Oswal Pumps bags ₹247 cr rooftop solar order in Bihar
Three LOAs from North and South Bihar DISCOMs cover 63 MW across 57,492 installations. A ₹257 cr annuity from energy supply pushes total opportunity past ₹500 cr.
— 1 earlier story on Oswal Pumps Ltd. →What's new
- Oswal Pumps received three LOAs for 63 MW grid-connected rooftop solar projects in Bihar under PM Surya Ghar scheme.
- The installation order is worth ₹247 cr, with additional long-term revenue potential of ₹257 cr over 10 years.
- Projects cover 57,492 consumer installations to be commissioned within nine months of signing PPAs.
Why this matters
This order diversifies Oswal Pumps' revenue stream beyond traditional PM KUSUM-based solar demand, adding annuity-like income from the RESCO model. At about 12% of FY26 revenue, it is a material win that validates execution capability in distributed solar and supports the company's FY27 growth guidance of 20-25%.
What we're watching
- Execution pace: commissioning within nine months across 57,492 installations.
- Whether more such orders follow under the PM Surya Ghar scheme.
- Impact on margins from the RESCO model annuity revenue.
The full read
Oswal Pumps has bagged a ₹247 crore installation order to set up 63 MW of rooftop solar across three Bihar circles under the PM Surya Ghar scheme. That is about 12% of its FY26 revenue. On top of that, a 10-year energy supply contract under the RESCO model adds an estimated ₹257 crore in revenue, bringing the total opportunity past ₹500 crore. The order covers 57,492 consumer installations, to be commissioned within nine months. For a company that guided 20-25% revenue growth for FY27, this is a concrete step toward that target. It also diversifies its solar business beyond the PM KUSUM-based demand that has driven recent growth. The annuity-like revenue from the RESCO model adds long-term visibility. Execution across nearly 57,492 rooftops is now the test.
Questions answered
- How material is this order to Oswal Pumps' revenue?
- The ₹247 cr installation order is about 12% of FY26 consolidated revenue of ₹2,064 cr, well above the small-cap materiality threshold of 5%.
- What is the PM Surya Ghar – Muft Bijli Yojana?
- A government scheme for rooftop solar targeting residential consumers. Oswal Pumps will set up and maintain systems under a RESCO model.
- What is the revenue model for these projects?
- A RESCO model: Oswal earns the installation fee (₹247 cr upfront) and then supplies energy for 10 years, generating estimated ₹257 cr in long-term revenue.
- How does this order affect Oswal Pumps' growth outlook?
- It supports the company's stated 20-25% revenue growth guidance for FY27 and broadens its solar portfolio beyond large-scale projects like PM KUSUM.
- What are the key risks?
- Execution risk with 57,492 individual installations within nine months, and counterparty risk with state DISCOMs. Payment timeliness could impact cash flows.
- Is this a one-off or part of a trend?
- The company had previously hinted at a first PM Surya Ghar order; this confirms a substantial win and could signal a new recurring revenue stream.
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All notes on OSWALPUMPS →- 14 Jun 2026 · 9:19 PM IST Oswal Pumps bags ₹247 cr rooftop solar order in Bihar
- 24d ago Oswal Pumps transcript confirms 20-25% revenue growth guidance for FY27