GK Energy, established in 2008 and headquartered in Pune, Maharashtra, is a leading Indian renewable energy company specializing in engineering, procurement, and construction (EPC) services for solar-powered agricultural water pump systems. The company plays a pivotal role in India’s sustainable agriculture initiatives, particularly under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme. With an asset-light business model, GK Energy sources components from third-party suppliers and focuses on efficient installation and maintenance services. As of September 30, 2024, the company had completed 42,778 installations under PM-KUSUM, holding an 8.56% market share. GK Energy is preparing for an IPO to fund its expansion and working capital needs.
IPO schedule
Issue open date
2025-09-19
Issue close date
2025-09-23
UPI mandate deadline
2025-09-23 (5 PM)
Allotment finalization
2025-09-24
Refund initiation
2025-09-25
Share credit
2025-09-25
Listing date
2025-09-26
Mandate end date
2025-10-08
Lock-in end date for anchor investors (50%)
2025-10-24
Lock-in end date for anchor investors (remaining)
2025-12-24
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Total Assets
142.822
214.078
583.62
Revenue
285.452
412.312
1099.18
Profit After Tax
10.080
36.090
133.21
Issue size
Funds Raised in the IPO
Amount
Overall
₹ 464.26 crores
Fresh Issue
₹ 400 crores
Offer for sale
₹ 64.26 crores
Utilisation of proceeds
Purpose
INR crores (%)
Working capital requirements
322.46 (80.61%)
General corporate purposes
77.54 (19.38%)
Strengths
Leading EPC provider for solar-powered agricultural pumps in India.
Significant market share under the PM-KUSUM scheme with 42,778 installations.
Asset-light business model enabling scalability and cost efficiency.
Robust financial growth with revenue reaching ₹1,094.83 crore in FY25.
Strong order book of ₹714.28 crore as of March 31, 2025, indicating future revenue visibility
Risks
High dependence on government schemes like PM-KUSUM for revenue.
Exposure to policy changes and regulatory risks in the renewable energy sector.
Rising operational costs are impacting profitability, as seen in increased expenses in FY25.
Reliance on third-party suppliers for key components may affect supply chain stability.
Competition from established players in the solar energy sector could impact market share.