Oswal Pumps share price jumped nearly 8% on Wednesday, 23 September, after the company secured a ₹273.19-crore order from the Telangana Renewable Energy Development Corporation Ltd (TGREDCO) for the development of rooftop solar power plants across government schools in the state.
Under the order, Oswal Pumps will undertake the design, supply, installation and commissioning of 2 kW, 5 kW and 10 kW on-grid solar rooftop photovoltaic (PV) systems across 9,937 government schools in 33 districts of Telangana.
The project has an aggregate capacity of 46,705 kW, or 46.7 MW, and will involve the deployment of Mono PERC/TOPCon solar modules, along with standard structures, remote monitoring systems (RMS) and comprehensive maintenance for five years.
The total quoted value of the project stands at ₹273.19 crore, excluding GST.
The company said the project will support the adoption of renewable energy infrastructure across educational institutions in Telangana and contribute to the state’s broader clean-energy objectives.
“This marks our first major order from Telangana and an important milestone in expanding Oswal Pumps’ presence into new markets,” said Vivek Gupta, Chairman and Managing Director of Oswal Pumps.
Gupta said the scale of the project reflects the company’s technical and execution capabilities and added that Oswal Pumps remains focused on quality, timely delivery and long-term performance as it establishes a presence in the state.
PM-KUSUM delay, margin pressure weigh on Oswal Pumps
Sunny Agrawal, Deputy Vice President – Fundamental Research at SBI Securities, said Oswal Pumps presents a mixed picture at the current juncture. A key overhang for the company is the delay in the rollout of the PM-KUSUM 2 scheme, which expired in March 2026. The industry is still awaiting an official update from the government, while the scheme remains an important growth driver for solar pump companies that depend heavily on government-supported demand.
The delay has also intensified competition, with solar pump manufacturers bidding aggressively for state-level tenders. Maharashtra, for instance, has witnessed significant competitive intensity, putting pressure on margins for incumbent players such as Oswal Pumps. This margin compression was also visible in the company’s Q1 performance, Agrawal said.
Another challenge is Oswal Pumps’ backward-integrated business model, which includes manufacturing solar modules that were originally intended for captive use in its solar pump business. With the delay in PM-KUSUM, the company has had to diversify into other solar businesses, including supplying solar panels under the PM Surya Ghar Muft Bijli Yojana. This transition has had some impact on gross and EBITDA margins.
However, a significant portion of these concerns appears to be already factored into the stock, Agrawal said. The company has moderated its growth guidance and reiterated a revenue growth expectation of around 20–25% for FY27, while its EBITDA margin guidance has been lowered to 15–17% from the earlier 20–25% range.
“Margin normalisation remains the key concern at the current juncture. However, as the business model realigns with the new margin profile, the second half of FY27 could potentially see an improvement,” Agrawal said.
Given the risk-reward profile, Agrawal said investors with a high-risk, high-return appetite could consider taking a small exposure to Oswal Pumps.
Oswal Pumps share price today
Oswal Pumps share price today opened at ₹289.55 apiece on the BSE, the stock touched an intraday high of ₹296.45 per share, and an intraday low of ₹287.10 apiece.
According to Rajesh Bhosale, Technical Analyst at My Advisor Alpha, Oswal Pumps witnessed a gap-up opening accompanied by strong volumes. He said the stock’s rebound has come from a key support zone, which had also triggered an upward move in March.
“As long as ₹275 holds, the bias can remain positive,” Bhosale said, adding that ₹310–330 is the immediate resistance zone.
Sudeep Shah, Vice President – Technical and Derivatives Research at SBI Securities, however, said Oswal Pumps remains in a downtrend and continues to trade below key moving averages on the weekly chart.
Shah noted that the relative strength index (RSI) remains below 40, signalling sustained bearish momentum, while the MACD line continues to trade below the zero line, reinforcing the negative bias.
According to Shah, the 20-week exponential moving average (EMA) zone of ₹335–340 is likely to act as immediate resistance. He said the bearish bias is expected to persist as long as the stock trades below this zone.
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