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Oswal Pumps IPO
Oswal Pumps Ltd
₹14,016 /24 sharesMinimum Investment
Oswal Pumps IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹614.00 | ₹634.00 | ₹20.00 (3.26%) |
Oswal Pumps IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 13 Jun ‘25 - 17 Jun ‘25 | ₹14,016 | 24 | ₹584 - ₹614 |
| Issue Size | IPO Doc |
|---|---|
| 1387.34Cr | RHP PDF |
Subscription rate
As of 17 Jun'25, 05:00 PM
| Qualified Institutional Buyers | 88.08x |
| Non-Institutional Investor | 36.64x |
| Retail Individual Investor | 3.43x |
| Total | 34.32x |
About Oswal Pumps
Founded in
2003
Managing director
Mr Vivek Gupta
Parent organisation
Oswal Pumps Ltd
Oswal Pumps Ltd IPO
https://www.youtube.com/watch?v=lw1I0sFWHrs
Strengths & Financials of Oswal Pumps
Strengths
Risks
Oswal Pumps claims to be one of the largest suppliers of solar-powered agricultural pumps under the government of India’s PM Kusum Scheme. The company claims to offer both turnkey solar pumping systems and standalone solar pump components to a wide range of customers, including direct beneficiaries and third-party bidders participating in the scheme. The company further claims this positioning allows it to benefit from policy-driven demand and long-term tailwinds in India’s clean energy transition.
Oswal Pumps claims to be the fastest-growing vertically integrated solar pump manufacturer in India in terms of revenue growth over the last three financial years, achieving a compound annual growth rate (CAGR) of 45.07 percent between FY22 and FY24.
The company claims to have progressively diversified from manufacturing low-speed monoblock pumps in 2003 to now producing grid-connected and solar-powered agricultural pumps, along with related systems and components.
Oswal Pumps claims to have a robust in-house engineering and design team comprising 20 employees as of December 31, 2024. The company claims to have made several engineering improvements, such as replacing stainless steel components with sheet metal alternatives and optimising valve thickness using investment casting, to reduce costs without compromising quality. It also claims to use advanced tools like AutoCAD, SolidWorks, and computational fluid dynamics software to aid in 3D modelling, simulation, and technical analysis.
The company offers a wide range of solar-powered and grid-connected pumps, electric motors, and solar modules under its ‘Oswal’ brand, catering to agricultural, residential, and industrial sectors. The company claims that its long-standing market presence and branding efforts have resulted in positive recall among customers and helped it build a loyal customer base.
Oswal Pumps claims to have established a strong foothold in major agricultural states such as Haryana and further claims to have an expanding presence in other states, including Maharashtra, Uttar Pradesh, Rajasthan, Chhattisgarh, and Punjab.
Oswal Pumps claims to have an extensive distribution network in India, comprising 925 distributors as of December 31, 2024.
The company claims to have introduced the ‘Oswal Shoppe’ initiative in 2024 to enhance retail visibility and deepen engagement with its distributors and retailers. Currently, it has 248 Oswal Shoppes, primarily located in Haryana, Punjab, Uttar Pradesh, and Rajasthan.
The company claims to have supplied products to 22 countries, including Australia, Egypt, Iraq, Italy, Lebanon, Libya, Nepal, Saudi Arabia, the United Arab Emirates (UAE), and Yemen.
The company is ISO 9001:2015 certified for its quality management system, ISO 14001:2015 certified for its environmental management system, and ISO 45001:2018 certified for its occupational health and safety management system.
The company has received a credit rating of Crisil A/Stable for its long-term bank facilities, Crisil A1 for its short-term bank facilities, and Crisil A-, and Crisil A2+ for its fund-based facilities. Furthermore, the company has received credit ratings of CARE BBB+ and CARE A2 for its long-term and short-term bank facilities. Additionally, the company has received credit ratings of BWR BBB- for its fund-based long-term facilities, BWR A3 for its fund-based short-term facilities, and BWR A3 for its non-fund-based short-term facilities by Brickwork Ratings.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 360.38 crore in FY22 to Rs 385.04 crore in FY23 and Rs 758.57 crore in FY24. PAT increased from Rs 16.93 crore in FY22 to Rs 34.20 crore in FY23 and Rs 97.66 crore in FY24.
The company derives a significant portion of its revenue from its supply of turnkey solar pumping systems, which are awarded on a tender basis by state and central government institutions under the PM Kusum Scheme. It accounted for Rs 773.21 crore (78.50 percent) of the company’s revenue in the nine months ended December 31, 2024, and Rs 327.41 crore (44.77 percent) in FY24. Any reduction in government funding for this scheme or the company’s inability to obtain contracts may harm its business.
A substantial portion of Oswal Pumps' revenue comes from the agricultural sector. It accounted for Rs 951.05 crore (96.55 percent) of the company’s total revenue in the nine months ended December 31, 2024, Rs 702.47 crore (96.06 percent) in FY24, Rs 325.47 crore (90.84 percent) in FY23, and Rs 296.42 crore (87.03 percent) in FY22. Any adverse changes in the agricultural sector could significantly impact the company's business and finances.
The company derives a significant portion of its revenue from Haryana. It accounted for Rs 342.26 crore (34.75 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 528.60 crore (72.28 percent) in FY24, Rs 157.65 crore (44.00 percent) in FY23, and Rs 168.94 crore (49.60 percent) in FY22. Any adverse political, social, or economic developments in this region could negatively impact the company’s operations and overall financial health.
The top five customers accounted for Rs 759.75 crore (71.29 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 516.18 crore (68.05 percent) in FY24, Rs 246.04 crore (63.90 percent) in FY23, and Rs 212.73 crore (59.03 percent) in FY22. Furthermore, the top customer alone accounted for Rs 273.40 crore (25.66 percent) of the company’s revenue in the nine months ended December 31, 2024, Rs 265.81 crore (35.04 percent) in FY24, Rs 123.25 crore (32.01 percent) in FY23, and Rs 158.93 crore (44.10 percent) in FY22. Any failure to retain these key customers, expand the customer base, or a loss of business from even one of these clients can adversely affect the company’s business and financial standing.
Oswal Pumps operates two manufacturing facilities located in Karnal, Haryana – one for pumps and motors, and the other for solar modules through its subsidiary, Oswal Solar. This geographic concentration makes the company vulnerable to regional disruptions.
The top five suppliers accounted for Rs 234.71 crore (46.51 percent) of the company’s total raw material consumption in the nine months ended December 31, 2024, Rs 140.14 crore (27.38 percent) in FY24, Rs 96.45 crore (38.92 percent) in FY23, and Rs 81.44 crore (31.30 percent) in FY22. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company’s raw material costs accounted for Rs 504.63 crore (64.54 percent) of its total expenses in the nine months ended December 31, 2024, Rs 511.83 crore (81.07 percent) in FY24, Rs 247.83 crore (72.70 percent) in FY23, and Rs 260.16 crore (77.16 percent) in FY22. Any increase in raw material prices or supply chain disruptions could materially impact the company’s margins and overall profitability.
As of the nine months ended December 31, 2024, the company had trade receivables amounting to Rs 711.12 crore, representing 66.73 percent of its revenue. This is a sharp increase from Rs 239.90 crore (31.63 percent) in FY24, Rs 72.94 crore (18.94 percent) in FY23, and Rs 37.50 crore (10.40 percent) in FY22. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company recorded negative cash flow from operating activities amounting to Rs 197.45 crore in the nine months ended December 31, 2024. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
As of April 30, 2025, the company had outstanding financial indebtedness of Rs 629 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Oswal Pumps Financials
*All values are in Rs. Cr
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Application Details of Oswal Pumps IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹584 - 614 | ₹2 Lakh |
| High Networth Individual | ₹584 - 614 | ₹2 - 5 Lakh |
For Oswal Pumps IPO, eligible investors can apply as Regular.