.
Competitive Tender Pricing
Sequential moderation in Q4 margins reflects competitive tender pricing.
Input Cost Pressures
Input cost pressures from prevailing geopolitical uncertainties.
Delays in State Nodal Agency Payments
Increase in the receivable cycle is primarily attributable to delays in payments from state nodal agencies.
Working Capital Management
Cash Flow from Operations improved from negative ₹1,421 million in FY25 to negative ₹771 million in FY26, reflecting stronger working capital discipline.
Dependency on Government Schemes
Proactively diversifying beyond government-driven solar irrigation... reducing single-scheme dependency.
Receivable Cycle
The increase in the receivable cycle is primarily attributable to delays in payments from state nodal agencies.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall annual growth and the impact of seasonal government schemes. QoQ comparison is important for tracking sequential momentum, margin trends, and the immediate impact of competitive pressures and cost management efforts.
Total Solar and Non-Solar Pumps Supplied
Total solar and non-solar pumps (E) + (H) FY26: 1,80,908 units, up from 1,57,545 units in FY25.
Total Solar Pumps Supplied
Total solar pumps supplied E = (A + B + C + D) FY26: 87,323 units, up from 71,167 units in FY25.
Operating Income (Revenue from Operations)
FY26 Operating Income reached ₹20,644 million, the highest in the Company's history, representing a robust YoY growth of 44.3%.
Operating EBITDA Margin
Operating EBITDA for Q4 FY26 stood at ₹1,181 million with a margin of 23.2%. For the full year, Operating EBITDA grew 22.4% YoY to ₹5,139 million with a healthy margin of 24.9%.
Diversification Strategy
Proactively diversifying beyond government-driven solar irrigation into Rooftop Solar, Utility and Commercial & Industrial (C&I) Solar projects.
Cost Optimization Initiatives
Headwinds we are proactively addressing through structured value-engineering and cost optimization initiatives.
PM KUSUM 2.0 Outlook
Expect PM KUSUM 2.0 to scale meaningfully in FY27 and represents a significant incremental opportunity.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA Margin | Q4 FY26: 23.2%, FY26: 24.9% | Stabilization or improvement from Q4 moderation, indicating success of cost optimization and pricing strategies. |
| Cash Conversion Cycle | 172 days (Mar'26) | Reduction in receivable days and overall cycle, indicating improved collections efficiency and lower interest costs. |
| New Solar Segment Pipeline Conversion | 300 MW across Rooftop Solar, Utility, and C&I Solar projects. | Conversion of pipeline into firm orders and revenue contribution from these new segments. |
| PM KUSUM 2.0 Rollout | Anticipated rollout in FY27. | Official announcements and order inflows related to PM KUSUM 2.0 to assess its scale and impact. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +17.8% / mo
Technical chart
OSWALPUMPSweekly · 5Y-35.8%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 57.
- SMA20 rising (~15.1% over last month) — short-term momentum positive.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 55% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 66.2%.
- Growth contributes 24/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 22/30; verify the latest quarterly trend.
- Quality is weaker at 16/20; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 67th percentile within IT. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 75.7%. Key concern: Operating cash flow is negative at ₹-77 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 67th pctile, median 68 · Micro: 60th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75.7%.
- ▸Promoter pledge is zero.
- ▸ROCE is 38.2%.
- ▸5/5 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-77 Cr.
- ▸ROCE trend is -25.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 12.00
- P/B
- 2.68
- EV/EBITDA
- 8.99
- Market Cap
- 4530.00Cr
Profitability
- ROE
- 35.20%
- ROCE
- 38.20%
- ROA
- 17.52%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 50.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 75.00%
- EPS 3Y
- 123.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 14.69×
- Altman Z
- 8.70
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -77.00 Cr
- EPS TTM
- 33.01
Shareholding
- Promoter Hold
- 75.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.