Key Highlights
- Oswal Pumps reported total income of ₹511.8 crore in Q2 FY27, up 6.2% QoQ but down 6.4% YoY.
- Revenue from operations increased 6.9% QoQ to ₹506.3 crore in Q2 FY27.
- EBITDA declined 53.4% YoY and 23.8% QoQ to ₹62.8 crore.
- EBITDA margin stood at 12.3%, down 1,239 bps YoY and 484 bps QoQ.
- PAT declined 59.4% YoY and 26.4% QoQ to ₹39.6 crore.
- PAT margin stood at 7.7%, down 1,010 bps YoY and 343 bps QoQ.
- Diluted EPS declined 60.4% YoY and 31.3% QoQ to ₹3.34.
- H1 FY27 total income declined 6.4% YoY to ₹993.4 crore.
- H1 FY27 PAT declined 51.4% YoY to ₹93.5 crore.
- Solar pump order book stood at 9,487 pumps, with an additional pipeline of approximately 10,000 pumps.
- Solar EPC order book stood at approximately 143 MW, supported by a 168 MW pipeline.
- Oswal Pumps announced plans to establish a 1.2 GW TOPCon solar cell manufacturing facility in Karnal, Haryana.
- The proposed TOPCon facility involves an estimated investment of ₹455.85 crore.
- The proposed solar cell facility is expected to meet approximately 75% of the subsidiary’s solar cell requirements.
Oswal Pumps Limited reported a 6.2% quarter-on-quarter (QoQ) increase in total income to ₹511.8 crore in the second quarter of FY27, compared with ₹481.7 crore in Q1 FY27. However, the company’s profitability declined during the quarter, with EBITDA falling 53.4% year-on-year (YoY) to ₹62.8 crore from ₹134.8 crore in Q2 FY26. Profit after tax (PAT), attributable to owners of the parent, declined 59.4% YoY to ₹39.6 crore against ₹97.5 crore in the corresponding quarter last year.
The unaudited financial results for Q2 FY27 were taken on record by the Board of Directors at its meeting held on November 12, 2026. The company disclosed the results through a regulatory filing dated November 13, 2026.
Revenue Performance
Oswal Pumps recorded total income of ₹511.8 crore in Q2 FY27, registering a 6.2% QoQ increase compared with ₹481.7 crore in Q1 FY27. However, on a year-on-year basis, total income declined 6.4% from ₹546.5 crore in Q2 FY26.
Revenue from operations increased 6.9% QoQ to ₹506.3 crore during the quarter, supported by execution of its solar pump order book despite competitive pricing conditions.
For the first half of FY27, total income stood at ₹993.4 crore, down 6.4% YoY compared with ₹1,061.5 crore in H1 FY26.
EBITDA Performance and Margins
EBITDA declined 53.4% YoY to ₹62.8 crore in Q2 FY27 from ₹134.8 crore in Q2 FY26. On a sequential basis, EBITDA decreased 23.8% from ₹82.5 crore in Q1 FY27.
The EBITDA margin stood at 12.3% in Q2 FY27, compared with 24.7% in Q2 FY26 and 17.1% in Q1 FY27. This represented a contraction of 1,239 basis points YoY and 484 basis points QoQ.
For H1 FY27, EBITDA declined 47.5% YoY to ₹145.3 crore from ₹276.7 crore in the corresponding period last year. The EBITDA margin contracted to 14.6% from 26.1% in H1 FY26.
Profit After Tax (PAT)
Profit after tax attributable to the owners of the parent declined 59.4% YoY to ₹39.6 crore in Q2 FY27, compared with ₹97.5 crore in Q2 FY26. Sequentially, PAT decreased 26.4% from ₹53.8 crore in Q1 FY27.
The PAT margin stood at 7.7% during the quarter, compared with 17.8% in Q2 FY26 and 11.2% in Q1 FY27. This represented a decline of 1,010 basis points YoY and 343 basis points QoQ.
During H1 FY27, PAT declined 51.4% YoY to ₹93.5 crore from ₹192.2 crore in H1 FY26. The PAT margin decreased to 9.4% from 18.1% in the corresponding period last year.
Diluted Earnings Per Share
Oswal Pumps reported diluted earnings per share (EPS) of ₹3.34 in Q2 FY27, compared with ₹8.43 in Q2 FY26, marking a 60.4% YoY decline. On a QoQ basis, diluted EPS decreased 31.3% from ₹4.86 in Q1 FY27.
For H1 FY27, diluted EPS stood at ₹8.20, down 50.9% from ₹16.70 in H1 FY26.
Factors Affecting Operating Margins
Commenting on the quarterly performance, Vivek Gupta, Chairman and Managing Director of Oswal Pumps Limited, stated that the company recorded sequential growth in total income and revenue from operations, supported by execution of its solar pump order book.
However, operating EBITDA margin declined by 437 basis points QoQ, primarily due to higher raw material costs and increased operating expenses.
Higher raw material costs accounted for approximately 210 basis points of the margin decline. The increase was attributed to higher prices of aluminium frames, glass and copper, along with increased zinc and steel costs at its subsidiary, Walso Solar Solutions Private Limited. These costs were particularly relevant to orders secured at earlier input cost levels.
The remaining 227 basis points of margin contraction were attributed to higher employee expenses associated with workforce expansion for the Solar EPC business, increased project-related operating expenses and higher provisions for debtors arising from the applicable accounting standard.
Consequently, the PAT margin declined by 343 basis points QoQ to 7.7%, reflecting lower operating profitability.
Solar Pump Order Book and Business Pipeline
The company’s existing solar pump order book stood at 9,487 pumps. Additionally, Oswal Pumps reported a near-term pipeline of approximately 10,000 pumps across direct PM-KUSUM, Magel Tyala, indirect PM-KUSUM and export opportunities.
The company stated that delays in the rollout of PM-KUSUM 2.0 have encouraged it to diversify its business beyond government-led solar irrigation projects.
As part of this strategy, Oswal Pumps is expanding its presence in rooftop solar, utility-scale solar and commercial and industrial (C&I) solar EPC segments.
The combined order book across these solar EPC segments stood at approximately 143 MW, supported by an additional pipeline of 168 MW. The company expects these businesses to broaden its addressable market and provide additional revenue opportunities.
Oswal Pumps Plans 1.2 GW TOPCon Solar Cell Manufacturing Facility
Strengthening its backward integration strategy, Oswal Pumps, through its wholly owned subsidiary Oswal Solar Energy Private Limited, announced plans to establish a 1.2 GW TOPCon solar cell manufacturing facility in Karnal, Haryana.
The proposed project carries an estimated investment of ₹455.85 crore. Of the total project cost, approximately ₹296 crore is proposed to be funded through debt, while ₹159.85 crore is expected to come from the reallocation of unutilised IPO proceeds.
The proposed reallocation relates to funds originally earmarked for the aluminium frame manufacturing facility, the remaining 300 MW EVA encapsulant capacity and the remaining 500 MW solar module capacity. The reallocation is subject to shareholders’ approval.
According to the company, the proposed facility is expected to meet approximately 75% of its subsidiary’s solar cell requirements and provide a reliable supply of Domestic Content Requirement (DCR)-compliant solar cells.
The backward integration initiative is aimed at reducing dependence on external suppliers, improving supply chain efficiency and strengthening cost competitiveness. The company expects the investment to support its margin profile over the medium to long term.
Management Outlook
Oswal Pumps stated that its priorities include disciplined execution of the existing order book, restoring operating margins through cost optimisation and improving operational efficiencies.
The company also plans to strengthen its presence across solar pump manufacturing and solar EPC businesses while expanding its backward integration capabilities through the proposed TOPCon solar cell manufacturing facility.
The company expects its diversification into rooftop solar, utility-scale solar and C&I solar EPC projects, alongside its existing pump business, to support the development of a more diversified business platform.