Oswal Pumps Set to Expand Solar Module Biz, Foray Into New Manufacturing Areas

Karnal-based solar pump manufacturer Oswal Pumps is gearing up to expand its recently launched solar module business and diversify into new manufacturing verticals to broaden its revenue base. In its latest disclosures, the listed company shared updates on its expansion strategy and upcoming projects.

Oswal Pumps currently operates a 570 MW solar module manufacturing line in Karnal. The company has now embarked on an expansion plan to scale its solar module production capacity to 1.5 GW. For this, it has acquired land adjacent to its existing facility to ensure a seamless scale-up.

Logistical Advantage 

“This proximity offers significant logistical advantages, including better coordination, reduced transportation time and cost, and overall operational efficiency. The proposed land is a vacant industrial parcel leased for 15 years from June 2024, with a provision for extension on mutual agreement,” said Vivek Gupta, Chairman and Managing Director, Oswal Pumps.

The new land parcel spans 28,000 sq. m, significantly larger than the existing 13,983 sq. m site. “The expansion is being executed in phases and the initial phase has already commenced. This change will not affect the overall project timeline. The relocation will enhance efficiency, reduce costs, and create long-term value. We will seek shareholders’ approval for the proposed shift,” Gupta added.

The company plans to utilize ₹1,536.60 million from the net proceeds of its IPO to fund its module capacity expansion. The new production line is expected to begin operations by February next year, according to company officials.

Beyond Modules

In addition to scaling up modules, Oswal Pumps is advancing into multiple backward-integration segments:

• Aluminium extrusions for module frame manufacturing

• Encapsulant materials (EVA/POE)

• Junction boxes and backsheets

• On-grid solar inverters

Currently, only a limited number of Indian manufacturers—such as RenewSys and Saatvik Solar—produce encapsulants in-house. With its planned additions, Oswal aims to become more self-reliant while strengthening supply capabilities for the broader solar industry across India.

These diversification moves align with the company’s strategy to establish robust backward-linked manufacturing and emerge as a competitive and self-sufficient player in the country’s solar value chain.