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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capital expenditure
Funding capital expenditure requirements of the company.
Manufacturing facility for Oswal Solar subsidiary
Setting up a new manufacturing unit for the company's solar-pump subsidiary.
Repayment of borrowings
Repayment or prepayment, in full or part, of certain outstanding borrowings of the company.
Repayment of subsidiary borrowings
Repayment or prepayment of certain borrowings availed by the Oswal Solar subsidiary.
General corporate purposes
Balance net proceeds for general corporate purposes.
(₹ in Crore)
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Oswal Pumps Limited, incorporated in 2003, is a manufacturer and distributor of pumps serving domestic, agricultural, and industrial customers. Its product range includes solar pumps, submersible pumps, monoblock pumps, pressure pumps, sewage pumps, electric motors, submersible winding wires and cables, and electric panels, produced at an integrated manufacturing facility in Karnal, Haryana covering over 41,000 square metres. The company has established itself as one of the largest suppliers of agricultural solar pumps under the government's PM-KUSUM scheme, having fulfilled more than 26,000 such orders across states including Haryana, Rajasthan, Uttar Pradesh, and Maharashtra. Its promoter group includes Vivek Gupta, Amulya Gupta, and Shivam Gupta, along with associated corporate entities. The company has grown its distribution network from under 500 distributors in 2022 to over 600 by 2024, and it exports to more than a dozen countries across the Asia-Pacific, Middle East, and North Africa regions. Oswal Pumps has posted rapid revenue growth in recent years, aided by strong demand for its solar and agricultural pump offerings and its vertically integrated manufacturing model. The company has been investing in additional manufacturing capacity, including for its solar-pump subsidiary, to support continued expansion of its product portfolio and geographic reach.
Oswal Pumps raised about Rs 416 crore from anchor investors a day before the IPO opened, allotting roughly 67.78 lakh shares at the upper price band of Rs 614. Participants included Societe Generale, BNP Paribas, ICICI Prudential Mutual Fund, Aditya Birla Sun Life, Kotak Mahindra Mutual Fund, Quant Mutual Fund, Motilal Oswal Mutual Fund, Bandhan Small Cap Fund, Nuvama Mutual Fund, Sundaram Mutual Fund, and Edelweiss Life Insurance, among others, with domestic mutual funds accounting for a significant share of the allocation.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 11:40 PM
Leader in agri-solar pumps
One of the largest suppliers of solar-powered agricultural pumps under the government's PM-KUSUM scheme, giving it strong exposure to a policy-backed growth segment.
Vertically integrated manufacturing
Controls design and engineering in-house, supporting product quality and cost efficiency across its pump range.
Broad product portfolio
Offers a wide range of pump specifications and related electrical products, allowing it to serve varied customer needs.
Strong regional presence
Holds a leading position in key agricultural states such as Haryana, supporting steady demand.
Growing distribution network
Has meaningfully expanded its distributor base in recent years, widening its market reach.
Experienced promoter group
Backed by a promoter and management team with a long track record in the pump manufacturing business.
Dependence on the agricultural sector
A large part of the business is tied to agricultural demand and government scheme activity, which can vary from year to year.
Customer concentration
A significant share of revenue comes from a small number of large customers, including government-linked programs.
Single-location manufacturing
Manufacturing is concentrated in Karnal, Haryana, exposing the company to region-specific disruptions.
Oswal Pumps Limited
Oswal Estate, NH-1 Kutail Road, P.O. Kutail, Distt. Karnal, Haryana - 132037, India
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Debt covenant risk
Failure to comply with financing covenants could create financial or operational constraints.
Hazardous materials handling
Operations involve materials that carry safety and liability risks if not properly managed.