Oswal Pumps Ltd.OSWALPUMPS₹625.35 +1.85%

Oswal Pumps Ltd., one of India’s leading supplier of solar-powered agricultural pumps, made a muted stock market debut on June 20 with a listing premium of 2.93%, opening at ₹632 per share against the issue price of ₹614. The stock closed its first day at ₹625.35, up 1.85%.

The ₹1,387.34 crore IPO had received a strong response from investors, with an overall subscription of 34.41 times. The Qualified Institutional Buyers (QIB) category led the demand with 88.08x subscription, followed by Non-Institutional Investors at 36.69x. The retail portion was subscribed 3.59x.

Proceeds from the IPO will be used for capital expenditure, investment in its wholly owned subsidiary Oswal Solar to set up new manufacturing units, to repay outstanding borrowings, and general corporate purposes. 

The company has posted a strong 45.1% revenue CAGR over the past three years and holds a significant market share under the government’s PM Kusum Scheme. It is India’s fastest-growing vertically integrated solar pump manufacturer, backed by a robust engineering team that focuses on cost-efficiency and innovation in product design.

While Oswal Pumps has expanded its footprint across major agricultural states and built a strong distributor-led network, its dependence on government contracts and a small group of customers remains a key risk. In FY24, nearly 80% of its revenue came from its top 10 customers, and a large portion of its business is concentrated in Haryana, Maharashtra, Uttar Pradesh, and Rajasthan.

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Registered office – 2, Floor 3, Wing A, Block A, Salarpuria Softzone, Service Road, Green Glen Layout, Bellandur, Bengaluru South, Bengaluru, Karnataka – 560103, INDIA.

CIN: U65990KA2021PTC146954.