### **Overview** Oswal Pumps Limited, incorporated in 2003 and converted to a public limited company in 2006, is a fully integrated manufacturer and provider of solar-powered and grid-connected pumping systems, electric motors, and solar photovoltaic (PV) modules under the 'Oswal' brand. Headquartered in New Delhi with its primary manufacturing facility in Kutail, Haryana, the company has evolved over 22 years into one of India’s largest vertically integrated players in the solar pumping space. It serves agricultural, residential, and industrial sectors, with a growing focus on turnkey solar EPC solutions. --- ### **Core Business & Vertical Integration** Oswal Pumps has achieved **100% backward integration**—a rare distinction in the Indian industry—across the entire value chain of solar pumping systems: - **Pumps & Motors**: Full in-house production from casting, stamping, plastic molding, winding, to final assembly. - **Solar Modules**: Manufactured by its wholly-owned subsidiary, **Oswal Solar Structure Private Limited** (570 MW capacity as of FY25, expanding by 1,500 MW). - **Balance of System (BOS) Components & Mounting Structures**: Supplied by associate company **Walso Solar Solutions Private Limited** (38.5% stake). - **Controllers, Cables, Structures**: Developed and integrated in-house. This deep integration enables control over **quality, cost, delivery timelines**, and industry-leading **operating margins**. The company also recycles scrap metal and waste materials, enhancing cost efficiency and sustainability. --- ### **Product Portfolio** The company offers a comprehensive range of products: - **Solar Submersible & Monoblock Pumps**: Designed for agriculture, rural water supply, and shallow/medium-depth applications. - **Grid-Connected Pumps**: For areas with stable electricity access. - **Electric Motors**: High-efficiency models forming core components of pump systems. - **Turnkey Solar Pumping Systems ("Combo Systems")**: Fully integrated solutions including pump, motor, solar module, controller, mounting structure, BOS, cables, and installation. - **Smart Controllers**: Feature remote monitoring, anti-theft protection, dry-run prevention, and real-time performance analytics. The company is expanding into **industrial pumps**—helical rotor, progressive cavity, centrifugal, reciprocating, and pressure pumps—for oil & gas, food processing, wastewater treatment, and power generation. --- ### **Market Position & Key Programs** Oswal Pumps is a **leading supplier under the Government of India’s PM-KUSUM scheme**, having delivered over **80,000 solar pumping systems** as of October 31, 2025 (including direct and indirect supplies). As of June 30, 2025, it had supplied **48,915 systems directly**, capturing a **31% life-to-date market share** inclusive of EPC contractor channels. #### **PM-KUSUM Focus** - **Geographic Concentration**: ~85% of sanctioned pumps are in **Maharashtra (50%), Haryana (19%), Rajasthan (12%), UP, and Madhya Pradesh**. - **PM-KUSUM 2.0**: Expected launch by March 2026. The company is strategically positioned to capitalize on the next phase, with a robust pipeline and scalable infrastructure. - **Not reliant solely on subsidies**: Unsubsidized solar pumps are already cost-competitive (e.g., ₹3.5 lakh for 10 HP solar vs. ₹5 lakh for grid connection), supported by accessible financing (up to 97% loans via SBI tie-up). --- ### **Sales & Distribution Network** Strategic expansion of the distribution footprint has been central to growth: - **Distributors**: Grew from **1,050 in FY25 to 1,235 in H1 FY26**, with significant additions in North (+94) and Central India (+47). - **Oswal Shoppe**: Branded retail outlets launched in March 2024; **370 operational as of Nov 2025**, concentrated in Haryana, UP, Punjab, and Rajasthan. - **Future Expansion**: Targeting deeper penetration in **Karnataka, Madhya Pradesh, Ladakh, Kargil, Chhattisgarh, Assam, Kerala, Andhra Pradesh, Telangana, Tamil Nadu, and Gujarat**. The company maintains **pan-India reach** with one of the largest after-sales service networks in the sector—around **500 field personnel**, toll-free multilingual support, and rapid response times. --- ### **Revenue & Business Model Evolution** The company has undergone a **strategic shift in revenue mix**: | Parameter | FY23 | H1 FY26 | |--------|------|---------| | **Turnkey Solar Submersible Systems** | 18.0% | **66.5%** | | **Solar Submersible Pumps (Non-Turnkey)** | 32.2% | 3.9% | | **Non-Solar Pumps & Motors** | >24% | ~12% | | **Agriculture Segment** | 90.9% | 83.8% (H1 FY26) | | **Government Revenue Share** | 0% | **74.5% (FY25)** | | **Institutional Customers** | 75.6% | 7.4% (FY25) | | **Exports** | 11.6% | 2.7% (H1 FY26) | This reflects a pivot toward **government-led, large-scale solar EPC projects**, while reducing reliance on institutional and export markets. --- ### **Capacity Expansion & Strategic Relocation** To support future scalability: - **Relocation of Solar Module Project**: Moving to a **larger adjacent site of 28,000 sqm** (vs. 13,983 sqm previously), leased for 15 years from June 25, 2024, renewable by mutual agreement. - **Proximity Benefits**: Adjacent to both the existing plant and Walso Solar Solutions, enabling reduced logistics costs, improved coordination, and shared R&D/admin infrastructure. - **Future Scalability**: New site allows for optimized layout, expanded storage, and future capacity additions. - **Regulatory Efficiency**: Only minor amendments required due to continuity with existing operations. Major investments underway: - ₹1,807.82 million – Solar module capacity addition (1,500 MW) - ₹597.2 million – In-house aluminum extrusion - ₹268.07 million – EVA encapsulant manufacturing These initiatives aim at **complete supply chain independence**, cost protection, and margin enhancement. --- ### **Technological & Operational Excellence** - Uses advanced tools: **CAD, CAM, CAE** for 3D modeling and virtual prototyping. - State-of-the-art manufacturing: **CNC machines, PLC-controlled lines, automatic winding machines, induction furnaces**. - Automation implemented in **coil insertion, welding, press operations**, and **plastic molding**. - **In-house tool room** ensures minimal downtime through quick die/mold repairs. - Products conform to **ISI, CE, and ISO standards**, with rigorous testing for reliability. --- ### **Strategic Initiatives** 1. **Geographic Expansion**: Strengthening bid participation and distributor presence in emerging states. 2. **Product Diversification**: Launching industrial pump range to reduce sector concentration risk. 3. **Inorganic Growth**: Exploring strategic acquisitions to accelerate technological and market reach. 4. **Retail Model**: “Oswal Shoppe” enhances grassroots engagement, brand visibility, and service delivery. --- ### **Key Strengths** - First-mover advantage in PM-KUSUM execution. - Fully integrated, cost-efficient manufacturing model. - Strong government scheme alignment (PM-KUSUM, renewable energy goals). - Scalable production with existing infrastructure leverage. - Robust order visibility and long-term demand tailwinds. - Brand legacy: Over **55 years in agriculture**, fostering trust and loyalty.