| Oswal Pumps IPO Review: Playing in high-growth territory | Oswal Pumps IPO Subscription Status | Oswal Pumps IPO Allotment Status |
Oswal Pumps IPO Description – Established in 2003, Oswal Pumps is recognized as one of India’s fastest-growing vertically integrated solar pump manufacturers, achieving a revenue growth rate of 45.07% CAGR from Fiscal 2022 to Fiscal 2024. The company specializes in solar-powered and grid-connected pumps, electric motors, and solar modules branded as ‘Oswal’. With over 21 years of experience, it serves various sectors including agriculture, residential, commercial, and industrial applications.
In March 2019, the Indian government launched the PM Kusum Scheme, aiming to install 1.40 million standalone solar agriculture pumps to enhance energy security for farmers. Oswal has capitalized on this initiative by expanding its operations to manufacture solar-powered agricultural pumps and providing Turnkey Solar Pumping Systems. As of 31 August 2024, the company executed orders for 26,270 systems across several states.
By 31 March 2024, Oswal supplied approximately 0.18 million solar-powered agricultural pumps, representing around 43.8% of the total installed under the PM Kusum Scheme. Revenue from these systems reached INR 62.69 crore in Fiscal 2024, constituting 85.72% of total operational revenue.
Promoters of Oswal Pumps – Vivek Gupta, Amulya Gupta, Shivam Gupta, Ess Aar Corporate Services Private Limited, Shorya Trading Company Private Limited, and Singh Engcon Private Limited
Table of Contents
Oswal Pumps IPO Details
| Oswal Pumps IPO Dates | 13 – 17 June 2025 |
| Oswal Pumps Issue Price | INR 584 – 614 per share |
| Fresh issue | INR 890 crore |
| Offer For Sale | 81,00,000 shares (INR 473.04 – 497.34 crore) |
| Total IPO size | INR 1,363.04 – 1,387.34 crore |
| Minimum bid (lot size) | 24 shares (INR 14,736) |
| Face Value | INR 1 per share |
| Retail Allocation | 35% |
| Listing On | NSE, BSE |
Oswal Pumps Financial Performance
| FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 | |
| Revenue | 360.38 | 385.04 | 758.57 | 1,065.67 |
| Expenses | 337.16 | 340.87 | 631.36 | 781.83 |
| Net income | 16.93 | 34.20 | 97.67 | 216.71 |
| Margin (%) | 4.70 | 8.88 | 12.88 | 20.34 |
Oswal Pumps Offer News
Oswal Pumps Valuations & Margins
| FY 2022 | FY 2023 | FY 2024 (Pre Issue) | FY 2025 (Post-Issue)* | |
| EPS | 1.70 | 3.44 | 9.82 | 25.35 |
| PE Ratio | – | – | 59.48 – 62.54 | 23.03 – 24.22 |
| FY 2022 | FY 2023 | FY 2024 | |
| RONW (%) | 58.88 | 80.91 | 88.73 |
| NAV | 2.47 | 6.03 | 16.10 |
| ROCE (%) | 27.01 | 45.47 | 81.85 |
| EBITDA (%) | 10.69 | 15.02 | 19.79 |
| Debt/Equity | 1.83 | 0.70 | 0.42 |
Oswal Pumps IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
| 19 June 2025 | 50 | – | 1,100 |
| 18 June 2025 | 70 | – | 1,300 |
| 17 June 2025 | 51 | – | 850 |
| 16 June 2025 | 48 | – | 650 |
| 14 June 2025 | 65 | – | 1,100 |
| 13 June 2025 | 75 | – | 1,200 |
| 12 June 2025 | 75 | – | 1,200 |
| 11 June 2025 | 67 | – | 1,000 |
| 10 June 2025 | 50 | – | 600 |
Oswal Pumps IPO Objectives
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Funding certain capital expenditures of the company – INR 89.37 crore
- Investment in the wholly-owned subsidiary, Oswal Solar, in the form of debt or equity, for funding the setting up of new manufacturing units at Karnal, Haryana – INR 419.16 crore
- Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company – INR 235 crore
- Investment in the wholly-owned Subsidiary, Oswal Solar, in the form of debt or equity, for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar – INR 26 crore
- General corporate purposes
Oswal Pumps – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Oswal Pumps | 23.03 – 24.22 | 25.35 | 88.73 | 16.10 | 758.57 |
| Kirloskar Brothers | 37.57 | 43.84 | 22.30 | 216.47 | 4,001.20 |
| Shakti Pumps | 57.08 | 76.91 | 24.15 | 377.19 | 1,370.74 |
Oswal Pumps IPO Dates & Listing Performance
| IPO Opening Date | 13 June 2025 |
| IPO Closing Date | 17 June 2025 |
| Finalization of Basis of Allotment | 18 June 2025 |
| Initiation of refunds | 19 June 2025 |
| Transfer of shares to demat accounts | 19 June 2025 |
| Oswal Pumps IPO Listing Date | 20 June 2025 |
| Opening Price on NSE | INR 634 per share (up 3.26%) |
| Closing Price on NSE | INR 624 per share (up 1.63%) |
Oswal Pumps IPO Reviews – Subscribe or Avoid?
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Oswal Pumps Offer Lead Manager
NUVAMA WEALTH MANAGEMENT LIMITED
801-804, Wing A, Building No 3, Inspire BKC,
G Block, Bandra Kurla Complex, Bandra East,
Mumbai – 400 051
Phone: +91 22 4009 4400
Email: [email protected]
Website: www.nuvama.com
Oswal Pumps Offer Registrar
MUFG INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: [email protected]
Website: www.linkintime.co.in
Oswal Pumps Contact Details
OSWAL PUMPS LIMITED
Oswal Estate, NH-1 Kutail Road, P. O.
Kutail, District Karnal, Haryana 132 037, India
Phone: +91 18 4350 0307
Email: [email protected]
Website: www.oswalpumps.com
Oswal Pumps IPO FAQs
How many shares in Oswal Pumps IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%.
How to apply for Oswal Pumps Public Offer?
The best way to apply for Oswal Pumps public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Oswal Pumps IPO GMP today?
Oswal Pumps IPO GMP today is INR 50 per share.
What is Oswal Pumps kostak rate today?
Oswal Pumps kostak rate today is INR NA per application.
What is Oswal Pumps Subject to Sauda rate today?
Oswal Pumps Subject to Sauda rate today is INR 1,100 per application.