GK Energy IPO Opens Tomorrow: Key Details, Financials, Strengths and Risks

New Delhi, Sep 18, 2025 – Pune’s GK Energy Limited, a green energy solutions company, will open its ₹464 crore Initial Public Offering (IPO) on September 19, 2025, and closes on September 23, 2025. The price is between ₹145–₹153 per share, and the minimum lot is 98 shares (₹14,994). Listing is on September 26, 2025.

GK Energy Limited IPO deals in engineering, procurement, and construction (EPC) services of solar-powered agricultural water pumping systems. It has a prominent role in the PM-KUSUM scheme and other state renewable programs. As of September 2024, the company installed 42,778 units with an 8.56% market share in the segment.

GK Energy Limited has its headquarters in Pune, Maharashtra, and is engaged in the business of renewable energy in the area of solar-powered farming pump sets on an EPC contract basis. The company’s equity shares are to be listed on NSE and BSE.

IPO Timeline

GK Energy Limited’s initial public offering (IPO) will begin on September 19, 2025, and end on September 23, 2025. Investors have to confirm their UPI mandates by 5 PM on the final day.

The allotment basis will be completed on September 24, and the refund and credit of shares to demat accounts will be on September 25, 2025. The shares of the company will be listed on the stock exchanges on September 26, 2025. For anchor investors, 50% of the lock-in would mature on October 24, 2025, and the balance on December 24, 2025.

Key Financials

• Strong Growth in Revenue: The revenue of the company has increased strongly over the past three years, from ₹2.85 billion in FY23 to ₹10.95 billion in FY25.
• Increasing Profits: Profit after tax (PAT) has increased from mere ₹100 million in FY23 to ₹1.33 billion in FY25, demonstrating positive earnings momentum.
• Improved Margins: Profitability has continuously enhanced, with EBITDA margins going up from 6% in FY23 to 18.2% in FY25 and PAT margins from 3.5% to 12.1%.
• Strong Returns: The firm has produced high returns to shareholders, with ROE being over 60% in FY24 and FY25, and with ROCE improving to 55.6% in FY25.
• Debt Position: The borrowings rose to ₹2.18 billion in FY25 with the expansion of the business, but the net debt-to-equity ratio was better at 0.74, reflecting a healthier balance sheet.

Strengths

• Market Leader in Maharashtra EPC: Has ~15% market share under PM-KUSUM, with presence in Rajasthan, Haryana, Uttar Pradesh, Chhattisgarh, and Madhya Pradesh.
• Government-sponsored Growth: Major recipient of Central and State programs encouraging solar irrigation.
• Robust Financial Growth: Strong CAGR on revenues with increasing margins and enhanced debt structure.
• Seasoned Leadership: Founder-management team with over 15 years of sector experience.

Risks

• Strong EPC Pump Segment Dependence: More than 99% of FY25 revenue was from solar water pump EPC projects; concentration is susceptible to demand or policy changes.
• Policy Dependency: Closely dependent on PM-KUSUM and state government schemes, any deferment or budget reduction can affect growth.
• Receivables Pressure: Stretched receivable cycle (120 days in FY25) may put pressure on cash flows.
• Competitive Landscape: Strong competition from players such as Shakti Pumps and Oswal.

GK Energy IPO is timed as India is giving its renewable energy and sustainable farming sectors a big policy push. The leadership in solar pump EPC, increasing profitability, and plan to expand across the country make it a leading player in the green energy shift.

REF: https://nsearchives.nseindia.com/content/ipo/RHP_GKENERGY.zip

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