Oswal Pumps started FY27 with revenue from operations at ₹473.6 Cr, down 7.9% year-on-year.

Operating EBITDA dropped to ₹74.3 Cr (15.7% margin), a 47.2% YoY decline, while profit after tax (PAT) was ₹53.8 Cr (11.2% margin), down 43.1% YoY.

This margin compression was mainly due to competitive bidding in the Magel Tyala scheme, reducing realizations, and increased employee costs.

To counter a delay in PM KUSUM 2.0, Oswal is strategically diversifying beyond its government-led solar irrigation business.

It's evaluating entry into the Jal Jeevan Mission with a potential pipeline of 42,000 pumps and scaling its Rooftop Solar, Utility, and Commercial & Industrial (C&I) Solar EPC segments, where the current order book is 72 MW with a 359 MW pipeline.

Recent developments include entry into the PM Surya Ghar rooftop solar segment and forming a new SPV for Rajasthan projects.

The pump order book stands at 22,025, with a near-term pipeline of 12,500 pumps.

Management is focused on disciplined execution and operational efficiency, expecting payment cycles to normalize to reduce interest costs.