Low PE, High ROCE Solar Pumps Stock Bags Rs 78 Crore Rooftop Solar Project in Bihar Under PM Surya Ghar Scheme; Check Details

On Thursday, Indian equity benchmark indices traded lower, with the benchmark Nifty 50 index falling 40.10 points, or 0.16 per cent, to 24,395.85. Amid the market movement, Oswal Pumps share price rose 2.02 per cent to Rs 307.35 after the company received a Letter of Award from North Bihar Power Distribution Company Limited (NBPDCL) for setting up 20 MW of grid-connected rooftop solar projects in Bihar under the PM Surya Ghar – Muft Bijli Yojana.

Oswal Pumps Bags Rs 78 Crore Solar Order

Oswal Pumps has received the Letter of Award from NBPDCL for setting up a cumulative capacity of 20 MW of grid-connected rooftop solar projects across 18,089 consumer sites in the Darbhanga Circle of Bihar. Each rooftop solar plant will have a capacity of 1.1 kW. The project will be executed under the CAPEX Plus RESCO mode through the Utility-Led Aggregation model of the PM Surya Ghar – Muft Bijli Yojana. The total installation order value stands at approximately Rs 78 crore, including GST.

The projects are scheduled to be commissioned within nine months from the execution of the respective Power Purchase Agreements. The scope includes designing, engineering, manufacturing or procurement, transportation, installation, testing and commissioning of the rooftop solar systems. It also covers project financing, permits, approvals and insurance at various stages of the contract.

10-Year Operation and Maintenance Scope

The order also includes operation and maintenance of the rooftop solar systems for 10 years from commissioning. Oswal Pumps will also be responsible for data acquisition and communication facilities connected to the centralised monitoring system of Bihar DISCOMs, along with the supply of energy generated from the rooftop solar plants.

According to the company's press release, the project is expected to generate approximately Rs 67 crore in long-term revenue from energy supply over the 10-year tenure under the RESCO model. Including the installation order value, the company estimates a cumulative revenue opportunity of approximately Rs 145 crore from the project.

Bihar Emerges as Key Market

The latest award adds to Oswal Pumps' presence in Bihar under the PM Surya Ghar programme. The company said the order reflects continued confidence from state distribution companies in its capabilities and strengthens its position in the state's rooftop solar market.
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Oswal Pumps is a vertically integrated solar pump manufacturer with more than two decades of experience in pump engineering and manufacturing. Its portfolio includes solar-powered and grid-connected submersible and monoblock pumps, electric motors and solar modules marketed under the Oswal brand. The company also has a pan-India distribution network and an international presence serving agricultural, residential and industrial customers.

The company stated that the promoter, promoter group and group companies have no interest in NBPDCL, the entity awarding the order. The order also does not fall under related-party transactions.

The company has a market capitalisation of Rs 3,506 crore, while its stock P/E stands at 10.4 and ROCE at 38.2 per cent.

The stock's PE valuation has declined sharply from 27.8 on September 22, 2025, its highest level during the period, to 10.4 currently.

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Disclaimer: The article is for informational purposes only and not investment advice.