GK Energy
Book Building issueMainboardBSE₹464 Cr issue
+7.84%
Listing gain over issue price
Issue size
₹464 Cr
1 lot at cut-off
₹14,994
Lot size
98shares
Open
19 Sep 2025
Close
23 Sep 2025
Allotment
24 Sep 2025
Listing
26 Sep 2025
Listing performance
Issue price
₹153
Listed at
₹165
Listing-day close
₹167.75
Latest price
₹109.10
Close on 12 Oct 2026
Listing gain
+7.84%
Return since issue
-28.69%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Sep 2025 – 23 Sep 2025
- Listing date
- 26 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹153 per share
- Lot size
- 98 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹464 Cr
- Market cap at offer price
- ₹3,103 Cr
- Promoter holding
- 93.29% → 78.64% pre-issue → post-issue
- ISIN
- INE1AG301022
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- Office No.802, CTS No.97-A-1/57/2, Suyog Center, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 91,03,136 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 98 shares per lot, in multiples, at ₹153
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
91,03,136
Anchor portion
₹139 Cr
at ₹153 per share
Valuation and performance
Valuation at offer price
₹153 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.54 | 6.57 |
| P/E (×) | 20.29 | 23.29 |
| Price to book (×) | 12.39 | — |
| Market cap | — | ₹3,103 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 63.71%
- ROCE
- 55.65%
- Debt / equity
- 0.74
- PAT margin
- 12.12%
- EBITDA margin
- 18.24%
- NAV per share
- ₹12.35
- Price to book
- 12.39
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About GK Energy
GK Energy Limited, originally incorporated as GK Energy Marketers Private Limited in October 2008 and renamed in 2024, is an EPC company specializing in solar-powered agricultural water pump systems. The company was converted from private to public in December 2024 ahead of this IPO. It operates primarily through two sales channels: direct-to-beneficiary sales to farmers under the government's PM-KUSUM Scheme and similar state schemes, and sales to other customers. The company also provides other EPC services including water storage facilities under Jal Jeevan Mission and solar products installation, plus trading activities in PV cells and solar modules. For fiscal year 2025 (consolidated), the company earned ₹10,948.27 million in revenue, with 99.32% from EPC of solar-powered pump systems. The company operates in Maharashtra, Haryana, Chhattisgarh, Uttar Pradesh, Rajasthan, and Madhya Pradesh.
Company Analysis
from RHPGK Energy Limited is a pure-play engineering, procurement and commissioning (EPC) provider of solar-powered agricultural water pump systems, operating primarily in India's renewable energy and agricultural sectors.
GK Energy Limited, originally incorporated as GK Energy Marketers Private Limited in October 2008 and renamed in 2024, is an EPC company specializing in solar-powered agricultural water pump systems. The company was converted from private to public in December 2024 ahead of this IPO. It operates primarily through two sales channels: direct-to-beneficiary sales to farmers under the government's PM-KUSUM Scheme and similar state schemes, and sales to other customers. The company also provides other EPC services including water storage facilities under Jal Jeevan Mission and solar products installation, plus trading activities in PV cells and solar modules. For fiscal year 2025 (consolidated), the company earned ₹10,948.27 million in revenue, with 99.32% from EPC of solar-powered pump systems. The company operates in Maharashtra, Haryana, Chhattisgarh, Uttar Pradesh, Rajasthan, and Madhya Pradesh.
Renewable energy - solar powerAgricultural technologyEngineering, procurement and commissioning (EPC)Water management and irrigation
Objects of the Issue
- Funding our long-term working capital requirements ₹4,224.57 million (total to be funded from Net Proceeds and Pre-IPO Placement), with ₹999.99 million already utilized from Pre-IPO Placement and ₹3,224.58 million estimated for utilization in Fiscal 2026 p.20
- General corporate purposes Not to exceed 25% of Gross Proceeds of Fresh Issue p.20
- Working capital requirements and general corporate purposes ₹4,000.00 million (Fresh Issue) p.100
- Funding our long-term working capital requirements ₹3,224.58 million (from Net Proceeds); total working capital gap of ₹4,224.57 million (including ₹999.99 million from Pre-IPO Placement) p.103
- General corporate purposes p.103
- Not specified in this section of the document
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹2 each aggregating up to ₹4,000.00 million (less Pre-IPO Placement of ₹999.99 million already undertaken)
- Offer for Sale
- Up to 4,200,000 Equity Shares of face value ₹2 each aggregating up to ₹ [●] million
- Price Band
- Not finalized as of this Red Herring Prospectus (Floor Price: ₹ [●]; Cap Price: ₹ [●])
- Lot Size
- [●] Equity Shares (Bid Lot size to be determined)
- Face Value
- ₹2 per Equity Share
Business Model
GK Energy generates revenue through engineering, procurement and commissioning of solar-powered agricultural water pump systems. Under the PM-KUSUM Scheme, farmers select the company as their vendor through state nodal/implementing agencies, which place orders and collect funds from the government to pay the company. The company also generates revenue from direct customer orders, other EPC services (water storage and solar products installation), and trading in PV cells and solar modules.
Business Segments
Engineering, procurement and commissioning of solar-powered agricultural water pump systems on a turnkey basis, including direct-to-beneficiary sales under PM-KUSUM Scheme and similar state government schemes, and sales to other customers
Erection and installation of water storage and distribution facilities under Jal Jeevan Mission, and supply and installation of various solar products such as rooftop solar energy solutions, solar street lights, solar high mast, solar heaters and solar home lights under contracts with government agencies
Sale of PV cells and solar modules manufactured by third parties and other miscellaneous products
Engineering, procurement and construction services for solar-powered pump systems under PM-KUSUM Scheme and similar government schemes
EPC services for rooftop solar installations to diversify revenue sources
Design, manufacture, supply, transport, installation, testing and commissioning of solar-powered agricultural water pump systems under PM-KUSUM Scheme and similar state government schemes
EPC services for rooftop solar systems
Installation of standalone solar agriculture pumps of capacity up to 7.5 HP for replacement of existing diesel agriculture pumps in off-grid areas. Farmers are supported to install these systems under government subsidy schemes.
Design, supply, installation and commissioning of grid-connected rooftop solar photovoltaic systems for residential, commercial and industrial sectors.
Setting up of grid-connected renewable energy power plants using solar technology, including feeder level solarization of grid-connected agriculture pumps under PM-KUSUM Component-C.
Engineering, Procurement, and Construction of solar-powered pump systems for farmers under government schemes and direct-to-customer sales
Erection and installation of water storage and distribution facilities under Jal Jeevan Mission and supply and installation of solar products under government contracts
Sale of photovoltaic cells and solar modules manufactured by third parties and other miscellaneous products
Engineering, procurement, and construction services for solar-powered pump systems through direct-to-beneficiary sales under PM-KUSUM and similar state schemes, and sales to others including direct customer orders and local government bodies
Erection and installation of water storage and distribution facilities under Jal Jeevan Mission (a Central Government scheme) and supply and installation of various solar products under contracts with government agencies or directly from customers
Sale of photovoltaic cells and solar modules manufactured by third parties and other miscellaneous products
Sale of power to an educational organisation where the company installed a rooftop solar system, repairs and maintenance of solar-powered pump systems, and management consultancy services
SWOT Analysis
Strengths
- • Pure play EPC leader in solar-powered pump systems(p.41)
- • Strong revenue growth trajectory(p.37)
- • Significant profitability improvement(p.22)
- • Growing net worth and financial strength(p.22)
- • Empanelled in major PM-KUSUM states(p.45)
- • Large order book providing revenue visibility(p.44)
- • Strong revenue growth trajectory(p.47)
- • Improving profitability and margins(p.47)
- • Experienced leadership with deep sector expertise(p.50)
- • Strong Order Book providing revenue visibility(p.48)
- • Successful execution track record without material failures(p.43)
- • No significant supplier disruptions or payment delays to date(p.46)
- • Leading pure-play EPC provider for solar-powered pump systems in Maharashtra with ~15% market share(p.116)
- • Strong revenue and EBITDA growth with 95.99% revenue CAGR and 240.94% EBITDA CAGR (FY2023-2025)(p.116)
- • Substantial order book of ₹10,088.81 million as of August 15, 2025 under SPPS segment(p.116)
- • Decentralized infrastructure across 12 warehouses in three states with localized workforce enabling broad geographic operations(p.116)
- • Strong return metrics with ROE of 63.71% and ROCE of 55.65% in FY2025(p.119)
- • Leading pure play EPC provider of solar-powered pump systems in Maharashtra with ~15% market share under PM-KUSUM Scheme(p.197)
- • Significant order book of ₹10,289.64 million as at August 15, 2025 providing revenue visibility(p.195)
- • Strong financial performance with 166.32% year-on-year revenue growth and expanding margins(p.200)
- • Decentralized infrastructure with 12 warehouses and 709 workmen across 5 states enabling efficient operations(p.198)
- • Experienced management with 18+ and 14+ years sector experience in founding promoters(p.200)
- • Presence in top 5 states accounting for 86% of PM-KUSUM allocations with positioned entry into high-potential markets(p.201)
- • Experienced workforce with local hiring and training practices(p.213)
- • Decentralized warehouse infrastructure reducing installation and service delivery times(p.215)
- • Established presence across multiple states with flexible property arrangements(p.215)
- • No labour union presence enabling operational flexibility(p.213)
- • Established EPC expertise in solar-powered pump systems with significant market presence(p.278)
- • Strong financial performance with revenue growth from ₹2,850.26M (FY2023) to ₹10,948.27M (FY2025)(p.314)
- • High profitability with PAT Margin improving to 12.12% (FY2025) from 3.53% (FY2023)(p.317)
- • Strong return on equity of 63.71% in FY2025(p.317)
- • Direct-to-beneficiary sales under PM-KUSUM represent 83.83% of revenue, demonstrating vendor preference(p.315)
- • Improved debt ratios with net debt-to-equity declining to 0.74 from 1.93 over the period(p.317)
- • Strong EBITDA margins improving to 18.24% in FY2025(p.317)
Weaknesses
- • Highly concentrated revenue from single business segment(p.37)
- • Significant trade receivables concentration(p.38)
- • Negative operating cash flow(p.38)
- • High working capital requirements(p.40)
- • Heavy dependence on borrowed funds(p.39)
- • Rising finance costs impacting profitability(p.40)
- • Concentrated supplier base(p.45)
- • Revenue concentration in Maharashtra(p.44)
- • High dependence on key suppliers for critical components(p.46)
- • Significant working capital requirements and cash burn(p.33)
- • Rising debt levels and refinancing risk(p.55)
- • Dependence on trademark license that could be terminated(p.49)
- • Tax proceedings pending against the company(p.49)
- • Delays in statutory dues payments(p.62)
- • Failure to meet CSR spending requirements in past(p.50)
- • Inexperience in solar module manufacturing and capital risk(p.52)
- • Rapid growth straining operational infrastructure(p.48)
- • Promoter concentration and related-party transaction risks(p.59)
- • Heavy dependence on government schemes (PM-KUSUM) for revenue generation(p.153)
- • Rapidly increasing working capital requirements growing at 163.83% CAGR despite revenue growth(p.106)
- • Significant bank guarantee margin requirements constraining cash flows(p.105)
- • Dependence on limited suppliers for key input (DCR solar modules account for ~40% of product cost)(p.109)
- • Reliance on trademark license agreement for 'GK Energy' brand from promoter with non-exclusive rights(p.211)
- • Heavy dependence on third-party installation service providers and lack of in-house manufacturing capability(p.210)
- • High concentration of customer base with top 3 customers representing 15.44% of revenue in FY2025(p.208)
- • Supplier concentration with top 5 suppliers accounting for 66.35% of total purchases(p.209)
- • Receivable days of 120 days indicating extended working capital cycle and collection challenges(p.160)
- • History of delayed statutory dues payments creating compliance risk(p.215)
- • Increasing employee attrition rate in fiscal 2025(p.213)
- • Rising GST compliance defaults with multiple instances of delayed payments(p.214)
- • Reliance on non-exclusive trademark license agreement creating brand vulnerability(p.245)
- • Heavy dependence on third-party installation providers with installation charges rising to 13.60% of revenue(p.316)
- • Significant reliance on cost of goods sold which represents 64.25% of revenue, with exposure to commodity price fluctuations(p.316)
- • High leverage in capital structure with total borrowings of ₹2,177.89M(p.317)
- • Rising finance costs from ₹36.50M to ₹223.45M, representing increasing debt burden(p.292)
- • Dependence on promoter loans with unsecured loans from related parties of ₹87.32M(p.294)
- • Trade receivables aging shows potential collection risks with ₹53M outstanding beyond one year(p.283)
Opportunities
- • Massive market expansion under PM-KUSUM Scheme(p.38)
- • Market size growth trajectory(p.19)
- • State government schemes complementing PM-KUSUM(p.38)
- • Backward integration into solar panel manufacturing(p.41)
- • Expansion into new states and schemes(p.45)
- • Diversification into rooftop solar and complementary segments(p.37)
- • Backward integration into solar module manufacturing(p.52)
- • Diversification into rooftop solar systems(p.54)
- • Government support through PM-KUSUM and state schemes(p.47)
- • Growing demand in solar-powered pump sector(p.54)
- • Massive addressable market potential of ₹2.6 trillion from FY2019 through scheme implementation beyond FY2029(p.106)
- • Projected 52% CAGR in solar-powered pump market from FY2024 to FY2029 with expansion to ₹300-320 billion(p.150)
- • New state government schemes like Maharashtra's Magel Tyala Saur Krushi Pump Yojana (1 million pumps target) and Madhya Pradesh's Pradhan Mantri Krishak Mitra Surya Yojana(p.149)
- • Potential extension of PM-KUSUM beyond March 31, 2026 and launch of PM-KUSUM 2.0(p.151)
- • Expansion opportunity in rooftop solar systems with similar EPC model and expertise(p.116)
- • Massive addressable market with approximately 30 million grid-connected and diesel-powered water pumps requiring replacement(p.198)
- • Government target of 4.0 million pump systems under PM-KUSUM by end of FY2029, currently at 0.848 million installations(p.201)
- • Expansion into rooftop solar market with government target of 40 GW by FY2026 and PM Surya Ghar Yojana driving 12-13 GW residential additions(p.169)
- • Backward integration opportunity through planned 1 GW solar panel manufacturing facility by September 2026 to improve margins(p.202)
- • State-level schemes complementing central government efforts, with Maharashtra's Magel Tyala Saur Krushi Pump Yojana targeting 1 million pumps by FY2029(p.197)
- • Expansion under PM-KUSUM Component B solar pump scheme across states(p.218)
- • Growth through rooftop solar installation programs across government buildings(p.219)
- • Participation in state-level solar pump subsidy schemes (MTSKPY, SSY, PMKMSY)(p.219)
- • Jal Jeevan Mission providing infrastructure development opportunities for water supply systems(p.219)
- • Expansion through new state government schemes including Maharashtra's Magel Tyala Saur Urja Yojana launched in early 2025(p.314)
- • Recently empanelled for Madhya Pradesh's Pradhan Mantri Krishak Mitra Surya Yojana scheme from March 3, 2025(p.314)
- • Direct market access to farmers through Other EPC Services under Jal Jeevan Mission(p.313)
- • In-house solar module manufacturing capability planned for future cost optimization(p.315)
- • Strong working capital enhancement capacity with HDFC Bank increasing limits to ₹750M (up from ₹500M)(p.308)
- • Growing scale enabling improved operational efficiency as evidenced by improving cost structure(p.316)
Threats
- • Dependency on PM-KUSUM Scheme extension(p.24)
- • Intense competition from vertically integrated players(p.41)
- • Government policy and subsidy changes(p.37)
- • Volatility in raw material prices(p.38)
- • Regional economic downturns affecting demand(p.24)
- • Customer selection risk under PM-KUSUM(p.24)
- • Financing and liquidity pressures(p.40)
- • Volatility in component costs and supply constraints(p.47)
- • Regulatory changes affecting solar manufacturing(p.54)
- • Agricultural sector volatility and monsoon dependence(p.48)
- • Rooftop solar sector headwinds and policy challenges(p.54)
- • Debt rating downgrades increasing borrowing costs(p.46)
- • Macroeconomic downturn and inflation risks(p.63)
- • Geopolitical tensions and tariff uncertainties(p.63)
- • Competition from suppliers and market competitors(p.51)
- • Foreign currency fluctuation risks(p.54)
- • Natural disasters and lack of comprehensive disaster recovery(p.63)
- • Heavy dependence on government price discovery through tendering process affecting margin control(p.155)
- • Intense competition with top 10 players accounting for 65% of market share and state-level dominance varying(p.153)
- • Supply-demand mismatch and limited domestic DCR module manufacturing capacity(p.109)
- • Exposure to state government subsidy policy changes and PM-KUSUM scheme modifications(p.151)
- • Volatility in commodity prices (particularly solar modules) and forex risks affecting input costs(p.149)
- • Risk of reduction or discontinuation of government subsidy programmes as solar technology becomes more affordable(p.158)
- • Intense competition from both domestic and international manufacturers including pump manufacturers like Shakti Pumps(p.159)
- • Volatile raw material prices for steel, copper and solar modules affecting production costs and profitability(p.158)
- • Dependence on domestically manufactured solar modules under DCR requirements limiting supply flexibility(p.208)
- • Risk of adverse agricultural conditions reducing farmer capital expenditure and pump demand(p.159)
- • Regulatory changes to ALMM requirements affecting solar component sourcing(p.219)
- • Compulsory BIS registration and quality standards for solar products(p.219)
- • Multiple statutory compliance obligations under labour codes creating operational complexity(p.221)
- • Potential penalties for future delays in statutory dues payment(p.215)
- • Critical dependence on PM-KUSUM Scheme which is scheduled to end on March 31, 2026(p.314)
- • PM-KUSUM represents 83.83% of revenue, creating massive revenue risk if scheme is not extended(p.314)
- • Exposure to commodity price volatility for solar panels and pumps with fixed-price tender-based contracts(p.315)
- • Dependence on state government implementation and fund releases for scheme execution(p.314)
- • High competitive intensity in solar-powered pump EPC market with tender-based procurement(p.315)
- • Reliance on third-party installation providers creates operational risk and cost volatility(p.316)
- • Regulatory and policy risk around government scheme continuity and subsidy levels(p.314)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Gopal Rajaram Kabra | Promoter/Promoter Selling Shareholder | 158,494,540 equity shares (89.71% of pre-offer paid-up capital) | — |
| Mehul Ajit Shah | Promoter/Promoter Selling Shareholder | 6,300,000 equity shares (3.57% of pre-offer paid-up capital) | — |
| Gopal Rajaram Kabra | Promoter | 89.71% | — |
| Mehul Ajit Shah | Promoter | 3.57% | — |
| Gopal Rajaram Kabra | Promoter | 89.71% | — |
| Mehul Ajit Shah | Promoter | 3.57% | — |
| Gopal Rajaram Kabra | Promoter | 89.71% | — |
| Mehul Ajit Shah | Promoter | 3.57% | — |
| Gopal Rajaram Kabra | Promoter | 95.51% | — |
| Mehul Ajit Shah | Promoter | 3.82% | — |
| Gopal Rajaram Kabra | Promoter/Chairman, Managing Director and Chief Executive Officer | — | — |
| Mehul Ajit Shah | Promoter Selling Shareholder | — | — |
Leadership
Gopal Rajaram Kabra · Chairman, Managing Director and Chief Executive Officer
Mehul Ajit Shah · Whole-time Director and Chief Operating Officer
Sunil Kamalkishor Malu · Chief Financial Officer
Jeevan Santoshkumar Innani · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
GK Energy IPO FAQs
What is the lot size of GK Energy IPO?
The minimum lot size of GK Energy IPO is 98 shares. One lot costs ₹14,994 at the cut-off price.
When does GK Energy IPO open and close?
GK Energy IPO opened for subscription on 19 Sep 2025 and closed on 23 Sep 2025.
What is the listing date of GK Energy IPO?
GK Energy IPO listed on 26 Sep 2025.