Oswal Pumps Limited IPO

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Established in 2003, Oswal Pumps Limited is one of India’s fastest-growing vertically integrated manufacturers of solar-powered and grid-connected pumps. With over 22 years of expertise, it offers submersible and monoblock pumps, electric motors, and solar modules under the ‘Oswal’ brand. The company has been a key contributor to clean-energy irrigation through its strong participation in the Government of India’s ₹344 billion PM-KUSUM Scheme.

Business Model & Core Offerings

Oswal Pumps follows a vertically integrated manufacturing model, with in-house capabilities in:

  • Pump manufacturing
  • Solar module production
  • Installation services for Turnkey Solar Pumping Systems

The company’s Turnkey Solar Pumping Systems comprise solar pumps, modules, mounting structures, and controllers delivered either directly or through partners. This integration ensures tight control over cost, quality, and delivery timelines.

Market Position 

Fastest-growing solar pump manufacturer in India with CAGR of 45.07% between FY22 and FY24 .One of the largest suppliers under the PM-KUSUM Scheme, supplying over 2.3 lakh solar agricultural pumps (as of Dec 2024), which is 38% of total installations in India.

Distribution & Global Presence

Oswal Pumps has built a strong domestic network with 925 distributors as of December 2024, up from 473 in FY22, covering all major agricultural regions including Haryana, Punjab, Uttar Pradesh, and Maharashtra. Internationally, the company exports to 22 countries across the Asia-Pacific and MENA regions. In FY24, export revenue stood at approximately ₹350 million, contributing 4.8% to its operational revenue.

Technology & Manufacturing

Oswal runs a fully integrated 41,076 sq. m facility in Karnal with annual capacities of pumps (3,526 MT), motors (1,876 MT), and solar modules (570 MW). The plant is equipped with CNCs, die casting, robotic coil insertion, and uses recycled scrap to enhance cost efficiency.

Strengths & Competitive Advantage

i) Vertically integrated operations from motors to modules
ii) Second-highest EBITDA margin in the industry in FY24.
iii) Market leadership in solar pumps under PM-KUSUM Scheme.
iv) Robust manufacturing infrastructure and automation
v) Strong after-sales service through a 171-member customer support team

Objects of the Oswal Pumps Limited IPO:

The company plans to use the IPO proceeds for:

1. Capital expenditure at Oswal Pumps (₹89.8 Cr) 2. Equity investment in Oswal Solar for setting up new units in Karnal (₹272.7 Cr) 3. Repayment/prepayment of borrowings by Oswal Pumps (₹280 Cr) 4. Debt repayment of Oswal Solar 5. General corporate purposes

DRHP of Oswal Pumps Limited IPO
RHP of Oswal Pumps Limited IPO

Oswal Pumps Limited IPO Details:

Open Date: Jun 13 2025
Close Date: Jun 17 2025
Total Shares: 2,25,95,114
Face Value: ₹ 1 Per Equity Share
Issue Type: Book Building
Issue Size: 1387.34 Cr.
Lot Size: 24 Shares
Issue Price: ₹ 584 to 614 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Vivek Gupta is the Chairman and Managing Director of our Company. He was appointed on our Board on September 22, 2006. He holds a bachelor’s degree in commerce from Kurukshetra University, Haryana. He has been with our Company since 2006 and has over 18 years of experience in the pumps manufacturing industry. He has received the Nation’s Udyog Ratan Award from the Indian Organisation for Business Research & Development in 2005. 2. Amulya Gupta is a Whole-time Director of our Company. He was appointed on our Board on December 4, 2020. He holds bachelor’s degree of science in business and management studies from University of Bradford, Bradford, West Yorkshire. He has been with our Company since August 2019. He has more than five years of experience in the pumps manufacturing industry. 3. Shivam Gupta is a Whole-time Director of our Company. He was appointed on our Board on December 31, 2022. He holds a bachelor’s degree in commerce from University of Delhi, New Delhi and a master’s degree in management from University of Liverpool, Liverpool. He has been with our Company since February 2022. He has more than three years of experience in the pumps manufacturing industry.

Financials of Oswal Pumps Limited IPO:

Company Financials in crores
Particulars Dec 31, 2024 FY 2023-24 FY 2022-23  FY 2021-22
Revenue from Operations 1,065.67 758.57 385.03 360.38
Gross Profit 483.54 255.60 118.19 106.18
Gross Profit Margins 45.38% 33.70% 30.70% 29.46%
EBITDA 321.01 150.12 57.81 38.52
EBITDA Margins 30.12% 19.79% 15.02% 10.69%
PAT 216.70 97.66 34.19 16.92
PAT Margins 20.30% 12.83% 8.83% 4.69%
D/E Ratio 0.87 0.42 0.70 1.83
ROCE 65.96% 81.85% 45.47% 27.01%
CFOA -197.44 16.92 49.92 64.91

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Oswal Pumps  (FY 2024) 758.57 Cr. 19.79% 12.83% 0.42 6,998 Cr. 71.65*
Kirloskar Brothers (FY 2025) 4,492 Cr. 14% 9.32% 0.09 14,563 Cr. 34.60
Shakti Pumps (India) (FY 2025) 2,516 Cr. 24% 16.21% 0.14 11,841 Cr. 29
WPIL (FY 2025) 1,807 Cr. 16% 7.02% 0.34 4,117 Cr. 32.60
KSB (FY 2025) 2,584 Cr. 13% 9.82% 0.00 15,065 Cr. 59.20
Roto Pumps (FY 2025) 298 Cr. 21% 11.40% 0.20 1,779 Cr. 53.30
*Forward PE is 24.22 on the basis of FY 25 PAT.

Recommendation on Oswal Pumps Limited IPO:

Review and Recommendation of Oswal Pumps IPO by team IZ is 3/10.

Lead Manager of Oswal Pumps Limited IPO:

  1. Axis Capital Limited
  2. CLSA India Private Limited
  3. IIFL Securities Ltd
  4. JM Financial Consultants Private Limited
  5. Nuvama Wealth Management Limited

Registrar of Oswal Pumps Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Oswal Pumps Limited IPO:

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