Oswal Pumps Ltd

AGM details

• AGM held on September 25, 2026 at 02:00 PM via video conferencing (OAVM).
• Voting cut-off date: September 18, 2026.
• Remote e-voting conducted Sept 21–24, 2026; voting available 15 minutes after AGM.

Resolution 1: Standalone financials

• Standalone financial statements adopted; 99.999% in favour.

Resolution 2: Consolidated financials

• Consolidated financial statements adopted; minor dissent from 73,659 votes.

Resolution 3: Director re-appointment

• Shiv Gupta retires by rotation and is re-appointed.

Resolution 4: Cost Auditor remuneration

• Remuneration payable to Cost Auditors ratified; 99.9979% in favour.

Resolution 5: MD/Chairman re-appointment

• Vivek Gupta re-appointed as Chairman and Managing Director; 99.999% in favour.

agm details

• Date and time: 25 Sep 2026, 1400–1500 IST; mode: VC/OAVM.
• Quorum present; AGM conducted via VC/OAVM.

key resolutions

• Ordinary: adopt standalone financial statements for year ended March 31, 2026.
• Ordinary: adopt consolidated financial statements for year ended March 31, 2026.
• Ordinary: re-appoint Shivam Gupta by rotation.
• Ordinary: ratify remuneration payable to Cost Auditors.
• Ordinary: re-appoint Vivek Gupta as Chairman and Managing Director.

voting results

• Voting results pending; to be announced within 2-3 working days.

directors

• Shivam Gupta to be re-appointed by rotation.
• Vivek Gupta to continue as Chairman and Managing Director.

auditors

• Remuneration payable to Cost Auditors ratified.

Oswal Pumps Limited – Trading Window closed from October 01, 2026 until completion of 48 hours after the unaudited results for the quarter and half year ended September 30, 2026 are announced.

Meeting Details

• Date & time: September 29, 2026, 3:00 PM–4:00 PM
• Type/Mode: Group investor meeting, virtual
• Event/Organizer: Bharat Connect Conference: Rising Stars; Organizer: Arihant Capital

Participants

• Company Secretary & Compliance Officer present

Purpose

• Discussion based on publicly available information

Additional Notes

• Changes may occur due to exigencies on participants/ company

Oswal Pumps Ltd – Rating actions

• Long-term fund-based cash credit: A+ (Negative); outlook revised to Negative from Stable.
• Short-term non-fund based - Others: A1 (reaffirmed).
• Short-term non-fund based - Letter of credit: A1 (reaffirmed).
• Short-term non-fund based - Bank guarantee: A1 (reaffirmed).
• Rationale: receivables buildup and profitability moderation amid higher input costs.
• Elongated receivables raise working capital intensity; government subsidy receipts remain critical.

Oswal Solar Energy Pvt Ltd – Subsidiary ratings

• Long-term cash credit: A+ (Negative); outlook revised to Negative.
• Long-term term loan: A+ (Negative); outlook revised to Negative.
• Unallocated limits: A+ (Negative)/ A1; outlook revised to Negative.
• Reason: Change in Oswal Pumps Limited's outlook.

Agency & rationale

• Rating agency: ICRA Limited.
• Outlook changes driven by parent outlook revision.

Outlook changes

• Oswal Pumps: Outlook revised from Stable to Negative.
• Oswal Solar Energy: Outlook revised to Negative, linked to parent.

Order details

• Awarding entity: Telangana Renewable Energy Development Corporation Limited (TGREDCO).
• Scope: Design, supply, installation and commissioning of on-grid rooftop PV plants.
• Capacity: 46,705 kW across 9,937 government schools in Telangana.
• Modules: MONOPERC/TOPCON with RMS; 5-year comprehensive maintenance.
• Value: Rs. 297.50 Crore approx. including GST.
• Delivery: Installation within 180 days from date of Work Order.
• Domestic awarding entity; no promoter interest; related party transactions not involved.
• Impact: first major Telangana order, potential order-book expansion.

Financial highlights

• Consolidated revenue from operations: ₹20,643.89 mn (FY26).
• Standalone revenue from operations: ₹17,962.76 mn (FY26).
• Consolidated PAT: ₹3,762.78 mn.
• Standalone PAT: ₹2,815.07 mn.
• Consolidated diluted EPS: ₹33.96.
• Standalone diluted EPS: ₹25.39.
• Net debt: ₹1,346 mn; net debt to equity 0.08x; net debt/EBITDA 0.26x.
• PM-KUSUM cumulative pumps installed: 119,402 (as of Jul 31, 2026).
• Order book: 22,025 pumps; near-term pipeline >12,500 pumps.
• Solar module capacity: 570 MW; expansion to 1,570 MW by FY27.
• Distributor network: 1,406; Authorized service centers: 220.
• IPO proceeds raised: ₹8,415.14 mn; utilised ₹5,701.74 mn; unutilised ₹2,713.40 mn.
• FY26 channel revenue: Govt 14,984; Institutions 1,385; Distributors 2,808; Exports 413; Others 59.
• Geography: India revenue ₹17,333.20 mn; Outside India ₹412.80 mn.

Operations & capacity

• Total solar pumps delivered FY26: 87,323.
• Grid-connected pumps delivered FY26: 93,585 (52,670 agr; 40,915 domestic/industrial).
• MNRE solar module capacity: 570 MW; Phase 1 to 1,570 MW in FY27.
• Pumps and motors capacity: SS pumps 1,160 MT; CI pumps 3,544 MT; SS motors 1,315 MT; CI motors 671 MT.
• Capacity utilisation FY26: SS pumps 95.1%; CI pumps 81.7%; SS motors 86.3%; CI motors 67.4%.
• PM-KUSUM cumulative installations: 119,402 pumps across 13 states.

Capital structure & liquidity

• IPO proceeds: ₹8,415.14 mn; utilised ₹5,701.74 mn; unutilised ₹2,713.40 mn.
• Net debt: ₹1,346 mn; net debt to equity 0.08x.
• Undrawn facilities: ₹4,554.50 mn (within 1 year) and ₹142.94 mn (beyond 1 year).
• Cash & equivalents: ₹988.55 mn; cash conversion cycle 172 days.

Market & geography

• India revenue share: 17,333.20 mn; Exports: 412.80 mn.
• State revenue mix FY26: Maharashtra 54.9%; Haryana 20.2%; Karnataka 5.4%; UP 3.4%; Punjab 3.2%.
• Major customers: two customers >10% of group revenue (consolidated).

Governance & ESG

• IPO listing on BSE/NSE on June 20, 2025.
• ESOP 2024: 5,698,870 options approved; 4,278 granted in FY26; 72,208 options outstanding.
• CSR spend ₹33.09 mn; CSR obligation ₹3.2438 crore; excess ₹0.5567 crore carry-forward.
• Environment: ISO 14001; 21.2% renewable energy in manufacturing; 2,84,400 tCO2e avoided (cumulative).

Outlook & risks

• PM-KUSUM 2.0 expected in FY27; expansion opportunities across rooftop, utility, and industrial pumps.
• Risks: raw material price volatility; government policy shifts; monsoon variability; currency exposure.

ESOP & governance disclosures

• ESOP accounting: Black-Scholes fair value; 85,313 options granted in FY26; total expense ₹17.64 mn.
• Board: 15 meetings in FY26; independent directors committees; governance certifications filed.