Shares of Oswal Pumps Ltd climbed 9% after the company secured multiple orders for rooftop solar projects in Bihar under the PM Surya Ghar-Muft Bijli Yojana.
The stock was trading at Rs 435, giving the company a market capitalisation of around Rs 4,940 crore. The stock trades at a price-to-earnings ratio of nearly 13 times.
Three LoAs received from Bihar discoms
The company received three Letters of Award (LoAs) from:
- North Bihar Power Distribution Company Limited (NBPDCL)
- South Bihar Power Distribution Company Limited (SBPDCL)
The projects have been awarded under the CAPEX plus RESCO Mode Utility-Led Aggregation (ULA) model.
Project scope
The contracts involve setting up 63 MW of grid-connected rooftop solar projects across:
- Motihari circle.
- Saharsa circle.
- Ara circle.
The projects will cover 57,492 consumer installations.
The orders were disclosed on June 14, 2026.
Revenue opportunity exceeds Rs 500 crore
The company said:
- Installation contracts are valued at around Rs 247 crore.
- Additional revenue potential from energy supply over a 10-year period stands at approximately Rs 257 crore.
This takes the total opportunity to more than Rs 500 crore.
All projects are scheduled to be commissioned within nine months from the signing of the respective power purchase agreements.
End-to-end execution
Oswal Pumps will handle the complete project lifecycle, including:
- Design and engineering.
- Procurement and manufacturing.
- Civil and structural work.
- Installation and commissioning.
- Project financing.
- Operations and maintenance for 10 years.
The company said the order marks a diversification beyond its traditional PM-KUSUM business and provides recurring revenue visibility under the RESCO model.
Financial performance
For FY26, the company reported:
| Particulars | FY26 |
|---|---|
| Revenue from operations | Rs 2,064.4 crore |
| EBITDA | Rs 513.9 crore |
| EBITDA margin | 24.9% |
| Net profit | Rs 376.3 crore |
| PAT margin | 18% |
Revenue increased 44.3%, while net profit rose 34.1% year-on-year.
Q4 FY26 performance
- Revenue stood at Rs 509.7 crore, up 39.8%.
- Net profit came in at Rs 92.5 crore, up 44.8%.
Balance sheet
As of March 31, 2026:
- Net debt stood at Rs 134.6 crore.
- Net debt-to-equity ratio was 0.08 times.
Order book and growth pipeline
The company currently has:
- Orders for 19,912 pumps under PM-KUSUM and other schemes.
- A near-term pipeline of more than 25,000 pumps.
Beyond solar pumps, Oswal Pumps has:
- A 93 MW solar project order book.
- A 300 MW project pipeline.
- Participation in tenders totaling 2,483 MW.
- Visibility on more than 4 GW of future opportunities.
About the company
Based in Karnal, Haryana, Oswal Pumps Ltd manufactures:
- Solar pumps.
- Submersible pumps.
- Monoblock pumps.
- Electric motors.
- Solar modules.
The company has over 23 years of operating history and a 570 MW solar module manufacturing capacity.
It has supplied more than 64,000 solar pumps under the PM-KUSUM scheme.
TL;DR:
Oswal Pumps rose 9% after receiving orders worth over Rs 500 crore under the PM Surya Ghar scheme in Bihar. The contracts include 63 MW of rooftop solar capacity and provide long-term revenue visibility through a 10-year RESCO model.
AI summary
- Oswal Pumps secured rooftop solar orders worth over Rs 500 crore.
- The projects involve 63 MW capacity across Bihar.
- Installation value stands at Rs 247 crore.
- Additional RESCO revenue potential is Rs 257 crore over 10 years.
- FY26 net profit rose 34.1% to Rs 376.3 crore.
