Oswal Pumps IPO pnly 19%/Day 1

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What is the business of Oswal Pumps?

Oswal Pumps is the fastest growing vertically integrated solar pump manufacturers in India in terms of revenue growth during the last three fiscals, with its revenues growing at a CAGR of 45.07% between Fiscal 2022 and Fiscal 2024. It manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, which it sells under the ‘Oswal’ brand. It has over 21 years of experience in pumps encompassing engineering, product design, manufacturing and testing. It caters to the diverse requirements of end-users in the agricultural sector for irrigating fields; the residential sector for maintaining gardens and fountains, extracting water, supplying water to overhead tanks and cleaning households and small establishments; commercial premises such as shopping malls, offices and hotels; industries which use its pumps in boilers and water treatment, water transportation and sewage applications and use its electric motors in machinery applications and cooling tower systems.

The Company commenced its operations in 2003 with the manufacturing of low-speed monoblock pumps. Over the years, it expanded its operations to manufacture grid-connected high-speed monoblock pumps, grid connected submersible pumps and electric motors.

As of August 31, 2024 it has executed orders for 26,270 Turnkey Solar pumping Systems directly under the PM Kusum Scheme for several states such as Haryana, Rajasthan, Uttar Pradesh and Maharashtra. Within four years of supplying solar powered agricultural pumps, in Fiscal 2024 and 2023, it emerged as one of the largest suppliers of solar powered agricultural pumps under the PM Kusum Scheme.

Of the estimated 0.42 million solar powered agricultural pumps installed at ground level in various states under the PM Kusum Scheme, as of March 31, 2024, it has, directly and indirectly, supplied 0.18 million solar powered agricultural pumps, representing approximately 43.8% of the total solar powered agricultural pumps installed.

It operates a manufacturing facility located at Karnal, Haryana, which is one of India’s largest single-site facilities for manufacturing pumps, covering a total land area of 41,076 square meters as of March 31, 2024. Its manufacturing facility is strategically located near major agricultural states such as Haryana, Punjab and Uttar Pradesh and had an annual installed capacity of 1,160.07 metric tonnes (“MT”) for stainless steel pumps, 2,123.05 MT for cast iron pumps, 1,314.72 MT for stainless steel motors and 561.60 MT for cast iron motors, as of March 31, 2024.

For more information, click www.oswalpumps.com 

Oswal Pumps IPO GMP, Particulars & Guidance

Oswal Pumps IPO Guidance by Paresh Gordhandas, CA & Research Analyst.

Oswal Pumps Limited is one of India’s fastest-growing, vertically integrated manufacturers of solar-powered pumps, achieving a robust revenue CAGR of 45.07% between FY 2022 and FY 2024. The company designs and manufactures a wide range of products including solar and grid-connected submersible and monoblock pumps, induction and submersible electric motors, and solar modules, all marketed under its flagship brand, ‘Oswal’.

Established in 2003 with a focus on low-speed monoblock pumps, Oswal Pumps has significantly broadened its product portfolio over the years to include high-speed monoblock pumps, grid-connected submersible pumps, and electric motors.

The company operates a large-scale manufacturing facility in Karnal, Haryana, covering 41,076 square meters, making it one of India’s largest single-site pump manufacturing plants. Its strategic location near key agricultural states—Haryana, Punjab, and Uttar Pradesh—enhances its logistical efficiency and market access. As of March 31, 2024, the facility boasts an annual installed capacity of:

• 1,160.07 MT for stainless steel pumps,

• 2,123.05 MT for cast iron pumps,

• 1,314.72 MT for stainless steel motors, and

• 561.60 MT for cast iron motors.

By the same date, Oswal Pumps had supplied approximately 1.8 lakh (0.18 million) solar-powered agricultural pumps, accounting for nearly 43.8% of total solar agricultural pump installations across India.

However, a significant portion of the company’s revenue—₹773.21 crore in FY 2023-24 (78.5%)—is derived from government schemes awarded through a tender-based system. The continuity of these schemes and the company’s success in future tenders remain uncertain and pose a material risk.

Excluding the government-linked business, the company’s remaining operations contribute only marginally to overall revenue. Additionally, when compared to listed peers in the pump manufacturing sector, Oswal Pumps’ IPO appears to be priced at a premium, offering limited upside potential for investors on listing.

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Oswal Pumps IPO GMP

Oswal Pumps IPO GMP today details

Oswal Pumps IPO GMP today, Details, Guidance, Subscription Status, allotment