3 Solar Pump Stocks Jump Up to 8% After Securing Orders Worth ₹826 Cr

Synopsis: Three listed solar pump manufacturers have landed fresh orders from Maharashtra’s state power distribution utility under a flagship central solar irrigation scheme, together worth approximately ₹825.73 crore. All three awards carry a tight 60-day execution timeline. Here’s a look at the orders and how each company’s latest financials stack up. 

Maharashtra’s push to solarize farm-level irrigation just handed out three large contracts on the same day, and all three are established players in the off-grid solar pumping space. The orders arrive under the PM Kusum B scheme, aimed at replacing diesel and grid-dependent irrigation pumps with solar-powered alternatives for farmers across the state. 

With a market capitalization of Rs. 7,660 crore, the shares of Shakti Pumps (India) Limited were trading at Rs. 621 per share, up by 8 percent after the order was received, with a P/E of approximately 30x.

With a market capitalization of Rs. 4,976 crore, the shares of Oswal Pumps Limited were trading at Rs. 444 per share. The stock went up by 8 percent after the announcement, with a P/E of approximately 13x.

With a market capitalization of Rs. 2,931 crore, the shares of GK Energy Limited were trading at Rs. 148 per share, up by 6 percent from the previous day’s closing of Rs. 139, with a P/E of approximately 14x.

The Orders

Oswal Pumps Limited informed exchanges on July 4, 2026, that it has received an additional order from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 10,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS), under the “Magel Tyala Saur Krishi Pump” Yojna. 

The order, valued at ~ ₹235.92 crore , covers design, manufacture, supply, transport, installation, testing and commissioning of pumps across 3 HP, 5 HP and 7.5 HP capacities, along with system warranty, repair, maintenance and a Remote Monitoring System for five years. Installation is to be completed within 60 days of the work order/Notice to Proceed.

On the very same day, Shakti Pumps (India) Limited disclosed that it had received a Letter of Empanelment from MSEDCL for 15,000 SPWPS units of similar capacities  3 HP, 5 HP and 7.5 HP  for the entire state of Maharashtra under the same scheme. This order carries a larger total value of ₹353.89 crore (including GST), with the base order value at ₹324.96 crore before tax, and a similar 60-day execution window from issuance of the work order.

GK Energy Limited also joined the list, disclosing on July 5, 2026 that it has received a Letter of Empanelment from MSEDCL for 10,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems, again under the “Magel Tyala Saur Krishi Pump” Yojana. The order, valued at ₹235.92 crore (inclusive of GST), covers design, manufacture, supply, transport, installation, testing and commissioning of pumps across 3 HP, 5 HP and 7.5 HP capacities, with execution required within 60 days of the work order/Notice to Proceed  mirroring the terms seen in the other three awards under the same scheme. 

Together, the three orders add up to roughly ₹825.73 crore in fresh business for the solar pumping segment, underlining the scale of Maharashtra’s ongoing rollout of the central Kusum scheme and the appetite of the state utility to spread large-ticket awards across multiple manufacturers.

Oswal Pumps’ management, commenting on its order, said the win reflects the strength of its long-standing partnership with MSEDCL in driving the state’s solar irrigation mission, and noted that the company’s cumulative order book across various solar pumping schemes continues to expand, reinforcing its position as one of the sector’s leading turnkey solutions providers.

Financial Snapshot &  Business Overview

Oswal Pumps is a vertically integrated manufacturer with over two decades in pump engineering, offering solar and grid-connected submersible and monoblock pumps and electric motors, and solar modules & Solar pumps under the Oswal brand, and is listed on the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.

Oswal Pumps closed FY26 with consolidated revenue of ₹2,064.4 crore, up 44.3% year-on-year, while operating EBITDA came in at ₹513.9 crore, translating to a margin of 24.9%. Profit after tax for the year stood at ₹376.3 crore, a growth of 34.1%, with diluted EPS at ₹34.73. The company’s current order book as of March 2026 is 19,912 pumps and a pipeline of 25,000 pumps.

Shakti Pumps (India) Limited is a long-established player in the pumping systems space, with a diversified manufacturing base across Madhya Pradesh and a presence across solar, submersible and industrial pump categories. The company has built a sizeable footprint in solar water pumping solutions in particular, catering to government irrigation schemes as well as export markets, and has positioned itself as one of the more prominent domestic beneficiaries of the broader push toward solar-powered agricultural infrastructure across several Indian states. 

Shakti Pumps’ FY26 consolidated revenue stood at ₹2,697.6 crore against ₹2,516.3 crore in FY25, while EBITDA came in lower at ₹421.7 crore versus ₹603.0 crore a year earlier, pulling margins down to 15.6% from 24.0%. Consolidated PAT for the year was ₹257.6 crore compared to ₹408.4 crore in FY25. Order Book as of 07th May 2026 was Rs. 1,500 crore, providing strong revenue visibility. 

GK Energy Limited, formerly known as GK Energy Private Limited and GK Energy Marketers Private Limited, is a Pune-based solar water pumping solutions provider that has scaled its systems-installed volumes rapidly in recent years. The company operates in the same off-grid solar photovoltaic pumping space as Oswal Pumps and Shakti Pumps, and counts state utility empanelments, including its latest MSEDCL award, among its key revenue drivers, positioning it as one of the newer but fast-growing participants in India’s solar irrigation push. 

GK Energy Limited closed FY26 with consolidated revenue of ₹1,715.28 crore, up 56.67% year-on-year, while EBITDA came in at ₹318.44 crore, translating to a margin of 18.56%, marginally higher than 18.64% in FY25. PAT for the year stood at ₹204.30 crore, growing 53.37%, with the company also reporting 61,085 systems installed during the year, up 33.80% YoY. The company’s total order book stands at Rs.710 crores as of April 2026.

Investor Takeaway

All three companies now carry a larger combined order backlog under Maharashtra’s solar pump scheme, which should support revenue visibility over the coming quarters, provided execution stays on track within the tight 60-day timelines. That said, Shakti Pumps’ latest numbers are a reminder that order wins alone don’t guarantee margin stability, even as Oswal Pumps and GK Energy currently show healthier, more stable margin profiles by comparison.

Scheme-linked pricing and input costs can squeeze profitability even as the top line grows. Investors tracking this space may want to watch how realizations under the Kusum scheme evolve across all three players and whether execution efficiency can offset cost pressures in the pumps segment going forward. Will scale in this business eventually translate into more durable margins for everyone involved, or will some players manage the transition better than others?

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