Oswal Pumps
Oswal Pumps
Industrial ProductsKey Fundamentals
MicrocapCompressors Pumps & Diesel EnginesIndustrial ProductsTapetide Score
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Key Insights
Strengths
2- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 49.7%
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 199 days.
- Working capital days have increased from 105 days to 187 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoOswal Pumps Ltd is a small-cap industrial company with a market cap of ₹4,983 Cr, trading at a PE of 12.4x with strong historical profit growth (3-year CAGR of 123%) but deteriorating working capital efficiency (debtor days at 199) and a stock that has declined 41% over the past year despite robust sales growth of 44% TTM.
- Compounded profit growth of 123% over 3 years indicates strong earnings momentum
- TTM sales growth of 44% demonstrates continued revenue acceleration
- 3-year ROE of approximately 50% reflects highly efficient capital deployment
- PE ratio of 12.4x is modest relative to the 123% 3-year profit CAGR, implying low earnings multiple
- Company has actively reduced debt levels, improving balance sheet strength
- Price-to-book of 2.78x is reasonable given ROE of 35-50%, suggesting value creation above cost of equity
- TTM profit growth of 34% continues to outpace broader industrial sector averages
- Expected to deliver a good upcoming quarter based on operational trajectory
- Stock price has declined 41% over the past year despite strong fundamentals, signaling possible market concerns
- Debtor days at 199 days is extremely elevated, indicating poor collection efficiency and potential credit risk
- Working capital days have surged from 105 to 187 days, tying up significantly more capital in operations
- Zero dividend yield despite repeated profitability suggests shareholders receive no cash returns
- Last year ROE declined to 35% from the 3-year average of 50%, indicating potential margin or efficiency compression
- Small market cap of ₹4,983 Cr may limit institutional participation and liquidity
- Lack of available long-term data (5-year and 10-year CAGR figures unavailable) limits visibility into sustained performance
- Rising working capital requirements could strain cash flows and necessitate external funding despite debt reduction efforts
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- CFO resigns for external opportunities Jun 20
CFO Subodh Kumar resigned effective June 20, 2026, to pursue opportunities outside the company, creating a leadership gap in the finance function.
- ₹500Cr+ Bihar rooftop solar win Jun 15
Secured 63 MW rooftop solar projects across 57,492 households in Bihar under PM Surya Ghar with ~₹247Cr installation value plus ₹257Cr in 10-year energy revenue under RESCO model. Stock surged 6% on the news.
- ₹236Cr Maharashtra solar pump order Jul 6
Won ₹235.92Cr order from Maharashtra State Electricity Distribution Company for 10,000 solar water pumps under PM KUSUM-B, to be executed within 60 days.
- Strong Q4 FY26 revenue growth Jun 15
Consolidated revenue jumped 43.9% to ₹91.95Cr in Q4 FY26, with full-year revenue from operations up 39.8% to ₹509.74Cr. Open and upcoming orders stand at 1,546 MW.
- Walso Solar stake acquisition Jun 8
Acquired 8% stake in Walso Solar for ₹3.66Cr, making it a subsidiary and strengthening vertical integration in the solar value chain.
- Director re-appointed with 99.998% votes Jun 22
Amulya Gupta re-appointed as Whole Time Director for five years with near-unanimous 99.998% shareholder approval, signalling strong governance confidence.
- Trading window closed for Q1 results Jun 23
Trading window shut from July 1, 2026, until 48 hours after Q1FY27 results are announced, a routine compliance measure.
- Analyst meet at InsightX 2026 Jun 9
Scheduled analyst and institutional investor meeting on June 12 as part of Choice Institutional Equities' InsightX 2026 Virtual Conference.
TL;DR: Oswal Pumps is on a strong growth trajectory, diversifying beyond PM KUSUM into residential rooftop solar with over ₹735Cr in new orders announced in June-July alone and 43.9% Q4 revenue growth. The CFO departure is a minor leadership concern but does not offset the momentum. The order pipeline of 1,546 MW and strategic shift toward annuity-style RESCO income provide multi-year revenue visibility, suggesting an improving trend heading into FY27.
Quarterly Results
| Particulars | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 230 | 376 | 310 | 380 | 365 | 514 | 540 | 501 | 510 | 474 |
| Expenses | 185 | 274 | 209 | 261 | 266 | 373 | 412 | 374 | 392 | 399 |
| Operating Profit | 45 | 101 | 101 | 118 | 99 | 141 | 128 | 127 | 118 | 74 |
| OPM % | 20% | 27% | 33% | 31% | 27% | 27% | 24% | 25% | 23% | 16% |
| Other Income | 1 | 0 | 1 | 1 | 1 | 1 | 7 | 5 | 8 | 8 |
| Interest | 5 | 7 | 10 | 12 | 13 | 13 | 5 | 8 | 10 | 8 |
| Depreciation | 5 | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 6 |
| PBT | 36 | 92 | 89 | 104 | 82 | 125 | 126 | 119 | 112 | 68 |
| Tax % | 20% | 24% | 26% | 23% | 23% | 25% | 24% | 24% | 18% | 21% |
| Net Profit | 29 | 71 | 66 | 80 | 64 | 95 | 98 | 92 | 93 | 54 |
| EPS in Rs | 48.86 | 12.06 | 6.61 | 8.08 | 6.42 | 8.31 | 8.55 | 8.03 | 8.12 | 4.75 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 360 | 385 | 759 | 1,430 | 2,064 | 2,024 |
| Expenses | 322 | 327 | 606 | 1,010 | 1,550 | 1,577 |
| Operating Profit | 39 | 58 | 153 | 420 | 514 | 447 |
| OPM % | 11% | 15% | 20% | 29% | 25% | 22% |
| Other Income | 1 | 2 | 0 | 2 | 20 | 27 |
| Interest | 8 | 6 | 14 | 42 | 35 | 31 |
| Depreciation | 7 | 8 | 9 | 13 | 16 | 18 |
| PBT | 24 | 47 | 130 | 368 | 483 | 426 |
| Tax % | 29% | 27% | 25% | 24% | 23% | — |
| Net Profit | 17 | 34 | 98 | 281 | 376 | 336 |
| EPS in Rs | 28.93 | 58.44 | 167 | 28.21 | 33.01 | 29.45 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 10 | 11 |
| Reserves | 38 | 73 | 173 | 452 | 1,672 |
| Borrowings | 90 | 62 | 78 | 332 | 237 |
| Other Liabilities | 88 | 111 | 254 | 276 | 226 |
| Total Liabilities | 222 | 252 | 511 | 1,070 | 2,146 |
| Fixed Assets | 71 | 81 | 97 | 134 | 162 |
| CWIP | 0 | 3 | 1 | 0 | 44 |
| Investments | 4 | 0 | 0 | 5 | 8 |
| Other Assets | 147 | 168 | 413 | 931 | 1,932 |
| Total Assets | 222 | 252 | 511 | 1,070 | 2,146 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 65 | 50 | 17 | -151 | -77 |
| Investing | -46 | -21 | -24 | -55 | -399 |
| Financing | -14 | -33 | 3 | 206 | 574 |
| Net Cash Flow | 5 | -4 | -3 | 1 | 98 |
| Free Cash Flow | 30 | 25 | -7 | -198 | -213 |
| CFO/OP | 175 | 104 | 34 | -15 | 11 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 38 | 69 | 115 | 160 | 199 |
| Inventory Days | 108 | 93 | 89 | 97 | 64 |
| Days Payable | 78 | 82 | 47 | 36 | 46 |
| Cash Conversion Cycle | 69 | 80 | 157 | 221 | 218 |
| Working Capital Days | -23 | -4 | 42 | 86 | 187 |
| ROCE % | — | 38% | 74% | 78% | 38% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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60 extracted metrics + investor summaries across FY22–FY26.
Documents
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Company Information
Incorporated in 2003, Oswal Pumps Limited is a leading manufacturer and distributor of a wide range of pumps.[1]
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