GK Energy IPO

₹14,210/98 shares

Minimum Investment

IPO Details

Open Date

19 Sep 25

Close Date

23 Sep 25

Minimum Investment

₹14,210

Lot Size

Price Range

₹145 to ₹153

Listing Exchange

NSE, BSE

Issue Size

₹464.26 Cr

Listing Date

26 Sep 25

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GK Energy IPO Timeline

Bidding Start

19 Sep 25

Bidding Ends

23 Sep 25

Allotment Finalisation

24 Sep 25

Refund Initiation

25 Sep 25

Demat Transfer

25 Sep 25

Listing

26 Sep 25

GK Energy Limited

Incorporated in 2008, GK Energy Limited offers engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems under the Central Government’s PM-KUSUM Scheme. Between January 2022 and July 2025, it installed numerous solar-powered pumps. The company provides farmers with comprehensive solutions, covering survey, design, supply, installation, testing, commissioning, and maintenance. Operating an asset-light model, GK Energy sources components from specialised vendors under its brand. As of August 2025, it has 12 warehouses across three states and a workforce of 90 employees and 709 workmen, enabling efficient operations in five states.

GK Energy Limited IPO Overview

GK Energy Limited is launching a book building IPO worth ₹464.26 crores, comprising a fresh issue of 2.61 crore shares aggregating ₹400.00 crores and an offer for sale of 0.42 crore shares totaling ₹64.26 crores. The IPO opens for subscription on 19 September 2025 and closes on 23 September 2025, with allotment expected on 24 September 2025 and tentative listing on BSE and NSE on 26 September 2025. The price band is ₹145 to ₹153 per share, with a lot size of 98 shares. Retail investors require a minimum investment of ₹14,994, while sNII and bNII applications require ₹2,09,916 and ₹10,04,598 respectively. IIFL Capital Services Ltd. is the lead manager, and MUFG Intime India Pvt. Ltd. is the registrar.

GK Energy Limited IPO Details

Particulars	Details
IPO Date	19 Sept 2025 to 23 Sept 2025
Listing Date	26 Sept 2025
Face Value	₹2 per share
Issue Price Band	₹145 to ₹153 per share
Lot Size	98 Shares
Total Issue Size	3,03,43,790 shares (aggregating up to ₹464.26 Cr)
Fresh Issue	2,61,43,790 shares (aggregating up to ₹400.00 Cr)
Offer for Sale	42,00,000 shares (aggregating up to ₹64.26 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE
Share Holding Pre Issue	17,66,73,476 shares
Share Holding Post Issue	20,28,17,266 shares

GK Energy Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII (HNI)	Not less than 15% of the Net Offer

GK Energy Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	98	₹14,994
Retail (Max)	13	1,274	₹1,94,922
S-HNI (Min)	14	1,372	₹2,09,916
S-HNI (Max)	66	6,468	₹9,89,604
B-HNI (Min)	67	6,566	₹10,04,598

GK Energy Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	93.29%
Post-Issue	78.64%

GK Energy Limited IPO Valuation Overview

KPI	Value
EPS (Pre IPO)	₹7.54
EPS (Post IPO)	₹6.57
P/E Ratio	20.29x (Pre), 23.3x (Post)
RoNW	63.71%
ROCE	55.65%
PAT Margin	12.12%
EBITDA Margin	18.24%
Debt to Equity	0.74
NAV	₹12.35 per share

Objectives of the Proceeds

Funding long-term working capital requirements of ₹322.46 crores.

Strengthening overall financial position through general corporate purposes.

Key Financials (₹ Crores)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	583.62	214.08	142.82
Revenue	1,099.18	412.31	285.45
Profit After Tax	133.21	36.09	10.08
Reserves & Surplus	175.07	54.66	18.57
Total Borrowings	217.79	62.29	42.61

SWOT Analysis of GK Energy IPO

Strength and Opportunities

Strong presence in government-backed solar pump installations
Asset-light model reduces operational and financial risks
Diversified presence across multiple states with warehouses
High return ratios reflecting financial efficiency

Risks and Threats

High reliance on government policies and subsidy schemes
Intense competition from established pump and solar equipment players
Seasonal demand fluctuations in agriculture sector may impact growth
Rising raw material costs may reduce margins

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All About GK Energy Limited IPO

GK Energy occupies a unique position in India’s renewable energy sector, being the largest EPC provider for solar-powered agricultural water pump systems, crucial to the Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) scheme. This initiative promotes solar adoption among farmers to reduce reliance on conventional energy sources.

Distinguished by its asset-light model, GK Energy sources solar panels and components from third-party suppliers but plans to shift towards in-house production, aiming to improve margins and efficiency.

With over 42,778 solar-powered pump systems installed under PM-KUSUM by 30 September 2024, the company holds around 8.56% of completed orders. Its confirmed project pipeline as of 1 October 2024 stands at INR 759.18 crore, demonstrating its strong foothold in a competitive market.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (₹)	P/E (x)	RoNW (%)	P/BV Ratio
GK Energy Limited	7.86	7.86	12.35	–	63.71	–
Shakti Pumps (India) Ltd.	33.97	33.97	96.59	24.11	35.20	8.53
Oswal Pumps Limited	28.21	28.18	44.56	29.00	93.00	18.57

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