After a strong rebound in May 2025 with IPO collections exceeding ₹6,700 crore, the Indian primary markets remain buoyant heading into June. With investor optimism sustained by macroeconomic stability and expanding sectoral participation, IPO activity continues to attract attention. June sees another noteworthy entrant — Oswal Pumps Ltd., tapping into both the renewable energy and industrial infrastructure segments.
Let’s explore the key details of the Oswal Pumps IPO, the company’s background, financial performance, and the broader market opportunity.
About Oswal Pumps Ltd.
Established in 2003, Oswal Pumps Ltd. is an established manufacturer and distributor of a wide range of pumping solutions. The company’s product portfolio includes submersible pumps, monoblock pumps, pressure pumps, electric motors, solar pumps, and related accessories. These cater to domestic, agricultural, and industrial needs.
Oswal Pumps has also gained prominence as a major player under the Government of India’s PM-KUSUM scheme, having successfully executed over 26,270 turnkey solar pumping projects across states such as Rajasthan, Haryana, Maharashtra, and Uttar Pradesh.
The company’s primary manufacturing facility is located in Karnal, Haryana, covering 41,076 sq. metres. It has a growing network of 636 distributors across India and exports to 17 countries across the Asia-Pacific, Middle East, and North Africa regions.
Oswal Pumps Ltd. IPO Details
The Oswal Pumps IPO aims to raise ₹1,387.34 crores through a mix of fresh issue and offer for sale (OFS). The fresh issue portion (₹890 crore) will be used primarily to fund capital expenditure, expansion plans, and debt repayment, while the OFS (₹497.34 crore) will provide exits to existing shareholders.
Important IPO Timeline
| Event | Date |
| IPO Open Date | June 13, 2025 |
| IPO Close Date | June 17, 2025 |
| Allotment Date (Tentative) | June 18, 2025 |
| Initiation of Refunds | June 19, 2025 |
| Credit of Shares to Demat | June 19, 2025 |
| Listing Date (Tentative) | June 20, 2025 |
| UPI Mandate Cut-off | 5 PM on June 17, 2025 |
Key IPO Details
Here is the table on the Oswal Pumps Ltd. IPO Review:
| Particulars | Details |
| Face Value | ₹1 per share |
| Issue Price Band | ₹584 to ₹614 per share |
| Lot Size | 24 Shares |
| Total Issue Size | 2,25,95,114 shares
(aggregating up to ₹1,387.34 Cr) |
| Fresh Issue | 1,44,95,114 shares
(aggregating up to ₹890.00 Cr) |
| Offer for Sale | 81,00,000 shares of ₹1
(aggregating up to ₹497.34 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | BSE, NSE |
| Shareholding (Pre-Issue) | 9,94,82,300 shares |
| Shareholding (Post-Issue) | 11,39,77,414 shares |
Lot Size of Oswal Pumps Ltd. IPO
Here is the table of lot sizes for each category of investors:
| Application Type | Lots | Shares | Amount |
| Retail (Min) | 1 | 24 | ₹14,736 |
| Retail (Max) | 13 | 312 | ₹1,91,568 |
| S-HNI (Min) | 14 | 336 | ₹2,06,304 |
| S-HNI (Max) | 67 | 1,608 | ₹9,87,312 |
| B-HNI (Min) | 68 | 1,632 | ₹10,02,048 |
Oswal Pumps Ltd. Financials
The IPO values Oswal Pumps Ltd. at a market capitalisation of ₹6,998.21 crore. The company has demonstrated strong financial growth, particularly from FY2023 onwards, supported by its push into solar-based pumping systems.
Other financial details of the company include the following:
Key Performance Indicators (as of Mar 31, 2024)
- Return on Capital Employed (ROCE): 81.85%
- Return on Net Worth (RoNW): 88.73%
- Profit After Tax (PAT) Margin: 12.83%
- Debt/Equity Ratio: 0.42
- Price-to-Book Value: 38.14
Company Financial Snapshot
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets (₹ Cr) | 1,096.01 | 511.28 | 252.30 | 221.84 |
| Revenue (₹ Cr) | 1,067.34 | 761.23 | 387.47 | 361.11 |
| Profit After Tax | 216.71 | 97.67 | 34.20 | 16.93 |
| Net Worth (₹ Cr) | 378.80 | 160.17 | 59.97 | 24.57 |
| Reserves and Surplus | 387.96 | 173.42 | 73.22 | 37.82 |
| Total Borrowing | 346.30 | 75.42 | 59.28 | 87.54 |
Oswal Pumps Ltd.: Industry Outlook
- India’s solar irrigation market is expanding rapidly, backed by schemes like PM-KUSUM and a push for renewable energy adoption in agriculture.
- The government’s focus on water management and energy-efficient irrigation systems is boosting demand for solar pumps.
- Globally, the solar pump market is projected to grow significantly, with increased penetration in Middle Eastern and African nations.
- Oswal’s integrated solutions and local manufacturing capabilities make it well-positioned to benefit from these trends.
Use of IPO Proceeds
| Objective | Amount (₹ Cr) |
| Capital Expenditure (including expansion in Karnal unit) | 89.86 |
| Investment in Oswal Solar (subsidiary) for setting up new units | 272.76 |
| Repayment of borrowings by Oswal Pumps | 280.00 |
| Repayment of borrowings by Oswal Solar | 31.00 |
| General Corporate Purposes | Remaining |
Top Upcoming IPOs to Watch (23rd–27th June 2025)
- Kalpataru Ltd IPO
- HDB Financial Services Ltd IPO
- Globe Civil Projects Ltd IPO
- Ellenbarrie Industrial Gases Ltd IPO
- Suntech Infra Solutions Ltd IPO
Conclusion
Oswal Pumps Ltd. stands out as a strong player in the growing solar pump segment, having capitalised on government initiatives and rural electrification projects. Its rapid revenue growth, high profitability metrics, and post-IPO debt reduction make it a noteworthy listing. However, investors should note the aggressive pricing and rising competition in the sector, especially from emerging startups and legacy pump manufacturers entering the solar space.
For those eyeing long-term exposure to renewable energy infrastructure and industrial manufacturing, the Oswal Pumps IPO may be a strategic bet worth considering.
