GK Energy Ltd(GKENERGY)

NSE: GKENERGYBSE: 544525

₹ 102.95+1.43%refreshed 27 Oct, 11:11 am ISTMarket cap: ₹ 2,088 crWebsite: www.gkenergy.inUpdated: 27 Oct 2026

About

GK Energy Ltd is an EPC company specialising in solar-powered agricultural pump systems and rooftop solar installations, operating primarily under India's PM-KUSUM scheme and Maharashtra's Magel Tyala programme. It is empanelled across five major agricultural states - Maharashtra, Rajasthan, Haryana, Uttar Pradesh, and Madhya Pradesh - which together account for over 88.16% of India's total solar pump installations under PM-KUSUM.^[1][2][3]

Business segments

EPC Business and Supply of Systems: 87.9% of FY26 consolidated revenue (₹1,515.59 cr), covering solar pump and rooftop solar EPC; EBIT margin 22.6%.^[4]
Trading of Solar Cells (DCR) and Others: 11.6% of FY26 consolidated revenue (₹199.69 cr), a supply-chain initiative supplying DCR cells to module manufacturers; EBIT margin 3.1%.^[4]

Key operating numbers

24,118 systems installed in Q1 FY27, up 122.76% YoY from 10,827 in Q1 FY26; 109 MW of renewable capacity commissioned in the quarter.^[5]
61,085 solar systems installed in FY26, up 33.80% from 45,655 in FY25; 276 MW commissioned in the year vs 184 MW in FY25.^[6]
Cumulative installed base crossed 1,64,500 systems and 726 MW as of Q1 FY27.^[5]
Order book stood at ₹541 cr as of June 2026 (including post-June receipts); revenue mix in Q1 FY27 was 95% solar pump / 5% rooftop, while order book mix was 80% pump / 20% rooftop.^[5]
Net working capital days improved to 112 days (standalone) by FY26 year-end, down from a peak of 183 days at end of H1 FY26; debtor days stood at 140 days in FY26.^[6]

Operations and geographic reach

Empanelled in Maharashtra, Rajasthan, Haryana, Uttar Pradesh, and Madhya Pradesh - states contributing over 88.16% of India's total solar pump installations under PM-KUSUM.^[2]
In H1 FY26, approximately 85 - 90% of revenue was from Maharashtra; the company has since expanded into MP, UP, Rajasthan, and Haryana.^[3]
Monthly installation run-rate reached ~15,000 systems/month by Q4 FY26.^[6]

Products and services

Core product: solar-powered agricultural pump systems (subsurface and surface) installed under PM-KUSUM Component-B and Maharashtra's Magel Tyala Saur Krushi Pump Yojana.^[3][6]
Rooftop solar EPC: started scaling under Maharashtra's Smart Scheme (targeting 1 lakh households with 1 kW systems) and PM Surya Ghar Yojana; more than 5 MW installed as of Q4 FY26.^[6]
DCR solar cell trading: procures cells from domestic manufacturers and supplies to ALLM-certified module makers; described as a temporary supply-chain measure to address DCR module shortages.^[3][2]

Customers and order pipeline

Magel Tyala Phase 4 order of ₹350 cr received post-April 2026; Phase 6 submitted and Phase 7 in pipeline as of Q1 FY27.^[6][5]
Order book at end of Q3 FY26 (31 Dec 2025) was ₹803.24 cr: ₹787.58 cr (33,067 pumps) in solar pump systems and ₹15.66 cr (3.55 MW) in rooftop.^[2]
875 MW of DCR solar cells contracted with a prominent supplier for FY27 EPC and rooftop execution.^[6]

Expansion and capex

1 GW solar module manufacturing facility under development at MIDC Solapur, Maharashtra; land acquired and construction started; targeted for captive EPC use, originally guided operational by September 2026.^[3]
Utility-scale MW EPC projects identified as a prospective third revenue segment; no confirmed orders as of Q4 FY26.^[6]
BESS (Battery Energy Storage Systems) EPC identified as a future vertical; management indicated entry likely beyond a two-year horizon.^[6][5]

Recent developments

IPO completed in September 2025, raising ₹4,742.71 Mn; proceeds used for working capital, reducing finance costs 41.59% YoY to ₹45.60 Mn in Q1 FY27.^[6][5]
Q4 FY26 revenue fell 9.05% QoQ to ₹4,185.72 Mn due to sudden rainfall in Maharashtra and raw material supply disruption in the last two to three weeks of March 2026 linked to geopolitical events.^[6]
Management expects PM-KUSUM 2.0 tenders to be released and work to begin by end of Q3 FY27 (December 2026); if delayed, rooftop business would be accelerated to cover the gap.^[5]

Market Cap

₹2,088 Cr

High / Low

₹239 / 88

Stock P/E

8.4

Price / Book

2.1

Book Value

₹44

EPS

₹10.1

No. of Shares

20.28 Cr

ROCE

28.8%

ROE

23.0%

OPM

18.3%

Debt / Equity

0.23

Sales

₹1,715 Cr

Net Profit

₹204 Cr

Promoter holding

79.2%

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GK Energy Ltd(GKENERGY)

About

Business segments

Key operating numbers

Operations and geographic reach

Products and services

Customers and order pipeline

Expansion and capex

Recent developments

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