Oswal Pumps Limited filed its Monitoring Agency (MA) report for the quarter ended March 31, 2026 with BSE Limited and the National Stock Exchange of India Limited on May 08, 2026. The submission was made pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. ICRA Limited, appointed as the Monitoring Agency under an agreement dated May 26, 2025, prepared the report to track the utilisation of proceeds raised through the company's Initial Public Offer of Equity Shares.

IPO Issue Details

The IPO, which opened on June 13, 2025 and closed on June 17, 2025, comprised an issue of 22,595,114 equity shares of face value of INR 1 each, aggregating up to INR 1387.34 crore. The following key financial parameters characterise the issue:

Monitoring Agency Findings

ICRA's report confirms no material deviation in the utilisation of IPO proceeds relative to the objects of the issue. All government and statutory approvals related to the objects have been obtained, the means of finance for the disclosed objects remain unchanged, and no major deviation was observed over earlier monitoring agency reports. However, ICRA noted that purchases made under the capital expenditure objects — specifically "Funding certain capital expenditure of Company" and "Investment in Oswal Solar for setting up new manufacturing units" — do not align with the vendor specifications proposed in the prospectus.

Progress in Utilisation of IPO Proceeds

The following table summarises the utilisation of gross proceeds as at the end of Q4 FY2026:

Of the total allocated amount of INR 89.860 crore for capital expenditure, only INR 25.754 crore had been utilised through Q4 FY2026, leaving INR 64.106 crore yet to be deployed. For the investment in Oswal Solar for new manufacturing units at Karnal, Haryana — planned across FY2026 (INR 177.571 crore) and FY2027 (INR 95.187 crore) — INR 68.402 crore had been utilised, with INR 204.357 crore remaining. Repayment of company borrowings (INR 280.00 crore) and Oswal Solar borrowings (INR 31.00 crore) were fully completed on schedule.

Deployment of Unutilised Proceeds

Unutilised IPO proceeds were deployed across fixed deposits and bank balances as at March 31, 2026. The total amount invested stood at INR 277.892 crore, generating earnings of INR 1.935 crore, with a total market value of INR 279.827 crore. Key deployments included:

Note: INR 6.542 crore of the total pertains to the unpaid OFS portion.

General Corporate Purpose Utilisation

The report also details the utilisation of proceeds under the General Corporate Purpose (GCP) head. Key payments included repayment of a loan from Citi Bank against bill discounting of purchases (INR 27.800 crore) and payment against purchases to M/s Oswal Solar Structures Private Limited (INR 23.132 crore) in Q1 FY2026, totalling INR 50.932 crore for that quarter. In Q2 FY2026, GCP utilisation totalled INR 114.086 crore, covering payments for SBI e-VFS bill discounting, Bajaj Finance supplier bill discounting, vendor payments, and repayment towards SBI Bank working capital. Cumulatively, INR 165.018 crore of the INR 167.896 crore allocated for general corporate purposes had been utilised through Q4 FY2026, with INR 2.878 crore remaining.

The Monitoring Agency report is available on the company's website at www.oswalpumps.com . ICRA clarified that the report does not constitute a commentary on the quality of the objects of the issue or an assurance on the outcome of such spending.

Oswal Pumps has received a Letter of Empanelment (LOE) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 6,896 Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS), valued at approximately ₹162.06 crore (inclusive of GST). The systems are to be executed within 1 (one) year under the PM Kusum B Scheme — "Magel Tyala Saur Krishi Pump" Yojna. This development represents a significant milestone for the company in the solar energy and water infrastructure space.

Order Details

The following table summarizes the key parameters of the empanelment:

Scope and Execution

The order encompasses the design, manufacture, supply, transport, installation, testing, and commissioning of solar water pumping systems in 3 HP, 5 HP, and 7.5 HP capacities. These systems will be installed at identified farmers' locations across the state of Maharashtra, supporting sustainable irrigation and promoting the adoption of renewable energy in the agricultural sector. The scope also includes a complete system warranty along with repair and maintenance services, as well as a Remote Monitoring System (RMS) for a period of 5 years. Installation is required to be completed within 60 days from the date of issuance of the Notice to Proceed (NTP) or Work Order.

Management Commentary

Commenting on the order, Mr. Vivek Gupta, Chairman and Managing Director, Oswal Pumps Limited, said:

"We are pleased to receive yet another order from Maharashtra State Electricity Distribution Company Limited under the 'Magel Tyala Saur Krishi Pump' Yojna. This continued trust from MSEDCL reaffirms our position as a preferred partner for large-scale solar water pumping solutions in the country and reflects our consistent delivery standards across previous engagements. At Oswal Pumps, we have always believed that sustainable agriculture and renewable energy adoption must go hand in hand, and this order aligns perfectly with that conviction. By directly benefiting nearly 6,869 farming households across the state of Maharashtra, this project will reduce their dependence on grid power and diesel-based irrigation, lowering both input costs and carbon footprints. We are proud to be a meaningful contributor to the Government of India's vision of energy self-sufficiency in the agricultural sector, and we remain committed to delivering this project with the highest standards of quality, timeliness, and farmer-centric service."

Significance of the Order

The LOE from MSEDCL underscores Oswal Pumps' growing presence in the solar-powered water pumping segment, which plays a critical role in supporting agricultural and rural water supply initiatives. MSEDCL, as a major state electricity distribution utility in Maharashtra, is a prominent institutional client, and this empanelment reflects the company's capability to cater to large-scale government procurement requirements. The engagement under the PM Kusum B Scheme — a flagship government initiative aimed at promoting solar-powered agricultural pumps — further highlights Oswal Pumps' alignment with India's renewable energy and rural electrification goals.

About Oswal Pumps Limited

Oswal Pumps is one of India's fastest-growing, vertically integrated solar pump manufacturers. With a legacy of over two decades in pump engineering and manufacturing, the company is a fully integrated provider of turnkey solar pumping systems. It has established a strong presence across solar-powered and grid-connected submersible and monoblock pumps, electric motors, and solar modules — all marketed under the trusted 'Oswal' brand. The company is accredited with ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015 certifications and is listed under the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers (ALMM). With a strong pan-India distribution network, a growing international footprint, and a focused design and engineering team, Oswal Pumps continues to cater to the diverse requirements of end-users in the agricultural, residential, and industrial sectors.