Oswal Pumps has accepted the resignation of Mr. Santhosh Kumar TE from his role as General Manager - Export & Sales. The departure is effective August 31, 2026.

The company disclosed the change in senior management pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Kumar tendered his resignation via email on August 1, 2026, citing personal circumstances as the reason for his exit.

Resignation Details

Mr. Kumar will be relieved from his services at the close of business hours on August 31, 2026. The company stated there are no other reasons for the resignation beyond those mentioned in his formal letter.

In his resignation email, Mr. Kumar expressed gratitude to the Chairman and Managing Director, Managing Director, Chief Operating Officer, and management for their guidance during his tenure. He described his time at Oswal Pumps as a valuable experience and wished the Oswal Group continued success.

The disclosure was signed by Anish Kumar, Company Secretary and Compliance Officer, on August 31, 2026.

Oswal Pumps reported a ₹474 crore revenue from operations for the quarter ended June 2026, marking a 7.9% decline year-on-year and a 7.1% sequential drop from Q4FY26. The contraction reflects intensified competition in government-led solar irrigation tenders, specifically the Magel Tyala scheme, which reduced realizations by approximately 9%, alongside rising raw material costs due to geopolitical factors.

Operating profit before depreciation and amortization (EBITDA) stood at ₹82 crore, translating to a margin of 17.1%. Operating EBITDA was ₹74 crore, with a margin of 15.7%, down 747 basis points quarter-on-quarter. Gross margin declined by 548 basis points sequentially. Net profit after tax (PAT) for the quarter was ₹54 crore, with a PAT margin of 11.2%.

What the Numbers Show

The divergence between revenue decline and margin compression highlights the dual pressure on Oswal Pumps’ profitability. While revenue fell nearly 8%, the operating EBITDA margin contracted significantly more in relative terms (from implied higher levels in prior quarters), indicating that volume declines were exacerbated by aggressive price bidding. Furthermore, the cash conversion cycle expanded sharply to 244 days as on June 30, 2026, up from 172 days in March 2026. This increase was primarily driven by receivable days rising to 229 days from 155 days, attributed to delayed payments from state nodal agencies. Despite this working capital strain, management noted that ₹305 crore of total receivables were not yet due, suggesting the delay is procedural rather than indicative of credit risk.

Order Book and Diversification

The company’s pump order book stands at 22,025 units, with a near-term pipeline of approximately 12,500 pumps across direct PM KUSUM, Magel Tyala, indirect PM KUSUM, and export orders. To mitigate dependency on the delayed PM KUSUM 2.0 rollout, Oswal Pumps is aggressively expanding into the rooftop solar segment under the PM Surya Ghar scheme. The company has created a dedicated vertical for this initiative, targeting 2 lakh households for installation in FY27.

In the broader solar EPC space, the order book across rooftop, utility, and commercial/industrial segments stands at approximately 72 megawatts, backed by a wider pipeline of 359 megawatts. Management expects this diversification to drive significant top-line growth, estimating potential revenue of ₹800-1,000 crore from the PM Surya Ghar scheme alone if targets are met.

Financial Position and Guidance

As on June 30, 2026, net debt stood at ₹266 crore, resulting in a net debt-to-equity ratio of 0.15x and a net debt-to-operating EBITDA ratio of 0.90x. Capital expenditure plans are progressing as scheduled, with the pump and motor plant expansion expected to complete by Q3FY27. The first phase of the solar module plant expansion, comprising 1 gigawatt of capacity, is targeted for completion by the end of Q2FY27.

Management reiterated its FY27 guidance, projecting overall revenue growth of 20-25% over FY26, with a back-ended growth profile. Operating EBITDA margin is guided to be in the range of 15-17%, while PAT margin is expected between 11-13%. Looking beyond FY27, the company targets sustained medium-term growth momentum of 30-40% as execution across multiple renewable energy fronts gathers pace.