Oswal Pumps wins ₹500+ crore rooftop solar projects

What Oswal Pumps announced

Oswal Pumps Ltd has announced new rooftop solar installation projects with a cumulative revenue opportunity exceeding ₹500 crore. The order is for 63 MW of rooftop solar installations and includes a mandatory 10-year operation and maintenance (O&M) component. The company said the overall revenue opportunity is split between installation and long-term services over a decade.

The company’s stated installation order value is ₹247 crore. It also disclosed a long-term revenue potential of ₹257 crore from O&M services over a 10-year period. Put together, the company described the cumulative revenue opportunity as over ₹500 crore.

Project size, locations, and execution circles in Bihar

Oswal Pumps will execute the rooftop solar projects across Motihari, Saharsa, and Ara circles in Bihar. The disclosed total capacity for this award is 63 MW. The company also shared that the programme covers 57,492 consumer installations.

Alongside engineering and execution, the project includes financing and a 10-year O&M tenure. Oswal Pumps indicated that the commissioning timeline is set at nine months from the Power Purchase Agreement (PPA) execution.

Scope of work and the delivery model

The scope includes design, engineering, procurement, installation, commissioning, and financing, along with a mandatory 10-year O&M period. Oswal Pumps said the execution will follow the CAPEX plus RESCO model. The inclusion of long-tenure O&M adds a recurring revenue element linked to system performance and servicing obligations.

The company’s disclosure sets a clear schedule anchor: commissioning within nine months from PPA execution. With a decade-long O&M clause, the economic value is structured across upfront EPC-style work and long-term service revenue.

Why the order matters: diversification beyond PM-KUSUM

Oswal Pumps described the award as a strategic diversification, marking a move into the large-scale residential rooftop solar segment under the PM Surya Ghar initiative. The company highlighted that this reduces reliance on demand historically driven by the PM Kusum scheme.

The shift is notable because Oswal Pumps has built scale in solar pumping systems. As one of the largest suppliers under the PM-KUSUM scheme, it has supplied over 64,033 turnkey solar pumping systems directly, according to the shared information.

First PM Surya Ghar order in Andhra Pradesh via subsidiary

In a separate disclosure, Oswal Pumps said its wholly owned subsidiary, Oswal Solar Energy Pvt. Ltd. (formerly Oswal Solar Structure Private Limited), secured an order worth approximately ₹39.40 crore (inclusive of GST). The contract is for 7.46 MWp grid-connected rooftop solar systems awarded by Swashakthi Energy under the Government of India’s PM Surya Ghar: Muft Bijli Yojana.

The project scope includes design, engineering, supply, installation, and commissioning, along with a five-year comprehensive maintenance contract (CMC). The rooftop systems are for 3,729 SC and ST consumers in the Pulivendula and Puttaparthy divisions in Andhra Pradesh under Andhra Pradesh Southern Power Distribution Company Limited (APSPDCL).

Oswal Pumps also noted the project flow: the rooftop solar projects were initially awarded to Swashakthi Energy by the New and Renewable Energy Development Corporation of Andhra Pradesh Ltd. under the utility-led aggregation model, and execution was assigned to Oswal Solar Energy.

Policy and budget context referenced by the company

Oswal Pumps’ Chairman and Managing Director, Vivek Gupta, linked the entry into rooftop solar to budget support for the PM Surya Ghar scheme. He stated that the Union Budget allocation for PM Surya Ghar: Muft Bijli Yojana was increased from ₹17,000 crore to ₹22,000 crore.

Separately, the PM Surya Ghar scheme was referenced as having started in February 2024, with an objective to encourage rooftop solar adoption. The information also cited a target of installing solar panels in one crore homes by March 2027.

Related solar market signals: GUVNL tender outcome

The broader renewables market continues to see tender activity. Gujarat Urja Vikas Nigam Limited (GUVNL) concluded its 625 MW solar PV tender auction across India. The disclosed award outcome included a tariff of ₹2.34 per unit to Welspun New Energy Ltd. and NLC India Limited, with 300 MW each.

While this tender is not directly linked to Oswal Pumps’ rooftop awards, it indicates continuing bid activity and tariff discovery in utility-scale solar procurement.

Other recent PM-KUSUM-linked orders and order book visibility

Oswal Pumps rose 1.71% to ₹464.60 after receiving a Letter of Award worth ₹119.92 crore from Karnataka Renewable Energy Development for supply and installation of 3,263 off-grid DC solar pumping systems across Karnataka. The scope includes design, manufacture, supply, transportation, installation, testing, and commissioning of solar agriculture pump sets from 3 HP to 10 HP under Component-B of PM-KUSUM, along with a complete system warranty, repair and maintenance, and a remote monitoring system (RMS) for five years.

Separately, under the PM-KUSUM B scheme “Magel Tyala Saur Krishi Pump” Yojna, Oswal Pumps received a Letter of Empanelment or Letter of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply and install 14,787 Off-Grid DC Solar Photovoltaic Water Pumping Systems valued at approximately ₹442 crore (including GST), to be executed within one year. As of July 31, 2025, Oswal Pumps had an order book of 29,961 pumps worth ₹700 crore to ₹800 crore.

Key figures at a glance

Market impact and why investors track these updates

For investors, the disclosed Bihar award adds revenue visibility through a combination of installation work and a 10-year O&M stream. The company’s positioning also shifts from primarily solar pumping systems tied to PM-KUSUM demand cycles toward residential rooftop installations under PM Surya Ghar. The Andhra Pradesh order through the subsidiary reinforces that rooftop solar is moving from initial entry to repeatable execution, with defined maintenance obligations.

At the same time, Oswal Pumps continues to receive PM-KUSUM orders, including the Karnataka award that triggered a reported 1.71% move to ₹464.60. Together, the disclosures show the company building a wider portfolio across government-backed solar programmes, with a mix of EPC, supply and installation, and multi-year maintenance components.

Conclusion

Oswal Pumps’ ₹500 crore-plus rooftop solar award in Bihar, along with the subsidiary’s ₹39.40 crore Andhra Pradesh project, signals a clear push into residential rooftop solar under PM Surya Ghar. The company has outlined the capacity, locations, timelines, and long-duration O&M structure, which will be central to execution tracking over the next nine months and the following decade of service delivery.