Oswal Pumps FY25 Revenue Up 88% Despite Q4 Margin Decline

Haryana-based solar pump manufacturer Oswal Pumps reported an 88.2% year-on-year rise in total income to ₹14.33 billion for the financial year ended March 2025. 

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The company reported growth in its EBITDA for the full year, which grew by 176.5% to ₹4,225 million from ₹1,528 million in FY24, resulting in an EBITDA Margin of 29.5%. It also reflected a 941-basis-point improvement year-over-year (YoY). Profit After Tax (PAT) for FY25 reached ₹2,806 million, with a PAT margin of 19.6%, up 675 basis points from FY24. 

However, the company flagged a sequential dip in its EBITDA margin for the year's March quarter (Q4 FY25), which was 2.2% points lower than the full-year margin. The 21.45% decline was attributed to a shift in sales mix, with the share of high-margin direct Kusum scheme sales falling by 11%, while lower-margin external module sales rose by 12%.

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Giving an overview, the company noted, "In 2021, we began offering Turnkey Solar Pumping Systems, which include solar-powered agricultural pumps, solar modules, mounting structures, pump controllers, and installation services. These are provided either directly or through third-party bidders under the PM Kusum Scheme. As of June 30, 2025, we have successfully executed  48,915 Turnkey Solar Pumping System orders directly under the PM Kusum Scheme.”

Commenting on the results, Vivek Gupta, Chairman and Managing Director, Oswal Pumps Limited, said, “On behalf of the management team at Oswal Pumps Limited, I extend our heartfelt gratitude to the entire investment community for the overwhelming response to our IPO. We are truly humbled by the trust and confidence you have placed in us. Your support inspires us to work even harder and reinforces our commitment to delivering on our promises and exceeding expectations."

Milestones Achieved in Q4 FY25 

• Total income of ₹ 3,656 Mn in Q4 FY25, registering a growth of 58.4% YoY 

• EBITDA of ₹ 998 Mn in Q4 FY25, growing 118.6% YoY. EBITDA Margin was at 27.3%, expanding by 751 basis  points YoY 

• PAT of ₹ 639 Mn in Q4 FY25, up 123.5% YoY, and PAT Margin was at 17.5% 

• EPS stood at ₹ 6.32 in Q4 FY25 as against ₹ 4.88 in Q4 FY24 

Milestones Achieved in FY25

• Total income of ₹ 14,329 Mn in FY25, registering a growth of 88.2% YoY 

• EBITDA of ₹ 4,225 Mn in FY25, growing 176.5% YoY. EBITDA Margin was at 29.5%, expanding by 941 basis points  YoY 

• PAT of ₹ 2,806 Mn in FY25, up 187.3% YoY. PAT Margin was at 19.6% 

• EPS stood at ₹ 28.18 in FY25 as against ₹ 9.82 in FY24