Blog

Oswal Pumps is an integrated manufacturer of solar-powered and grid-connected submersible and monoblock agricultural pumps, Oswal Pumps IPO offer includes both a fresh issue and an offer for sale, with the price band set between ₹584 and ₹614 per share.

Oswal Pumps IPO:

• It is one of the fastest growing vertically integrated solar pump manufacturers in India manufactures solar-powered and grid-connected submersible and Monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, which they sell under the ‘Oswal’ brand.
• The company’s manufacturing facility spans across an area of 41076 sq. meters which is strategically located in or near major agricultural states such as Haryana, Punjab and Uttar Pradesh and is equipped with modern machineries. Oswal Pumps Limited is an ISO 9001:2015 certified company and its products are marked with ISI and BEE certifications.
• Vivek Gupta, Amulya Gupta, Shivam Gupta, Ess Aar Corporate Services Private Limited, Shorya Trading Company Private Limited and Singh Engcon Private Limited are the company promoters.

Financials : Oswal Pumps

Anchors: Oswal Pumps IPO

Oswal Pumps raised ₹416.20 crore from anchor investors on June 12, 2025, just before its IPO opened for public subscription. The company allotted 67,78,533 equity shares at ₹614 per share to these investors. The anchor book included a mix of global and domestic institutional investors such as Societe Generale, BNP Paribas, Smallcap World Fund Inc, ICICI Prudential, Aditya Birla Sun Life, Kotak Mahindra Mutual Fund, Quant Mutual Fund, Amundi Funds, Motilal Oswal Mutual Fund, Bandhan Small Cap Fund, Edelweiss Mutual Fund, Nuvama Mutual Fund, Sundaram Mutual Fund, Edelweiss Life Insurance, and Mahindra Manulife, among others. Notably, about 43.7% of the anchor shares were allotted to 11 domestic mutual funds across 15 schemes, reflecting significant domestic interest in the IPO.

Salient Points: Oswal Pumps IPO

• Offer for Sale of Rs. 497 cr, by the promoter whose 99.88% stake will drop 80% post the IPO.
• Product Portfolio:
  • Solar Pumps: Submersible (1–25 HP) and Monoblock (3–20 HP)
  • Grid-connected Pumps: Submersible (0.5–40 HP), Monoblock (0.5–15 HP)
  • Electric Motors: Induction (0.5–75 HP), Submersible (0.5–150 HP)
• In future they intend to venture into Helical rotor pumps, progressive cavity pumps, industrial centrifugal, pressure, and reciprocating pumps.
• They have a 38% market share in solar pump installations under the PM-KUSUM scheme.
• 87% of revenue is linked to government-driven schemes.
• Oswal Pumps Limited concluded a secondary Sale via OFS ahead of the IPO and raised 307.75 Cr @ Rs. 614 per Equity. This was for a 5% stake to Quant Mutual Fund, VQ Fastercap, Kotak Iconic Fund and Rajasthan Global.
• Revenue grew at a CAGR of 45% between FY22 and FY24
• Company has a good pending order pipeline across multiple states, such as Uttar Pradesh, Rajasthan, Himachal Pradesh, Uttarakhand, Kargil, Ladakh, Karnataka, and Haryana.
• The company has 925 distributors across India as of December 2024, which is up from 473 in FY22. It also operates 248 exclusive retail outlets under the “Oswal Shoppes”.
• Company exports to 22 countries, including Australia, Egypt, and the UAE.
• It commenced manufacturing solar modules for Turnkey Solar Pumping Systems in Jan,, 2024, through its wholly owned subsidiary, Oswal Solar Structure (OSSPL),thus enhancing its backward integration capabilities. Annual installed capacity for solar modules was 570 MW.
• Oswal Pumps plans to expand its solar module manufacturing capacity by 1,500 MW, investing 153.7 Crs from IPO proceeds. This is to meet rising demand from the PM Kusum Scheme and cater to both domestic and global solar module markets.
• Peers:

• I may apply in Oswal Pumps IPO though it is not risk free due to dependence on one single scheme of Govt of India . Focus on Backward Integration & debt reduction from IPO funds should Improve Margins. Any reduction is budget allocation for PM Kusum or significant changes can affect the company. Immediate gains could be capped to average to poor listing seen in recent IPOs and current middle east tensions.
• GMP as per social media is Rs. 40(7%)
• This post is exploratory and educational purposes only.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.