Anand Rathi, Nirmal Bang, and SBI Securities give thumbs up to Oswal Pumps IPO

The initial public offering (IPO) of Oswal Pumps Ltd opened for subscription today and has received an enthusiastic response from leading brokerage houses. Backed by robust financial growth, a strong order book, expanding manufacturing capacity, and leadership in the solar pump segment under the PM-KUSUM scheme, the IPO has earned a “Subscribe” rating from multiple reputed brokerages. Key firms including Anand Rathi, Nirmal Bang, and SBI Securities have endorsed the issue for its long-term growth potential. Additionally, several other research houses have echoed similar optimism, citing strong industry tailwinds and the company’s integrated business model as key drivers.

“Oswal Pumps Ltd is one of the largest suppliers of solar-powered agricultural pumps under the PM-KUSUM Scheme and is well-positioned to capitalize on strong industry tailwinds. With vertically integrated manufacturing and a strong presence in key agricultural states, the company has built an extensive distribution network catering to a diversified customer base. At the upper price band, the IPO is valued at a P/E of 24.2x and EV/EBITDA of 22.8x with a post-issue market cap of ₹6,998 crore. We believe the IPO is fairly priced and recommend a ‘Subscribe – Long Term’ rating.”

“OPL is the fastest-growing vertically integrated solar pump manufacturer in India, with a strong revenue CAGR between FY22–FY24. With robust Revenue/EBITDA/PAT CAGR of 44%/103%/134%, and a ₹1,100 crore order book plus ₹3,200 crore bid pipeline, growth visibility remains solid. At ₹614 per share, valuation at 9MFY25 annualized P/E and EV/EBITDA of 24.2x and 16.4x, respectively, appears reasonable and at a discount to its closest peer. We recommend ‘Subscribe’ to the issue.”

“At ₹614, Oswal Pumps is valued at a P/E of 24.2x and EV/EBITDA of 15.1x based on 9MFY25 annualized financials. With a dominant position in solar pumps under PM-KUSUM, vertically integrated capabilities, and impressive financial growth — 45.1% revenue CAGR, 97.4% EBITDA CAGR, and 140.2% PAT CAGR from FY22–FY24 — the company offers strong long-term potential. With ₹1,100 crore in orders and ₹3,200 crore in the pipeline, we see continued growth. We recommend investors ‘Subscribe’ for the long-term.”

Other leading brokerages such as Deven Choksey, Aditya Birla Capital, A C Choksi, BP Wealth, CanMoney,

Arihant Capital, GEPL Capital, Marwadi Financial Services, Master Trust Capital, Prithvi Finmart, AJCON Global, Hensex Securities, Ventura Securities, StoxBox and SMIFS Capital have given a “Subscribe” rating to the IPO hs highlight Oswal Pumps’ rapid growth — with FY22–FY25 (annualized) revenue and net profit CAGRs of 58.0% and 157.0%, respectively — its market leadership in supplying nearly 39% of solar pumps under the PM-KUSUM scheme in just four years, and its strategic expansion into

solar modules and EPC solutions. These brokerages underscore the company’s healthy margins, strong return ratios, and scalable business model, making the IPO attractive at 17.1x FY25 EV/EBITDA based on annualized 9MFY25 figures.

With a compelling growth trajectory, leadership in the solar pump segment under a key government scheme, and a vertically integrated manufacturing setup, Oswal Pumps has positioned itself well to benefit from rising demand in both agriculture and renewable energy sectors. Backed by strong financial metrics, a robust order book, and expansion plans that align with national priorities, the company’s IPO has received broad-based support from institutional and retail-focused brokerages alike. For investors looking at long-term value in the clean tech and agri-infra space, the Oswal Pumps IPO offers an attractive opportunity.