Oswal Pumps Q2 profit falls 60% year on year to Rs 38.162 crore

Oswal Pumps Limited reported consolidated profit for the period of Rs 38.162 crore for the quarter ended September 30, 2026, down 60% from Rs 97.504 crore a year earlier, as revenue from operations fell 6% to Rs 50.6297 crore and total expenses increased to Rs 46.4368 crore.

What were Oswal Pumps’ September-quarter earnings?

Oswal Pumps recorded consolidated profit for the period of Rs 38.162 crore in the September 2026 quarter, compared with Rs 97.504 crore in the September 2025 quarter and Rs 54.138 crore in the June 2026 quarter. The September-quarter result did not include a share of associate profit, whereas the prior-year quarter included Rs 1.444 crore from an associate.

Revenue from operations was Rs 50.6297 crore, against Rs 53.9636 crore a year earlier, but above Rs 47.356 crore in the preceding June 2026 quarter. Other income fell to Rs 0.5456 crore from Rs 0.6851 crore year on year, leaving total income at Rs 51.1753 crore, compared with Rs 54.6487 crore.

Profit before tax was Rs 4.7385 crore, down from Rs 12.6425 crore in the year-earlier quarter and Rs 6.8425 crore in June 2026. Basic and diluted earnings per share, not annualised, were Rs 3.34, compared with Rs 8.43 a year earlier and Rs 4.86 in the preceding quarter. The board approved the unaudited results on November 12, 2026, after a limited review by the statutory auditors.

Why did Oswal Pumps’ quarterly profit decline?

Oswal Pumps’ quarterly profit declined because total expenses rose to Rs 46.4368 crore from Rs 42.0062 crore while total income declined by Rs 3.4734 crore. That combination reduced profit before tax by Rs 7.904 crore from the September 2025 quarter, despite a lower total tax expense of Rs 0.5223 crore.

Cost of materials consumed increased to Rs 39.4485 crore from Rs 30.4871 crore, and purchases of stock-in-trade rose to Rs 6.2646 crore from Rs 3.9911 crore. Employee benefits expense increased to Rs 2.9104 crore from Rs 2.1339 crore, finance costs rose to Rs 1.1249 crore from Rs 0.4537 crore, and other expenses increased to Rs 6.9691 crore from Rs 6.2404 crore.

Changes in inventories of finished goods, work-in-progress and stock-in-trade reduced expenses by Rs 10.7013 crore, compared with a reduction of Rs 1.6867 crore a year earlier. This offset part of the higher material and operating costs, but did not stop total expenses rising. Depreciation and amortisation expense also increased to Rs 0.4206 crore from Rs 0.3867 crore.

The tax charge fell to Rs 0.5223 crore from Rs 3.0366 crore, including a deferred-tax credit of Rs 0.5077 crore in the September 2026 quarter. Current tax was Rs 1.4742 crore, versus Rs 3.0492 crore in the comparable quarter. The lower tax expense moderated, but did not reverse, the decline in pre-tax earnings.

How did Oswal Pumps perform in the first half and manage cash?

Oswal Pumps reported first-half revenue from operations of Rs 97.9857 crore for the half year ended September 30, 2026, down from Rs 105.3583 crore in the corresponding 2025 period. Profit for the period fell to Rs 9.23 crore from Rs 19.2185 crore, while profit before tax declined to Rs 11.581 crore from Rs 25.155 crore.

First-half total expenses rose to Rs 87.7626 crore from Rs 80.9964 crore as total income declined to Rs 99.3436 crore from Rs 106.1514 crore. Materials consumed increased to Rs 68.1484 crore from Rs 57.7842 crore, while inventory changes shifted to a Rs 9.9112 crore reduction in expenses from a Rs 0.8524 crore expense in the prior-year half.

Net cash outflow from operating activities was Rs 27.5423 crore in the first half, compared with an outflow of Rs 9.2485 crore a year earlier. Trade and other receivables absorbed Rs 22.7973 crore and inventories absorbed Rs 13.0685 crore, while trade and other payables declined by Rs 2.0646 crore. Cash and cash equivalents ended September 30 at Rs 0.4935 crore, versus Rs 9.07 crore at the beginning of the period.

Total assets were Rs 255.5995 crore at September 30, 2026, compared with Rs 214.6185 crore at March 31, 2026. Inventories increased to Rs 37.6084 crore from Rs 22.1076 crore, trade receivables rose to Rs 131.9483 crore from Rs 112.8005 crore, and current borrowings increased to Rs 50.7124 crore from Rs 21.4286 crore.

How did consolidation and IPO deployment affect Oswal Pumps’ results?

Oswal Pumps said its current-quarter and first-half consolidated figures are not comparable with the corresponding periods because Walso Solar Solution Private Limited became a subsidiary on June 8, 2026. Oswal Pumps holds 51.00% of Walso, which had been an associate until June 7, 2026, and consolidated its results from the following day.

For the September 2026 quarter, Walso generated revenue of Rs 8.2472 crore and reported a net loss of Rs 0.63 crore, according to the auditor’s review report. Walso had total assets of Rs 94.829 crore at September 30, 2026. The group also includes wholly owned Oswal Solar Energy Private Limited and step-down subsidiary Oswal Doon Baran Bundi Solar Projects Limited.

Oswal Pumps operates one business segment, described as various types of solar panels, pumps and motors, and therefore reported no separate operating segments under Indian Accounting Standard 108. The group recognised Rs 0.084 crore of share-based payment expense in the quarter and Rs 0.27 crore in the half year under Indian Accounting Standard 102.

Of Rs 84.1514 crore in net initial public offering proceeds, Oswal Pumps had used Rs 63.0952 crore by September 30, 2026, leaving Rs 21.0562 crore unutilised. The largest unused allocation, Rs 16.3273 crore, was earmarked for equity investment in Oswal Solar Energy to fund new manufacturing units at Karnal, Haryana. The company said Rs 20.2792 crore of unused proceeds was temporarily deployed in fixed deposits and specified accounts.

Conclusion

Oswal Pumps’ September-quarter results show lower reported revenue and profit alongside a higher cost base. Revenue fell 6% year on year, while materials, stock purchases, employee costs, finance costs and other expenses increased, reducing profit before tax by 63%. The inclusion of Walso from June 8 also means the consolidated comparison with the prior-year period is not like for like.

The next result disclosures will show how Oswal Pumps deploys the Rs 21.0562 crore of remaining IPO proceeds, particularly the Rs 16.3273 crore planned for Oswal Solar Energy’s new Karnal manufacturing units. Readers can also watch whether Walso’s revenue of Rs 8.2472 crore and quarterly loss of Rs 0.63 crore change as it completes a full period within consolidation.