GK Energy Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹153
Per ShareLot Size
98 Shares
Minimum Investment
₹14,994
Issue Size
₹464.26 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
GK Energy Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
93.29%
Promoter Holding (Post-Issue)
79.2%
Issue Type
Book Building
ISIN
INE1AG301022
About the Company
We are 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. Direct-to-beneficiary sales comprise (i) the EPC of GK Energy brand solar-powered pump systems to farmers who chose us as their vendor on portals of agencies appointed by state governments (known as state nodal agencies or state implementing agencies ("SNAs/SIAs")) wherein the orders are placed with us by SNAs/SIAs under the Government's Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan scheme ("PM-KUSUM Scheme") and similar state government schemes, and (ii) the EPC of GK Energy brand solar dual water pump systems (solar-powered pump systems that include water storage) to local government bodies. Sales to others comprise the EPC of solar-powered pump systems under orders placed by customers directly with the Company.
Industry Overview
We primarily operate in the EPC of solar-powered agricultural water pump systems in India. India's 118 million farmers are heavily dependent on groundwater extraction for irrigation. As of 2022, eight million out of approximately 30 million agriculture pumps in India were diesel based and 22 million pumps relied on grid electricity. Solar-powered pump systems present a transformative solution, offering an environmentally sustainable, cost-effective and reliable alternative to traditional irrigation methods. The PM-KUSUM Scheme, launched in 2019 with an outlay of ?344 billion, aims to install 1.4 million standalone solar-powered pump systems by March 31, 2026 to aid farmers and to reduce carbon dioxide emissions. The market size of the domestic solar-powered pump systems increased at a compound annual growth rate ("CAGR") of 15% from Rs.19.3 billion in Fiscal 2019 to approximately Rs.39 billion in Fiscal 2024 and is forecast to reach Rs.300-320 billion by Fiscal 2029, witnessing a significant CAGR of 52% between Fiscals 2024 and 2029. Close to 84% of the additions are expected to be under the PM-KUSUM Scheme components B and C. Component B covers and provides for the installation of stand-alone solar-powered agriculture pump systems of capacity up to 7.5 HP for replacement of existing diesel agriculture pumps / irrigation systems in off-grid areas, where grid supply is not available. Component C covers and provides for the solarisation of existing grid connected agriculture pumps of capacity up to 7.5 HP. The balance additions are expected to be driven by state government schemes.
Company History
Our Company was originally incorporated as "GK Energy Marketers Private Limited", a private limited company under the provisions of the Companies Act, 1956 at Pune, Maharashtra, pursuant to a certificate of incorporation dated October 14, 2008, issued by the RoC. Thereafter, pursuant to a resolution passed by our Board on March 11, 2024, and by our Shareholders on June 3, 2024, the name of Company was changed from "GK Energy Marketers Private Limited" to "GK Energy Private Limited" to align the name of our Company with our business activities and the certificate of incorporation pursuant to the change of name of our Company was issued by the registrar of companies, Central Processing Centre on July 20, 2024. Our Company was subsequently converted from a private company to a public company, pursuant to a resolution passed by our Board on October 9, 2024, and by our Shareholders on October 19, 2024, consequent to which its name was changed to "GK Energy Limited" and a fresh certificate of incorporation consequent upon conversion to public company was issued by the RoC on December 2, 2024.
Products & Services
- The Company 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.
Growth Strategy
- Replicate our success in Maharashtra in the high-potential states of Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh.
- Diversify sources of revenue by installing rooftop solar systems.
- Backward integrate by manufacturing our own solar panels.
- Development of a dedicated vendor ecosystem for various components of solar-powered pump and rooftop systems through organic and inorganic means.
- Exploring other solar market opportunities.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 30,343,791 equity shares of face value of Re. 2 each ("Equity Shares") of GK Energy Limited (The "Company" or The "issuer") for cash at a price of Rs. 153 per equity share (Including a Share Premium of Rs. 151 per Equity Share) ("Offer Price") aggregating up to Rs. 464.26 crores (The "Offer") comprising a fresh issue of up to 26,143,791 equity shares of face value of Re. 2 each aggregating up to Rs. 400.00 crores by the company (The "Fresh Issue") and an offer for sale of up to 4,200,000 equity shares of face value of Re. 2 each aggregating up to Rs. 64.26 crores by the promoter selling shareholders (The "Offer for Sale"). the offer shall constitute [*]% of the post-offer paid-up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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 at July 31, 2025.
- Robust Order Book and a growing addressable market for solar-powered pump systems.
- Decentralised infrastructure and localised workforce enable us 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.
- We derived Rs.10,873.63 million, Rs.3,743.68 million and Rs.2,580.93 million, equivalent to 99.32%, 91.07% and 90.55% of our revenue from operations for Fiscals 2025, 2024 and 2023, respectively, from the engineering, procurement and commissioning ("EPC") of solar-powered agricultural water pump systems. Any decrease in demand for the EPC of solar-powered agricultural water pump systems could have a material adverse effect on our business, financial condition, results of operations and cash flows.
- Any failure to recover trade receivables could materially and adversely affect our business, financial condition, results of operations and cash flows.
- We had net cash used in operating activities in Fiscals 2025, 2024 and 2023. We expect to experience net cash used in operating activities in the future and we will continue to require working capital financing, which if unavailable could adversely affect our ability to operate our business and implement our growth plans.
- Failure to obtain adequate financing or generate sufficient cash flow to meet our working capital requirements and other liquidity requirements could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, increasing our borrowings increases our finance costs, thereby adversely affecting our results of operations and cash flows.
- As we are currently a pure play EPC company, we may find it harder to compete with players that currently manufacture solar panels. Failure to compete effectively in the highly competitive solar-powered pump EPC industry could have an adverse effect on our business, results of operations, financial condition and cash flows.