Oswal Pumps Strengthens Solar Growth Strategy With 72 MW EPC Order Book And 359 MW Pipeline In Q1 FY2026-27

Oswal Pumps Limited, a Karnal, Haryana-based manufacturer of solar pumps, electric motors and renewable energy solutions, reported a mixed financial performance for the first quarter of FY2026-27, with lower revenue and profitability amid competitive pricing in the solar pump market.

The company’s Board of Directors approved its unaudited financial results for Q1 FY27 on August 8, 2026. Oswal Pumps reported total income of ₹4,817 million, down 6.5% from ₹5,150 million in Q1 FY26 and 6.8% from ₹5,167 million in Q4 FY26.

The decline was accompanied by pressure on margins. EBITDA stood at ₹825 million, with an EBITDA margin of 17.1%, compared with 27.5% in the year-ago quarter and 24.2% in the previous quarter. Profit after tax attributable to parent owners fell to ₹538 million from ₹947 million in Q1 FY26, while the PAT margin declined to 11.2% from 18.4%. Diluted EPS stood at ₹4.86, compared with ₹8.54 a year earlier.

According to Chairman and Managing Director Vivek Gupta, intense competition in government solar pump tenders was a key factor behind the margin contraction. Aggressive bidding under Maharashtra’s Magel Tyala Saur Krushi Pump Yojana resulted in a 9% reduction in realisations. Higher employee costs, including annual increments and senior-level hiring, along with negative operating leverage, also affected profitability.

Despite these challenges, Oswal Pumps is strengthening its position across India’s growing solar irrigation and distributed solar market. The company currently has an active order book of 22,025 pumps, while its near-term pipeline includes 12,500 pumps from PM KUSUM, Magel Tyala and export markets.

The company is also evaluating opportunities under the Jal Jeevan Mission, with potential demand estimated at around 42,000 pumps. These opportunities could support the expansion of solar-powered water pumping solutions, particularly in rural and agricultural applications.

Beyond solar pumps, Oswal Pumps is diversifying into commercial, industrial, utility-scale and rooftop solar EPC projects. Its current solar EPC order book stands at 72 MW, with a larger pipeline of 359 MW.

The expansion into solar EPC is expected to provide an additional growth avenue as the company seeks to reduce its dependence on government-led solar pump programmes. With India continuing to expand solar irrigation, rooftop solar and utility-scale renewable capacity, Oswal Pumps is positioning itself across multiple segments of the solar value chain while managing near-term pricing and execution challenges.