Oswal Pumps Limited is expanding its presence across India’s solar energy market, with a growing portfolio of solar EPC projects alongside its established solar pump business. The company currently has a 72 MW solar EPC order book and a larger pipeline of 359 MW, providing a new growth avenue beyond government-led solar pump programmes.
The Karnal-based company reported its Q1 FY2026-27 financial results on August 8, 2026. Total income stood at ₹4,817 million, down 6.5% from ₹5,150 million in the same quarter last year and 6.8% compared with the previous quarter.
Profitability also came under pressure during the quarter. EBITDA was ₹825 million, resulting in a margin of 17.1%, compared with 27.5% in Q1 FY26. Profit after tax attributable to parent owners declined to ₹538 million, from ₹947 million a year earlier.
According to Chairman and Managing Director Vivek Gupta, intense competition in government solar pump tenders contributed significantly to the decline in margins. Aggressive bidding under Maharashtra’s Magel Tyala Saur Krushi Pump Yojana resulted in around a 9% reduction in realizations. Higher employee expenses and negative operating leverage also impacted profitability.
Despite these short-term challenges, the company continues to see opportunities in India’s expanding solar irrigation market. Oswal Pumps currently has an active order book of around 22,025 solar pumps, while its near-term pipeline includes approximately 12,500 pumps from programmes such as PM KUSUM, Magel Tyala and export markets.
The company is also exploring opportunities under the Jal Jeevan Mission, where potential demand could reach around 42,000 pumps. Such projects could further increase the adoption of solar-powered water pumping systems in rural and agricultural areas.
A major part of Oswal Pumps’ growth strategy is its expansion into solar EPC. The company is targeting commercial, industrial, utility-scale and rooftop solar projects, with its current EPC order book at 72 MW and a pipeline of 359 MW.
The move into EPC could help Oswal Pumps diversify its revenue base and reduce dependence on government solar pump tenders. With India’s solar market continuing to expand across agriculture, rooftop installations and utility-scale projects, the company is positioning itself across multiple segments of the renewable energy value chain.
Overall, while competitive pricing and higher costs have affected Oswal Pumps’ near-term financial performance, its growing solar EPC portfolio and pipeline indicate a broader strategy to strengthen its position in India’s rapidly expanding solar sector
