Archive · 23 Sep 2026
Oswal Pumps gains on Telangana rooftop solar order
Oswal Pumps won a large contract to put solar panels on government schools in Telangana.
The contract is worth ₹273.19 crore before GST.
The work will cover nearly 10,000 schools in all 33 districts of the state.
The solar systems will have a total capacity of 46.7 megawatts.
The company will also monitor and maintain the systems for five years.
Investors reacted positively, and the share price rose nearly 8%.
However, the company is facing pressure because another government solar-pump program has been delayed.
Analysts also disagree about whether the stock’s price is likely to keep rising.
One analyst sees support at ₹275, while another says the stock remains in a downtrend.
Oswal Pumps shares rose nearly 8% on 23 September after the company won a ₹273.19-crore Telangana order.
The project covers the design, supply, installation and commissioning of rooftop solar systems at 9,937 government schools.
The installations will total 46,705 kW, or 46.7 MW, across 33 districts, with five years of maintenance.
Analysts said the order supports Oswal Pumps’ expansion, but PM-KUSUM 2 delays and tender competition are pressuring margins.
Technical analysts disagreed: one identified positive momentum above ₹275, while another said the stock remains in a downtrend below ₹335–340.
- Who
- Oswal Pumps, Telangana Renewable Energy Development Corporation Ltd (TGREDCO), and analysts covering the company.
- What
- Oswal Pumps secured a ₹273.19-crore order to develop rooftop solar power plants at government schools.
- When
- The share-price rise and order announcement were reported on Wednesday, 23 September.
- Where
- Across 9,937 government schools in 33 districts of Telangana, India.
- Why
- The project is intended to expand renewable-energy infrastructure in educational institutions and support Telangana’s clean-energy objectives.
Positive outlook
Cautious outlook
Impact of the Telangana order
Positive outlook
The order is a major milestone, expands Oswal Pumps’ presence into a new state and demonstrates its technical and execution capabilities.
Cautious outlook
The order provides positive visibility, but it does not remove broader concerns about government-supported solar demand and profitability.
Business fundamentals
Positive outlook
A meaningful share of the risks may already be reflected in the stock, and margin improvement could emerge in the second half of FY27 as the business adjusts.
Cautious outlook
The delayed PM-KUSUM 2 scheme, aggressive state tender bidding and the company’s shift into other solar businesses are putting pressure on gross and EBITDA margins.
Technical trend
Positive outlook
The stock rebounded from a key support zone, and the bias could remain positive while ₹275 holds; ₹310–330 was identified as an immediate resistance zone.
Cautious outlook
The stock remains below key weekly moving averages, with an RSI below 40 and MACD below zero; ₹335–340 may act as resistance and the bearish bias may persist below that level.
- Order value
- ₹273.19 crore, excluding GST
- Project scope
- Rooftop solar systems for 9,937 government schools
- Total capacity
- 46,705 kW, or 46.7 MW
- System sizes
- 2 kW, 5 kW and 10 kW on-grid solar photovoltaic systems
- Maintenance period
- Five years of comprehensive maintenance
- Share-price move
- Nearly 8% rise on 23 September
- Company guidance
- FY27 revenue growth of about 20–25% and EBITDA margin of 15–17%