Adoption of new line(s) of business

October 10, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400051 Scrip Code: 544418 Name of Scrip: OSWALPUMPS Sub.: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) - Adoption of new line of business and variation of the objects/ terms of utilization of the Initial Public Offering (“IPO”) proceeds and modification of the time limit for the utilisation of the IPO proceeds Dear Sir/ Madam, Pursuant to Regulation 30 of the Listing Regulations, we wish to inform that the Board of Directors of Oswal Solar Energy Private Limited (formerly known as Oswal Solar Structure Private Limited), Wholly Owned Subsidiary of the Company (“Oswal Solar”) in its meeting held today i.e. October 10, 2026, inter-alia, has approved setting up of a greenfield 1.2 GW solar cell plant at Karnal, Haryana. Further, the Board of Directors of the Company in its meeting held today i.e. October 10, 2026, inter-alia, has approved variation in the objects/ terms of utilization of the IPO proceeds and modification of the time limit for the utilisation of the IPO Proceeds, as detailed under Annexure ‘A’, subject to the receipt of requisite statutory/ regulatory approvals including the approval of the Shareholders of the Company. The detailed disclosures in this regard as per the applicable provisions of the Companies Act, 2013 read with Rules made thereunder and the Listing Regulations, shall form part of the postal ballot notice to be issued by the Company in due course. In this respect, information as required under the Listing Regulations and the SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are provided under Annexure ‘B’. The meeting of the Board of Directors of the Company commenced at 1645 hours and concluded at 1730 hours. You are requested to take the same on records. Thanking you, Yours faithfully, For Oswal Pumps Limited Anish Kumar Company Secretary and Compliance Officer Encl.: As above Annexure A The Company had, in terms of Prospectus dated June 17, 2025 proposed to utilise the net proceeds from the fresh issue under the Initial Public Offer of its Equity Shares of INR 8,415.14 million (hereinafter referred to as “IPO Proceeds”) in the following manner: (a) funding certain capital expenditure of our Company; (b) investment in our wholly-owned Subsidiary, Oswal Solar, in the form of equity, for funding the setting up of new manufacturing units at Karnal, Haryana; (c) pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by our Company; (d) investment in our wholly-owned Subsidiary, Oswal Solar, in the form of equity, for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar; and (e) general corporate purposes (collectively, the “Objects”). The Company had in terms of Prospectus proposed to utilise INR 2,727.58 million out of the IPO Proceeds towards investment in Oswal Solar in the form of equity, for funding the setting up of new manufacturing units at Karnal, Haryana as detailed below. Oswal Solar pursuant to the approval of its Board of Directors in its meeting dated May 26, 2025 proposed to set up the following new manufacturing units: (i) manufacturing unit for aluminium frame for PV solar panel (“Aluminium Frame Facility”) at the manufacturing facility located Opposite DD International Private Limited, Link Road, Village Kutail, District Karnal, Haryana 132 037, India (“Existing OSSPL Facility”); (ii) 1,500 MW manufacturing unit for PV solar module (“Solar Module Facility”) at 1118, GT Road, Opposite Neelkanth Star Dhaba, 71/3 Delhi Side 141 Milestones, Karnal, Haryana 132001 (“Initial Project Land”); and (iii) 1,500 MW manufacturing unit for ethylene-vinyl acetate (“EVA”) encapsulant at the Initial Project Land (“EVA Encapsulant Facility”, and together with the Solar Module Facility, the “New Manufacturing Facility”). Particulars of the proposed variation/ alteration: S. Original objects of the Total Amount Extent of Amount Particulars of the No. IPO as stated in the money utilised achievement unutilized proposed variation in Prospectus (as raised (as (in INR of proposed (in INR the terms of contracts amended by the First amended million) object (in million) referred to in the Variation^) by the First (as at percentage (as at prospectus/ First Variation^) October (%) terms) October Variation^ (in INR 08, (as at 08, 2026) million) 2026) October 08, 2026) 1 Funding certain capital 898.60 455.46 50.69 443.14 No variation proposed in expenditure of our amount mentioned in the Company Prospectus for this object. However, it is proposed to extend the estimated schedule of deployment of Net Proceeds to Financial Year 2027. 2 Investment in our 2,727.58 1,097.14 40.22 1,630.44 It is proposed to utilise wholly-owned INR 1,598.50 million out Subsidiary, Oswal of the unutilised amount Solar, in the form of of INR 1,630.44 million equity, for funding the towards setting up a setting up of new solar cell manufacturing manufacturing units at plant by Oswal Solar at Karnal, Haryana* Karnal, Haryana, in place of the Aluminium Frame Facility, the remaining 300 MW EVA Encapsulant Facility and the remaining 500 MW Solar Module Facility^^. It is proposed to deploy the Net Proceeds towards the aforementioned solar cell manufacturing facility by Financial Year 2028. The balance unutilised amount of INR 31.94 million shall continue to be utilised towards the original Object. 3 Pre-payment/ re- 2,800.00 2,800.00 100 NIL Object fully achieved; no payment, in part or full, variation proposed. of certain outstanding borrowings availed by our Company 4 Investment in our 310.00 310.00 100 NIL Object fully achieved; no wholly-owned variation proposed. Subsidiary, Oswal Solar, in the form of equity for repayment/prepayment, in part or full, of certain outstanding borrowings availed by Oswal Solar* 5 General corporate 1,678.96 1,650.18 98.29 28.78 No variation proposed. purposes Total (excluding issue 8,415.14 6,312.78 75.02 2,102.36 Out of the total unutilised related expenses) amount of INR 2,102.36 million, INR 1,598.50 million is proposed to be varied, as detailed against S. No. 2 above. No variation is proposed in respect of the balance INR 503.86 million except as detailed against S. No. 1 above. Issue related expenses 484.86 484.77 99.98 0.09 No variation proposed Total (including issue 8,900.00 6,797.55 76.38 2,102.45 Out of the total unutilised related expenses) amount of INR 2,102.45 million, INR 1,598.50 million is proposed to be varied, as detailed against S. No. 2 above. No variation is proposed in respect of the balance INR 503.95 million except as detailed against S. No. 1 above. *The Company had made investment in the Equity Shares of Oswal Solar through rights issue on July 22, 2025 aggregating to INR 3,037.58 million ^First Variation means the variation in the objects of the IPO approved by the Members of the Company by way of Special Resolution passed through postal ballot (remote e-voting) on December 17, 2025 (being the last date of remote e-voting), pursuant to which the location of the New Manufacturing Facility proposed to be set up by Oswal Solar was changed to a larger land parcel at Karnal, Haryana, adjacent to the existing facility of Oswal Solar, without any change in the amount of INR 2,727.58 million allocated towards such object. ^^1000 MW Solar Module Facility and the 1,200 MW EVA Encapsulant Facility are being set up by Oswal Solar as per the terms of the Prospectus dated June 17, 2025. Annexure B S. No. Particulars Details 1. Industry or area to Solar Cell Manufacturing which the new line of business belongs to 2. Expected benefits The binding constraint for Oswal Solar’s module business is the sol [Showing first 8,000 characters — download PDF for full document]