India’s IPO market in 2025 continues to attract strong investor interest across niche sectors, including renewable energy and infrastructure. Among these, GK Energy Limited stands out as a specialised player providing engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems under the PM-KUSUM Scheme. GK Energy IPO is scheduled to open on September 19, 2025, offering investors a chance to participate in its growth story.
About GK Energy Ltd.
Incorporated in 2008, GK Energy Limited offers farmers an end-to-end solution for solar-powered pump systems, including survey, design, supply, assembly, installation, testing, commissioning, and maintenance. The company follows an asset-light business model, sourcing panels, pumps, and components from specialised vendors.
As of August 30, 2025, GK Energy operates 12 warehouses across 3 states, with a workforce comprising 90 employees and 709 workmen as of March 31, 2025. This setup allows efficient operations across five states, supporting wide geographic coverage for the installation of solar-powered agricultural pump systems.
Competitive Strengths:
- Asset-light, scalable business model
- End-to-end EPC services under the PM-KUSUM scheme
- Efficient distribution network with localised warehouses
- Experienced management and skilled workforce
- Strong growth potential in the renewable energy and agricultural sector
GK Energy IPO Details
The GK Energy IPO is a book-building issue of ₹464.26 crore, comprising a fresh issue of 2.61 crore shares (₹400 crore) and an offer for sale of 0.42 crore shares (₹64.26 crore).
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 19, 2025 |
| IPO Close Date | Sep 23, 2025 |
| Tentative Allotment | Sep 24, 2025 |
| Initiation of Refunds | Sep 25, 2025 |
| Credit of Shares to Demat | Sep 25, 2025 |
| Tentative Listing Date | Sep 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 23, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹2 per share |
| Issue Price Band | ₹145 – ₹153 per share |
| Lot Size | 98 shares |
| Total Issue Size | 3,03,43,790 shares (₹464.26 Cr) |
| Fresh Issue | 2,61,43,790 shares (₹400 Cr) |
| Offer for Sale | 42,00,000 shares (₹64.26 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 17,66,73,476 shares |
| Shareholding Post-Issue | 20,28,17,266 shares |
Investor Category Reservation:
- QIB: Not more than 50% of net offer
- Retail: Not less than 35% of net offer
- NII: Not less than 15% of net offer
Lot Size & Investment:
| 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 |
Promoter Holding:
Promoters: Gopal Rajaram Kabra and Mehul Ajit Shah
- Pre-IPO: 93.29%
- Post-IPO: 78.64%
Book Running Lead Manager: IIFL Capital Services Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
GK Energy Ltd.: Financials
Financial Information (Restated Consolidated, ₹ Crore):
| Period Ended | 31 Mar 2025 |
| Assets | 583.62 |
| Total Income | 1,099.18 |
| Profit After Tax | 133.21 |
| EBITDA | 199.69 |
| Net Worth | 209.09 |
| Reserves & Surplus | 175.07 |
| Total Borrowing | 217.79 |
Key Performance Indicators (FY2025):
- Market Cap: ₹3,103.10 Cr
- ROE: 63.71%
- ROCE: 55.65%
- Debt/Equity: 0.74
- RoNW: 63.71%
- PAT Margin: 12.12%
- EBITDA Margin: 18.24%
- Price to Book Value: 12.39
- EPS Pre-IPO: ₹7.54 | Post-IPO: ₹6.57
- P/E Pre-IPO: 20.29x | Post-IPO: 23.3x
Standalone FY2024 Financials (₹ Crore):
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 214.08 | 142.82 |
| Total Income | 412.31 | 285.45 |
| Profit After Tax | 36.09 | 10.08 |
| EBITDA | 53.83 | 17.18 |
| Net Worth | 55.96 | 19.87 |
| Reserves & Surplus | 54.66 | 18.57 |
| Total Borrowing | 62.29 | 42.61 |
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Objects of the Issue
| S.No | Object | Expected Amount (₹ Cr) |
| 1 | Funding long-term working capital requirements | 322.46 |
| 2 | General corporate purposes | Balance |
Industry Outlook
The renewable energy sector in India, particularly solar-powered agricultural solutions, is experiencing rapid growth due to:
- Government initiatives like the PM-KUSUM Scheme
- Rising adoption of solar pumps by farmers to reduce dependency on grid electricity
- Expansion in EPC and installation services for decentralized solar systems
- Increased focus on sustainability and renewable energy adoption in agriculture
GK Energy Ltd., with its asset-light EPC model and established regional presence, is well-positioned to benefit from these trends.
Conclusion
GK Energy IPO offers investors an opportunity to invest in a fast-growing solar EPC services company with a strong financial track record. With an expanding footprint across multiple states, experienced promoters, and a scalable business model, the company presents potential for long-term growth. Investors, however, should consider sector-specific risks, such as policy changes, solar component price fluctuations, and regional operational challenges.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
