Oswal Pumps Reports Record FY26 Income and Profitability

19 May 2026 CW Team

Oswal Pumps Limited reported record FY26 results as total income rose to Rs20,859 million (mn), up 45.6 per cent year on year, and profit after tax reached Rs3,763 mn with a PAT margin of 18.0 per cent. Fourth quarter total income was Rs5,167 mn, up 41.3 per cent, while full year EBITDA grew 26.7 per cent to Rs5,354 mn and diluted EPS was Rs34.73.

The company said growth was driven by execution under PM KUSUM and state schemes that reinforced its leadership in solar powered irrigation. Q4 EBITDA was Rs1,250 mn with a margin of 24.2 per cent and the sequential moderation in Q4 margins reflected competitive tender pricing and input cost pressures. Management is addressing these through value engineering and cost optimisation.

Operating cash flow improved from negative Rs1,421 mn in FY25 to negative Rs771 mn in FY26, and collections exceeding Rs1,164 mn received on two April 2026 shifted the full year operating cash flow to a positive Rs393 mn. Operating cash flow for Q4 FY26 was Rs1,706 mn, underlining improved working capital discipline and collections efficiency.

Order book stood at over 19,912 pumps and the near term pipeline exceeded 25,000 pumps. The company is tracking the anticipated rollout of PM KUSUM 2.0 and expects meaningful scaling in FY27. It has begun diversifying into rooftop, utility and commercial and industrial solar EPC and has a pipeline of 300 megawatt (MW).

With capacity expansions and a diversifying revenue mix, the company said it is positioned for further growth supported by ISO certifications and listing on the ministry approved list of models and manufacturers. A pan India distribution network and growing international footprint support its expansion across agricultural, residential and industrial markets.

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