Oswal Pumps Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹614
Per ShareLot Size
24 Shares
Minimum Investment
₹14,736
Issue Size
₹1,387.34 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Oswal Pumps Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
99.88%
Promoter Holding (Post-Issue)
80.07%
Issue Type
Book Building
ISIN
INE0BYP01024
About the Company
We manufacture solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules, which we sell under the `Oswal' brand. We have over 22 years of experience in pumps encompassing engineering, product design, manufacturing and testing. Our product portfolio allows us to address the diverse requirements of our end-users in the agricultural, residential and industrial sectors. Our operations are supported by two manufacturing facilities situated at Karnal, Haryana. One facility is dedicated to the production of pumps and motors, while the other focuses on manufacturing solar modules.
Industry Overview
The Indian pump market was Rs. 380.5 billion in Fiscal 2025 and is expected to reach Rs. 591.9 billion in Fiscal 2030, growing at a CAGR of 9.2% between Fiscal 2025 and 2030. The Indian pump industry is segmented into the agricultural pumps, industrial pumps, and residential pumps; agricultural pumps sector is expected to grow at a CAGR of 8.4%. The Indian solar pump market was valued at Rs. 164.5 billion in Fiscal 2025 and is expected to grow at a CAGR of 11.0% between Fiscal 2025 and 2030, expected to reach Rs. 271.1 billion by Fiscal 2030. (Source: 1Lattice Report). We face competition from domestic and international manufacturers for monoblock and submersible pumps, electric motors and solar modules. Technology, price, design, quality, delivery, and engineering capabilities are the primary elements of competition in our industry (Source: 1Lattice Report). Our peers are Kirloskar, Shakti Pumps, C.R.I. Pumps, WPIL Limited, KSB Pumps and Roto Pumps.
Company History
Oswal Pumps Limited was incorporated on July 15, 2003 at New Delhi, India as `Oswal Pumps Private Limited', a private limited company under the Companies Act, 1956 and was granted a certificate of incorporation by the RoC. The Company was then converted into a public limited company under the Companies Act, 1956, pursuant to the Shareholders' resolution dated October 24, 2006, consequent to which, the name of the Company was changed to `Oswal Pumps Limited' and a fresh certificate of incorporation dated November 15, 2006 was issued by the RoC.
Products & Services
- The Company manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors as well as solar modules
Growth Strategy
- Backward integration in pump manufacturing value chain, enhance automation in pump manufacturing and strengthen its capabilities through strategic acquisitions.
- Continue to focus on government schemes and maintain leadership position.
- Increase manufacturing capacity for solar modules and backward integration in solar module manufacturing.
- Introduce new products in the industrial pumps and electric motors categories.
- Increase its presence in select geographies in India and grow its exports.
Customer Base
wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 2,25,95,114 equity shares of face value Rs. 1/- each ("Equity Shares") of Oswal Pumps Limited (the "Company" or the "Company" or the "Issuer") for cash at a price of Rs. 614 per equity share (Including a Premium of Rs. 613 per Equity Share) (the "Offer Price") aggregating up to Rs. 1387.34 crores (the "Offer") comprising a fresh issue of up to 1,44,95,114 equity shares of face value of Rs.1/- each aggregating up to Rs. 890.00 crores by the company (the "Fresh Issue") and an offer for sale of up to 8,100,000 equity shares of face value of Rs.1/- each aggregating up to Rs.497.34 crores by Vivek Gupta (Referred to as the "Promoter Selling Shareholder" and such offer for sale of equity shares of face value Rs.1/- each by the promoter selling shareholder, the "Offer for Sale"). The offer shall constitute 19.82% of the post-offer paid-up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- One of the largest supplier of solar powered agricultural pumps under the PM Kusum Scheme, well positioned to capitalise on strong industry tailwinds.
- Vertically integrated manufacturing competencies.
- Strong engineering and design capabilities.
- Comprehensive product portfolio in multiple product specifications.
- Strong presence in major agricultural states in India including Haryana and growing presence in other states.
- The company derives a signification portion of its revenues from the supply of Turnkey Solar Pumping Systems which are awarded on a tender basis by state and central Government institutions under the PM Kusum Scheme (Rs. 7,732.07 million, Rs. 3,274.15 million, nil and nil from the supply of the Turnkey Solar Pumping Systems directly under the PM Kusum Scheme in the nine months ended December 31, 2024 and Fiscals 2024, 2023 and 2022, respectively, representing 78.50%, 44.77%, nil and nil of revenue from operations (excludes revenue from the sale of traded goods and other operating revenue and adding back discounts and incentives) during such periods). However, the company cannot assure you that the Government will continue this scheme or that its bids will be accepted and future contracts will be awarded to it. Any reduction in Government funding for this scheme or its inability to obtain contracts may have an adverse impact on its business, results of operations, financial condition and cash flows. Further, in the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022, revenue from operations for its Material Subsidiary, Oswal Solar on a standalone basis, which is currently engaged in the manufacturing of solar modules and primarily supplying to the Company, was Rs. 2,812.83 million, Rs. 593.22 million, nil and nil, respectively.
- Its business is dependent on the performance of the agricultural sector (Rs. 9,510.52 million, Rs. 7,024.71 million, Rs. 3,254.70 million and Rs. 2,964.21 million from the agricultural sector in the nine months ended December 31, 2024 and Fiscals 2024, 2023 and 2022, respectively, representing 96.55%, 96.06%, 90.84% and 87.03% of revenue from operations (excluding revenue from the sale of traded goods and other operating revenue and adding back discounts and incentives) during such periods). Any adverse changes in the conditions affecting the agricultural sector may adversely impact its business, results of operations, financial condition and cash flows. Further, in the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022, revenue from operations for its Material Subsidiary, Oswal Solar on a standalone basis, which is currently engaged in the manufacturing of solar modules and primarily supplying to the Company, was Rs. 2,812.83 million, Rs. 593.22 million, nil and nil, respectively.
- The company derives a significant portion of its revenues from the sale of the company products in the states of Haryana (34.75%, 72.28%, 44.00% and 49.60% in the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022, respectively), Maharashtra (44.30%, 7.85%, 18.69% and 9.85% in the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022, respectively), Uttar Pradesh (6.14%, 6.12%, 3.76% and 2.73% in the nine months ended December 31, 2024 and Fiscal 2024, 2023 and 2022, respectively) and Rajasthan (5.28%, 4.53%, 7.29% and 17.85% in the nine months ended December 31, 2024, Fiscal 2024, 2023 and 2022, respectively). Consequently, any adverse developments affecting its operations in such regions, could have an adverse impact on its business, results of operations, financial condition and cash flows.
- Its business largely depends upon the company top 10 customers, which contributed 78.87%, 79.50%, 72.56% and 66.29% of its revenue from operations for the nine months ended December 31, 2024, Fiscals 2024, 2023 and 2022, respectively. The loss of any of these customers could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Its operations are supported by two manufacturing facilities which are situated at Karnal, Haryana. The Company's facility is dedicated to the production of pumps and motors, while its Material Subsidiary, Oswal Solar's facility is dedicated to manufacturing of solar modules. The geographical concentration of its manufacturing facilities exposes the company operations to potential risks arising from local and regional factors such as adverse social and political events, weather conditions and natural disasters in this region.