Oswal Pumps Reports Q1 FY27 Results; Total Income at ₹4,817 Million, PAT at ₹538 Million

Solar pump manufacturer Oswal Pumps Limited announced its unaudited financial results for the first quarter ended June 30, 2026 (Q1 FY27), following approval by its Board of Directors at its meeting held on August 8, 2026.

Revenue and Top-Line Performance

For Q1 FY27, Oswal Pumps recorded a total income of ₹4,817 million, marking a decline of 6.5% year-on-year (YoY) compared to ₹5,150 million reported in the corresponding quarter of the previous year (Q1 FY26). On a sequential basis, total income decreased by 6.8% quarter-on-quarter (QoQ) from ₹5,167 million in Q4 FY26.

For full-year context, the company recorded a total income of ₹20,859 million in FY26.

Operating Margins and EBITDA

Operating profitability reflected contraction during the quarter:

EBITDA: Stood at ₹825 million for Q1 FY27, down 41.9% YoY from ₹1,419 million in Q1 FY26 and down 34.0% sequentially from ₹1,250 million in Q4 FY26.

EBITDA Margin: Came in at 17.1% for Q1 FY27, contracting by 1,042 basis points YoY from 27.5% in Q1 FY26 and 708 basis points QoQ from 24.2% in Q4 FY26. Full-year FY26 EBITDA margin stood at 25.7% (EBITDA of ₹5,354 million).

Net Profit and Earnings Per Share

Net profit attributable to owners of the parent followed top-line trajectory:

Profit After Tax (PAT): Reported at ₹538 million for Q1 FY27, down 43.1% YoY compared to ₹947 million in Q1 FY26 and down 41.8% QoQ relative to ₹925 million in Q4 FY26.

PAT Margin: Stood at 11.2% in Q1 FY27, down 721 bps YoY (vs. 18.4% in Q1 FY26) and down 673 bps QoQ (vs. 17.9% in Q4 FY26). Full-year FY26 PAT stood at ₹3,763 million with an 18.0% margin.

Diluted EPS: Decreased to ₹4.86 per share for Q1 FY27, down 43.1% YoY from ₹8.54 in Q1 FY26 and down 43.0% QoQ from ₹8.53 in Q4 FY26, compared to FY26 full-year diluted EPS of ₹34.73.

Commenting on the results, Mr. Vivek Gupta, Chairman and Managing Director, Oswal Pumps Limited, said: "The Company commenced FY27 with continued execution of its order book, even as the tender pricing environment across the industry turned more competitive. Total Income for the quarter stood at ₹4,817 million. EBITDA was ₹825 million, translating into a margin of 17.1%, while PAT stood at ₹538 million with a PAT margin of 11.2%.

The decline in margins during the quarter was primarily attributable to industry-wide competitive bidding under the Magel Tyala scheme, which resulted in a 9% reduction in realisations. This impact was partially mitigated by the Company's focused cost and value-engineering initiatives, resulting in a net 548 bps QoQ decline in gross margin. EBITDA margin correspondingly declined by 708 bps QoQ, on account of the fall in gross margins, an increase in employee benefit expenses driven by annual increments and hiring at senior level, and the impact of negative operating leverage.

The Company's pump order book stands at 22,025 pumps as of date, with a near-term pipeline of 12,500 pumps across direct PM KUSUM, Magel Tyala, indirect PM KUSUM, and export orders.

Given the delay in the rollout of PM KUSUM 2.0, the Company continues to focus on diversifying beyond its core government-led solar irrigation business. As part of this strategy, the Company is also evaluating entry into the Jal Jeevan Mission, where it has identified an addressable pipeline of approximately 42,000 pumps. Alongside this, the Company continues to scale its presence across Rooftop Solar, Utility and Commercial & Industrial (C&I) Solar EPC segments. As on date, the order book across these businesses stands at approximately 72 MW, backed by a wider pipeline of 359 MW, underscoring the strength of the Company's expanding addressable market beyond its core government-led solar irrigation business.

Backed by a healthy execution pipeline, a rapidly growing presence across multiple renewable energy segments and proven project execution capabilities, the Company remains focused on disciplined execution, operational efficiency and creating long-term value for all stakeholders."

Shares of Oswal Pumps Limited was last trading in BSE at Rs. 325.95 as compared to the previous close of Rs. 322.85. The total number of shares traded during the day was 27213 in over 597 trades.

The stock hit an intraday high of Rs. 328.00 and intraday low of 322.80. The net turnover during the day was Rs. 8844657.00.

Source : Equity Bulls

Keywords

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