Oswal Pumps Reports 6.9 Percent Sequential Revenue Growth in Q2 FY27

Oswal Pumps has recently announced its Q2 FY27 results. The Board of Directors of the company at its meeting held on November 12, 2026, took on record the unaudited Financial Results for the second quarter of Financial Year 2026-27.

Commenting on the results, Vivek Gupta, Chairman and Managing Director, Oswal Pumps, said, “The Company reported sequential growth in Q2 FY27, with Total Income increasing by 6.2 percent quarter-on-quarter to INR 5,118 million. Revenue from Operations increased by 6.9 percent quarter-on-quarter to INR 5,063 million, supported by steady execution of its solar pump order book despite a competitive pricing environment. EBITDA stood at INR 628 million, with a margin of 12.3 percent.

Operating EBITDA stood at INR 574 million, with a margin of 11.3 percent, while PAT stood at INR 396 million, translating into a margin of 7.7 percent.

Operating EBITDA margin reduced by 437 basis points quarter-on-quarter, primarily due to higher raw material costs and increased operating expenses. Higher raw material costs accounted for approximately 210 basis points of the decline, driven by an increase in aluminium frame, glass and copper prices, as well as higher zinc and steel costs at the company’s subsidiary, Walso Solar Solutions, particularly in relation to orders secured at earlier input cost levels. The remaining 227 basis points were attributable to higher employee costs associated with strengthening the company's workforce to support the scale-up of its Solar EPC business, increased project-related operating expenses, and higher debtors provisions resulting from the applicable accounting standard. Consequently, PAT margin declined by 343 basis points quarter-on-quarter to 7.7 percent, largely reflecting the decline in operating profitability.

The company's pump order book currently stands at 9,487 pumps, complemented by a near-term pipeline of approximately 10,000 pumps across direct PM-KUSUM, Magel Tyala, indirect PM-KUSUM and export opportunities, providing visibility on future execution.

Against the backdrop of delays in the rollout of PM-KUSUM 2.0, the company continues to strategically diversify its revenue streams beyond its core government-led solar irrigation business. It is actively expanding its presence across Rooftop Solar, Utility-Scale Solar and Commercial & Industrial (C&I) Solar EPC segments. The combined order book across these segments currently stands at approximately 143 MW, and a robust pipeline of 168 MW. This diversification is expected to broaden the Company's addressable market, strengthen its revenue base and create additional avenues for long-term growth.

Further strengthening its backward integration capabilities, Oswal Pumps, through its wholly owned subsidiary, Oswal Solar Energy, has announced plans to establish a 1.2 GW TOPCon solar cell manufacturing facility at Karnal, Haryana. The total project cost is estimated at approximately INR 4,558.5 million, of which INR 2,960.0 million is proposed to be funded through debt and INR 1598.5 million through the reallocation of unutilised IPO proceeds originally earmarked for the aluminium frame manufacturing facility, the remaining 300 MW EVA encapsulant capacity and the remaining 500 MW solar module capacity, subject to shareholders’ approval.

This strategic initiative is expected to meet approximately 75 percent of the subsidiary's solar cell requirements, ensuring a reliable supply of Domestic Content Requirement (DCR)-compliant cells while reducing dependence on external suppliers. By extending backward integration into solar cell manufacturing, the company aims to enhance supply chain efficiencies, strengthen cost competitiveness and improve its overall margin profile over the medium to long term.

Looking ahead, the Company remains focused on disciplined execution of its order book, restoring operating margins through cost optimisation and operational efficiencies, and building a more diversified and integrated business platform to drive sustainable growth and long-term value creation for all stakeholders.”