Oswal Pumps earnings calls.

Oswal Pumps delivered a strong Q3 FY26 with 33.4% YoY revenue growthCurrent reported value: 33.4% YoY revenue growth. No comparable prior figure is available in the source record. driven by continued PM-KUSUM scheme execution and multi-state scaling. Operating EBITDA margin of 25.4%Current reported value: 25.4%. No comparable prior figure is available in the source record. expanded 164bps sequentially despite competitive pricing pressures in government-led solar pumping programs. The company cited robust near-term pipeline of 24,500 pumps in order book plus an additional 25,000+ in pipeline, providing healthy revenue visibility. Key near-term risks include Maharashtra state government receivables delays (75% of total receivables) impacting working capital—cash conversion cycle extended to 157 daysCurrent 157 days. Reported change: +20 days QoQ. from 138 days in Q2. Management maintained FY26 revenue growth guidance of ~50% YoY and medium-term CAGR target of 30-35%. PM-KUSUM 2.0 is expected by end-March/early April pending PM-KUSUM 1 completion. Competitive intensity is rising as scheme volumes grow, though management emphasized Oswal's integrated manufacturing and backward integration as structural advantages that make it the "last survivor" in competitive pricing scenarios.