On February 11, 2026, shares of Oswal Pumps Ltd were locked in a 5% upper circuit, reaching ₹397.80 on the BSE. This bullish momentum follows the company’s Q3 FY26 earnings announcement and the growing execution of massive government orders. The stock’s breakout reflects investor confidence in the company’s vertically integrated solar manufacturing model, which saw consolidated revenue cross the ₹500 Crore mark this quarter.
The rally is a sharp reversal from recent consolidation, triggered by the company’s ability to maintain high ROCE (41.9%) and a healthy balance sheet while scaling operations under the PM-KUSUM scheme across multiple states including Maharashtra and Karnataka.
Why is Oswal Pumps stock rising today?
The primary driver is the robust Q3 FY26 performance, where Total Income grew 33.4% YoY to ₹507.7 Crore. Despite competitive pricing pressures in the industry, Oswal Pumps reported a 13.9% rise in Net Profit (PAT), which hit ₹91.6 Crore.
Investor sentiment was further bolstered by the company’s massive order visibility. Oswal Pumps is currently executing a combined order pipeline exceeding 49,500 solar pumps, supported by a recent ₹380 Crore win from MSEDCL and a strategic ₹120 Crore expansion into the Karnataka market.
Q3 FY26 Financial Snapshot (Consolidated)
| Financial Metric | Q3 FY26 (Current) | Q3 FY25 (Previous) | Growth (YoY) |
| Total Revenue | ₹501.1 Cr | ₹379.7 Cr | 31.9% ↑ |
| Net Profit (PAT) | ₹91.6 Cr | ₹80.4 Cr | 13.9% ↑ |
| EBITDA Margin | 25.4% | 31.2% | (Sequential Recovery) |
The “Analyst Consensus” on Oswal Pumps
Brokerages are focusing on the company’s shift from a pump manufacturer to a complete solar solutions provider.
- Order Book Visibility: With over 24,500 active orders and a near-term pipeline of 25,000+ units, analysts expect revenue to remain “predictable and scalable.”
- Margin Resilience: Experts note that while YoY margins dipped, the 164 bps sequential improvement in EBITDA margins suggests that value-engineering initiatives are working.
- Government Push: The structural shift toward solar-powered irrigation under PM-KUSUM 2.0 is seen as a multi-year tailwind for the stock.
Also Read: BSE Ltd Share Price Hits All-Time High: Why Q3 Profits Skyrocketed 174%
The Bottom Line
Oswal Pumps’ 5% circuit lock is a validation of its leadership in the solar irrigation space. For the Aam Aadmi investor, the focus remains on the company’s debt-free status and its massive ₹1,500 Crore+ nine-month revenue run rate.