Oswal Pumps lands ₹235.92 cr solar order from MSEDCL
Repeat order for 10,000 off-grid solar pumps under PM Kusum B; order book swells as second major win in a month.
— 2 earlier stories on Oswal Pumps Ltd. →What's new
- New ₹235.92 cr order from MSEDCL for 10,000 off-grid solar pumps under PM Kusum B.
- Repeat award reflecting strong customer confidence; completion in 60 days.
- Second large order in a month after Bihar rooftop solar contract of ₹247 cr.
Why this matters
At ~11.4% of FY26 revenue, this order meaningfully boosts Oswal's solar order book and provides near-term revenue visibility. Combined with the Bihar order, it reinforces the company's execution credibility with state discoms and supports the 20-25% FY27 revenue growth guidance.
What we're watching
- Further order wins under PM Kusum from other states.
- Execution pace against the tight 60-day delivery timeline.
- Margins relative to the Bihar rooftop solar order.
The full read
Oswal Pumps has done it again. Just weeks after bagging a ₹247 crore rooftop solar order in Bihar, the company has secured a fresh ₹235.92 crore contract from Maharashtra State Electricity Distribution Company for 10,000 off-grid solar pumps under the PM Kusum B scheme. That's about 11.4% of the company's trailing FY26 revenue of ₹2,064 crore, a meaningful addition for a ₹4,944 crore market-cap company. The contract covers design, supply, installation, and a five-year maintenance warranty, with a tight 60-day completion window. This repeat award speaks to Oswal's execution track record with state discoms and cements its role in India's solar irrigation push. Combined with the prior order and its 20-25% FY27 revenue growth guidance, Oswal is building a strong, visible pipeline. The open question now is how quickly it can convert this order flow into margin and whether more state wins follow.
Questions answered
- What is the PM Kusum B scheme?
- It is a government scheme promoting off-grid solar pumps for farmers, under which MSEDCL has placed this order for 10,000 pumps.
- How does this order compare to the Bihar rooftop solar order?
- The Bihar order was for rooftop solar installation (₹247 cr), while this is for off-grid solar pumps. Both are large, high-value contracts that expand Oswal's renewable energy portfolio.
- What is the relative size of this order for Oswal Pumps?
- The order value of ₹235.92 cr represents approximately 11.4% of the company's FY26 consolidated revenue of around ₹2,064 cr.
- How will this order affect FY27 revenue?
- It strengthens revenue visibility and is consistent with the management's 20-25% revenue growth guidance for FY27.
- Is this order expected to be profitable?
- Yes, the analyst rationale indicates it will support near-term revenue and profitability visibility.
- What is the delivery timeline?
- Completion is required within 60 days of the work order.
Oswal Pumps Ltd.
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All notes on OSWALPUMPS →- 4 Jul 2026 · 7:04 PM IST Oswal Pumps lands ₹235.92 cr solar order from MSEDCL
- 21d ago Oswal Pumps bags ₹247 cr rooftop solar order in Bihar
- 45d ago Oswal Pumps transcript confirms 20-25% revenue growth guidance for FY27