GK Energy IPO Price: ₹145 to ₹153 per share
IPO Dates: 19th September 2025 – 23rd September 2025
Company Overview
Incorporated in 2008, 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 the Central Government’s flagship Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) Scheme. The company plays a key role in enabling farmers to access reliable solar irrigation solutions as an alternative to diesel and grid-powered pumps.
Operating under an asset-light business model, GK Energy sources solar panels, pumps, and other key components from specialized vendors, branding them under “GK Energy.” This approach allows flexibility while maintaining scale. The company offers farmers an end-to-end single-source solution that covers survey, design, supply, assembly, installation, testing, commissioning, and long-term maintenance of solar pump systems.
Business Operations
GK Energy has been empanelled as a vendor by the Ministry of New and Renewable Energy (MNRE) under the PM-KUSUM Scheme across Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh. These five states alone accounted for nearly 86% of total approved pump installations under Component B of the scheme as of July 2025. The company is also empanelled under other state government programs, including Maharashtra’s Magel Tyala Saur Krushi Pump Yojana, Madhya Pradesh’s Pradhan Mantri Krishak Mitra Surya Yojana, and Chhattisgarh’s Saur Sujala Yojana.
As of July 31, 2025, a total of 1.27 million solar-powered pump systems had been approved under the scheme, of which 848,330 had been installed. GK Energy contributed significantly with 62,559 installations (7.37%), reinforcing its leadership in the segment. Beyond PM-KUSUM, the company has delivered 34,539 additional solar pump systems under various projects.
The company’s network and scale are supported by 12 warehouses across three states, along with a localized workforce of 90 employees and 709 trained workmen (as of March 31, 2025). This decentralized infrastructure enables efficient execution across broad geographies.
Diversified Offerings
While solar-powered pump systems remain the company’s core business, GK Energy has gradually diversified into:
- Other EPC Services:
- Installation of water storage and distribution facilities under the Jal Jeevan Mission.
- Rooftop solar solutions for residential and institutional clients.
- Solar product supply and installation (street lights, solar fencing, water heaters, etc.) for government agencies.
- Trading Activities: Sale of photovoltaic (PV) cells, solar modules, and related components manufactured by third parties.
- Rooftop Solar Expansion: With government focus shifting to rooftop solar capacity, GK Energy is building on its EPC expertise to enter this high-growth segment. As of August 2025, the company had received orders for 5.28 MW rooftop solar systems, and is poised to benefit from the momentum created by the PM Surya Ghar Yojana, which aims to provide solar power to 10 million households.
Looking ahead, GK Energy plans to backward integrate by setting up its own solar panel manufacturing facility in Maharashtra with an annual installed capacity of 1 GW, targeted to be operational by September 2026. This step is expected to strengthen margins and reduce reliance on external vendors.
Order Book
As of August 15, 2025, GK Energy had an order book of ₹1,028.96 crore, comprising:
- ₹1,008.88 crore from solar pump systems (SPPS) under the PM-KUSUM Scheme and other government schemes.
- ₹20.08 crore from rooftop solar projects.
Within this, Maharashtra was the largest contributor, with orders worth ₹914.05 crore from both the PM-KUSUM Scheme and state-specific solar pump programs.
Competitive Strengths
- Market Leadership: The leading EPC provider of solar pump systems under the PM-KUSUM Scheme, particularly dominant in Maharashtra.
- Strong Order Book: Provides robust revenue visibility and reflects growing demand.
- Decentralized Infrastructure: Warehouses, workforce, and workmen distributed across states ensure efficient service delivery.
- Comprehensive Offerings: End-to-end support from survey to after-sales maintenance.
- Financial Growth: Consistent profitability with rapid revenue and earnings expansion.
- Experienced Management: Led by industry veterans Gopal Rajaram Kabra and Mehul Ajit Shah with decades of expertise.
- Future-Ready Positioning: Expansion into rooftop solar and backward integration into manufacturing to capture new opportunities.
Bidding Starts In
GK Energy IPO Specifics:
| IPO Date | September 19, 2025 to September 23, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹145 to ₹153 per share |
| Lot Size | 98 Shares |
| Total Issue Size | 3,03,43,790 shares (aggregating up to ₹464.26 Cr) |
| Fresh Issue | 2,61,43,790 shares (aggregating up to ₹400.00 Cr) |
| Offer For Sale | 42,00,000 shares (aggregating up to ₹64.26 Cr) |
| Employee Discount | ₹44 |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 17,66,73,476 shares |
| Share Holding Post Issue | 20,28,17,266 shares |
GK Energy IPO Timetable (Important Dates)
| IPO Open Date | Friday, September 19 2025 |
| IPO Close Date | Tuesday, September 23 2025 |
| Basis of Allotment | Wednesday, September 24 2025 |
| Initiation of Refunds | Thursday, September 25 2025 |
| Credit of Shares to Demat | Thursday, September 25 2025 |
| Listing Date | Friday, September 26 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 23, 2025 |
GK Energy IPO Lot Size
Bidders have the opportunity to bid for a minimum of 98 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
GK Energy IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
GK Energy Limited IPO Financial Information
| Period Ended | 31 Mar 2023 (Standalone) | 31 Mar 2024 (Standalone) | 31 Mar 2025 (Consolidated) |
|---|---|---|---|
| Assets | 142.82 | 214.08 | 583.62 |
| Total Income | 285.45 | 412.31 | 1099.18 |
| Profit After Tax | 10.08 | 39.09 | 133.21 |
| EBITDA | 17.18 | 53.83 | 199.69 |
| Net Worth | 19.87 | 55.96 | 209.09 |
| Reserves and Surplus | 18.57 | 54.66 | 175.07 |
| Total Borrowing | 42.61 | 62.29 | 217.79 |
Key Performance Indicator – GK Energy IPO
| KPI | Values |
|---|---|
| Market Cap | ₹3103.10 Cr |
| EPS | ₹7.54 |
| P/E (x) | 20.29 |
| ROE | 63.71% |
| ROCE | 55.65% |
| Debt/Equity | 0.74 |
| RoNW | 63.71% |
| PAT Margin | 12.12% |
Objects of the Issue:
GK Energy Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Funding Long-Term Working Capital Requirements:
An amount of ₹322.46 crore will be allocated to meet the company’s long-term working capital needs, ensuring smooth operations, supporting growth, and strengthening financial flexibility. - General Corporate Purposes:
The remaining funds will be used for general corporate activities, including administrative expenses, brand building, and other strategic initiatives to enhance overall business efficiency.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
