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India’s irrigation landscape remains heavily reliant on agriculture pumps, with 30 million units deployed as of 2022, of which 8 million are diesel-based and 22 million are powered by the grid. This dependence creates significant cost and sustainability challenges, positioning solar-powered pump systems as a transformative alternative.
| Detail | Information |
|---|---|
| IPO Open Date | Sep 19, 2025 |
| IPO Close Date | Sep 23, 2025 |
| Price Band | ₹145– ₹153 per share |
| Lot Size | 98 shares |
| Issue Size | ₹4,642 million |
| Listing At | BSE, NSE |
| Tentative Listing Date | To be announced |
Backed by strong policy support through the PM-KUSUM Scheme (₹344 billion outlay; target of 1.4 million standalone solar pumps by FY26) and complementary state-level programs, the domestic solar pump market has expanded at a 15% CAGR from ₹19.3 billion in FY19 to ₹39 billion in FY24, and is projected to grow sharply to ₹300-320 billion by FY29 at a 52% CAGR. With nearly 84% of installations expected to come under PM-KUSUM Components B and C, which target both replacement of diesel pumps in off-grid areas and solarisation of existing grid-connected pumps, the sector is set to witness large-scale adoption, creating a long-term structural growth opportunity.
GK Energy is a pure-play engineering, procurement and commissioning (EPC) provider of solar-powered agricultural water pump systems, catering to India’s growing need for sustainable irrigation solutions. The Company operates through two business models: direct-to-beneficiary sales and sales to others. Under direct-to-beneficiary sales, GK Energy executes EPC contracts for its branded solar pump systems selected by farmers via state nodal/implementing agencies under the PM-KUSUM Scheme and similar state programs, as well as solar dual pump systems with water storage for local government bodies. Sales to others include EPC projects executed directly for customers outside the subsidy framework. This focused business model positions GK Energy as a key player in enabling clean energy adoption in India’s agriculture sector.
GK Energy has delivered strong financial growth between FY23 and FY25, with revenue from operations rising from ₹2,850.26 million in FY23 to ₹10,948.27 million in FY25. EBITDA expanded sharply from ₹171.79 million to ₹1,996.86 million during the same period, with margins improving from 6.03% to 18.24%, reflecting operating efficiencies and scale benefits. Profit after tax increased more than thirteenfold to ₹1,332.09 million in FY25 from ₹100.80 million in FY23, while PAT margin strengthened from 3.53% to 12.12%. Return ratios improved significantly, with ROE rising from 50.73% to 63.71% and ROCE from 29.36% to 55.65%. The company also strengthened its balance sheet, with net debt-to-equity reducing from 1.93x in FY23 to 0.74x in FY25. These improvements underline a robust financial trajectory and position GK Energy strongly for future growth.
Objects of the Issue:
- Funding Working Capital requirements – INR 3224.58 million
- General corporate purposes
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