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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working capital requirements
Net proceeds will be used to meet the company's ongoing working capital needs, primarily to finance procurement of solar equipment and materials from vendors in advance of project completion milestones.
General corporate purposes
A portion of the proceeds is allocated for general corporate activities, which may include office infrastructure and other organisational requirements.
(₹ in Crore)
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GK Energy Limited is an engineering, procurement and commissioning (EPC) company specialising in solar-powered agricultural water pump systems. It operates under Component B of the central government's Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) scheme, which aims to replace diesel-powered pumps with solar alternatives across Indian farmland. The company takes on the full project lifecycle from initial site survey and system design through the supply, assembly and installation of equipment to commissioning, testing and long-term maintenance of installed pump systems. Incorporated in Pune in October 2008, GK Energy runs an asset-light operation built around 13 leased warehouses across three states, with a workforce of approximately 60 employees as of November 2024. The company has scaled rapidly in recent years, reporting revenue of Rs. 285 crore in FY2023 and Rs. 412 crore in FY2024 before reaching Rs. 1,099 crore in FY2025. As of September 2024, it had completed 42,778 PM-KUSUM installations and held an 8.56% share of cumulative installations under the programme. GK Energy is recognised as the largest pure-play EPC provider for solar-powered pump systems in Maharashtra under the PM-KUSUM scheme by number of installations. Its order book stood at Rs. 714 crore as of March 2025 and had grown to Rs. 1,029 crore as of August 2025, underpinning near-term revenue visibility. The business derives its competitiveness from its integrated single-source offering, which allows clients including state nodal agencies to engage one contractor for the entire project rather than managing multiple vendors, while its outsourced supply model keeps capital requirements low.
GK Energy raised Rs. 139.27 crore from anchor investors on September 18, 2025, allotting 91,03,136 shares at Rs. 153 per share to approximately 12 investors. Notable participants included Pinebridge Global Funds, 360 ONE Mutual Fund, HSBC Mutual Fund, 3P India Equity Fund, Motilal Oswal AMC, Bandhan Mutual Fund, Edelweiss, Nuvama, Citigroup Global Markets Mauritius and Societe Generale.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 1:50 PM
Market leadership in PM-KUSUM solar pumps
GK Energy is the largest pure-play EPC provider for solar agricultural pump systems in Maharashtra under the PM-KUSUM scheme by number of installations, giving it a strong reference track record and procurement scale advantages.
Robust order book with policy-backed visibility
An order book of Rs. 1,029 crore as of August 2025 and sustained government commitment to PM-KUSUM targets provide the company with high near-term revenue predictability.
Rapid and profitable revenue growth
Revenue grew from Rs. 70 crore in FY2022 to Rs. 1,099 crore in FY2025, with PAT rising from Rs. 1.56 crore to Rs. 133 crore over the same period, demonstrating strong operating leverage on an asset-light base.
Strong return ratios
The company delivered a return on equity of 63.71% and a return on capital employed of 55.65% in FY2025, driven by capital-efficient operations and higher-margin long-term maintenance income.
Integrated single-source EPC model
By covering the entire chain from survey and design through installation and maintenance, GK Energy reduces client coordination burden and strengthens customer retention, while outsourced component procurement keeps fixed asset requirements low.
Government scheme dependency
Nearly all revenue comes from PM-KUSUM programme orders. Any policy reversal, budget cut, or prolonged disbursement delay by state nodal agencies could materially reduce order inflows and revenues.
Working capital pressure from delayed receivables
EPC contracts require upfront capital for materials before project completion milestones are certified; payment cycles from government agencies can be extended, putting pressure on the company's liquidity.
Customer and geographic concentration
Revenue is generated through a small number of large contracts with a limited set of state nodal agencies, making results sensitive to delays or non-renewal of contracts in specific states.
GK Energy Limited
MUFG Intime India Private Limited
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Input cost and supply chain volatility
Solar modules and associated electrical components represent a large share of project cost. Fluctuations in global module prices and dependence on third-party suppliers can affect margins and project timelines.
Competitive and technology risk
The solar EPC market continues to attract new entrants and established infrastructure companies. Increased competition may compress pricing, while rapid changes in solar technology could require ongoing investment to maintain competitiveness.