Oswal Pumps Sees Strong Solar Pump Pipeline, Eyes PM KUSUM 2

13 Mar 2026 CW Team

Receivables from government-backed projects rose owing to payment delays linked to the Magel Tyala programme and procedural issues in funding from multilateral banks. Management said approvals have now been secured and some funds have begun to be released, which should ease the receivables position. Around 70–75 per cent of outstanding receivables were reported to be from Maharashtra and the company maintained that these claims are backed by state programmes.

PM KUSUM Scheme 2.0 is expected to be announced in late March or early April 2026 once the current phase concludes on 31 March. The allocation currently indicated for the programme was 5,000 crore, which the company converted as Rs 50 billion (Rs 50 bn), and management said this was a continuation of earlier provisions rather than a strict cap on deployment. The company is expanding manufacturing capacity and plans to complete ordering for its pump and motor plant expansion by the fourth quarter of FY26.

Solar module manufacturing capacity is expected to increase by one GW by the first quarter of FY27 and by zero point five GW by the third quarter of FY27 to support demand. The company is developing helical and centrifugal pump models with commercial rollout contingent on performance benchmarks and cited backward integration and in-house service capabilities as competitive strengths. To mitigate delays in government programmes the firm is diversifying into rooftop solar under schemes such as PM Surya Ghar and is exploring invoice discounting with banks to manage working capital while remaining cautious on balance sheet risk.

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Oswal Pumps expects continued growth in the solar pump sector driven by government programmes and by diversification into rooftop solar and exports. The company reported it had executed over 90,000 solar pumps as of 31 January 2026 and held an order book of more than 24,500 pumps, with an additional pipeline of over 25,000 pumps. Management attributed the momentum to schemes including PM KUSUM and the Magel Tyala programme in Maharashtra. Receivables from government-backed projects rose owing to payment delays linked to the Magel Tyala programme and procedural issues in funding from multilateral banks. Management said approvals have now been secured and some funds have begun to be released, which should ease the receivables position. Around 70–75 per cent of outstanding receivables were reported to be from Maharashtra and the company maintained that these claims are backed by state programmes. PM KUSUM Scheme 2.0 is expected to be announced in late March or early April 2026 once the current phase concludes on 31 March. The allocation currently indicated for the programme was 5,000 crore, which the company converted as Rs 50 billion (Rs 50 bn), and management said this was a continuation of earlier provisions rather than a strict cap on deployment. The company is expanding manufacturing capacity and plans to complete ordering for its pump and motor plant expansion by the fourth quarter of FY26. Solar module manufacturing capacity is expected to increase by one GW by the first quarter of FY27 and by zero point five GW by the third quarter of FY27 to support demand. The company is developing helical and centrifugal pump models with commercial rollout contingent on performance benchmarks and cited backward integration and in-house service capabilities as competitive strengths. To mitigate delays in government programmes the firm is diversifying into rooftop solar under schemes such as PM Surya Ghar and is exploring invoice discounting with banks to manage working capital while remaining cautious on balance sheet risk.

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