Crompton Greaves Consumer Electricals Ltd has secured a Rs 4.75 crore contract from Madhya Pradesh Urja Vikas Nigam Ltd to supply and install 197 off-grid Solar Photovoltaic Water Pumping Systems (SPWPS) under the PM KUSUM-B scheme, implemented locally as the PM Krishak Mitra Surya Yojana.
The systems, with capacities ranging from 2 HP to 7.5 HP, are designed to meet irrigation needs across farms of different sizes. Crompton will oversee the complete project lifecycle design, manufacturing, supply, transportation, installation, testing and commissioning with execution scheduled within 120 days of the work order.
The initiative supports India’s farmer-focused energy transition under the PM KUSUM scheme, which promotes the adoption of standalone solar pumps with central financial assistance of 30 per cent (50 per cent in northeastern and hilly regions). As of 30 June 2024, the scheme had enabled 397,437 solar pump installations nationwide, benefiting more than 4.1 lakh farmers. Maharashtra leads adoption with 119,306 pumps, followed by Haryana (102,973), Rajasthan (72,603), Uttar Pradesh (46,743) and Jharkhand (15,051).
Crompton faces competition from Shakti Pumps, Tata Power Solar, Waaree and Mahindra Solarise, but its established brand and distribution strength may provide an edge as the sector expands. The Indian solar pump market is projected to grow from USD 112.68 million in 2024 to USD 221.54 million by 2032, at a CAGR of 8.8 per cent.
The diversification comes as Crompton navigates challenges in its core business. In Q1 FY26, revenue declined 6.5 per cent year-on-year to Rs 1,998 crore, while net profit fell 18.7 per cent to Rs 124 crore due to weather-related disruptions in seasonal products. However, the company maintained positive cash flow and achieved a zero-debt status. |
