June 10, 2025
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Oswal Pumps IPO Review 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.
