Oswal Pumps IPO: Price, Overview, Allotment, And GMP

Oswal Pumps IPO- Complete Overview

Oswal Pumps IPO, a Mainboard IPO, is a book-built issue of Rs. 1,387.34 Cr (2,25,95,114 Shares) by Oswal Pumps Limited, which was incorporated in 2003 and is an existing manufacturer and distributor of pumps.

Over the years, the company has broadened its product offering to cater for domestic, agricultural, and industrial usage, such as solar pumps, submersible pumps, monoblocks, pressure pumps, sewage and electric motors, submersible winding wires & cables, and electric panels. 

As of August 31, 2024, the Company fulfilled 26,270 orders for turnkey solar pumping systems directly to states under the PM-KUSUM Scheme to various states such as Haryana, Rajasthan, UP, Maharashtra etc.

Besides, from April 1, 2021, to March 31, 2024, Oswal Pumps sent its products to 17 countries, including those of Asia-Pacific, the Middle East, and North Africa. 

This new IPO is to be launched on 13 Jun 2025, and its ‘initial public offering’ will end on 17 Jun 2025.

Oswal Pumps IPO Details

This Mainline IPO comprises a combination of a fresh issue of 1.45 crore Shares (Rs. 890 Cr) and the offer for sale (OFS) of 0.81 crore Shares (Rs. 497.34 Cr). The Oswal Pumps IPO listing date is 20 June 2025 (tentative). The Oswal Pumps IPO price is between Rs. 584 to Rs. 614 for each Share.

 

Oswal Pumps Share Price unlisted

The unlisted share price of Oswal Pumps is not publicly available on any established private platform as of 11 June 2025.

If you want to apply for the IPO, click to open a Demat Account.

Company Financial

(Amount in Cr)

Period	31 Dec 2024	31 Mar 2024	31 Mar 2023
Total Assets	1,096.01	511.28	252.30
Total Revenue	1,067.34	761.23	387.47
PAT	216.71	97.67	34.20
Net Worth	378.80	160.17	59.97
Reserves & Surplus	387.96	173.42	73.22
Borrowings	346.30	75.42	59.28

 

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in million)

Net Cash Flow In Multiple Activities	31 Dec 2024	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(1,974.49)	169.20	499.23
Net Cash Flow Investing Activities	(439.01)	(235.19)	(205.45)
Net Cash Flow Financing Activities	2,419.57	34.14	(333.19)

 

Revenue from the Supply of Solar Pumps Bifurcation

 

State-wise Revenue Bifurcation

Geography-wise Revenue Bifurcation

(Source RHP)

 

The Objective of the Issue

• Financing some of the company's capital projects.

• Debt or equity investment in Oswal Solar, the wholly-owned subsidiary, to finance the establishment of new production facilities in Karnal, Haryana.

• The partial or complete prepayment or repayment of some outstanding loans that the company has taken out.

• A loan or equity investment in the wholly-owned subsidiary Oswal Solar to pay back some of the outstanding debts that Oswal Solar has taken out, either in full or in part.

 

Peers of Oswal Pumps

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Kirloskar Brothers Ltd.	2	43.84	41.94
Shakti Pumps (India) Ltd.	10	12.82	66.72
WPIL Ltd.	1	17.72	27.31
KSB Ltd.	2	11.99	66.79
Roto Pumps Ltd.	1	6.28	42.08

 

Evaluation

The Oswal Pumps Limited IPO price is Rs. 584 to Rs. 614 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Dec 2024 with an EPS of Rs. 9.82 from the last year, the resulting P/E ratio is 62.52x.

Considering the weighted EPS of Rs. 6.34 for the last three years, the P/E ratio is 96.84x.

The Jainik Power and Cables IPO application is available from 10 Jun 2025 to 12 Jun 2025.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 48.97.

Particulars	P/E Ratio (x)
Highest	66.79
Lowest	27.31
Average	48.97

In simple words, the P/E ratio of this IPO (62.52x), compared with the industry’s average P/E of 48.97x, has an overvaluation (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors when considered based on the average P/E ratio of the industry.

 

 

IPO's Strengths

• Among the largest suppliers of solar-powered agricultural pumps under the PM Kusum Scheme, with a strong focus to ride on robust industry momentum.

• Strong footprint in key agri states, including Haryana, and diversifying into other growing states.  

• Vertical integration on the manufacturing front.

• Strong engineering and design acumen.

• Comprehensive product across multiple product specifications.

 

IPO’s Weaknesses

• A large share of Oswal Pumps’ revenue comes from selling turnkey solar pumping systems through government schemes such as PM-KUSUM. Its business and financial results would find its operations affected if Government funding were to be cut or if it were unable to obtain future contracts.

• Agriculture is a major source of income for the firm. Negative developments, such as weak monsoons, changes in government incentives to farmers, or a dip in farmer income, may result in a lower demand for the products, which ultimately could hurt profitability.

• A substantial portion of Oswal’s sales is generated by individual states like Haryana and Maharashtra, and the company is heavily reliant on its top 10 customers. Any interference with these markets or loss of significant customers may have a material adverse impact on the operations and cash flows.
  
  

Oswal Pumps IPO GMP Today

Oswal Pumps IPO GMP is Rs. 67 as of June 11, 2025, when this information was written. With the price of Rs. 614, the Oswal Pumps IPO listing price might be Rs. 681 (estimated).

 

Oswal Pumps Limited IPO Timetable (Tentative)

The Oswal Pumps IPO date is from 13 June to 17 June. With IPO allocation on June 18, refund initiation on June 19, and listing on June 20, 2025.

Events	Date
IPO Opening Date	13 Jun 2025
IPO Closing Date	17 Jun 2025
IPO Allotment Date	18 Jun 2025
Refund Initiation	19 Jun 2025
IPO Listing Date	20 Jun 2025

 

IPO Other Details 

The IPO with a face value of Rs. 1 per Share, offers an IPO size of 2,25,95,114 Shares (Rs. 1,387.34 Cr) and is to be listed at NSE and BSE.

IPO Opening & Closing Date	13 Jun 2025 to 17 Jun 2025
Face Value	Rs. 1 per Share
Issue Price	Rs. 584 to Rs. 614
Lot Size	24 Shares
Issue Size	2,25,95,114 Shares (Rs. 1,387.34 Cr)
Offer for Sale	81,00,000 Shares (Rs. 497.34 Cr)
Fresh Issue	1,44,95,114 Shares (Rs. 890 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Private Limited (Link Intime)

 

IPO Grey Market Premium

The live IPO GMP is available at our live IPO GMP page, where you can get the GMP today of open IPOs.

 

 

Oswal Pumps IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (24 Shares) amounting to Rs. 14,736 and 13 Lots (312 Shares) for Rs. 1,91,568, respectively, while for HNI investors, the minimum Lot is 14 (336 Shares) amounting to Rs. 2,06,304.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	67 Lots
B-HNI (Minimum)	68 Lots

 

IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Promoters and Management of Oswal Pumps Ltd. 

• Vivek Gupta

• Amulya Gupta

• Shivam Gupta

• Ess Aar Corporate Services Private Limited

• Shorya Trading Company Private Limited

• Singh Engcon Private Limited.

Pre-Issue Promoter Shareholding	99.88%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• IIFL Capital Services Limited

• Axis Capital Limited

• CLSA India Private Limited

• JM Financial Limited

• Nuvama Wealth Management Limited. 

 

 

Dividend Policy

The company hasn’t paid a dividend in the last three FYs.

Conclusion

Oswal Pumps IPO offers investors a chance to invest in one of India’s leading solar and agricultural pump manufacturers with a diversified product portfolio. However, high dependence on government schemes and agri-sector risks warrants cautious evaluation. Despite strong financial growth, the IPO appears slightly overvalued compared to industry peers. Investors should assess risk factors before making subscription decisions.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.