Subscribe for Oswal Pumps Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Oswal Pumps Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on June 12, 2025.

Broker Research

June 16, 2025 / 11:18 IST

IPO

Anand Rathi, Oswal Pumps Ltd

Oswal Pumps Ltd is the fastest growing vertically integrated solar pump manufacturers in India in terms of revenue growth during the last three fiscals, with their revenues growing at a CAGR of 45.07% between Fiscal 2022 and Fiscal 2024. They manufacture solarpowered and grid-connected submersible and monoblock pumps, electric motors comprising induction and submersible motors, as well as solar modules, which they sell under the ‘Oswal’ brand. They have over 22 years of experience in pumps encompassing engineering, product design, manufacturing, and testing. They cater to the diverse requirements of end-users in the agricultural sector for irrigating fields; the residential sector for maintaining gardens and fountains, extracting water, supplying water to overhead tanks, and cleaning households and small establishments; commercial premises such as shopping malls, offices, and hotels; and industries which use their pumps in boilers and water treatment, water transportation and sewage applications, and use their electric motors in machinery applications and cooling tower systems. Their company commenced operations in 2003 with the manufacturing of low-speed monoblock pumps.

Valuation and Outlook

At the upper price band company is valuing at P/E of 24.2x, EV/EBITDA of 22.8x and market cap of ₹ 69,982 million post issue of equity shares. We believe that the IPO is fairly priced and recommend a “Subscribe-Long term” rating to the IPO.

For all IPO report, click here