Mumbai | December 15, 2025 — A fresh wave of solar water pumping system awards from Maharashtra’s state-run power utility is reshaping the near-term outlook for several listed pump makers and solar EPC players, with new contracts under the Magel Tyala Saur Krushi Pump Yojana (MTSKPY) — Maharashtra’s implementation of PM-KUSUM Component B — driving investor attention across midcaps, smallcaps and microcaps. [1]
Over the past few sessions, Shakti Pumps (India), Oswal Pumps, GK Energy, and Ganesh Green Bharat have each disclosed fresh allocations or empanelment under MSEDCL’s off-grid solar pump rollout. The latest additions to the order flow also include Crompton Greaves Consumer Electricals, which reported a smaller but notable EPC award for solar photovoltaic water pumping systems across multiple locations in Maharashtra. [2]
Together, the newly reported awards across these five companies add up to 46,280 off-grid solar pump systems with disclosed contract values totaling roughly ₹1,276 crore (values as reported by the companies/market disclosures). [3]
Why MSEDCL’s solar pump buying spree matters right now
MSEDCL’s procurement push is landing at a moment when Maharashtra is attempting to scale solar irrigation at record speed. Earlier this month, the utility said the state installed 45,911 solar water pumps in a single month under the “Magel Tyala” initiative — a pace that helped it secure Guinness World Records recognition, according to multiple reports. [4]
That scale-up is central to why pump manufacturers — and the EPC firms that execute last-mile installation, commissioning and service — are suddenly “in focus” again on Dalal Street. As one market roundup noted, the flurry of wins (especially from MSEDCL) has put solar pump makers squarely in the spotlight this week. [5]
The core equipment: Off-grid DC solar photovoltaic water pumping systems
At the center of the latest announcements are Off-Grid DC Solar Photovoltaic Water Pumping Systems (often abbreviated as SPWPS or SWPS), typically deployed at individual farmer sites and bundled with photovoltaic modules, controllers, and associated balance-of-system components.
Across the reported MSEDCL awards, the specified pump capacities commonly include 3 HP, 5 HP, and 7.5 HP units, with contractors responsible for end-to-end execution — design, manufacturing/supply, transportation, installation, testing and commissioning — alongside longer-term warranty and service requirements in many cases. [6]
Contract roundup: Who won what from MSEDCL
Shakti Pumps: 16,025 solar pumps, ~₹443.78 crore
Shakti Pumps disclosed it received a Letter of Empanelment from MSEDCL for 16,025 off-grid DC SPWPS units (3 HP/5 HP/7.5 HP). The company and market reports pegged the total value at about ₹443.78 crore (including GST), with execution expected within 60 days from the work order/notice to proceed. [7]
The award sits under Magel Tyala Saur Krushi Pump Yojana / PM-KUSUM B, positioning Shakti as one of the key beneficiaries of Maharashtra’s accelerated solar irrigation rollout. [8]
Oswal Pumps: 13,738 solar pumps, ~₹380 crore, plus 5-year RMS and maintenance
Karnal-based Oswal Pumps reported an MSEDCL order for 13,738 off-grid solar water pumping systems valued at approximately ₹380 crore (including GST). The scope includes installation at identified farms across Maharashtra and — crucially for margins and execution complexity — also covers testing, commissioning, warranty, repair and maintenance, and a remote monitoring system (RMS) for five years. [9]
Several reports also reference tight timelines, with installation requirements tied to work order/NTP issuance (and in some coverage, additional administrative approvals), alongside an empanelment/award validity framework. [10]
GK Energy: 13,239 solar pumps, ~₹366.63 crore
GK Energy disclosed it received a Letter of Empanelment/Letter of Award from MSEDCL for 13,239 off-grid DC SPWPS pumps across Maharashtra under the same MTSKPY/PM-KUSUM B framework. The stated value: roughly ₹366.63 crore (inclusive of GST), with execution cited at 60 days from work order/NTP. [11]
A Reuters market note also flagged the order value at ₹3.67 billion (roughly matching the ₹366–₹367 crore range) and linked it to a positive move in GK Energy’s shares following the announcement. [12]
Ganesh Green Bharat: 2,064 solar pumps, ₹57.16 crore
Ganesh Green Bharat — described in market coverage as a micro-cap renewable solutions player — disclosed a Letter of Empanelment and Rate Contract from MSEDCL tied to 2,064 off-grid DC SPWPS units for farmer sites across Maharashtra.
The reported contract value: ₹57.16 crore (inclusive of duties and taxes). The scope includes the standard EPC lifecycle plus complete system warranty, repair and maintenance, and RMS for five years, according to the market report summarizing the development. [13]
The same coverage noted the company’s order book rising to around ₹924.54 crore after the award. [14]
Crompton Greaves Consumer Electricals: 1,214 systems, ₹28.71 crore
Crompton Greaves Consumer Electricals reported it received a Letter of Award worth ₹28.71 crore from MSEDCL for EPC contracts related to 1,214 solar photovoltaic water pumping systems with PV modules, to be executed across multiple Maharashtra locations under the MTSKPY/PM-KUSUM scheme umbrella. [15]
Market coverage added that work is expected to commence within 60 days from the notice to proceed/work order. [16]
Stock market reaction: Pump makers and EPC players “in focus”
The contract announcements have not stayed confined to corporate filing sections — they quickly moved into mainstream market coverage because of their size and the perception that they open a high-volume channel for standardized solar pump deployments.
- Shakti Pumps drew attention not only for the Maharashtra empanelment but also for a separate Jharkhand win: a ₹23.98 crore order for 1,200 solar water pumping systems under PM-KUSUM Component B, with an expected completion timeline cited at 120 days in market coverage. [17]
- GK Energy was highlighted in a Reuters market note stating the stock rose after the MSEDCL go-ahead/order win, with the order value given as ₹3.67 billion. [18]
- Oswal Pumps and Shakti Pumps were both described as being in the week’s spotlight amid multiple order wins, reflecting how quickly MSEDCL-linked awards can re-rate sentiment around the solar-pump theme. [19]
- Ganesh Green Bharat saw a short-term share move in the immediate aftermath of its MSEDCL empanelment disclosure, according to the market report summarizing the event. [20]
The bigger backdrop: PM-KUSUM funding and national rollout
Maharashtra’s solar pump acceleration is part of a broader national push under PM-KUSUM, the flagship program designed to expand decentralized solar in agriculture — including standalone off-grid pumps (Component B), solar plants on farmland (Component A), and pump/feeder solarisation (Component C). [21]
In a recent update to Parliament cited in energy-sector coverage, the Union government said it had released ₹7,106 crore under PM-KUSUM as of November 30, 2025, and that 10,203 MW had been installed across all components of the scheme. [22]
That policy and funding environment helps explain why state utilities like MSEDCL are comfortable awarding multi-hundred-crore packages to multiple vendors at once — and why the listed supply chain (pumps, PV modules, EPC, monitoring systems, after-sales networks) is increasingly being tracked as a single “solar irrigation” theme.
What to watch next: Execution, service obligations, and the pace of work orders
While the headline numbers are large, the next market-moving phase will likely hinge on execution:
- Timelines: Several awards cite aggressive windows (often linked to the work order/NTP) for rollout, which can test installation capacity and supply chain coordination. [23]
- After-sales responsibilities: Many contracts include five-year warranty, repair and maintenance, and remote monitoring systems — requirements that can support recurring revenue but also raise performance and service-level expectations. [24]
- Vendor accountability at scale: MSEDCL’s record-speed installation drive has been linked in reporting to tighter vendor accountability mechanisms and digital monitoring approaches, which may reduce slippage but also increase compliance demands. [25]
Bottom line
As of December 15, 2025, the story behind India’s solar pump stocks is increasingly concentrated in Maharashtra: MSEDCL’s PM-KUSUM-linked procurement is large enough to influence quarterly revenue visibility for multiple listed companies at once, and frequent enough to keep the segment in traders’ and long-term investors’ watchlists.
With fresh awards disclosed by Shakti Pumps, Oswal Pumps, GK Energy, Ganesh Green Bharat, and Crompton Greaves, the coming weeks will be about whether these firms can translate headline contract wins into fast, verifiable on-ground installations — and maintain service performance over multi-year warranty and monitoring commitments — as Maharashtra pushes to keep its solar irrigation momentum intact. [26]
References
1. www.saurenergy.com, 2. www.business-standard.com, 3. www.business-standard.com, 4. www.pv-magazine.com, 5. upstox.com, 6. www.saurenergy.com, 7. www.saurenergy.com, 8. www.saurenergy.com, 9. www.financialexpress.com, 10. www.financialexpress.com, 11. www.business-standard.com, 12. www.tradingview.com, 13. in.investing.com, 14. in.investing.com, 15. www.business-standard.com, 16. www.business-standard.com, 17. upstox.com, 18. www.tradingview.com, 19. upstox.com, 20. in.investing.com, 21. energy.economictimes.indiatimes.com, 22. energy.economictimes.indiatimes.com, 23. www.business-standard.com, 24. www.financialexpress.com, 25. www.saurenergy.com, 26. upstox.com
