Oswal Pumps has announced that its wholly owned subsidiary, Oswal Solar Energy Private Limited (formerly known as Oswal Solar Structure Private Limited), has secured a significant order worth ₹39.40 crore for rooftop solar installations. The order was awarded by M/s Swashakthi Energy, marking a strategic entry for the company into the rooftop solar segment under the Government of India's PM-Surya Ghar: Muft Bijli Yojana.

Project Specifications and Scope

The comprehensive order encompasses the complete design, engineering, supply, installation, testing, and commissioning of 7.46 MWp grid-connected rooftop solar systems. The project will serve 3,729 SC & ST consumers across the Pulivendula and Puttaparthi divisions under APSPDCL in Andhra Pradesh through Utility Led Aggregation (CAPEX) Mode.

Strategic Market Entry

The order represents Oswal Pumps' strategic entry into the rooftop solar segment through the PM-Surya Ghar scheme. M/s Swashakthi Energy, the successful bidder awarded the project by New & Renewable Energy Development Corporation of Andhra Pradesh Ltd. (NREDCAP), has assigned the execution to Oswal Solar Energy Private Limited.

Management Commentary

Vivek Gupta, Chairman and Managing Director of Oswal Pumps Limited, highlighted the significance of this development: "This order paves the way for the Company to participate in the Government of India's PM-Surya Ghar: Muft Bijli Yojana and marks an important milestone in our commitment to advancing India's renewable energy transition."

Gupta emphasized the timing advantage, noting: "Our entry into this segment comes at an opportune time, coinciding with the Union Budget's enhanced allocation for the PM-Surya Ghar: Muft Bijli Yojana, which has been increased from ₹17,000 crore to ₹22,000 crore."

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The order details confirm that no related party transactions are involved, and the promoter group has no interest in the awarding entity. The disclosure was made through official communication to BSE Limited and National Stock Exchange of India Limited.

Oswal Pumps Limited has submitted its quarterly monitoring agency report for the quarter ended December 31, 2025, prepared by ICRA Limited as the appointed monitoring agency. The report covers the utilization of proceeds raised through the company's Initial Public Offer conducted in June 2025. ICRA Limited confirmed no material deviation from the objects of the issue, with all utilization proceeding in line with the disclosed purposes in the prospectus.

IPO Details and Proceeds Structure

The company's Initial Public Offer was conducted from June 13, 2025, to June 17, 2025, involving the issue of 22,595,114 equity shares of face value INR 1 each. The total issue size aggregated to INR 1387.34 crore, including an Offer for Sale (OFS) portion. The net proceeds available for monitoring amounted to INR 890.00 crore, with net proceeds as per prospectus totaling INR 841.514 crore.

Quarterly Utilization Progress

During Q3FY26, Oswal Pumps Limited utilized INR 24.263 crore across various objects of the issue. The cumulative utilization reached INR 550.362 crore, leaving INR 339.638 crore unutilized from the total net proceeds of INR 890.00 crore.

Deployment of Unutilized Funds

The company has deployed its unutilized proceeds totaling INR 361.211 crore across various fixed deposits and bank accounts. The funds are primarily invested in fixed deposits with Axis Bank and State Bank of India, earning returns ranging from 6.25% to 6.40%. The total market value of these investments as of December 31, 2025, stood at INR 362.387 crore, including earnings of INR 1.176 crore.

Implementation Timeline and Compliance

ICRA Limited confirmed that all objects remain on schedule with no delays reported. The implementation timeline spans FY26 to FY27, with most objects targeted for completion within FY26. The monitoring agency verified that all government and statutory approvals related to the objects have been obtained, and technical assistance arrangements are operational.

General Corporate Purpose Utilization

Under the General Corporate Purpose category, the company utilized funds for various operational requirements including loan repayments, bill discounting payments, and vendor payments. Major utilizations included repayment of loans from Citi bank (INR 27.800 crore), payments for bill discounting through SBI (INR 49.863 crore), and payments to subsidiary Oswal Solar Structures Private Limited.

The monitoring report confirms the company's adherence to regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with ICRA Limited providing objective oversight of the proceeds utilization process.