Shares of Oswal Pumps Limited fell 2.95 per cent to ₹373.70 on the NSE on Monday, extending a broader post-results selloff, even as the Karnal-based solar pump manufacturer reported its strongest financial year on record.
The stock, listed in June 2025, has lost roughly 29 per cent year-to-date and trades at less than half its 52-week high of ₹888.40 hit in August 2025. Sell orders dominated Monday’s session, accounting for over 75 per cent of total quantity traded.
The decline came despite the company reporting a 45.6 per cent year-on-year jump in total income to ₹20,859 million for FY26, the highest in its history. Profit after tax rose 34.1 per cent to ₹3,763 million, with a PAT margin of 18 per cent. Diluted earnings per share stood at ₹34.73 for the full year, giving the stock a trailing P/E of about 11.75 times at current prices.
For the March quarter, revenue from operations grew 39.8 per cent year-on-year to ₹5,097 million. Operating EBITDA margin, however, compressed to 23.2 per cent in Q4 from 27.1 per cent a year earlier, which the management attributed to competitive tender pricing and input cost pressures linked to global geopolitical uncertainty.
The balance sheet showed meaningful improvement, with net debt falling sharply to ₹1,346 million from ₹4,560 million a year ago, largely aided by IPO proceeds used to repay borrowings. Cash conversion cycle remained elevated at 172 days due to delayed payments from state nodal agencies.
The company’s order book stands at 19,912 pumps, with a near-term pipeline of roughly 25,000 pumps. Management flagged PM KUSUM 2.0 and a nascent rooftop solar pipeline of 300 MW as growth drivers for FY27. Promoters hold a 75.7 per cent stake as of March 2026.