Oswal Pumps Ltd has accepted the resignation of Subodh Kumar from the position of Chief Financial Officer, effective June 20, 2026. The Board of Directors approved the resignation on the same day, relieving Kumar from his duties at the close of business hours. The executive stepped down to pursue opportunities outside the organization, as stated in his resignation letter dated May 27, 2026.

The disclosure was made to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no other reasons for the resignation beyond those cited in the attached letter. Kumar has committed to ensuring a smooth transition of his responsibilities during the notice period.

Resignation Details

The company provided specific details regarding the cessation of the Key Managerial Personnel's role in the filing.

Subodh Kumar expressed gratitude for the support and guidance received during his tenure at Oswal Pumps Limited. He wished the company continued success in its future endeavours. The filing was submitted by Anish Kumar, Company Secretary and Compliance Officer.

Oswal Pumps Limited has secured three Letters of Award (LOAs) from North Bihar Power Distribution Company Limited (NBPDCL) and South Bihar Power Distribution Company Limited (SBPDCL) for 63 MW of grid-connected rooftop solar projects worth approximately Rs 247 crore. Awarded under the PM Surya Ghar – Muft Bijli Yojana, the orders cover 57,492 consumer installations across the Motihari, Saharsa, and Ara circles in Bihar. The project presents a cumulative revenue opportunity exceeding Rs 500 crore, combining the installation value with an estimated long-term revenue potential of Rs 257 crore from energy supply over a 10-year tenure.

The projects will be executed under the CAPEX plus RESCO model, encompassing design, engineering, procurement, installation, commissioning, financing, and 10-year operations and maintenance. The scope includes manufacturer's quality assurance, factory testing, transportation, handling, storage, erection, and all civil, structural, electrical, and general works. Additionally, the contract mandates the provision for data acquisition with communication facilities to the centralized monitoring system of Bihar DISCOMs.

Project Details and Financials

The aggregate installation order value is approximately Rs 247 crore. The projects are to be commissioned within 9 months from the execution of the respective Power Purchase Agreements (PPAs). The scope also includes the operation and maintenance of the rooftop solar systems for a period of 10 years from commissioning. The following table summarises the key project parameters:

Strategic Impact

This development reinforces Oswal Pumps' strategic diversification towards large-scale residential rooftop solar deployment under the PM Surya Ghar initiative. It marks a shift from the company's traditionally strong PM Kusum portfolio, enhancing long-term revenue visibility through annuity-style RESCO income streams. Under the programme, each beneficiary household is expected to receive approximately 15,000 units of solar power over the contract period.

Vivek Gupta, Chairman and Managing Director of Oswal Pumps Limited, stated that the award represents a pivotal milestone for scaling participation in the PM Surya Ghar programme. He highlighted that the move underscores the company's execution capabilities and diversifies revenue streams beyond PM Kusum, supporting India's transition toward clean, decentralised energy.