GK Energy IPO - Listing Performance & Details

GK Energy Limited was incorporated in 2008 and is headquartered in Pune, Maharashtra. It works in the renewable energy sector as an engineering, procurement and commissioning (EPC) provider of solar-powered agricultural water pump systems.

The company offers farmers an end-to-end solution for the survey, design, supply, assembly, installation, testing, commissioning and maintenance of solar-powered pump systems under Component B of the Central Government's PM-KUSUM scheme, operating on an asset-light model that sources components from third-party vendors under the "GK Energy" brand. It also undertakes water storage and distribution projects under the Jal Jeevan Mission, rooftop solar installations, and the sale of third-party photovoltaic cells and modules. As of March 2025, it operated across Maharashtra, Haryana, Uttar Pradesh, Rajasthan and Madhya Pradesh through 12 warehouses in three states, with 90 employees and 709 engaged workmen, and it was India's largest pure-play EPC provider in this segment. Revenue is heavily concentrated in EPC of solar-powered pump systems, at about 99% of FY25 revenue. The promoters are Gopal Rajaram Kabra (Chairman, Managing Director and CEO) and Mehul Ajit Shah (Whole-time Director and COO).

Revenue rose from Rs 285 crore in FY23 to Rs 1,094.83 crore in FY25, with profit after tax rising from Rs 10 crore in FY23 to about Rs 133 crore in FY25, as per the RHP. The IPO was a mainboard book-built issue of about Rs 464.26 crore on the NSE and BSE, comprising a fresh issue of Rs 400 crore and an offer for sale of Rs 64.26 crore by the promoters, priced at Rs 145-153 per share, and it listed in late September 2025. Net proceeds from the fresh issue were earmarked mainly for funding working capital requirements (about Rs 322.46 crore), with the balance for general corporate purposes.