GK Energy Ltd

About the Company:

GK Energy Ltd is India’s largest pure play provider of engineering, procurement and commissioning (“EPC”) services for solar-powered agricultural water pump systems (which are also referred to as solar-powered pump systems).

Company offers farmers an end-to-end single source solution for the survey, design, supply, assembly and installation, testing, commissioning and maintenance of solar-powered pump systems.

Company has been empanelled as a vendor under the Ministry of New and Renewable Energy for the PM-KUSUM Scheme in the states of Maharashtra, Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh.

As at July 31, 2025, the five states of Maharashtra, Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh comprised 86% of the total number of solar-powered pump systems approved for subsidies under Component B of the PM-KUSUM Scheme

Company primarily provide the EPC for solar-powered pump systems, which comprises direct-to-beneficiary sales and sales to others.

Before entering into providing EPC services for solar-powered pump systems, company had been providing EPC services for rooftop solar-powered solutions, solar fencing, solar water heaters and solar-powered street lights.

Services Provided by the Company:

Company offers other EPC services, comprising (i) the erection and installation of water storage and distribution facilities under Jal Jeevan Mission, a Central Government scheme operated through urban local bodies, (ii) the supply and installation of various solar products for government agencies and (iii) rooftop solar solutions (together, “Other EPC Services”).

In addition, company sells photovoltaic (“PV”) cells and solar modules manufactured by third parties and other miscellaneous products (“Trading Activities”).

Company’s Revenue from EPC for solar-powered pump systems:

PM-KUSUM Scheme:

The PM-KUSUM Scheme reflects the Central Government’s commitment to provide energy and water security to farmers through the installation of solar-powered water pump systems for irrigation as an alternative to diesel-powered or electric grid-connected pump systems.

The price of solar-powered pump systems is set through government tendering pursuant to a bidding process by empanelled vendors (with the lowest bid becoming the price all empanelled vendors must accept), with different prices depending on the size of the pump.

As at July 31, 2025, 1,272,758 solar-powered pump systems had been approved under Component B of the PM-KUSUM Scheme, and as at that date empanelled providers had completed 848,330 of those orders.

Company completed 62,559, or 7.37%, of those 848,330 orders. Apart from the PM-KUSUM Scheme, as at July 31, 2025, we have installed 34,539 other solar-powered pump systems.

Company’s Orderbook:

As at August 15, 2025, Company has an Order Book of Rs.1028.9 crores consisting of an SPPS Order Book of Rs.1008.8 crores and orders for rooftop solar systems of Rs.20.0 crores.

Company’s Order Book:

Company is entering Rooftop solar-powered solutions business:

Building on company’s success in the EPC of solar-powered pump systems and the opportunities being presented by the Central Government’s and state governments’ focus on renewable energy, we are planning to expand our rooftop solar-powered solutions business and as at August 15, 2025, we have received orders to install 5.28 MW of rooftop solar systems.

Management Team:

Mr. Gopal Rajaram Kabra (Designation: Chairman, Managing Director and Chief Executive Officer)
Mr. Mehul Ajit Shah (Designation: Whole-time Director and Chief Operating Officer)

Objectives of the Issue:

Offer For Sale: (Rs.64.26 cr)

Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of proceeds of the Offer for Sale.

Fresh Issue: (Rs.400 cr)

Funding long-term working capital requirements.
General corporate purposes.

Positives for the Company:

The leading pure play provider of the EPC of solar-powered pump systems in Maharashtra under the PM-KUSUM Scheme in terms of pump systems installed as at July 31, 2025.

Company is the leading pure play provider of the EPC of solar-powered pump systems in Maharashtra under the PM-KUSUM Scheme, with approximately 15% of the total solar-powered pump systems installed under the PM-KUSUM Scheme in Maharashtra as at July 31, 2025.

Robust Order Book and a growing addressable market for solar-powered pump systems.

As at August 15, 2025, Company had an Order Book of Rs.1028.9 crores consisting of an SPPS Order Book of Rs.1008.8 crores and orders for rooftop solar systems of Rs.20.0 crores.

Company operates on a Asset-light business model.

Company currently operate an asset-light business model.Company source solar panels, pumps and various other components of solar-powered pump systems under the “GK Energy” brand from different specialised vendors.
However, company is planning to backward integrate our business by manufacturing our own solar panels, which accounted for the largest component of the direct costs of our EPC of direct-to-beneficiary solar-powered pump systems in Fiscals 2025, 2024 and 2023.

Well-positioned to seize opportunities in the rooftop solar market.

Company is now working toward expanding our rooftop solar business in order to diversify our sources of revenue and as at August 15, 2025 have received orders amounting to Rs.23.2 crores or 5.28 MW.
Company believe we are well-positioned to seize the growing market opportunity presented by government schemes and general public awareness of the importance of renewable energy in the context of global warming.
Company has significant experience implementing rooftop solar projects, and the EPC for solar-powered pump systems and that of rooftop solar systems are very similar.

Backward integrate by manufacturing our own solar panels.

Company has grown our business by choosing to be asset light. We source solar panels, pumps and various other components of solar-powered pump systems under the “GK Energy” brand from different specialised vendors.
Among these components, solar panels accounted for the largest portion of the direct costs of our EPC of direct-to-beneficiary solar-powered pump systems in Fiscals 2025, 2024, and 2023.
Company now aim to improve our margins by diversifying into manufacturing our own solar panels for captive use to complement our strategy of expanding our rooftop solar business in order to diversify our sources of revenue.
Company plans to set up a solar panel manufacturing plant in the state of Maharashtra with an annual installed capacity of 1 GW by the end of September 2026.

Financials of the Company:

(in Crores)	FY 23	FY 24	FY 25
Revenue	285.4	412.3	1099.1
Net Profit	10.0	36.0	133.2

Valuation of Peer Group Companies:

Company Name	Face Value	EPS	PE Ratio	RoNW	NAV
GK Energy Limited	2	7.86	19.46	63.71%	12.35
Shakti Pumps (India) Ltd	10	33.97	24.11	35.20%	96.59
Oswal Pumps Ltd	1	28.18	29.00	93.00%	44.56

IPO Details:

Details	Info
Issue Opens on	19th September 2025
Issue Closes on	23rd September 2025
Issue Price	Rs.145 -153
Face Value	Rs.2
Retail Category Allocation	35%
Minimum Lot	98 Shares
Minimum Investment	Rs.14,994
Issue Constitutes	14.96%
Issue Size	Rs.464 cr ($ 52 million)
Market Cap	Rs.3103 cr ($ 348 million )
Listing at	NSE & BSE
Equity Shares Offered (Fresh)	2,61,43,790 (Rs.400 cr)
Equity Shares Offered (OFS)	42,00,000 (Rs.64.26 cr)
Total Equity Shares Offered (Fresh + OFS)	3,03,43,790 (Rs.464 cr)
Equity Shares Prior to the Issue	17,66,73,476
Equity Shares after the Issue	20,28,17,266

IPO Valuation Parameters:

Earnings Per Share (EPS)	Price To Earnings ratio (PE)	Return on Net Worth (RoNW)	Net Asset Value (NAV)	Debt Equity Ratio (D/E)
7.86	19.46	63.71	12.35	0.74

Important Dates:

Finalization of Basis of Allotment	on or Before 24th September 2025
Initiation of Refunds	on or Before 25th September 2025
Credit of Equity Shares:	on or Before 25th September 2025
Listing Date:	on or Before 26th September 2025

Company Contact Info:
GK Energy Ltd Office No. 802, CTS No. 97-A-1/57/2, Suyog Center, Pune- 411037, Maharashtra, India. Telephone: +91 94221 86842 Email: investors@gkenergy.in Website: www.gkenergy.in

Registrar to the Issue:
MUFG Intime India Private Limited C-101, Embassy 247 L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India Telephone: +91 810 811 4949 E-mail: gkenergy.ipo@linkintime.co.in Website: www.in.mpms.mufg.com