Oswal Pumps began as a conventional pump maker and, over two decades, transformed itself into a fully integrated provider of solar-powered water pumping systems - it now makes the pump, the motor, the solar panel, the mounting structure, and the control electronics under one roof, then installs and maintains the whole system for the farmer. That vertical integration is the recurring logic of the business: every new capability - casting, module manufacturing, EPC services - was added to capture more of the value chain and de-risk delivery for government customers running large rural electrification schemes. The result is a company that competes not on any single product but on its ability to show up at a village with a complete, warrantied solar pump that works straight out of the box. # Business segments A single integrated engine - solar pumping systems - that pulls through the company’s pumps, motors, solar modules, and project execution capabilities, with a smaller non-solar pump business running alongside on the same manufacturing base and a rooftop-solar venture now being built as the next leg. ## 1. Turnkey solar pumping systems: the core government-contract engine **The company wins state and central-government tenders to supply, install, and maintain complete solar water-pumping systems for farmers - it is paid per system delivered, not per component sold.** - **One contract, one complete system** - every turnkey order covers design, manufacture, supply, transport, installation, testing, commissioning, a five-year warranty, and remote monitoring, so the farmer and the government agency deal with a single counterparty for the entire project lifecycle. - **PM-KUSUM is the dominant channel** - the bulk of revenue comes from the central government’s PM-KUSUM scheme and allied state programmes such as Maharashtra’s Magel Tyala Saur Krushi Pump Yojana; in FY26, these government schemes accounted for roughly four-fifths of revenue excluding traded goods. - **Scale that builds a moat** - the company has cumulatively executed over 1,06,000 solar pumping systems across 15 states, making it one of the largest turnkey suppliers in the country; repeat orders from state agencies like MSEDCL in Maharashtra and KREDL in Karnataka signal that execution track record is itself a barrier to entry. - **Backward integration locks in supply and margin** - because the company manufactures its own pumps, motors, solar modules, mounting structures, and balance-of-system kits, it is less exposed to vendor delays and price swings when executing large government orders on fixed-price tenders. - **A distribution net that doubles as a service net** - a pan-India network of 1,383 distributors and 425 ‘Oswal Shoppe’ retail outlets, backed by toll-free multilingual support, brings procurement, installation, and after-sales service physically closer to farmers in agricultural belts. ## 2. Non-solar pumps and motors: the legacy retail business **Grid-connected submersible and monoblock pumps sold through distributors to farmers, households, and small industries - a steady, brand-driven business that runs on the same factory lines as the solar segment.** - **A full range for borewells and homes** - the product line spans stainless-steel submersible pumps for deep borewells, cast-iron monoblock pumps for shallow water sources and domestic use, and matching electric motors, covering agricultural, residential, and light-industrial applications. - **Distributor-led, not tender-driven** - unlike the solar business, non-solar pumps are sold through the retail distributor network and Oswal Shoppe outlets; in FY26, distributor sales contributed 14.3% of total revenue, institutional customers 7.0%, and exports 2.1%. - **Volume with a different rhythm** - the company supplied 93,585 non-solar pumps in FY26, a business that had temporarily shrunk as manufacturing capacity was absorbed by government solar orders but is now being rebuilt as capacity expands. - **Brand pull in the agri-retail channel** - the ‘Oswal’ brand, built over 23 years in pumping, gives the company shelf-space and farmer recognition in a market where purchase decisions are local and word-of-mouth driven. ## 3. Rooftop and utility solar projects: the diversification bet under construction **A new segment that takes the company’s solar EPC and module-manufacturing capabilities beyond pumps and into grid-connected rooftop and ground-mount solar installations - still small, but built on the same government-tender playbook.** - **First rooftop order under a central scheme** - the company entered rooftop solar by winning a 63 MW order under the PM Surya Ghar Muft Bijli Yojana, covering 57,492 consumer installations in Bihar with a scope that includes financing and 10 years of operations and maintenance. - **A 25-year annuity stream from Rajasthan** - a step-down subsidiary was incorporated to execute 33 MW of rooftop solar on state government buildings under the Hybrid Annuity Model, which means the company will receive recurring payments from the government over the project’s 25-year life rather than a one-time lump sum. - **A 300 MW pipeline to reduce single-scheme dependency** - the combined pipeline across rooftop, utility-scale, and commercial-and-industrial solar projects is approximately 300 MW, a deliberate move to build a second growth engine alongside the PM-KUSUM pump business. # Manufacturing and backward integration **Two factories in Karnal, Haryana, house the entire production chain - from molten metal to finished solar modules - and are being expanded to roughly triple pump capacity and nearly triple solar module capacity.** - **Pumps and motors under one roof** - a 41,076 sq. mt. facility produces stainless-steel and cast-iron pumps and motors with in-house casting, injection moulding, die casting, thrust-bearing manufacturing, winding-wire production, and cable making; it even recycles scrap metal into functional components like impellers and valve parts. - **Solar modules next door** - a separate 11,002 sq. mt. facility with 570 MW of installed module capacity supplies the company’s own solar pumping projects and is being expanded in phases to 1.5 GW, with the first 1 GW phase expected by early FY27. - **Pump capacity tripling** - the pump and motor plant is being expanded from 2 lakh to 5 lakh pumps per year, targeted for the first half of FY27, with the entire capex program including automation scheduled for completion by the third quarter. - **Inverters as the next backward step** - the company is entering solar inverter assembly, with plans to bring electronics, software, and hardware production in-house within six to seven months, treating the inverter as a captive input for its own projects rather than a standalone product. # Group structure and partners **A listed parent with three operating subsidiaries that each handle a piece of the vertical-integration puzzle - solar modules, mounting structures and BOS, and project-specific SPVs.** - **Oswal Solar Structure Private Limited** is the wholly owned material subsidiary that manufactures solar PV modules in Karnal; it was the recipient of over ₹300 crore in IPO-related investment and generated turnover of ₹4,522 million in FY25. - **Walso Solar Solution Private Limited** became a subsidiary in June 2026 and manufactures mounting structures and balance-of-system kits; it recorded turnover of ₹1,703 million in FY26, supplying essential components for the parent’s turnkey pumping systems. - **Oswal Doon Baran Bundi Solar Projects Limited** is a step-down SPV, 60% held by Oswal Solar Energy, created solely to execute the 33 MW Rajasthan rooftop solar project under the Hybrid Annuity Model. - **Oswal Green Industries Private Limited** is a subsidiary with no further operational detail disclosed in the filings.