Oswal Pumps Limited is an Indian company that started in the year 2003 and has quickly become one of the fastest growing company in the field of solar pumps, submersible pumps, monoblock pumps, pressure pumps, sewage pumps, electric motors, submersible winding wires & cables, and electric panels. The company has a unique integrated plant with a world-class manufacturing facility and is backed by seasoned engineers and technicians.

Oswal Pumps, an Book Built Issue Issue amounting to ₹ 1,387.34 Crores, consisting an Fresh Issue of 144.95 Lakh Shares worth ₹ 890.00 Crores and an Offer for Sale of 81.00 Lakh Shares and totalling to ₹ 497.34 Crores. The subscription period for the Oswal Pumps IPO opens on June 13, 2025, and closes on June 17, 2025. The allotment is expected to be finalized on or about Wednesday, June 18, 2025, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Friday, June 20, 2025.

The Share Price Band of Oswal Pumps IPO is set at ₹ 584 to ₹ 614 per equity share. The Market Capitalisation of the Oswal Pumps Limited at IPO price of ₹ 614 per equity share will be ₹ 6,998.21 Crores. The lot size of the IPO is 24 shares. Retail investors are required to invest a minimum of ₹ 14,736, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (336 shares), amounting to ₹ 2,06,304.

IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Axis Capital Limited, CLSA India Private Limited, JM Financial Limited and Nuvama Wealth Management Limited are the book running lead manager of the Oswal Pumps IPO, while MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar for the issue.

Oswal Pumps Limited IPO GMP Today
The Grey Market Premium of Oswal Pumps Limited IPO is expected to be ₹ 50 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only

Oswal Pumps Limited IPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 17 June, 2025, the Oswal Pumps Limited IPO live subscription status shows that the IPO subscribed 34.42 times on Final Day of subscription period. Check the Oswal Pumps IPO Live Subscription Status Today at BSE.

Oswal Pumps IPO Anchor Investors Report
Oswal Pumps has raised ₹ 416.20 Crores from Anchor Investors at a price of ₹ 614 per shares in consultation of the Book Running Lead Managers. The company allocated 67,78,533 equity shares to the Anchor Investors. Check Full List of Oswal Pumps Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion.

Oswal Pumps Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
09 June 2025	₹ 614	₹ 664	₹ 50 (8.14%)	04:00 PM; 09 June 2025

Oswal Pumps Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Oswal Pumps IPO allotment date is 18 June, 2025, Wednesday. Oswal Pumps IPO Allotment will be out on 18th June, 2025 and will be live on Registrar Website from the allotment date. Check Oswal Pumps IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Oswal Pumps Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Oswal Pumps Limited IPO
Oswal Pumps proposes to utilise the Net Proceeds towards the following objects: 
1. ₹ 898.60 Million is required for funding certain capital expenditure of the Company;
2. ₹ 2,727.58 Million is required for investment in the wholly-owned Subsidiary, Oswal Solar, in the form of equity, for funding the setting up of new manufacturing units at Karnal, Haryana;
3. ₹ 2,800.00 Million is required for pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the Company;
4. ₹ 310.0 Million is required for investment in the wholly-owned Subsidiary, Oswal Solar, in the form of equity, for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar; and
5. general corporate purposes

Refer to Oswal Pumps Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Oswal Pumps Limited

Business Overview

Oswal Pumps is the fastest-growing vertically integrated solar pump manufacturer in India by revenue growth over the last three fiscals, with a CAGR of 45.07% between FY22 and FY24. The company manufactures solar-powered and grid-connected submersible and monoblock pumps, electric motors (including induction and submersible types), and solar modules, all marketed under the ‘Oswal’ brand.

With 22+ years of experience in pump engineering, design, manufacturing, and testing, Oswal Pumps serves diverse sectors:

• Agriculture – for irrigation

• Residential – for gardens, water extraction, and household uses

• Commercial – malls, offices, hotels

• Industrial – used in boilers, water treatment, machinery, and cooling systems

Operations began in 2003 with low-speed monoblock pumps, later expanding to grid-connected variants and electric motors. The company entered the solar-powered agricultural pumps segment in 2019, aligning with the Government of India’s PM Kusum Scheme (₹344 billion initiative for solar agriculture pumps, launched in March 2019). It supplies pumps to Turnkey Solar Pumping System providers such as Tata Power Solar Systems and vendors under schemes like Mukhyamantri Saur Krushi Pump Yojana (Maharashtra).

Since 2021, Oswal Pumps has been offering Turnkey Solar Pumping Systems—including pumps, modules, mounting structures, controllers, and installation services—either directly or via third-party bidders. As of December 31, 2024, it has executed 38,132 orders directly under the PM Kusum Scheme across Haryana, Rajasthan, Uttar Pradesh, and Maharashtra.

In FY23 and FY24, the company became one of the largest suppliers of solar-powered agricultural pumps under PM Kusum, contributing through:

• Direct delivery to farmers

• Supply to participating players

• Component-only supply (excluding installation)

Recognized as one of the few fully integrated providers in India (Source: 1Lattice Report), Oswal Pumps manufactures solar modules (since January 2024 through Oswal Solar Structure Pvt. Ltd.) and benefits from Walso Solar Solution Pvt. Ltd., which produces mounting structures and essential BOS components.

Of the estimated 0.61 million solar pumps installed under PM Kusum as of December 31, 2024, approximately 0.23 million (38.04%) were supplied—directly or indirectly—by Oswal Pumps. Key differentiators include end-to-end pump manufacturing, in-house component production, scrap recycling (e.g., for impellers, valves, sleeves), and smart solar pump controllers with features like remote access, short circuit protection, dry run prevention, and anti-theft alerts.

The manufacturing facility in Karnal, Haryana, spans 41,076 sq. meters, ranking among India's largest single-site pump plants. The distribution network has grown from 473 in March 2022 to 925 in December 2024, strengthening retail reach and brand presence nationwide. As on December 31, 2024, the company had 2,200 permanent employees. The Bankers to the company are State Bank of India and Union Bank of India.

Industry Analysis

Indian Pumps Market: Industry Landscape and Outlook

The Indian pumps market, valued at approximately INR 380.5 billion in FY25, is projected to expand at a CAGR of 9.2%, reaching around INR 591.9 billion by FY30. This growth is fueled by rising demand across agriculture, industrial, and infrastructure sectors. Pumps are critical to enabling operations in water supply, irrigation, and manufacturing, thus playing an integral role in India’s economic development.

Government-led programs like Jal Jeevan Mission and Swachh Bharat Mission are significantly boosting pump demand by enhancing water infrastructure and sanitation systems across urban and rural areas.

Despite India holding only ~5% of the global pumps market, the country presents a large growth potential driven by:

• Agricultural advancements, including a push for solar pumps

• Industrial expansion and urbanization

• Greater need for customized, built-to-suit pump systems

Segment-Wise Analysis

Agricultural Pumps

• Comprising ~67% of the Indian pumps market in FY25, the agricultural segment is central to India's irrigation and water management needs.

• India's share in the global agricultural pumps market stands at ~18%.

• Growth in this segment is supported by:

  • Government incentives for solar pump adoption

  • Increasing demand for reliable irrigation solutions

  • Rising focus on energy-efficient and cost-effective farming

• Leading players: KSB, Oswal Pumps, Shakti Pumps

• Expected CAGR: 8.4% (FY25–FY30)

• Market share by FY30: ~65%

Industrial Pumps

• Industrial pumps formed 27% of the Indian pump market in FY25 and are projected to grow at 10.5% CAGR, reaching 30% market share by FY30.

• India represents ~6.5% of the global industrial pumps market.

• Major end-use industries: Water treatment, oil & gas, power generation, automotive, chemicals, pharmaceuticals, food processing

• Applications include fluid transport, cooling, lubrication, and water circulation

• Key players: Kirloskar Brothers Ltd (KBL), Flowserve, WPIL, Lubi Pumps, CRI Pumps

Residential Pumps

• This segment accounted for ~5% of the Indian pump industry in FY25, with anticipated growth at 13.6% CAGR, reaching ~6% by FY30.

• India represents ~4% of the global residential pumps market.

• Growth drivers:

  • Surge in urban housing and construction

  • Need for domestic water supply and pressure systems

• Dominated by local manufacturers, with KBL and CRI Pumps among the top players.

Submersible Pumps Market

• Valued at ~INR 200.7 billion in FY25, the Indian submersible pumps market is expected to grow at a 10.5% CAGR, reaching INR 330.4 billion by FY30.

• Major use cases: Borewells, household water supply, mining, and water treatment

• Notably growing in Tier-2 and Tier-3 cities

• India holds ~5% of the global submersible pumps market

• Grid-connected submersible pumps valued at US$ 0.47 billion in FY25, growing at 8.3% CAGR (FY25–30)

Electric and Induction Motors: A Crucial Enabler

Electric motors, essential in powering pumps, are seeing strong demand:

• Global electric motor market projected to grow at 7% CAGR, reaching US$ 219.4 billion by CY29

• Indian electric motor market: US$ 4.1 billion in FY25, projected to reach US$ 8 billion by FY30, growing at 14.3% CAGR

• Induction motors, widely used in pumps, are valued at ~US$ 0.8 billion in FY25, with expected growth at 13.8% CAGR, reaching US$ 1.5 billion by FY30

Indian Solar Pump Market: A Sustainable Growth Engine

• The Indian solar pump market surged from INR 1.7 billion in FY19 to INR 164.5 billion in FY25, and is expected to reach INR 271.1 billion by FY30, growing at 11.0% CAGR.

• Solar pumps are increasingly preferred due to:

  • Cost savings on diesel/electricity

  • Low maintenance

  • Government subsidies and schemes

• Expected to account for ~57% of the total pumps market by FY30

PM-KUSUM Scheme: Accelerating Solar Pump Adoption

Launched in March 2019, the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme allocates INR 344 billion (US$ 4.1B) to promote solar energy use in agriculture by:

• Installing 1.4 million standalone solar pumps

• Solarizing 3.5 million grid-connected pumps

• Offering 30% central subsidy (plus state subsidy) for pump costs, with enhanced subsidies (up to 80%) in special states like J&K, Himachal, NE states, and islands

Conclusion

The Indian pumps industry is on a robust growth trajectory driven by strong demand across agriculture, infrastructure, and industrial sectors. The integration of solar and energy-efficient technologies, along with supportive government policies, is accelerating the pace of innovation and adoption. With India's limited share in the global market, there remains significant room for domestic players to scale operations and cater to international demand.

Business Strengths

1. Leading Position in Solar Pump Market
One of the largest suppliers of solar-powered agricultural pumps under the PM Kusum Scheme, with operations expanding from low-speed monoblock pumps in 2003 to a full range of solar and grid-connected pumps. Supplies include turnkey systems and components to major players such as Tata Power Solar and empanelled vendors under state schemes like Mukhyamantri Saur Krushi Pump Yojana.

2. Rapid Revenue Growth
Ranked as the fastest-growing vertically integrated solar pump manufacturer in India, achieving a CAGR of 45.07% from FY22 to FY24 (Source: 1Lattice Report).

3. Vertically Integrated Operations
Manufactures a wide range of in-house components including solar modules and pump parts, supported by associate Walso Solar Solution Pvt. Ltd. for mounting structures and BOS. This integration enables cost optimization, product development, and margin improvement, with an EBITDA margin rising from 10.69% in FY22 to 30.12% in FY24.

4. Strong Engineering & Product Innovation
Backed by a dedicated R&D team of 20 professionals as of December 2024, using tools like AutoCAD, SolidWorks, and advanced CFD & seismic simulation software. Innovations include cost-efficient designs, such as sheet-metal bowl sleeves and thinner investment-cast non-return valves.

5. Diversified Product Portfolio
Offers a comprehensive range of solar-powered and grid-connected submersible and monoblock pumps, electric motors, and solar modules under the ‘Oswal’ brand. The wide product mix serves agricultural, residential, and industrial customers, reducing reliance on any single segment.

6. Pan-India Presence in Key Agricultural States
Strong market base in Haryana, with expanding footprint across Maharashtra, Uttar Pradesh, Rajasthan, Chhattisgarh, and Punjab, helping mitigate regional concentration risk and broaden customer reach.

7. Extensive Distribution Network
A well-established network of 925 distributors across India as of December 2024. Distributor base has significantly expanded over recent years, enabling broad market penetration and a competitive edge in an industry where distribution is a major barrier to entry.

8. Experienced Leadership Team
Guided by Vivek Gupta, Promoter and Managing Director, with over 18 years of industry experience, and founded by Padam Sain Gupta, who played a critical role in scaling the company since its inception in 2003 and its transition to a public company in 2006.

Business Strategies

1. Strengthen Backward Integration and Automation
Focus on increasing in-house manufacturing of pump components, automating production processes, and enhancing technological capabilities through strategic acquisitions to improve operational efficiency and margins.

2. Expand Participation in Government Schemes
Leverage manufacturing capabilities to capitalize on growth under the PM Kusum Scheme and cater to the rising adoption of solar irrigation solutions by farmers. As of March 31, 2025, only 62.90% of the 1.22 million sanctioned systems have been installed, indicating significant future potential.

3. Enhance Solar Module Capacity and Integration
Plans underway to increase solar module manufacturing capacity and undertake backward integration to optimize cost structures and support demand for Turnkey Solar Pumping Systems.

4. Diversify into Industrial Pumps and Electric Motors
Introduction of new industrial pump and electric motor product lines to tap into expanding markets. The Indian industrial pump market is expected to grow at 11.8% CAGR to ₹177.6 billion by FY2030, while the electric motor market in India is projected to reach USD 8.0 billion by FY2030, growing at 14.3% CAGR (Source: 1Lattice Report).

5. Expand Domestic Presence and Grow Exports
Targeted expansion in underpenetrated states such as Chhattisgarh, Karnataka, Assam, Kerala, Andhra Pradesh, Telangana, Tamil Nadu, and Gujarat. Distributor network has increased from 473 in March 2022 to 925 by December 2024, with plans to further strengthen sales and market reach across India and international markets.

Business Risk Factors and Concerns

1. Heavy Dependency on the PM Kusum Scheme
A large portion of revenue is derived from Turnkey Solar Pumping Systems awarded under the PM Kusum Scheme (₹7,732.07 million in 9M FY2025, accounting for 78.50% of operational revenue). Discontinuation or reduced funding of the scheme or unsuccessful bidding may adversely impact revenues.

2. Revenue Linked to Agricultural Sector Performance
Revenue from the agricultural sector contributed over 96% in 9M FY2025. Fluctuations in agricultural output, irrigation demand, or policy changes can significantly affect business performance.

3. Geographic Revenue Concentration Risk
Significant sales concentration in Haryana, Maharashtra, Uttar Pradesh, and Rajasthan poses a risk. Adverse events in these states could impact financial stability and operations.

4. Manufacturing Location Risk
Both manufacturing units are located in Karnal, Haryana. Any natural calamities, civil unrest, or regional disruptions could impact supply chains and operations due to geographic concentration.

5. Performance Risk of Subsidiaries
Oswal Solar and Oswal Green have incurred past losses. Oswal Solar, though operational since Jan 2024, reported a loss of ₹0.13 million in FY2023 due to early-stage expenses. Continued underperformance may affect consolidated results.

6. Variability in Installation vs. Awarded Orders
The number of installed Turnkey Solar Pumping Systems may fall short of awarded orders due to lack of beneficiary interest or project delays/modifications. Such discrepancies could affect expected revenue realization.

Oswal Pumps faces significant exposure to government policies, agricultural sector dependency, regional concentration, and uncertainties related to government schemes. Operational and financial risks also arise from subsidiary performance and beneficiary-based contract execution under the PM Kusum Scheme.