OSWALPUMPSBuyreport · 21 May 26ABDLBuyreport · 19 May 26APOLLOHOSPBuyreport · 15 Feb 26
Front Wave ResearchFront Wave Research
Equity Research12 Feb 2026 · OSWALPUMPS

Q3 FY26 - Margins remain stable amid competitive pricing environment

Oswal Pumps Ltd

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Report history

  1. 21 May 2026

    Q4 FY26 - A High-ROE KUSUM 2 Call Option — At Compressed Book Value.

    Buy↑ 133%

  2. 12 Feb 2026This report

    Q3 FY26 - Margins remain stable amid competitive pricing environment

    Buy↑ 142%

  3. 17 Nov 2025

    Powering India’s Solar Revolution

    Buy · Initiating↑ 52%

Calls and upside as at each report's publication, not live.

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Disclosures

This report is issued by Front Wave Research LLP, a SEBI-registered Research Analyst (Reg. INH000018407). Type of registration: Non-Individual. Calls and upside are as at the publication date, not live. Investments in the securities market are subject to market risks. Past performance is not indicative of future results. Investors must perform their own due diligence before acting on any recommendations. Read the full disclosures here.

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  1. 01 Aug 2025ABDL

    Q1 FY26 - Results in line with expectations

    Total Income: +22.5% YoY and down (0.5) % QoQ, reflecting seasonality, with Q1 typically being a lower consumption quarter.

    Read the report

  2. 11 Nov 2025ABDL

    Q2 FY26 - Results in line; P&A realisation growth remained soft.

    Revenue and EBITDA growth were supported by higher Prestige & Above (P&A) volumes and improving mix, even as Mass Premium remained stable.

    Read the report

  3. 17 Nov 2025OSWALPUMPS

    Powering India’s Solar Revolution

    Oswal Pumps is one of India’s leading manufacturers of pumps and solar pumping systems, offering a fully integrated value chain from design and production to installation.

    Read the report

  4. 21 May 2026OSWALPUMPS

    Q4 FY26 - A High-ROE KUSUM 2 Call Option — At Compressed Book Value.

    The market is pricing Oswal as if KUSUM 2 may not come. We see it differently. At 2.4× book, 22% ROE, and 5 lakh pump capacity ready, the risk-reward has become asymmetric. We maintain BUY, TP ₹846.

    Read the report