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G K Energy IPO
GK Energy Ltd
₹14,210 /98 sharesMinimum Investment
G K Energy IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 19 Sep ‘25 - 23 Sep ‘25 | ₹14,210 | 98 | ₹145 - ₹153 |
| Issue Size | IPO Doc |
|---|---|
| 464.26Cr | RHP PDF |
Subscription rate
As of 19 Sep'25, 03:01 PM
| Qualified Institutional Buyers | 0.01x |
| Non-Institutional Investor | 1.46x |
| Retail Individual Investor | 1.91x |
| Total | 1.28x |
About G K Energy
Founded in
2008
Managing director
Mr Gopal Rajaram Kabra
Parent organisation
GK Energy Ltd
Strengths & Financials of G K Energy
Strengths
Risks
GK Energy claims to be the leading pure play provider of EPC services for solar-powered pump systems in Maharashtra under the PM-KUSUM Scheme. As of July 31, 2025, it accounted for about 15 percent of the total installations in the state. Maharashtra represents the largest share of allocations under the scheme, with 555,000 systems sanctioned, and GK Energy also has a presence in Haryana, Rajasthan, Uttar Pradesh, Chhattisgarh, and Madhya Pradesh.
GK Energy had an order book of Rs 1,028.96 crore as of August 15, 2025, which included Rs 1,008.88 crore from solar-powered pump systems and Rs 20.08 crore from rooftop solar systems. The company benefits from a growing addressable market, as demand for solar-powered pump systems increases due to their cost advantages, reduced reliance on electricity, and lower carbon emissions compared to diesel and grid-powered alternatives. Central and state government schemes have further accelerated adoption, creating a strong pipeline of opportunities in the sector.
GK Energy claims to have a decentralised infrastructure comprising 12 warehouses in three states and a workforce of 90 employees and 709 workmen as of FY25. This structure enables operations across broad geographic areas in five states, with local hiring and training contributing to both rural employment and operational efficiency. Flexible arrangements with third-party providers for storage in low-demand areas further support timely installations and after-sales service.
The company provides comprehensive support for solar-powered pump systems, from installation to after-sales service. It operates a customer contact centre, offers remote troubleshooting through pump monitoring systems, and provides a free smartphone application for system operation and monitoring. GK Energy also relies on manufacturer warranties, insurance coverage, and buffer stock to replace faulty systems quickly, helping it meet the five-year warranty requirements under the PM-KUSUM Scheme and similar programs.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 285.03 crore (standalone) in FY23 to Rs 411.09 crore (standalone) in FY24 and Rs 1,094.83 crore (consolidated) in FY25. PAT increased from Rs 10.08 crore (standalone) in FY23 to Rs 36.09 crore (standalone) in FY24 and Rs 133.21 crore (consolidated) in FY25.
The company derives a significant portion of its revenue from the EPC of solar-powered agricultural water pump systems. It accounted for Rs 1,087.36 crore (99.32 percent) (consolidated) of the company’s revenue in FY25, Rs 374.37 crore (91.07 percent) (standalone) in FY24, and Rs 258.09 crore (90.55 percent) (standalone) in FY23. Any decrease in demand for EPC of solar-powered pump systems could hurt the company’s financial condition, results of operations, and cash flows. The company’s growth is also highly dependent on government subsidies and incentive programs, and any reduction or discontinuation of these schemes could reduce demand for new solar-powered pump systems.
As of FY25, the company had trade receivables of Rs 360.85 crore (consolidated), representing 32.96 percent of its revenue from operations. This is a sharp increase from Rs 151.92 crore (36.95 percent) (standalone) in FY24 and Rs 112.64 crore (39.52 percent) (standalone) in FY23. The increase in receivables has been driven by significant business growth and higher sales volumes. Any failure to recover these receivables on time or at all could adversely affect the company’s financial condition, results of operations, and cash flows.
The company reported negative cash flow from operating activities amounting to Rs 98.60 crore (consolidated) in FY25, Rs 4.86 crore (standalone) in FY24, and Rs 14.94 crore (standalone) in FY23. The increase in trade receivables, inventory, and other assets has led to higher working capital requirements, resulting in consistent operating cash outflows despite reporting profit before tax in these years. Additionally, negative cash flow from investing activities amounted to Rs 53.02 crore (consolidated) in FY25, Rs 9.74 crore (standalone) in FY24, and Rs 0.33 crore (standalone) in FY23. Any sustained mismatch between cash inflows and outflows, coupled with reliance on working capital financing, could materially affect the company’s liquidity, financial flexibility, and ability to implement growth plans.
GK Energy derives a substantial portion of its revenue from the EPC of solar-powered pump systems under the PM-KUSUM Scheme—direct-to-beneficiary sales. It accounted for Rs 917.75 crore (83.83 percent) (consolidated) of the company’s revenue in FY25, Rs 305.82 crore (74.39 percent) (standalone) in FY24, and Rs 253.72 crore (89.02 percent) (standalone) in FY23. The scheme is scheduled to end in FY26. If the scheme is not extended, it could adversely impact the company’s business, financial condition, results of operations, and cash flows.
The top customer accounted for Rs 165.64 crore (15.13 percent) (consolidated) of the company’s revenue in FY25, Rs 68.53 crore (16.67 percent) (standalone) in FY24, and Rs 11.36 crore (3.99 percent) (standalone) in FY23. Any loss of, or material decrease in revenue from this customer, whether due to the customer reducing work orders, shifting to other EPC providers, or declining demand for its services, could hurt the company’s finances.
Maharashtra alone accounted for Rs 1,019.56 crore (93.12 percent) (consolidated) of the company’s revenue in FY25, Rs 278.03 crore (67.63 percent) (standalone) in FY24, and Rs 176.24 crore (61.83 percent) (standalone) in FY23. Any disruption in this region could hurt the company’s financial condition and results of operations.
The top five suppliers accounted for Rs 493.33 crore (66.35 percent) (consolidated) of the company’s total purchases in FY25, Rs 242.32 crore (75.97 percent) (standalone) in FY24, and Rs 207.40 crore (80.80 percent) (standalone) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company is involved in certain ongoing tax proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
GK Energy’s business is subject to seasonal fluctuations, with revenue from operations higher in the third and fourth quarters due to the winter season (November to March). Any slowdown in demand during peak quarters or an inability to address fluctuation in demand could adversely affect its business and financial condition.
As of FY25, the company had contingent liabilities amounting to Rs 55.99 crore (consolidated). This is an increase from Rs 16.52 crore (standalone) in FY24 and Rs 10.40 crore (standalone) in FY23. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of July 31, 2025, the company had financial indebtedness of Rs 488.87 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
G K Energy Financials
*All values are in Rs. Cr
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Application Details of G K Energy IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹145 - 153 | ₹2 Lakh |
| High Networth Individual | ₹145 - 153 | ₹2 - 5 Lakh |
For G K Energy IPO, eligible investors can apply as Regular.