GK Energy Limited is a renewable energy solutions company specializing in engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems. These projects are primarily executed under Component B of the Government of India’s PM-KUSUM Scheme, which promotes clean energy irrigation. Between January 2022 and December 2024, the company emerged as a significant installer of solar pump systems under the scheme6.
It has secured large contracts from state renewable energy development agencies such as MEDA, HAREDA, MSEDCL, CREDA, PEDA, and RHDS.
The company provides end-to-end solutions for farmers, covering survey, design, supply, assembly, installation, testing, commissioning, and ongoing maintenance of solar-powered pump systems. This integrated approach positions GK Energy as a single-source partner for rural irrigation needs.
GK Energy operates on an asset-light model, sourcing solar panels, pumps, and other system components under its “GK Energy” brand from specialized vendors. This strategy enables scalability while keeping capital expenditure low.
The company reported significant revenues from leading clients like Ecozen Solutions Pvt. Ltd., Oswal Pumps Ltd., Redren Energy Pvt. Ltd., and Sanjivani Rural Education Society.
As of November 30, 2024, the company maintained 13 leased warehouses across three states to support distribution and project execution. It employed 60 people, ensuring lean operations with a focus on efficiency and project delivery.
GK Energy IPO – Details
| IPO Opening Date | 19 September 2025 |
| IPO Closing Date | 23 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 3,03,43,790 Shares Worth ₹464.26 Crore Fresh Issue: 2,61,43,790 Shares Worth ₹400.00 Crore Offer For Sale: 42,00,000 Shares Worth ₹64.26 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹145 – ₹153 per share |
| Market Lot | 98 Shares |
| Min Order | 98 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
GK Energy IPO – Date Schedule
| IPO Open Date | 19 September 2025 |
| IPO Close Date | 23 September 2025 |
| Basis of Allotment | 24 September 2025 |
| Initiation of Refund | 25 September 2025 |
| Credit of Shares to Demat Account | 25 September 2025 |
| IPO Listing Date | 26 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 23, 2025 |
GK Energy IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 98 | ₹14,994 |
| Retail (Max) | 13 | 1,274 | ₹1,94,922 |
| S-HNI (Min) | 14 | 1,372 | ₹2,09,916 |
| S-HNI (Max) | 66 | 6,468 | ₹9,89,604 |
| B-HNI (Min) | 67 | 6,566 | ₹10,04,598 |
Competitive Strength
- GK Energy is the leading pure-play EPC provider of solar-powered pump systems in Maharashtra, with around 15% market share under the PM-KUSUM Scheme as of December 3, 2024 (Source: CRISIL).
- As of October 1, 2024, the company had an order book of ₹7,591.80 million, reflecting strong demand for solar-powered irrigation solutions. Its expertise in this space positions it well to benefit from rising adoption of renewable energy technologies.
- The company has a decentralized setup with 13 warehouses in three states and a localized workforce of 60 employees and 485 workmen, allowing efficient execution across five states.
- GK Energy also runs a dedicated customer contact centre, ensuring better service and satisfaction for farmers. Certain maintenance tasks are handled remotely, reducing operational costs.
- The company has demonstrated strong financial growth, with revenue rising from ₹704.42 million in FY22 to ₹4,110.89 million in FY24, a CAGR of 141.57%. For the six months ended September 2024, revenue surged 139.76% year-on-year.
- Its leadership position under PM-KUSUM is attributed to an experienced management team with deep industry knowledge. With expertise in both solar pumps and rooftop solar projects, the company is well-placed to capitalize on the growing renewable energy market in India.
Company Promoters
- Gopal Rajaram Kabra
- Mehul Ajit Shah
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 (Standalone) | ₹70.63 Cr | ₹68.53 Cr | ₹1.56 Cr | ₹24.38 Cr |
| 31 March 2023 (Standalone) | ₹285.45 Cr | ₹271.98 Cr | ₹10.08 Cr | ₹42.61 Cr |
| 31 March 2024 (Standalone) | ₹412.31 Cr | ₹364.04 Cr | ₹36.09 Cr | ₹62.29 Cr |
| 31 March 2025 (consolidated) | ₹1,099.18 Cr | ₹918.91 Cr | ₹133.21 Cr | ₹217.79 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 63.71% |
| ROCE | 55.65% |
| Debt/Equity | 0.74 |
| RoNW | 63.71% |
| PAT Margin | 12.12% |
| EBITDA Margin | 18.24% |
| Price to Book Value | 12.39 |
| Pre IPO | Post IPO | |
| EPS (₹) | 7.54 | 6.57 |
| P/E (x) | 20.29 | 23.3 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding its long term working capital requirements. | ₹322.46 |
| General corporate purposes. |
GK Energy IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Shakti Pumps (India) Limited | 64.81 |
✅Strengths
- Leading EPC player in Maharashtra under PM-KUSUM with ~15% share.
- Strong order book of ₹7,591.8 million (Oct 2024).
- 13 warehouses, 60 employees, 485 workmen across 5 states.
- Customer care centre with remote maintenance.
- Revenue grew from ₹704.4m in FY22 to ₹4,110.9m in FY24 (CAGR 141%).
- Experienced management and growth potential in rooftop solar.
⚠️Risks
- Heavy reliance on government schemes (PM-KUSUM, Jal Jeevan Mission).
- Promoter guarantees on loans and debentures.
- High concentration in Maharashtra projects.
- Strong competition from other EPC players.
- Working capital and delayed payment risks.
- Limited diversification beyond solar pumps.
GK Energy IPO Promoter Holding
| Pre Issue Share Holding | 93.29% |
| Post Issue Share Holding | 78.64% |
GK Energy IPO Prospectus
Company Contact Information
| GK Energy Ltd. Office No. 802, CTS No. 97-A-1/57/2, Suyog Center, Pune, Maharashtra, 411037 Phone: 020 – 24268111 Email: investors@gkenergy.in Website: http://www.gkenergy.in/ |
GK Energy IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: gkenergy.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
GK Energy IPO Lead Manager(s)
| 1. HDFC Bank Limited 2. IIFL Capital Services Limited |
GK Energy IPO FAQs
| What is GK Energy IPO? GK Energy IPO is a main-board IPO. The issue is priced at ₹145 to ₹153 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will GK Energy IPO open? The IPO is to open on 19 September 2025 for QIB, NII, and Retail Investors. |
| What is GK Energy IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is GK Energy IPO Size? GK Energy IPO size is ₹464.26 Crore. |
| What is the GK Energy IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 98 Shares with ₹14,994, while the maximum bid is 1274 Shares with ₹1,94,922. |
| What is the GK Energy IPO Allotment Date? GK Energy IPO allotment date is 24 September 2025. |
| What is the GK Energy IPO Listing Date? GK Energy IPO listing date is 26 September 2025. The IPO is to be listed on BSE and NSE. |
