Oswal Pumps IPO
Oswal Pumps IPO — date, price band, lot size & details 2025
Oswal Pumps listed on 20 Jun 2025 at ₹634, 3.3% above the ₹614 issue price.
Oswal Pumps makes and distributes pumps for domestic, agricultural and industrial use, including solar pumps. It had executed orders for 26,270 turnkey solar pumping systems under the PM-KUSUM Scheme by 31 August 2024.
Stock price
Oswal Pumps is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 13 Jun 2025
- Close 17 Jun 2025
- Allotment 18 Jun 2025
- Refund/credit 19 Jun 2025
- Listing 20 Jun 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 13 to 17 Jun, 2025 |
|---|---|
| Price Band | ₹584 – ₹614 |
| Face Value | ₹1 |
| Lot Size | 24 Shares |
| Issue Size | ₹1387.34 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,736 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 24 shares at the ₹614 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 24 | ₹14,736 |
| Retail (max) | 13 | 312 | ₹1,91,568 |
| S-HNI (min) | 14 | 336 | ₹2,06,304 |
| S-HNI (max) | 67 | 1,608 | ₹9,87,312 |
| B-HNI (min) | 68 | 1,632 | ₹10,02,048 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 361.11 crore in FY2022 to Rs 761.23 crore in FY2024 and Rs 1,067.34 crore in the nine months to 31 December 2024.
- 02Profit after tax rose from Rs 16.93 crore in FY2022 to Rs 97.67 crore in FY2024 and Rs 216.71 crore in the nine months to 31 December 2024.
- 03The EBITDA margin was 19.79% and the PAT margin was 12.83%.
- 04The P/E was 24.22 at the upper band of Rs 614, based on post-issue EPS of Rs 25.35.
- 05The distributor network grew from 473 on 31 March 2022 to 636 on 31 March 2024.
Risks · 7
- 01The latest financials cover only the nine months to 31 December 2024, and the growth in that period is far above earlier years.
- 02Return on net worth of 88.73% is high partly because net worth was small, at Rs 160.17 crore on 31 March 2024.
- 03Total borrowing rose from Rs 75.42 crore on 31 March 2024 to Rs 346.30 crore on 31 December 2024.
- 04Growth leans on 26,270 solar pumping systems under the PM-KUSUM Scheme, so a change in that scheme would hurt the business.
- 05Total assets more than doubled from Rs 511.28 crore on 31 March 2024 to Rs 1,096.01 crore on 31 December 2024, which can tie up cash in receivables and stock.
- 06Rs 497.34 crore of the issue was offer for sale and did not reach the company.
- 07Rs 272.76 crore of the proceeds was for investing in the subsidiary Oswal Solar, and promoter holding fell from 94.84% to 75.68%.
Three years of numbers
All figures in ₹ crore, as reported in the Oswal Pumps offer document.
| Metric | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 1,096.01 | 511.28 | 252.30 | 221.84 |
| Total Income | 1,067.34 | 761.23 | 387.47 | 361.11 |
| Profit After Tax | 216.71 | 97.67 | 34.20 | 16.93 |
| EBITDA | 321.01 | 150.12 | 57.82 | 38.52 |
| NET Worth | 378.80 | 160.17 | 59.97 | 24.57 |
| Reserves and Surplus | 387.96 | 173.42 | 73.22 | 37.82 |
| Total Borrowing | 346.30 | 75.42 | 59.28 | 87.54 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Oswal Pumps RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Oswal Pumps IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹9.82 | ₹25.35 |
| P/E Ratio (x) | 62.54 | 24.22 |
| Market Cap at Offer Price (₹ Cr) | ₹13,549.89 | ₹5,248.91 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹614 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹917.06 Cr of the issue is earmarked to named objects.
Oswal Pumps IPO Anchor Investors
25 anchor investors across 21 fund houses committed ₹416.20 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
By 31 August 2024 the company had executed orders for 26,270 turnkey solar pumping systems directly under the PM-KUSUM Scheme, in states including Haryana, Rajasthan, Uttar Pradesh and Maharashtra.
The plant is at Karnal in Haryana on 41,076 square metres of land. The distributor network grew from 473 on 31 March 2022 to 636 on 31 March 2024.
The IPO was Rs 1,387.34 crore, with Rs 890.00 crore of fresh issue and Rs 497.34 crore of offer for sale. Rs 280.00 crore was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Oswal Pumps IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Nuvama Wealth Management Ltd.
23 issues handledBest listing: Sambhv Steel Tubes (+34.1%). Weakest: Ajax Engineering (-8.4%).
Axis Capital
40 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
IIFL Capital Services Limited
50 issues handledBest listing: Tonbo Imaging India (+65.7%). Weakest: Acevector (-11.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Oswal Pumps?
The current Grey Market Premium is ₹42, or 7% over the issue price.
What is the Oswal Pumps IPO price band?
₹584 to ₹614, on a face value of ₹1.
When is the allotment?
The basis of allotment is 18 June 2025, with listing on 20 June 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
