Oswal Pumps shares jump 8% bags Rs 297 crore solar project in Telangana

Oswal Pumps Ltd shares rose 8% on Wednesday after the company received a Letter of Intent from Telangana Renewable Energy Development Corporation Limited (TREDCL) for a rooftop solar project covering 9,937 government schools across Telangana.

According to an exchange filing, the order involves the design, supply, installation and commissioning of 2 kW, 5 kW and 10 kW on-grid solar rooftop PV power plants with an aggregate capacity of 46,705 kW, or 46.7 MW, across 33 districts in the state. The project also includes five years of comprehensive maintenance.

Oswal Pumps shares rose 8.17% on Wednesday, hitting a high of Rs 296.45, compared with the previous close of Rs 274.05. The stock opened at Rs 289.55 and touched a low of Rs 287.10.

The exchange filing said the total value of the order is approximately Rs 297.50 crore, including GST. The company's press release, meanwhile, put the project value at Rs 273.19 crore excluding GST.

The project will involve the deployment of Mono PERC/TOPCON solar modules, along with normal structures and remote monitoring systems (RMS). Installation is required to be completed within 180 days from the date of receiving the work order.

"We are pleased to secure this order from TGREDCO for the development of 46.7 MW of rooftop solar capacity across 9,937 government schools in Telangana," Vivek Gupta, Chairman and Managing Director of Oswal Pumps, said.

Gupta said the order marks Oswal Pumps' first major order from Telangana and an important milestone in expanding its presence into new markets. He also highlighted the company's technical and execution capabilities and said it remains focused on quality, timely delivery and long-term performance.

The company said the promoter or promoter group has no interest in the entity awarding the order, and the contract does not fall under related-party transactions.