Oswal Pumps Limited is launching its Initial Public Offering (IPO) through the book building process. The IPO includes a fresh issue of equity shares worth ₹890.00 crore and an offer for sale (OFS) of 0.81 crore shares. The subscription window for the Oswal Pumps IPO will open on June 13, 2025, and close on June 17, 2025.
The basis of allotment is expected to be finalised on June 18, 2025. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date set for June 20, 2025. The price band for the IPO is yet to be disclosed. Investors are advised to refer to the Red Herring Prospectus (RHP) for complete details about the offer.
IIFL Capital Services Limited, Axis Capital Limited, CLSA India Private Limited, JM Financial Limited, and Nuvama Wealth Management Limited are acting as the book running lead managers for the IPO. MUFG Intime India Private Limited (formerly Link Intime) has been appointed as the registrar for the issue. The IPO aims to attract investors ahead of its listing on the stock exchanges.
Industry Outlook
- The global pump market stood at ₹6.1 trillion in CY24 and is projected to reach ₹7.9 trillion by CY29, growing at a CAGR of 5.6%. This steady global expansion reflects strong demand from agriculture, power, and wastewater treatment sectors.
- The solar pump segment is seeing faster growth, with the market expected to rise from ₹0.3 trillion in CY24 to ₹0.7 trillion by CY29 at a robust CAGR of 19.5%. This is driven by rising solar adoption in off-grid areas, especially in agriculture.
- The Indian pump market was valued at ₹380.5 billion in FY25 and is estimated to reach ₹591.9 billion by FY30, growing at a CAGR of 9.2%. Government-led infrastructure projects and schemes like Jal Jeevan Mission are key growth drivers.
Oswal Pumps IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- To fund capital expenditure needs of Oswal Pumps for business expansion and operational enhancement.
- To invest in its wholly-owned subsidiary, Oswal Solar, for establishing new manufacturing units in Karnal, Haryana.
- To repay or prepay part or full of existing borrowings taken by Oswal Pumps, helping reduce debt and improve financial stability.
- To support Oswal Solar in repaying or prepaying its outstanding loans through equity infusion.
- The company also aims to use the funds for general corporate purposes, including operational and strategic needs.
About Oswal Pumps Limited
Oswal Pumps Limited is one of the fastest-growing vertically integrated solar pump manufacturers in India, with a revenue CAGR of 45.07% between Fiscal 2022 and 2024. The company manufactures a wide range of solar-powered and grid-connected submersible and monoblock pumps, electric motors, and solar modules under the 'Oswal' brand.
With over two decades of experience, Oswal Pumps serves sectors such as agriculture, residential, commercial, and industrial, catering to varied water management needs. The company began operations in 2003 with low-speed monoblock pumps and has since diversified into high-speed pumps and electric motors.
In 2019, recognising the growth opportunity under the PM Kusum Scheme, Oswal Pumps ventured into solar agricultural pump manufacturing. It has become a key supplier under the scheme, offering Turnkey Solar Pumping Systems that include pumps, modules, controllers, and installation services.
As of December 2024, Oswal Pumps has supplied around 2.3 lakh solar-powered agricultural pumps, representing about 38.04% of total installations under the PM Kusum Scheme. It operates through subsidiaries like Oswal Solar Structure Private Limited and benefits from support by its associate, Walso Solar Solution Private Limited, to strengthen its position as a fully integrated solar pump solutions provider in India.
How To Check the Allotment Status of Oswal Pumps IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Oswal Pumps IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Oswal Pumps IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Oswal Pumps IPO
Registered office: Oswal Estate, NH-1, Kutail Road, P. O. Kutail, District Karnal, Haryana 132037, India
Phone:+91 18 4350 0307
E-mail: investorrelations@oswalpumps.com
Oswal Pumps IPO Reservation
|
Investor Category |
Shares Offered |
|
Qualified Institutional Buyers (QIBs) |
45,19,024 (28.57%) |
|
Retail Individual Investors (RIIs) |
79,08,290 (50.00%) |
|
Non-Institutional Investors (NIIs) |
33,89,267 (21.43%) |
Oswal Pumps IPO Lot Size Details
|
Application    |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
24 |
₹14,736 |
|
Retail (Max) |
13 |
312 |
₹1,91,568 |
|
S-HNI (Min) |
14 |
336 |
₹2,06,304 |
|
S-HNI (Max) |
67 |
1,608 |
₹9,87,312 |
|
B-HNI (Min) |
68 |
1,632 |
₹10,02,048 |
Oswal Pumps IPO Promoter Holding
The promoters of the company include Vivek Gupta, Amulya Gupta, Shivam Gupta, Ess Aar Corporate Services Private Limited, Shorya Trading Company Private Limited, and Singh Engcon Private Limited.
|
Share Holding Pre-Issue |
99.88% |
|
Share Holding Post Issue  |
- |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Oswal Pumps IPO
|
KPI |
Value |
|
ROE (%) |
81.85 |
|
Debt/Equity |
0.42 |
|
RoNW (%) |
88.73 |
|
PAT Margin |
12.83 |
Oswal Pumps IPO Prospectus
Oswal Pumps IPO Registrar and Lead Managers
Oswal Pumps IPO Lead Managers
- IIFL Capital Services Limited
- Axis Capital Limited
- Clsa India Private Limited
- Jm Financial Limited
- Nuvama Wealth Management Limited
Registrar for Oswal Pumps IPO
MUFG Intime India Private Limited (Link Intime)
- Contact Number: +91-22-4918 6270
- Email Address: ipo@linkintime.co.in
Oswal Pumps IPO Registrar
Financial Performance of Oswal Pumps Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 7,585.71 | 3,850.36 |
| Profit/ (loss) for the year (in ₹ million) | 976.65 | 341.99 |
| Earnings per Share (₹) | 9.82 | 3.44 |
| Net Worth (in ₹ million) | 1,601.69 | 599.68 |
| Total Borrowings (in ₹ million) | 754.22 | 592.84 |
| Return on Net Worth (RoNW) (%) | 88.73 | 80.91 |
| EBITDA (in ₹ million) | 1,501.24 | 578.19 |
Know before investing
Strengths
8Revenue grew at 45.07% CAGR from FY22 to FY24.
Supplied 0.23 million solar pumps under the PM Kusum Scheme.
EBITDA margin rose to 30.12% in FY24 operations.
Annual solar module capacity reached 570 MW by Dec 2024.
Operates 925 distributors across key agricultural states in India.
Offers complete Turnkey Solar Pumping Systems with in-house manufacturing.
Advanced design team uses AutoCAD and SolidWorks for innovation.
Significant opportunity remains with 0.45 million pumps yet installed.
Risks
8₹7,732.07 million revenue depends on PM Kusum tender awards.
96.55% revenue from agriculture; sector performance impacts business severely.
Top 10 customers contributed 78.87% revenue, posing concentration risk.
72.28% revenue from Haryana; regional issues could disrupt operations.
₹4,507.29 million debt raises financial covenant compliance and risk.
Only 62.90% sanctioned solar pumps installed; project execution uncertain.
Solar expansion lacks prior experience; delays or losses may follow.
Both manufacturing units in Haryana; local disruptions threaten the supply chain.
Oswal Pumps IPO Peer Comparison
| Company Name | EPS (Basic) | NAV (per share) (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Oswal Pumps Limited | 9.82 | 16.10 | - | 88.73 |
| Kirloskar Brothers Limited | 43.84 | 216.47 | 41.94 | 22.30 |
| Shakti Pumps (India) Limited | 12.82 | 68.36 | 66.72 | 24.15 |
| Wpil Limited | 17.72 | 127.56 | 27.31 | 18.78 |
| Ksb Limited | 11.99 | 74.81 | 66.79 | 17.07 |
| Roto Pumps Limited | 6.28 | 31.03 | 42.08 | 21.95 |
