Analysts/Institutional Investor Meet/Con. Call Updates

August 17, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Floor 25, P.J. Towers Exchange Plaza, Bandra Kurla Complex Dalal Streets Bandra (East) Mumbai – 400 001 Mumbai – 400051 Scrip Code: 544418 Name of Scrip: OSWALPUMPS Sub: Transcript of the Earnings Conference Call for Q1 FY 2027 held on August 10, 2026 Dear Sir/ Madam, Please find enclosed the transcript of Earnings Conference Call conducted by the Company for Q1 FY 2027 on Monday, August 10, 2026. This is for your information and records. Thanking you, Yours faithfully For Oswal Pumps Limited Anish Kumar Company Secretary and Compliance Officer Encl: As above “Oswal Pumps Limited Q1 FY27 Earnings Conference Call” August 10, 2026 MANAGEMENT: MR. VIVEK GUPTA – CHAIRMAN AND MANAGING DIRECTOR – OSWAL PUMPS LIMITED MR. AMULYA GUPTA – WHOLE-TIME DIRECTOR – OSWAL PUMPS LIMITED MR. AVADHESH K. SINGH – GROUP CHIEF OPERATING OFFICER – OSWAL PUMPS LIMITED MR. VIJAY KUMAR YADAV – CHIEF FINANCIAL OFFICER – OSWAL PUMPS LIMITED MR. SANJEEV SANCHETI – INVESTOR RELATION ADVISOR – UIRTUS ADVISORS – OSWAL PUMPS LIMITED MODERATOR: MR. DHEERAJ RAM – 360 ONE CAPITAL MARKET LIMITED Page 1 of 18 Oswal Pumps Limited August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Oswal Pumps Limited Q1 FY27 conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dheeraj Ram from 360 ONE Capital Market Limited. Thank you, and over to you, sir. Dheeraj Ram: Thank you. On behalf of 360 ONE Capital, I'd like to welcome the management of Oswal Pumps with us today to discuss 1Q FY27 earnings. From the management team, we have with us Mr. Vivek Gupta, Chairman and Managing Director; Mr. Amulya Gupta, Whole-Time Director; Mr. Vijay Yadav, Chief Financial Officer; and Mr. Avadhesh Singh, Chief Operating Officer. And we have with us Mr. Sanjeev Sancheti, IR Advisor, Uirtus Advisors. I now hand over the call to Mr. Sanjeev Sancheti for his opening comments. Thank you, and over to you, sir. Sanjeev Sancheti: Thank you, and good afternoon, everyone. Before we begin, I would like to draw your attention to the Safe Harbor statement included in the earnings presentation, which contains forward- looking statements and is also available on the BSE and NSE websites. Please go through the Safe Harbor statement thoroughly. With that, I will now hand over the call to Mr. Vivek Gupta: for his opening remarks. Over to you, Vivek-ji. Vivek Gupta: Thank you, Sanjeev-ji. And a very good afternoon, everyone. On behalf of Oswal Pumps Limited, I warmly welcome all of you to our Q1 FY27 earnings call and thank you for taking the time to join us today. We have commenced FY27 with continued execution of our order book even as the tender pricing environment across the industry turned more competitive. Revenue from operations for the quarter stood at INR474 crores, reflecting a year-on-year decline of 7.9% and a sequential decline of 7.1% over Q4 FY26. EBITDA for the quarter stood at INR82 crores, with a margin of 17.1%, while operating EBITDA for the quarter stood at INR74 crores, translating in a margin of 15.7%. The reduction in margins was primarily driven by three factors: Industry-wide competitive bidding under the Magel Tyala scheme, which led to a 9% reduction in realization; our diversification into module sales through the channel; and elevated input costs stemming from the ongoing geopolitical situation. This impact was partially mitigated by our focused cost and value engineering initiatives. Nonetheless, gross margin declined by 548 basis points sequentially, and operating EBITDA margin correspondingly moderated by 747 basis points quarter on quarter, on account of the fall in gross margin, an increase in employee cost benefit expenses driven by annual increment and hiring at senior level. Page 2 of 18 Oswal Pumps Limited August 10, 2026 Turning to our order book, the company's pump order book stands at 22,025 pumps as on date, near a near-term pipeline of approximately 12,500 pumps across direct PM KUSUM, Magel Tyala, indirect PM KUSUM and export orders. Given the delay in the anticipated roll-out of PM KUSUM 2.0, we continue to sharpen our focus on diversifying beyond our core government-led solar irrigation business. As on date, our order book across rooftop solar, utility, and commercial and industrial solar EPC segment stand at approximately 72 megawatt. Backed by wider pipeline of 359 megawatt, underscoring the strength of our expanding addressable market beyond the core government-led solar irrigation business. To sharpen our execution on this growth avenue, we have created PM Surya Ghar as a dedicated vertical within the company with a dedicated business head appointed to drive market penetration, bid participation, and delivery. On the IPO objects front, I would like to share a brief update on our capital expenditure plans. Number one, pump and motor plant capacity expansion and automation - We expect the entire capex program scheduled for completion by Q3 FY27. And the solar module plant, with respect to our solar module facility, we expect the first phase of expansion comprising 1 gigawatt of module capacity to be completed by end of second quarter. The remaining expansion is also progressing as planned. Backed by healthy execution pipeline, a rapidly growing presence across multiple renewable energy segments, and proven project execution capabilities, we remain focused on disciplined execution, operational efficiency, and creating long-term value for all our stakeholders. With that, I will now hand over the call to our CFO, Mr. Vijay Kumar Yadav, who will take you through the financial performance in greater detail. Over to Vijay-ji. Vijay Yadav: Thank you, sir. And good afternoon to everyone. I will now take you through the key financial highlights for Q1 FY27. I believe you have reviewed the earnings presentation and financial disclosure. While Mr. Gupta has already covered the operational and business performance, I will focus on the company's financial position and working capital profile. PAT for the quarter ended June'26 is INR54 crores, with the PAT margin of 11.2%. From the balance sheet perspective, as of 30th June '26, net debt is at INR266 crores, translating into net debt to equity ratio of 0.15x, and net debt to operating EBITDA of 0.90x. Our cash conversion cycle as of 30th June '26 is at 244 days, as compared to 172 days of 31st March '26. This increase was primarily driven by receivable days increasing to 229 days from 155 days, attributable to delay in payment from state nodal agencies. We would like to reiterate that these receivables are entirely from government and government-backed counterparties and therefore remain fully secure in nature. We would also like to highlight that INR305 crores of the total receivable as of June 30, 2026 was not due yet. We expect the payment cycle to normalize over the medium term, which should lead to a reduction in the cash conversion cycle. For FY27, we continue to maintain our previously communicated guidance of overall revenue growth of 20-25% over FY26, with a Page 3 of 18 Oswal Pumps Limited August 10, 2026 back-ended growth profile through the year. This growth will be supported by the progressive execution of PM Surya Ghar and other solar EPC projects. We have strong execution capabilities and are actively participating in tenders across these opportunities, which provides us confidence for healthy order book for the year ahead. As indicated on our last call, the first quarter was expected to witness a moderate but temporary revenue decline given the timing of proje [Showing first 8,000 characters — download PDF for full document]