GK Energy Limited IPO
GK Energy Limited is India’s largest pure-play provider of engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems under Component B of the PM-KUSUM Scheme (as per CRISIL Report, January 2022 – July 2025). The company provides farmers with an end-to-end solution including survey, design, supply, assembly, installation, testing, commissioning, and maintenance.
Business Model & Services
1. Solar-Powered Pump Systems (SPPS): It includes Direct-to-Beneficiary Sales through state nodal agencies, Solar dual pump systems with water storage for local government bodies, Sales to customers placing direct orders with the company.
2. Other EPC Services: Water storage & distribution projects under Jal Jeevan Mission, Supply & installation of solar products for government agencies and Rooftop solar EPC solutions.
3. Trading Activities : It includes Sale of PV cells, solar modules, and other solar-related products.
Government Empanelments
GK Energy Limited is empanelled under the Ministry of New and Renewable Energy (MNRE) for the PM-KUSUM Scheme in Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh, which together account for 86% of total solar pump subsidies approved under Component B of the scheme.
It also empanelled in state schemes such as Magel Tyala Saur Krushi Pump Yojana (Maharashtra), Pradhan Mantri Krishak Mitra Surya Yojana (Madhya Pradesh) and Saur Sujala Yojana (Chhattisgarh)
Growth & Expansion
GK Energy Limited earlier provided EPC services for rooftop solar, solar fencing, water heaters, and street lights, and was selected as a consultant for UNDP and MNRE projects in 2011–2012. The company is now expanding into rooftop solar with 5.28 MW of orders and plans backward integration by manufacturing solar panels, which form the largest cost component in its EPC projects.
Infrastructure & Workforce
i) Asset-light model: sourcing components under the GK Energy brand from vendors.
ii) Operates 12 warehouses across three states, with flexible contractor arrangements for storage.
iii) Workforce: 90 employees (March 2025) and 709 third-party workmen for installation & commissioning.
iv) Local hiring model supports rural economies through jobs, earnings, and skill development.
Objects of the GK Energy Limited IPO:
GK Energy Limited IPO Details:
| Open Date: | Sep 19 2025 |
| Close Date: | Sep 23 2025 |
| Total Shares: | 3,03,43,790 |
| Face Value: | ₹ 2 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 464.26 Cr. |
| Lot Size: | 98 Shares |
| Issue Price: | ₹ 145-153 Per Equity Share |
| Listing At: | NSE,BSE |
| Listing Date: | Sep 26 2025 |
Promoters And Management:
Financials of GK Energy Limited IPO:
| Particulars | FY2024-2025 (Consolidated) | FY 2023-2024 (Standalone) | FY 2022-2023 (Standalone) |
| Revenue from Operations | 1,094.80 | 411.00 | 285.00 |
| EBITDA | 199.6 | 53.8 | 17.1 |
| EBITDA Margins | 18.24% | 13.09% | 6.03% |
| PAT | 133.2 | 36 | 10 |
| PAT Margins | 12.12% | 8.75% | 3.53% |
| ROCE | 55.65% | 50.10% | 29.36% |
| Debt to Equity Ratio(In Times) | 0.74 | 0.94 | 1.93 |
| Operating Cash Flows | -98.6 | -4.86 | -14.9 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| GK Energy Limited | 1,094.80 | 18.24% | 12.12% | 55.65% | 0.74 | 3103.1 | 23.30 |
| Shakti Pumps (India) Limited | 2516 | 24% | 16.20% | 55.30% | 0.14 | 10,733 | 26.1 |
| Oswal Pumps Limited | 1430 | 29% | 19.60% | 77.90% | 0.72 | 9084 | 32.4 |
Lead Manager of GK Energy Limited IPO:
Registrar of GK Energy Limited IPO:
Discussion on GK Energy Limited IPO:
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