GK Energy IPO

About GK Energy IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 2,61,43,790 shares (aggregating up to ₹400.00 crore). The offer for sale portion includes 42,00,000 shares of ₹2 (aggregating up to ₹64.26 crore). The total number of shares is 3,03,43,790 and the aggregate amount is ₹464.26 crore.

The IPO opens on Sept 19, 2025 and closes on Sept 19, 2025. The tentative listing date is Sept 26, 2025. The credit of shares to the demat account is Sept 25, 2025. The initiation of refunds will take place on Sept 25, 2025. The allotment date is Sep 24, 2025.

GK Energy Limited is primarily a pure play engineering, procurement and commissioning (“EPC”) provider of solar-powered agricultural water pump systems, which comprises direct-to-beneficiary sales and sales to others. The 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. They have 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.

Objectives of GK Energy IPO

The Net Proceeds of the Fresh Issue are proposed to be utilised in the following manner:

• Funding the working capital requirements of the Company.
  
• General corporate purposes.
  

Industry Outlook

The solar-powered pump systems market has witnessed significant growth globally over the past five years from the beginning of CY2018 to CY2023. These pumps are increasingly seen as a sustainable and economically viable alternative to traditional diesel-powered irrigation systems, especially in rural areas with limited access to electricity. To respond to growing concerns over climate change, energy access, and rising fuel prices, governments and international organisations are providing incentives to encourage the adoption of solar-powered pump systems. The agricultural solar-powered pump systems installed capacity has grown nearly 2 times between 2018 and 2023. The total additions from the beginning of CY2019 till the end of CY2023 touched 603 MW with India accounting for 95% of the additions.

Company Information

GK Energy Limited 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) under Component B of the Central Government’s Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan scheme (the “PM-KUSUM Scheme”) as measured by the number of solar-powered pump systems installed under the PM-KUSUM Scheme in the period from 1 January 2022 to 31 July 2025 (source: CRISIL Report). They offer 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. They have 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 of 31 July 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 (source: CRISIL Report). In addition, they are also empanelled under various state government schemes such as Maharashtra’s Magel Tyala Saur Krushi Pump Yojana, Madhya Pradesh’s Pradhan Mantri Krishak Mitra Surya Yojana and Chhattisgarh’s Saur Sujala Yojana.

They also offer 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, they sell photovoltaic (“PV”) cells and solar modules manufactured by third parties and other miscellaneous products (“Trading Activities”).

Strengths of GK Energy IPO

• 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 of 31 July 2025, with a presence in Haryana, Rajasthan, Uttar Pradesh, Chhattisgarh and Madhya Pradesh.
  
• Robust order book and a growing addressable market for solar-powered pump systems.
  
• Decentralised infrastructure and localised workforce enable them to operate across broad geographic areas in five states.
  
• Comprehensive support, from installation to after-sales service, thus ensuring a seamless experience for the farmer and increased customer satisfaction.
  
• Track record of profitable financial performance and rapidly increasing growth.
  
• Experienced senior management with in-depth sector expertise.
  
• Well-positioned to seize opportunities in the rooftop solar market.
  

Risks of GK Energy IPO

• Any decrease in demand for the EPC of solar-powered agricultural water pump systems.
  
• Any failure to recover trade receivables.
  
• Failure to compete effectively in the highly competitive solar-powered pump EPC industry.
  
• Negative cash flows in the future can impact the business
  
• Any sustained downturn in the economy in the states of Maharashtra, Chhattisgarh, Haryana, Uttar Pradesh, Rajasthan, and Madhya Pradesh.
  
• Any adverse changes in the conditions affecting the agricultural sector.
  
• Inability to obtain the services of third-party installation and commissioning service providers at reasonable rates.
  
• The growth of the EPC of solar-powered pump systems in India may face challenges including adverse changes in government regulations and policies, and volatility in the prices of raw materials.
  
• The growth of India’s solar rooftop sector may face continued challenges, such as ineffective state policies, poor consumer creditworthiness, enforcement issues, and difficulties in integrating rooftop energy into electrical grids.
  
• Failure to obtain and maintain all required licences, approvals, registrations, consents and permits.
  
• Injury to people and property caused by their operations.
  

** Financial information of the Company has been derived from Restated Financial Information as at or for the financial year ended March 31, 2025 # To be included in respect of the Company in Prospectus based on the Offer Price.

Notes:
i. All the financial information for listed industry peer mentioned above is on a consolidated basis and is sourced from the annual report as available of the respective company for the relevant year ended March 31, 2025.

ii. P/E Ratio has been computed based on the closing market price of equity shares on BSE on September 8, 2025, divided by the Diluted EPS.

iii. Return on Net Worth (%) = Profit for the year attributable to the owners of the parent company divided by Net Worth as at the end of the year. Net worth has been defined as the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and 113 amalgamation as on March 31, 2024; 2023 and 2022, in accordance with Regulation 2(1)(hh) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended.

iv. Net asset value per share = Net worth (excluding non-controlling interest) divided by weighted average number of equity shares outstanding for the year adjusted for the issue of split and bonus shares, in accordance with principles of Ind AS 33. Weighted average number of equity shares is the number of equity shares outstanding at the beginning of the year adjusted by the number of equity shares issued during the year multiplied by the time weighting factor. The time weighting factor is the number of days for which the specific shares are outstanding as a proportion of total number of days during the year.

v. EPS (Basic) are calculated by dividing the profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year, adjusted for the issue of split and bonus shares, in accordance with the principles of Ind AS 33. Weighted average number of Equity Shares is the number of equity shares outstanding at the beginning of the year adjusted by the number of equity shares issued during the year multiplied by the time weighting factor. The time weighting factor is the number of days for which the specific shares are outstanding as a proportion of total number of days during the year.

vi. EPS (Diluted) are calculated by dividing the profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares outstanding during the year and adjusted for the issue of split and bonus shares, in accordance with the principles of Ind AS 33. Weighted average number of equity shares is the number of equity shares outstanding at the beginning of the year adjusted by the number of equity shares issued during the year multiplied by the time weighting factor. The time weighting factor is the number of days for which the specific shares are outstanding as a proportion of total number of days during the year.

Anchor Investor Bidding Date: 18 September 2025

*The Company may, in consultation with the BRLMs, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations.

Registrar: MUFG Intime India Private Limited
Book Running Lead Managers: IIFL Capital Services Limited

Business Model

GK Energy Limited primarily provides EPC services for solar-powered pump systems through direct-to-beneficiary sales and sales to other customers. Direct-to-beneficiary sales include (i) EPC of GK Energy brand solar-powered pump systems for farmers who select the company as a vendor on state government-appointed agency portals under the PM-KUSUM Scheme and similar state programs, and (ii) EPC of GK Energy brand solar dual water pump systems for local government bodies. Sales to others involve EPC of solar-powered pump systems under direct customer orders.

Company Growth Trajectory

The company’s revenue from operations increased by 44.23% to ₹411.09 crore for fiscal 2024 from ₹285.03 crore for fiscal 2023 primarily due to a 45.05% increase in their revenue from the EPC for solar-powered pump systems to ₹374.37 crore for fiscal 2024 from ₹258.09 crore for fiscal 2023. This increase was due to:

(i) a 20.53% increase in their revenue from direct-to-beneficiary sales to ₹305.82 crore for fiscal 2024 from ₹253.72 crore for fiscal 2023, which increase was primarily due to an 11.75% increase in the number of solar-powered pump systems installed for direct-to-beneficiary sales to 12,038 in fiscal 2024 from 10,772 in fiscal 2023.

(ii) a 1,468.56% increase in their revenue from the sales to others to ₹68.55 crore for fiscal 2024 from ₹4.37 crore for fiscal 2023, which increase was primarily due to the installation of 4,255 solar-powered pump systems in fiscal 2024, whereas no such systems were installed in fiscal 2023, as the focus in fiscal 2023 was on completing 15 water storage and distribution projects.

Their profit for the year increased by 258.04% to ₹36.09 crore for fiscal 2024 from ₹10.08 crore for fiscal 2023.

They believe they 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. They have significant experience implementing rooftop solar projects, and the EPC for solar-powered pump systems and that of rooftop solar systems are very similar.

Market Position

GK Energy Limited 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 of 31 July 2025 (source: CRISIL Report).

As of 15 August 2025, they had an order book of ₹1,028.96 crore consisting of an SPPS order book of ₹1,008.88 crore and orders for rooftop solar systems of ₹20.08 crore.

As of 31 March, 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹1099.176 crores, ₹133.209 crores, and ₹199.686 crores, respectively.

How to check the allotment status of GK Energy IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for GK Energy Limited IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'GK Energy Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your GK Energy Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check GK Energy Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your GK Energy Limited IPO bid and allotment details will be displayed.

How to Apply for GK Energy Ltd?

Here are the steps to apply for Energy Ltd IPO:

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.