One of India’s most rapidly emerging names in the solar pump manufacturing segment, Oswal Pumps FY25 results reported a remarkable 88.2% year-on-year (YoY) growth in total income for the financial year ended 31 March 2025 (FY25), reaching INR 1,432.90 crore. The company also witnessed a massive 187.3% jump in Profit After Tax (PAT), which stood at INR 280.6 crore, up from INR 97.7 crore in FY24.
Oswal Pumps FY25 numbers reflect the robust operational momentum the company has sustained amid rising demand for renewable energy solutions, particularly solar-powered agricultural infrastructure under the Government of India’s flagship PM Kusum Scheme.
Oswal Pumps FY25 Results at a Glance
| Metric | FY24 | FY25 | YoY Growth |
|---|---|---|---|
| Total Income | 761.2 | 1,432.9 | +88.2% |
| EBITDA | 152.8 | 422.5 | +176.5% |
| PAT | 97.7 | 280.6 | +187.3% |
| EBITDA Margin | 20.1% | 29.5% | +941 bps |
| PAT Margin | 12.8% | 19.6% | +675 bps |
| EPS (INR) | 9.82 | 28.18 | +187.0% |
Oswal Pumps Q4 FY25 Results
For the fourth quarter ending March 2025 (Q4 FY25), Oswal Pumps reported a total income of INR 365.6 crore, marking a 58.4% YoY growth. PAT for the quarter surged to INR 63.9 crore, representing a 123.5% jump. However, the quarterly EBITDA margin (27.3%) was lower than the full-year average due to a change in sales mix, with a reduced share of higher-margin Kusum scheme sales and increased contribution from lower-margin external solar module sales.
Oswal Pumps IPO Details
Oswal Pumps launched its IPO on 13 June 2025, comprising a fresh issue of INR 890 crore and an offer for sale of INR 497.34 crore. The IPO received an overwhelming response from investors, resulting in an overall subscription of 34.4 times. Despite the strong demand, the stock debuted with a modest listing gain of 3.26%. However, it later surged to an all-time high of INR 738.30 per share on 9 July 2025, delivering a return of approximately 20% from its IPO allotment price of INR 614.
Management Commentary: IPO, Strategy & Execution
In a statement accompanying the results, Mr. Vivek Gupta, Chairman and Managing Director of Oswal Pumps, thanked the investor community for the strong response to the company’s recent IPO, through which it raised INR 1,387.34 crore. The proceeds are earmarked for capacity expansion, including a new manufacturing unit for subsidiary Oswal Solar in Karnal, Haryana.
“We are humbled by the trust our investors have placed in us. FY25 has been a transformational year for Oswal Pumps, driven by our focus on integrated solar pumping solutions and backed by disciplined execution. The margin expansion and PAT growth reflect improved operational efficiency and scale,” Mr. Gupta noted.
Turnkey Solar Pumping Systems: Growth Engine
Since venturing into Turnkey Solar Pumping Systems in 2021, Oswal Pumps has carved out a leadership position by offering end-to-end solutions—from pumps and solar modules to mounting structures, controllers, and installation. These are delivered either directly or via third-party bidders under the PM Kusum Scheme—a government initiative to solarise agricultural power demand.
As of 30 June 2025, the company has executed 48,915 turnkey installations, cementing its execution capabilities and market reach. The Kusum scheme continues to be a key revenue and margin driver, even as the company expands into external module markets and industrial applications.
Outlook: Poised for Sustainable Growth
With the Indian government’s continued emphasis on sustainable agriculture and rural electrification, Oswal Pumps stands to benefit from structural tailwinds. The IPO funds are expected to be strategically deployed, enhancing capacity and diversifying product offerings.
While short-term margin fluctuations may arise due to product mix changes, the long-term trajectory remains positive given the company’s vertically integrated model, strong brand equity, and alignment with national priorities in renewable energy.
Conclusion
Oswal Pumps FY25 performance is a testament to its strategic clarity and executional strength in the fast-growing solar pump segment. As it leverages its IPO proceeds and scales operations, investors and stakeholders will be watching closely to see if the company can maintain its growth momentum and improve shareholder value sustainably.