Oswal Pumps IPO

₹14/24 shares

Minimum Investment

IPO Details

Open Date

13 Jun 25

Close Date

17 Jun 25

Minimum Investment

₹14

Lot Size

Price Range

₹584 to ₹614

Listing Exchange

NSE, BSE

Issue Size

₹1 Cr

Listing Date

20 Jun 25

Open Free Demat Account

Oswal Pumps IPO Timeline

Bidding Start

13 Jun 25

Bidding Ends

17 Jun 25

Allotment Finalisation

18 Jun 25

Refund Initiation

19 Jun 25

Demat Transfer

19 Jun 25

Listing

20 Jun 25

Oswal Pumps Limited

Founded in 2003, Oswal Pumps Limited manufactures and distributes a wide range of pumps for domestic, agricultural, and industrial use, including solar, submersible, monoblock, pressure, and sewage pumps, along with electric motors, winding wires, cables, and panels. By August 31, 2024, it had completed 26,270 turnkey solar pumping system orders under the PM-KUSUM Scheme across multiple states. Its manufacturing facility in Karnal, Haryana spans 41,076 square meters. The company’s distributor network grew from 473 in 2022 to 636 in 2024, and it exports to 17 countries in Asia-Pacific, the Middle East, and North Africa.

Oswal Pumps Limited IPO Overview

The Oswal Pumps IPO is being conducted through a book building process. It includes a fresh issue worth ₹1,000 crore along with an offer for sale of 1.13 crore shares. The subscription period for the IPO opens on June 13, 2025, and closes on June 17, 2025. The allotment is expected to be finalized on June 18, 2025. Following this, Oswal Pumps shares are planned to be listed on both the BSE and NSE, with a tentative listing date set for June 20, 2025. The price band for the IPO is yet to be announced. The book running lead managers for the IPO are IIFL Capital Services Limited, Axis Capital Limited, CLSA India Private Limited, JM Financial Limited, and Nuvama Wealth Management Limited. MUFG Intime India Private Limited (Link Intime) is appointed as the registrar for the issue. For more detailed information, refer to the Oswal Pumps IPO Draft Red Herring Prospectus (DRHP).

Oswal Pumps Limited IPO Details

Particulars	Details
IPO Date	13 June 2025 to 17 June 2025
Listing Date	20 June 2025
Face Value	₹1 per share
Issue Price Band	₹ TBD per share
Lot Size	TBD Shares
Fresh Issue	₹1000 crore
Offer for Sale	1,13,12,000 shares of ₹1 (aggregating up to ₹[.] Cr)
Issue Type	Bookbuilding IPO
Listing At	NSE BSE
Share Holding Pre Issue	9,94,82,300 shares
Share Holding Post Issue	TBD

Oswal Pumps Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Oswal Pumps Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	TBD	TBD	TBD
Retail (Max)	TBD	TBD	TBD
HNI (Min)	TBD	TBD	TBD

Oswal Pumps Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue

Oswal Pumps Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	9.82
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	88.73%
Net Asset Value (NAV)	16.10
Return on Equity	88.73%
Return on Capital Employed (ROCE)	81.85%
EBITDA Margin	19.79%
PAT Margin	12.83%
Debt to Equity Ratio	0.42

Objectives of the Proceeds

Funding certain capital expenditure of our Company: ₹893.692 million

Investment in our wholly-owned subsidiary, Oswal Solar, in the form of debt or equity, for funding the setting up of new manufacturing units at Karnal, Haryana: ₹4,191.633 million

Pre-payment/repayment, in part or full, of certain outstanding borrowings availed by our Company: ₹2,350.004 million

Investment in our wholly-owned subsidiary, Oswal Solar, in the form of debt or equity, for repayment/prepayment of borrowings, in full or part, of Oswal Solar: ₹260.005 million

General corporate purposes

Key Financials (in ₹ million)

Particulars	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	5112.83	2522.98	2218.37
Revenue	7585.71	3850.36	3603.84
Profit After Tax	976.65	341.99	169.29
Reserves and Surplus	1734.19	732.18	378.19
Total Borrowings	754.22	592.84	875.40

Oswal Pumps limited

SWOT Analysis of Oswal Pumps IPO

Strength and Opportunities

Vertically integrated manufacturing enhances cost control and quality.
Strong presence in major agricultural states like Haryana, Maharashtra, Uttar Pradesh, and Rajasthan.
Beneficiary of government schemes like PM-KUSUM, boosting demand for solar pumps.
Expanding export footprint to 17 countries in Asia-Pacific, Middle East, and North Africa.

Risks and Threats

High customer concentration risk, with ~71% of sales from two customers.
Operations are working capital intensive, with a high inventory holding period.
Susceptibility to raw material price volatility affecting profitability.
Intense competition from both organized and unorganized players in the pump industry.

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About Oswal Pumps Limited

Oswal Pumps Limited IPO Strengths

Among India’s largest, fastest-growing solar pump suppliers under PM Kusum Scheme, driving sustainable growth through eco-friendly technology.

The company follows a vertically integrated model, manufacturing pumps, solar modules, and BOS components in-house for cost efficiency.

The company offers a diverse portfolio of pumps, motors, and solar modules under the ‘Oswal’ brand, tailored to varied specifications and end-user needs across agriculture, residential, and industrial sectors, helping expand market reach and build strong brand recall.

The company holds a strong presence in Haryana and growing reach across key agricultural states in India.

Extensive network of 636 distributors and institutional ties driving strong and diversified customer outreach.

Experienced promoters and leadership team with deep industry, legal, energy, and financial expertise.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue FY24 (₹ million)	EPS Basic (₹)	NAV (₹)	P/E (x)	RoNW (%)
Oswal Pumps Limited	1.00	7,585.71	9.82	16.10	NA	88.73%
Peer Groups
Kirloskar Brothers Limited	2.00	40,011.99	43.84	216.47	37.57	22.30%
Shakti Pumps (India) Limited	10.00	13,707.39	76.91	377.19	57.08	24.15%
WPIL Limited	1.00	16,644.04	17.72	127.56	25.53	18.78%
KSB Limited	2.00	22,472.38	59.97	74.81	14.94	17.07%
Roto Pumps Limited	2.00	2,744.96	12.55	61.88	45.29	21.95%

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