Oswal Pumps to Begin In-House Solar Inverter Production Within Six Months

Oswal Pumps is set to enter in-house solar inverter manufacturing, with commercial production expected to begin within the next six months as the company expands its presence across the solar value chain.

During its Q1 FY27 conference call, the firm further said that it has already developed a prototype solar inverter and plans to begin field testing within the next two months. The move is part of its strategy to strengthen vertical integration across its solar business, where it already manufactures solar modules, structures and balance of system components.

The company said that its solar module manufacturing expansion is also progressing as planned. The first phase involving 1 GW of additional module capacity is expected to commence commercial production in the first or second week of September 2026.

Oswal Pumps is simultaneously expanding its presence in the PM Surya Ghar rooftop solar programme through a dedicated business vertical. The company expects the PM Surya Ghar business to generate approximately INR 800 crore to INR 1,000 crore in revenue during FY27, although management expects its margins to remain below those of the PM-KUSUM solar pumping business.

The company said that its integrated manufacturing capabilities, including modules, structures, BOS and, going forward, inverters, will help it capture value across manufacturing, installation and EPC activities.

The inverter initiative comes as Oswal Pumps seeks to diversify beyond its traditional dependence on PM-KUSUM  Delays in PM-KUSUM 2.0 and aggressive bidding in government tenders have put pressure on realisations and margins, according to the firm.

Oswal Pumps currently has a 22,025-pump order book, along with a near term pipeline of around 12,500 pumps. Its solar EPC business has an order book of approximately 72 MW, supported by a broader pipeline of 359 MW across rooftop, utility scale and commercial and industrial solar projects.

Meanwhile, Oswal Pumps has recently secured a INR 78 crore order from North Bihar Power Distribution Company to develop 20 MW of grid connected rooftop solar projects for 18,089 consumers in Darbhanga Circle. Under the PM Surya Ghar Muft Bijli Yojana, 1.1 kW systems will be installed for each consumer under the CAPEX plus RESCO model. The projects must be commissioned within nine months of PPA execution. The scope includes engineering, installation, commissioning and 10 years of operations and maintenance.