AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Oswal Pumps will meet investors at Bharat Connect conference on September 29, 2026, 3:00-4:00 P.M.
Source: Bse
Oswal Pumps Limited (OSWALPUMPS)
Micro CapIndustrials stocks · Micro cap · NSE
Oswal Pumps is a vertically integrated provider of solar pumping systems, manufacturing pumps, motors, solar panels, and BoS kits. The company is diversifying beyond government-driven solar irrigation into Rooftop Solar, Utility, and Commercial & Industrial (C&I) Solar projects to broaden its addressable market and reduce single-scheme dependency.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:51 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -7.6% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
OSWALPUMPSD candles · FIT view-43.4%Latest close ₹234.30 on 2026-10-21
Bar
-5.2%
RSI
21
MACD hist
-1.08
52W pos
0%
2026-10-21O ₹247.05H ₹248.85L ₹233.00C ₹234.30Vol 5.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
OSWALPUMPSNifty India ManufacturingNifty 500
- OSWALPUMPS
- -40.0%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -33.5 pp
Chart stats
21 Oct 2026- From 52W high
- -69.9%
- 52W range position
- 0%
- ATR (14)
- 3.9%
- Volume vs 20D
- 1.30x
- Avg traded value
- ₹11.1 Cr
- 20D price channel
- ₹233 - ₹296.4
₹779
₹233 - ₹779
₹9.2
Latest completed session
20-session average
30.9% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE86
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -7.8% · PAT -43.2% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+79.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -8% YoY · PAT -43% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹474 Cr | -7.8% | -7.1% |
| EBITDA | ₹74 Cr | -47.5% | -37.3% |
| Operating margin | 16.0% | -1100 bps | -700 bps |
| PAT | ₹54 Cr | -43.2% | -41.9% |
| PAT margin | 11.4% | -709 bps | -685 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.75
- P/B
- 1.75
- EV/EBITDA
- 6.87
- Market Cap
- 2956.00Cr
Profitability
- ROE
- 35.20%
- ROCE
- 36.40%
- ROA
- 15.66%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 50.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 75.00%
- EPS 3Y
- 123.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 14.42×
- Altman Z
- 6.56
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -77.00 Cr
- EPS TTM
- 29.45
Shareholding
- Promoter Hold
- 75.65%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 474-7.1% vs prev
Net Profit
₹ CrLatest: 54.0-41.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 21.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.2% over last month) — short-term momentum negative.
- RSI(14) at 21 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
2
RS percentile
Stage 4 Downtrend
1M return
-15.2%
3M return
-40.0%
6M return
-43.5%
1Y return
-68.3%
RS 1D
0
RS 20D
-1
Sector rank
#2
Industry rank
#4
Stage evidence
- Price is 32.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 33.4-4.16%
RS vs Nifty 50033
Valuation & peers
U-Score 86 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 86 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation28/30
Growth24/25
Quality18/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
86
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
86/100 · legacy band DEEP VALUE
Positive drivers
- Fair-value margin of safety is positive at 79.8%.
- Growth contributes 24/25 to the score.
- Valuation contributes 28/30 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
- Quality is weaker at 18/20; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
8.8
PB
1.8
EV/EBITDA
6.9
ROE
35.2%
ROCE
36.4%
FCF Yield
—
Debt/Equity
0.1
MoS
+79.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
86
Previous: 86
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+79.8%
Previous: +78.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
85
85
85
85
85
85
85
86
86
86
86
86
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹313.16
+25.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,157.39
+79.8% MoS
PEG
0.11
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RSYSTEMS
Small
R Systems International Limited
IT Services / Digital
match 146
63
14.1
24.4%
+51%
UNDERVALUED
NIITMTS
Small
NIIT Learning Systems Limited
IT Services / Digital
match 146
67
12.0
15.5%
+67%
UNDERVALUED
SANDHAR
Small
Sandhar Technologies Limited
IT Services / Digital
match 144
53
15.9
11.5%
+53%
FAIR VALUE
HAPPSTMNDS
Micro
Happiest Minds Technologies Limited
IT Services / Digital
match 143
35
20.8
13.8%
-34%
WATCHLIST
VERANDA
Small
Veranda Learning Solutions Limited
IT Services / Digital
match 142
55
31.8
3.8%
+92%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-10T08:07:49.267Z
Management commentary snapshot
FY26 Operating Income hit a record ₹20,644 mn, up 44.3% YoY, with PAT at ₹3,763 mn, up 34.1% YoY. Q4 FY26 saw strong YoY growth in income and PAT, but sequential operating EBITDA margins moderated to 23.2% due to competitive pricing and input costs.
Oswal Pumps delivered record FY26 financials, driven by government schemes. While Q4 margins faced pressure, management is addressing this. Strategic diversification into rooftop, utility, and C&I solar, coupled with a robust order book and anticipated PM KUSUM 2.0, supports continued growth. Improved operating cash flow is a positive.
Growth engines
PM KUSUM 2.0
We are also closely tracking the anticipated rollout of PM KUSUM 2.0, which we expect to scale meaningfully in FY27 and represents a significant incremental opportunity.
Rooftop Solar Segment
FY26 marked our entry into the rooftop solar segment through the first order under PM Surya Ghar: Muft Bijli Yojana. We have built a healthy pipeline of 300 MW across Rooftop Solar.
Utility and C&I Solar Projects
Proactively diversifying beyond government-driven solar irrigation into Rooftop Solar, Utility and Commercial & Industrial (C&I) Solar projects.
Robust Order Book
Company continues to maintain a robust order book of over 19,912 pumps across direct PM KUSUM, Magel Tyala, indirect PM KUSUM, and export orders.
Capacity and execution
Solar Module Manufacturing Capacity
Operates two manufacturing facilities: Solar Modules: 570MW capacity.
New Manufacturing Units
Investment in our wholly-owned subsidiary, Oswal Solar, for funding the setting up of new manufacturing units at Karnal, Haryana.
Tailwinds
Government Support for Solar Irrigation
Consistent and large-scale execution under PM KUSUM and state government schemes, reinforcing our leadership in solar-powered irrigation solutions.
PM Surya Ghar: Muft Bijli Yojana
A flagship Government of India program (~₹75,000 crore outlay) aimed at enabling rooftop solar adoption across 1 crore households.
India's Clean Energy Transition
India's clean energy tailwind together create a compelling platform for sustained value creation.
Headwinds
Competitive Tender Pricing
Sequential moderation in Q4 margins reflects competitive tender pricing.
Input Cost Pressures
Input cost pressures from prevailing geopolitical uncertainties.
Delays in State Nodal Agency Payments
Increase in the receivable cycle is primarily attributable to delays in payments from state nodal agencies.
Risk radar
Working Capital Management
Cash Flow from Operations improved from negative ₹1,421 million in FY25 to negative ₹771 million in FY26, reflecting stronger working capital discipline.
Dependency on Government Schemes
Proactively diversifying beyond government-driven solar irrigation... reducing single-scheme dependency.
Receivable Cycle
The increase in the receivable cycle is primarily attributable to delays in payments from state nodal agencies.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall annual growth and the impact of seasonal government schemes. QoQ comparison is important for tracking sequential momentum, margin trends, and the immediate impact of competitive pressures and cost management efforts.
Sector KPIs management disclosed
Total Solar and Non-Solar Pumps Supplied
Total solar and non-solar pumps (E) + (H) FY26: 1,80,908 units, up from 1,57,545 units in FY25.
Total Solar Pumps Supplied
Total solar pumps supplied E = (A + B + C + D) FY26: 87,323 units, up from 71,167 units in FY25.
Operating Income (Revenue from Operations)
FY26 Operating Income reached ₹20,644 million, the highest in the Company's history, representing a robust YoY growth of 44.3%.
Operating EBITDA Margin
Operating EBITDA for Q4 FY26 stood at ₹1,181 million with a margin of 23.2%. For the full year, Operating EBITDA grew 22.4% YoY to ₹5,139 million with a healthy margin of 24.9%.
Management forward view
Diversification Strategy
Proactively diversifying beyond government-driven solar irrigation into Rooftop Solar, Utility and Commercial & Industrial (C&I) Solar projects.
Cost Optimization Initiatives
Headwinds we are proactively addressing through structured value-engineering and cost optimization initiatives.
PM KUSUM 2.0 Outlook
Expect PM KUSUM 2.0 to scale meaningfully in FY27 and represents a significant incremental opportunity.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA Margin | Q4 FY26: 23.2%, FY26: 24.9% | Stabilization or improvement from Q4 moderation, indicating success of cost optimization and pricing strategies. |
| Cash Conversion Cycle | 172 days (Mar'26) | Reduction in receivable days and overall cycle, indicating improved collections efficiency and lower interest costs. |
| New Solar Segment Pipeline Conversion | 300 MW across Rooftop Solar, Utility, and C&I Solar projects. | Conversion of pipeline into firm orders and revenue contribution from these new segments. |
| PM KUSUM 2.0 Rollout | Anticipated rollout in FY27. | Official announcements and order inflows related to PM KUSUM 2.0 to assess its scale and impact. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 60th percentile within Industrials. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
30 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Industrials: 60th pctile, median 68 · Micro: 43rd pctile, median 73
Evidence depth
Financial-only
30 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
62
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 75.7%.
- ▸Promoter pledge is zero.
- ▸ROCE is 38.2%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-77 Cr.
- ▸ROCE trend is -25.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Oswal Pumps Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - ICRA reaffirmed Oswal Pumps’ A+ and A1 ratings, revising outlook to negative on September 22, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 13 Aug - NBPDCL awards Oswal Pumps 20 MW rooftop solar project in Bihar, worth Rs 78 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - Oswal Pumps received NBPDCL LoA for 20 MW rooftop solar projects in Bihar, worth about Rs. 78 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 4 Jul - Oswal Pumps won additional 10,000 solar pumps order from MSEDCL worth ₹235.92 crore, executable within 60 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 4 Jul - Oswal Pumps won additional 10,000 solar pumps order from MSEDCL worth ₹235.92 crore.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Aug - Oswal Pumps reported Q1 FY27 income of ₹4,817 Mn, PAT ₹538 Mn, and order book of 22,025 pumps, 72 MW.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Jun - Oswal Pumps won 63 MW rooftop solar orders in Bihar worth ₹247 crore, plus ₹257 crore revenue potential.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.