Shares of Oswal Pumps Ltd experienced a significant rally on Wednesday, climbing over 8% to reach a high of ₹296.45. This surge followed the announcement that the company has received a Letter of Intent (LoI) from the Telangana Renewable Energy Development Corporation Limited (TREDCL) for a substantial rooftop solar project.
The prestigious contract, valued at approximately ₹297.50 crore including GST (or ₹273.19 crore excluding GST), involves the design, supply, installation, and commissioning of on-grid solar rooftop photovoltaic power plants across 9,937 government schools in 33 districts of Telangana. The project specifies the deployment of 2 kW, 5 kW, and 10 kW plants, culminating in an aggregate capacity of 46,705 kW, or 46.7 MW.
Project Scope and Technology
Beyond the initial setup, the order also includes a comprehensive five-year maintenance package for the installed systems. Oswal Pumps is expected to complete the installation within 180 days from the date of receiving the official work order. The project will utilize advanced Mono PERC/TOPCON solar modules, integrated with standard structures and remote monitoring systems (RMS) to ensure efficient operation and oversight.
"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," stated Vivek Gupta, Chairman and Managing Director of Oswal Pumps. "This marks our first major order from Telangana and represents an important milestone in expanding our presence into new markets."
Strategic Expansion and Market Impact
Gupta further emphasized the company's strong technical and execution capabilities, reiterating its focus on delivering quality, ensuring timely project completion, and guaranteeing long-term performance. The company has confirmed that neither the promoter nor the promoter group has any interest in TREDCL, and the contract does not fall under related-party transactions, underscoring its arms-length nature.
The stock opened at ₹289.55, up from its previous close of ₹274.05, demonstrating immediate positive investor reaction to the news of this significant venture into the growing renewable energy sector in Telangana.