⚡ At a Glance
Oswal Pumps, founded in 2003, is a vertically integrated manufacturer of solar pumps, motors, and modules. With 87% revenue from the PM Kusum scheme, and a spicy 70x P/E, the company rides high on government subsidies, not consumer demand. Is this solar saviour or a state-sponsored sunset?
1. 🏭 What Does Oswal Pumps Do?
- Oswal Pumps Ltd (OPL) is asolar pump manufacturingcompany that also makes electric motors and solar modules.
- It servesagriculture, residential, and industrialsectors but survives thanks to thePM Kusum scheme, through which it sells the bulk of its products.
- It’s one of the few companies in India that hasintegrated manufacturingacross:
- Solar + electric submersible & monoblock pumps
- Induction motors (up to 150 HP)
- Solar panels (570 MW capacity currently)
💡Think of them as the Amul of pumps… if Amul only sold to government dairy boards.
2. 🌞 The PM Kusum Addiction: Strength or
Single Point of Failure?
🔌 Revenue Source (FY24):
| Category | % Revenue |
|---|---|
| PM Kusum (Direct + Indirect) | 87% |
| Other Sales (Private, Export, Retail) | 13% |
- Oswal claims to have supplied2.3 lakh solar pumpsunder PM Kusum –38% of India’s installed base.
- But here’s the kicker:If the government stops, Oswal stops.This isn’t diversification — it’s a full-blown dependency disorder.
📉Imagine 87% of Zomato’s orders came only from one society. That’s Oswal right now.
3. 💸 Product & Profit Mix: Pumps, Motors, Modules & Margin
🧪 FY24 Product Revenue Split:
| Product Type | % of Revenue |
|---|---|
| Turnkey Solar Submersible Pumps | 66.62% |
| Turnkey Solar Monoblock Pumps | 11.92% |
| Standalone Solar Submersible Pumps | 4.44% |
| Standalone Solar Monoblock Pumps | 1.23% |
| Non-Solar Submersible Pumps | 3.63% |
| Electric Motors | 4.47% |
| Others | 7.27% |
✅Translation: It’s a solar pump company, not a diversified pump giant.
4. 📍 Where
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