Oswal Pumps IPO Price: ₹584 to ₹614 per share
IPO Dates: 13th June 2025 – 17th June 2025
Company Overview
Incorporated on July 15, 2003, Oswal Pumps Limited is one of India’s fastest-growing vertically integrated solar pump manufacturers. The company specializes in manufacturing and distributing a wide range of products, including solar-powered and grid-connected submersible and monoblock pumps, electric motors (induction and submersible), solar modules, submersible winding wires and cables, pressure pumps, sewage pumps, and electric panels. All products are marketed under the ‘Oswal’ brand name.
Business Segments and Applications
With over 22 years of experience, OPL caters to a broad range of customers across the agricultural, residential, commercial, and industrial sectors. In agriculture, their pumps are used primarily for irrigation. In the residential segment, products are used for water extraction, overhead tank supply, garden and fountain maintenance, and household cleaning. Commercial clients such as shopping malls, hotels, and offices utilize their solutions for water supply and maintenance purposes.
In the industrial domain, their pumps and motors are deployed in applications such as boilers, water treatment plants, machinery operations, water transportation, sewage systems, and cooling towers.
Turnkey Solar Pumping Systems and PM-KUSUM Scheme
A key area of focus for Oswal Pumps Limited is the PM-KUSUM Scheme, a government initiative promoting solar-powered agricultural pumping solutions. Oswal Pumps Limited began offering Turnkey Solar Pumping Systems in 2021, which include solar agricultural pumps, solar modules, mounting structures, pump controllers, and installation services. The company operates under three models within the scheme:
- Directly supplying turnkey solutions to farmers.
- Supplying turnkey systems to other participating players.
- Providing solar pumping systems (excluding installation) to partners under the scheme.
As of December 31, 2024, Oswal Pumps Limited had supplied:
- 38,132 solar pumps directly to farmers under the PM-KUSUM Scheme.
- 1,45,578 solar pumps to participating companies.
- 7,255 turnkey systems to other players in the scheme.
By August 31, 2024, Oswal Pumps Limited had executed 26,270 turnkey solar pumping system orders directly under the scheme for various states, including Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.
Manufacturing and Distribution Network
Oswal Pumps Limited’s manufacturing facility is located in Karnal, Haryana, spanning a land area of 41,076 square meters as of March 31, 2024. The company is recognised for its vertically integrated manufacturing capabilities, enabling it to manage the entire process, from design and engineering to testing and production, in-house. OPL has also developed end-to-end capabilities for producing solar modules and turnkey systems.
On the distribution front, the company has expanded its reach significantly, growing its distributor network from 473 in March 2022 to 636 by March 2024. Furthermore, between April 1, 2021, and March 31, 2024, Oswal Pumps Limited exported its products to 17 countries across the Asia-Pacific, Middle East, and North Africa regions.
Competitive Strengths
Oswal Pumps Limited stands out in the Indian market for its strong presence in major agricultural states, particularly Haryana. The company is among the largest suppliers of solar agricultural pumps under the PM-KUSUM Scheme and is well-positioned to benefit from the sector’s strong growth momentum. Key competitive advantages include:
- Vertically integrated operations.
- End-to-end product and turnkey system capabilities.
- Strong engineering and design competencies.
- Broad product portfolio with multiple specifications.
- A growing and diversified customer base.
- An experienced promoter and a senior management team are driving business growth.
Bidding Starts In
Oswal Pumps IPO Specifics:
| IPO Date | June 13, 2025 to June 17, 2025 |
| Listing Date | Friday, June 20, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹584 to ₹614 per share |
| Lot Size | 24 Shares |
| Total Issue Size | 2,25,95,114 shares (aggregating up to ₹1,387.34 Cr) |
| Fresh Issue | 1,44,95,114 shares (aggregating up to ₹890.00 Cr) |
| Offer for Sale | 81,00,000 shares (aggregating up to ₹497.34 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 9,94,82,300 shares |
| Share Holding Post Issue | 11,39,77,414 shares |
Oswal Pumps IPO Timetable (Important Dates)
| IPO Open Date | Friday, June 13, 2025 |
| IPO Close Date | Tuesday, June 17, 2025 |
| Basis of Allotment | Wednesday, June 18 2025 |
| Initiation of Refunds | Thursday, June 19 2025 |
| Credit of Shares to Demat | Thursday, June 19 2025 |
| Listing Date | Friday, June 20, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 17, 2025 |
Oswal Pumps IPO Lot Size
Bidders have the opportunity to bid for a minimum of 24 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Oswal Pumps Limited IPO Financial Information
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| Assets | 221.84 | 252.30 | 511.28 | 1096.01 |
| Revenue | 361.11 | 387.47 | 761.23 | 1067.34 |
| Profit After Tax | 16.93 | 34.20 | 97.67 | 216.71 |
| Net Worth | 24.57 | 59.97 | 160.17 | 378.80 |
| Reserves and Surplus | 37.82 | 73.22 | 173.42 | 387.96 |
| Total Borrowing | 87.54 | 59.28 | 75.42 | 346.30 |
Key Performance Indicator – Oswal Pumps IPO
| KPI | Values |
|---|---|
| Market Cap | ₹6,998.21 Cr |
| EPS | ₹9.82 |
| P/E (x) | 62.54 |
| ROCE | 81.85% |
| Debt/ Equity | 0.42 |
| RoNW | 88.73% |
Objects of the Issue:
Oswal Pumps plans to utilise the net proceeds from its IPO for the following purposes:
- To finance the specific capital expenditure requirements of the company.
- To invest in its wholly-owned subsidiary, Oswal Solar, through debt or equity, for the establishment of new manufacturing facilities in Karnal, Haryana.
- To prepay or repay, either partially or fully, certain outstanding borrowings of the company.
- To provide financial support to Oswal Solar, in the form of debt or equity, for the prepayment or repayment of its existing borrowings.
- To meet general corporate requirements.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
