Oswal Pumps Reports Q2 FY27 Revenue Growth As 1.2 GW TopCon Solar Cell Plant Plans Advance

Oswal Pumps Limited has reported steady sequential growth in revenue for the second quarter of FY2026-27, supported by continued execution of its solar pump order book and expansion into new solar business segments. However, the company faced pressure on profitability due to rising raw material prices, higher employee expenses, and increased project-related operating costs.

For the quarter ended September 2026, the company reported total income of ₹5,118 million, registering a 6.2% increase compared to the previous quarter. Revenue from operations grew 6.9% sequentially to ₹5,063 million, reflecting steady business activity and execution of orders in a competitive market. The company’s performance was supported by demand for solar-powered irrigation solutions and ongoing projects under government-led programmes.

Despite the improvement in revenue, profitability remained under pressure during the quarter. Oswal Pumps reported EBITDA of ₹628 million, with an EBITDA margin of 12.3%. Profit After Tax (PAT) stood at ₹396 million, translating into a PAT margin of 7.7%. The decline in margins was primarily attributed to increasing costs of key raw materials, including aluminium, glass, copper, zinc, and steel. Higher employee expenses and project-related operating costs also affected operating performance.

Managing Director Vivek Gupta stated that rising input prices and additional operating expenses had created pressure on margins. The management is focusing on improving operational efficiency, controlling costs, and strengthening the company’s business model to support future growth.

As part of its long-term expansion strategy, Oswal Pumps is strengthening its backward integration capabilities through its subsidiary, Oswal Solar Energy Private Limited. The company plans to establish a 1.2 GW TOPCon solar cell manufacturing facility in Karnal, Haryana. The proposed project involves an estimated investment of ₹4,558.5 million and will be financed through a combination of debt and the reallocation of unutilized IPO proceeds, subject to shareholder approval.

The proposed manufacturing facility is expected to meet approximately 75% of the subsidiary’s solar cell requirements using Domestic Content Requirement (DCR)-compliant cells. This initiative is aimed at reducing dependence on external suppliers, improving supply chain control, and strengthening the company’s position in the domestic solar manufacturing market.

Alongside its traditional solar pump business, the company is expanding into Rooftop Solar, Utility-Scale Solar, and Commercial and Industrial (C&I) solar EPC segments. Its combined order book across these businesses has reached approximately 143 MW, supported by an additional project pipeline of 168 MW. In its core pump business, the company reported a strong order book of 9,487 pumps, with a near-term pipeline of around 10,000 pumps.

For the first half of FY2026-27, Oswal Pumps recorded total income of ₹9,934 million, EBITDA of ₹1,453 million, and PAT of ₹935 million.

Going forward, the company plans to focus on disciplined order execution, cost optimization, manufacturing integration, and business diversification. Its investments in solar cell manufacturing and expansion into new solar segments are expected to strengthen its operations and support sustainable growth over the long term.