Oswal Pumps Ltd

Q1 FY27Industrial Products

Oswal Pumps Ltd Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹299

Market cap₹3.7K Cr

P/E9.9

Updated25 Aug 2026

Read5 min read

What the Q1 FY27 call signalled

4 of 4 strong

RevenueRank 2

MarginRank 2

CapexYes

Order bookYes

Not discussed on this call: fundraise.

The short version

Oswal Pumps targets 20%-25% revenue growth in FY27, with significant back-ended growth expected in the second half of the year. - Q1 FY27 revenue was around INR470 crores, mainly from pumping business, with negligible contribution from PM Surya Ghar; contribution expected from Q2 onwards. - PM Surya Ghar scheme revenue is projected to be INR800-1,000 crores in FY27. - The company plans to supply around 2 lakh solar rooftop homes generating revenue of INR800-1,000 crores in FY27. - Order book includes approx. Oswal Pumps projects a revenue growth of 20%–25% for FY27, with Q2 expected to see 10%–15% year-on-year growth.

From Oswal Pumps Ltd's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Rank 2

Oswal Pumps targets 20%-25% revenue growth in FY27, with significant back-ended growth expected in the second half of the year.
Q1 FY27 revenue was around INR470 crores, mainly from pumping business, with negligible contribution from PM Surya Ghar; contribution expected from Q2 onwards.
PM Surya Ghar scheme revenue is projected to be INR800-1,000 crores in FY27.
The company plans to supply around 2 lakh solar rooftop homes generating revenue of INR800-1,000 crores in FY27.
Order book includes approx. 22,000 pumps secured, with ~12,500 related to PM KUSUM and similar state initiatives.
Future medium-term growth is targeted at 30%-40% as execution across multiple projects accelerates.
Diversification into wires & cables and solar channel sales is anticipated to add moderate revenue growth.
Volumes in Q1 were 43,000 pumps; target growth supported by orders and bids in pipeline.

Profitability & Margins

Oswal Pumps projects a revenue growth of 20%–25% for FY27, with Q2 expected to see 10%–15% year-on-year growth.
Medium-term growth targets are more ambitious at 30%–40% as multiple execution fronts ramp up.
Operating EBITDA margin guidance for FY27 is 15%–17%, with PAT margin expected between 11%–13%.
Margins, currently pressured by aggressive bidding and geopolitical raw material cost increases, are expected to improve with the launch of PM KUSUM 2.0 and better supply scenarios.
The company is diversifying into solar channel sales and EPC business, which should contribute to stable and potentially higher margins.
The management expects recovery in profitability post FY27, with growth driven largely by solar home systems and pumping projects execution.
Retail investors are advised that current challenges are temporary, and fundamentals remain strong with positive future outlook.

See what Oswal Pumps Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Oswal Pumps is progressing with a 1.5 GW solar module expansion, with approximately INR 200 crores capex in the latest quarter.
Commercial production of the 1 GW solar module phase is expected by early to mid-September FY27.
Pump and motor plant capacity expansion and automation capex is expected to be completed by Q3 FY27.
Remaining solar module plant expansion is progressing as planned, with phase one (1 GW capacity) to finish by end of Q2 FY27.
The company is leveraging existing in-house wire and cable manufacturing capacity to boost revenue without significant new capex.
No major fresh capex beyond these ongoing projects has been indicated; these investments align with growth and diversification strategies in renewable energy segments.

Top-ranked in Industrial Products

Ranked on what management guided this quarter

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4₹1.1K Cr

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

There is no explicit mention of any current or future fundraising plans through debt or equity in the provided document.
The company is progressing with capital expenditure plans funded through IPO proceeds, including a 1.5 GW solar module expansion and pump/motor plant capacity expansion, indicating utilization of existing funds rather than seeking new funding.
Net debt stood at INR266 crores as of June 30, 2026, with a comfortable net debt-to-equity ratio of 0.15x and net debt to operating EBITDA of 0.90x, suggesting manageable leverage.
No announcements or guidance point towards fresh equity or debt raises during FY27.
The focus appears to be on operational efficiency, revenue growth, and disciplined execution using existing resources and internal accruals.

See what Oswal Pumps Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Yes

Current pump order book stands at 22,025 pumps as of Q1 FY27.
Near-term pipeline includes approximately 12,500 pumps across:
- Direct PM KUSUM
- Magel Tyala
- Indirect PM KUSUM
- Export orders.
Rooftop solar, utility, and commercial/industrial solar EPC order book at approximately 72 MW.
Wider pipeline of 359 MW in solar EPC segment.
Orders secured for around 22,000 pumps, with 12,500 specifically for PM KUSUM-related pumping systems (including Magel Tyala scheme).
Magel Tyala T6 tender floated, bid submitted, results expected within 7-10 days.
For FY27, confident of 20-25% revenue growth driven by these orders and additional bids.
Channel sales for solar and wires & cables segment also contributing to order inflows.

Oswal Pumps Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹510 Cr, net profit ₹93 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Oswal Pumps Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Oswal Pumps Ltd Q1 FY27 results?

What is Oswal Pumps Ltd share price analysis?

Oswal Pumps Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 9.9 with a market cap of ₹3,719 Cr. Investors should review the full earnings analysis for detailed insights.

Is Oswal Pumps Ltd planning capital expenditure?

Oswal Pumps is progressing with a 1.5 GW solar module expansion, with approximately INR 200 crores capex in the latest quarter.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.