GK Energy Limited (GKENERGY)
₹107.40 -1.25% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, GK Energy's revenue was ₹505 Cr (+55.4% year on year, +6.0% on the previous quarter), and net profit ₹59.6 Cr (+61.2% year on year); the operating margin was 16.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹505 | +55.4% | +6.0% |
| Operating profit | ₹82.7 | +45.0% | -1.6% |
| Net profit | ₹59.6 | +61.2% | +0.7% |
| EPS (₹) | 2.94 | +34.2% | +0.7% |
| Operating margin | 16.4% | — | — |
GKENERGY delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.97% of the GKENERGY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.83%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 60.4% · 40.7% · 50.2% · 36.8% · 35.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
GK Energy Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 08, 2026. The RTA noted that no requests for dematerialisation of shares were received from shareholders during the quarter. This filing represents standard quarterly regulatory compliance and contains no operational or financial updates.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 08, 2026
- Zero demat requests were received from shareholders during the reported quarter
GK Energy has received a Letter of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for setting up 150 MW / 300 MWh of Battery Energy Storage Systems (BESS). The contract is awarded at a tariff of ₹2,38,000 per MW per month, translating to an annual revenue of ₹42.84 crore (excluding GST) for 15 years, amounting to ~₹642.6 crore total over the contract life. This marks the company's strategic entry into energy storage beyond its core solar agri-pump EPC business. Relative to TTM revenue of ₹982 crore, the annual revenue adds ~4.4% recurring visibility once operational.
- Awarded 150 MW / 300 MWh BESS capacity under MSEDCL tariff-based global competitive bidding
- Tariff fixed at ₹2,38,000 per MW per month, yielding ₹42.84 crore revenue per year (excluding GST)
- Contract tenure spans 15 years from the date of commercial operations commencement
- Project includes Viability Gap Funding (VGF) support under utility auction
- Expands capability beyond decentralized solar agri-pumps (which reached 726 MW cumulative capacity by June 2026)
GK Energy Limited has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) to set up 150 MW / 300 MWh of Battery Energy Storage Systems (BESS) with Viability Gap Funding (VGF) support. The project carries a tariff of ₹2,38,000 per MW per month, translating to ₹42.84 crore in yearly revenue for 15 years, totaling approximately ₹642.6 crore. It requires commissioning within 18 months from the signing of the Battery Energy Storage Purchase Agreement (BESPA). The total 15-year contract value represents ~65.4% of GK Energy's TTM revenue of ₹982 crore.
- Awarded 150 MW / 300 MWh Battery Energy Storage System (BESS) project in Maharashtra with VGF support
- Tariff fixed at ₹2,38,000 per MW per month, generating annual revenue of ₹42.84 crore (excl. GST)
- Contract spans 15 years from commercial operations, implying ~₹642.6 crore total lifetime revenue
- Commissioning deadline is 18 months from the signing of the BESPA
GK Energy Limited has informed the exchanges that its management will participate in the Avendus Spark Small-Cap Investor Conference on Tuesday, September 8, 2026. The interactions will include one-on-one and group meetings held physically in Mumbai. The company clarified that discussions will strictly adhere to publicly available information and no unpublished price-sensitive information will be shared.
- Event: Avendus Spark Small-Cap Investor Conference scheduled for Tuesday, September 8, 2026
- Interaction format: One-on-one and group meetings
- Venue and Mode: Physical meetings in Mumbai
- Compliance: Only publicly available documents will be referred to during interactions
GK Energy Limited announced the consolidated scrutinizer's report for its 18th Annual General Meeting held on August 31, 2026. Shareholders approved all 8 agenda items with requisite majority, including the adoption of FY26 financial statements and a final dividend of Rs 0.50 (25%) per share of face value Rs 2. Other approved resolutions include remuneration for top management and higher borrowing and charge creation limits under Section 180 of the Companies Act. Total voter turnout was 85.21% across 57,240 shareholders on record.
- Approved final dividend of Rs 0.50 per share (25% on FV Rs 2) for FY26 with 99.9996% votes in favour.
- All 8 resolutions passed with requisite majority, with overall voter turnout at 85.21% (17.28 Cr votes polled out of 20.28 Cr shares).
- Shareholders approved increases in borrowing limits and creation of charges on assets under Section 180 with 99.71% support.
- Executive remuneration approvals for CMD & CEO Gopal Kabra (96.49% in favour) and WTD & COO Mehul Shah (99.99% in favour) were passed.
GK Energy Limited conducted its 18th Annual General Meeting on August 31, 2026, with 52 members attending via video conference. Key resolutions tabled included the adoption of FY26 financial statements, approval of a final dividend of ₹0.50 per share (25% on face value ₹2), and executive remuneration approvals. Shareholders also considered special resolutions to increase borrowing limits under Section 180(1)(c) and approve the creation of charges on assets under Section 180(1)(a). Consolidated voting results will be submitted separately following the Scrutinizer's report.
- 18th AGM conducted on August 31, 2026, attended by 52 shareholders via VC/OAVM
- Final dividend of ₹0.50 (25%) per equity share of face value ₹2 considered for approval
- Special resolutions tabled to increase borrowing limits and create mortgage/charges on company assets
- Remuneration approvals considered for CMD & CEO Gopal Kabra and WTD & COO Mehul Ajit Shah
GK Energy Limited has received a Letter of Empanelment (LOE) from a state government-owned power distribution utility for grid-connected rooftop solar installations across 1,00,000 households. The contract covers a combined capacity of 100 MW and carries an estimated value of approximately ₹454.50 Crore (including GST), representing ~46.3% of its TTM revenue of ₹982 Crore. Scope includes turnkey EPC along with 5 years of operations and maintenance (O&M), to be executed within 60 days of work order issuances. This award takes the company's cumulative empanelment/allocations since April 1, 2026, to over ₹1,092 Crore.
- Empanelled for 100 MW rooftop solar capacity across 1,00,000 households (1 kW per household)
- Contract value is approximately ₹454.50 Crore including GST (~46.3% of TTM revenue)
- Brings total allocations/empanelments received since April 1, 2026, to over ₹1,092 Crore
- Scope includes 5-year O&M with project execution within 60 days from work order issuance
GK Energy Limited has received a Letter of Empanelment from a State Government-owned power distribution utility for 1,00,000 grid-connected rooftop solar systems of 1 kW each (aggregate 100 MW). The total contract value is ₹454.50 crore (inclusive of GST) at a contract rate of ₹45,450 per kW. The order represents approximately 46.3% of the company's TTM revenue of ₹982 crore. The scope covers design, supply, installation, commissioning, and 5 years of operation and maintenance (O&M).
- Total contract value of ₹454.50 crore (inclusive of GST)
- Scope covers 1,00,000 rooftop solar PV installations of 1 kW each, totaling 100 MW
- Contract rate fixed at ₹45,450 per kW including GST
- Includes 5 years of comprehensive Operation & Maintenance (O&M)
- Execution timeline set within 60 days from the issuance of respective work orders
GK Energy Limited has informed the exchanges that it will participate in a physical Non-Deal Roadshow for investors and brokers on Wednesday, August 26, 2026, in Mumbai. The event is being organized by Churchgate Partners and will feature both one-on-one and group interactions. The company stated that discussions will rely strictly on publicly available documents, with no unpublished price-sensitive information (UPSI) shared.
- Non-Deal Roadshow scheduled for Wednesday, August 26, 2026
- Format includes physical one-on-one and group meetings in Mumbai
- Roadshow organized by Churchgate Partners for institutional investors and brokers
- Company confirmed discussions will refer only to publicly available documents
GK Energy reported a robust Q1 FY27 with standalone revenue growing 71.1% YoY to 505 crore, which already exceeds its total FY26 revenue of 476.76 crore. PAT increased 61.6% YoY to 59.7 crore, supported by the installation of 24,118 solar systems, more than double the previous year's volume. The company maintains an order book of 541 crore and is targeting a revenue doubling in FY27, contingent on PM-KUSUM 2.0 tenders expected in Q3. Management reiterated an asset-light strategy to reach $1 billion in revenue by 2030.
- Q1 FY27 revenue reached 505 crore, a 71.1% increase compared to 295 crore in Q1 FY26.
- Installed 24,118 solar systems in Q1 FY27, a 122% increase over the 10,827 systems installed in Q1 FY26.
- Order book stands at 541 crore as of August 2026, with rooftop solar now contributing 20% of the mix.
- Interest expense reduced to 5 crore from 11 crore in the March 2026 quarter, aided by IPO proceeds used for working capital.
- Management maintains a long-term vision to reach $1 billion in revenue by 2030 through product diversification including BESS and hybrid solutions.
GK Energy has scheduled its 18th Annual General Meeting for August 31, 2026, to approve a final dividend of ₹0.50 per share (25% of face value). A significant proposal includes setting the MD & CEO's remuneration ceiling at ₹21 crore per annum for FY27-FY29, which represents approximately 35.4% of the company's FY26 PAT of ₹59.25 crore. The meeting will also address the appointment of secretarial auditors for a five-year term and the re-appointment of director Mr. Navaniit Mandhaani.
- Proposed final dividend of ₹0.50 per equity share (25% of ₹2 face value) for FY26.
- MD & CEO remuneration ceiling proposed at ₹21.00 crore per annum, up to March 2029.
- Whole-Time Director & COO remuneration ceiling proposed at ₹3.12 crore per annum.
- FY26 annual revenue stood at ₹476.76 crore with a net profit of ₹59.25 crore.
- Authorization sought for creating charges/mortgages on assets to secure future borrowings.
GK Energy has released the audio recording of its earnings conference call held on August 07, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. The company previously reported a strong FY26 with revenue of ₹476.76 crore and a net profit of ₹59.25 crore. Management commentary in such calls typically focuses on the execution of its ₹1,029 crore order book (as of August 2025) and its expansion into solar module manufacturing. This filing is a standard regulatory requirement following the quarterly results announcement.
- Earnings conference call held on August 07, 2026, for the quarter ended June 30, 2026
- Company maintains a robust outstanding order book of ₹1,029 crore as of August 2025
- FY26 annual revenue stood at ₹476.76 crore with an operating margin of 17.61%
- Installed 24,502 solar agri-pumps in H1 FY26, representing a 50.77% year-on-year increase
GK Energy has announced the reconstitution of four key board committees: Stakeholders Relationship, Nomination and Remuneration, Risk Management, and Corporate Social Responsibility. The changes, effective August 07, 2026, involve various Independent and Non-Executive Directors, with the CFO specifically included in the Risk Management Committee. This update follows a strong FY26 performance where the company reported a revenue of ₹476.76 cr and a PAT of ₹59.25 cr. Such moves are standard procedural requirements for listed entities to ensure proper governance oversight.
- 4 board committees reconstituted effective August 07, 2026
- Risk Management Committee expanded to 5 members, including the CFO
- Stakeholders Relationship Committee chaired by Independent Director Pooja Pawan Chandak
- Company maintains a robust order book of ₹1,029 cr as of August 2025
- FY26 revenue reported at ₹476.76 cr with an operating margin of 17.61%
GK Energy has appointed CS Avanti Rajwade as its Secretarial Auditor for a five-year term spanning FY 2026-27 to FY 2030-31. The appointment is subject to shareholder approval at the upcoming Annual General Meeting. The auditor brings experience in handling compliance for companies with turnovers ranging from Rs 500 crore to Rs 5,000 crore, which aligns with GK Energy's FY26 revenue of Rs 476.76 crore. This is a procedural regulatory filing to ensure compliance with the Companies Act and SEBI Listing Regulations.
- Appointment of CS Avanti Rajwade for a 5-year term starting from FY 2026-27.
- Auditor has experience with clients in the Rs 500 cr to Rs 5,000 cr turnover range.
- GK Energy reported FY26 revenue of Rs 476.76 cr and PAT of Rs 59.25 cr.
- Outstanding order book stood at Rs 1,029 cr as of August 2025.
GK Energy delivered a robust Q1 FY27 performance with revenue growing 71.1% YoY to ₹505.19 crore, notably exceeding its entire reported FY26 revenue of ₹476.76 crore in a single quarter. Profit After Tax (PAT) increased by 61.55% YoY to ₹59.67 crore, supported by a low-capex operating model and execution of decentralized solar infrastructure. The company has cumulatively commissioned over 726 MW of capacity across 7,500+ villages. While growth is strong, the company remains highly dependent on government schemes and a concentrated client base of state nodal agencies.
- Revenue from operations grew 71.10% YoY to ₹505.19 crore in Q1 FY27
- Profit After Tax (PAT) increased 61.55% YoY to ₹59.67 crore
- EBITDA rose 47.72% YoY to ₹86.11 crore compared to ₹58.30 crore in the previous year's quarter
- Cumulative installations reached over 164,500 renewable energy systems as of June 2026
- Total commissioned capacity stands at 726 MW across more than 7,500 villages
Financial Performance
Revenue Growth by Segment
The core EPC business (Solar Pumps and Rooftop) grew 51.75% YoY in H1 FY26 to INR 636.82 Cr from INR 419.66 Cr. Trading of Solar cells (DCR) and others grew significantly to INR 92.01 Cr in H1 FY26 from INR 45.55 Cr in FY25, driven by strategic supply chain initiatives.
Geographic Revenue Split
Operations are concentrated in high-potential agricultural states including Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh, which collectively account for over 85% of national PM-KUSUM allocations.
Profitability Margins
Operating Profit Margin (OPM) improved to 18.2% in FY25 from 13.1% in FY24. PAT margin rose to 12.1% in FY25 from 8.8% in FY24, aided by operating leverage and volume-based procurement efficiencies. H1 FY26 consolidated PAT margin stood at 11.56%.
EBITDA Margin
Consolidated EBITDA margin was 18.34% in H1 FY26 (INR 133.70 Cr). The core EPC segment achieved a higher EBITDA margin of 20.20% in H1 FY26, a 124 bps improvement over 18.96% in H1 FY25, due to expertise-driven volume growth and an asset-light model.
Capital Expenditure
The company plans to set up a largely debt-funded solar module assembly plant for captive consumption in a phased manner to support backward integration, though specific INR Cr values for the plant were not disclosed. Fixed assets increased from INR 13.97 Cr in FY25 to INR 89.36 Cr in H1 FY26.
Credit Rating & Borrowing
Infomerics and ICRA have assigned/upgraded ratings with a 'Stable' outlook. Borrowing costs are supported by a healthy interest coverage ratio of 8.96x in FY25. Total debt-to-equity improved to 0.53x in H1 FY26 following a INR 500 Cr IPO infusion.
Operational Drivers
Raw Materials
Key raw materials include Solar Cells (Domestic Content Requirement - DCR), which are procured via partnerships with manufacturers, and Solar Modules/Panels. These constitute the bulk of the EPC project costs.
Import Sources
Sourcing is primarily domestic to comply with DCR (Domestic Content Requirement) mandates under government schemes, focusing on Indian solar cell and module manufacturers.
Key Suppliers
The company partners with leading solar cell manufacturers to procure and supply cells to module manufacturers. Specific vendor names are not disclosed, but they operate under a 'cash-and-carry' procurement methodology.
Capacity Expansion
Installed 24,502 solar agri-pumps in H1 FY26, a 50.77% increase over 16,251 pumps in H1 FY25. Planned expansion includes a new solar module assembly plant to transition from a pure-play EPC to a partially integrated manufacturer.
Raw Material Costs
Raw material costs are managed through an asset-light model where price fluctuations are negotiated with vendors. Trading revenue from solar cells (INR 92.01 Cr) was a strategic move to secure the supply chain and understand panel manufacturing costs.
Manufacturing Efficiency
Efficiency is driven by 'expertise-involved' volume growth and a D2C (Direct-to-Consumer) approach for farmer-side allocations, allowing for better margin retention despite competitive bidding.
Logistics & Distribution
The company utilizes third-party installation partners for decentralized operations, which helps manage distribution costs across rural regions.
Strategic Growth
Expected Growth Rate
418%
Growth Strategy
Growth is driven by a robust outstanding order book of INR 1,029 Cr as of August 2025. Strategy includes geographic diversification beyond Maharashtra, backward integration into module assembly, and leveraging the PM-KUSUM and PM Suryaghar Yojna schemes.
Products & Services
Solar-powered agricultural water pump systems (Agri-pumps) and Rooftop Solar solutions (1235.20 KW installed in H1 FY26).
Brand Portfolio
GK Energy.
New Products/Services
Expansion into Solar Rooftop systems under PM Suryaghar Yojna and planned captive solar module manufacturing.
Market Expansion
Targeting increased penetration in Haryana, Rajasthan, UP, and MP to reduce geographic concentration in Maharashtra.
Market Share & Ranking
Self-identified as India’s largest pure-play provider of EPC services for solar-powered agricultural water pump systems.
Strategic Alliances
Partnered with a leading solar cell manufacturer for strategic sourcing; works with state nodal agencies like MREDA, MEDA, and HREDA.
External Factors
Industry Trends
The industry is shifting toward massive scale-up via PM-KUSUM and PM Suryaghar Yojna (25-27 GW rooftop capacity expected). GK Energy is positioning itself by moving from a pure asset-light model to backward integration to capture more value.
Competitive Landscape
Faces intense competition from organized players (e.g., Shakti Pumps) and unorganized local players in the agri-pump segment.
Competitive Moat
Moat is built on a strong execution track record, empanelment with key state agencies, and a D2C-like expertise in handling large-scale rural installations. Sustainability depends on maintaining these government relationships.
Macro Economic Sensitivity
Highly sensitive to government fiscal policy and subsidy outlays for renewable energy in the agricultural sector.
Consumer Behavior
Increasing farmer acceptance of solar pumps over diesel/grid power due to government subsidies and reliable irrigation.
Geopolitical Risks
Potential trade barriers on solar components; mitigated by focusing on Domestic Content Requirement (DCR) compliant sourcing.
Regulatory & Governance
Industry Regulations
Operations are governed by MNRE standards and state-specific nodal agency guidelines for PM-KUSUM and rooftop solar installations.
Environmental Compliance
Business is inherently ESG-aligned by replacing diesel pumps with solar; projects comply with Ministry of New and Renewable Energy (MNRE) quality standards.
Legal Contingencies
No adverse social incidents or disputes reported; company maintains compliance with statutory employee welfare requirements.
Risk Analysis
Key Uncertainties
Policy risk (99% dependence on government schemes) and tender-based revenue volatility are the primary uncertainties.
Geographic Concentration Risk
Over 85% of revenue visibility is tied to five specific states (Maharashtra, Haryana, Rajasthan, UP, MP).
Third Party Dependencies
High dependency on third-party installation partners and solar component manufacturers for project execution.
Technology Obsolescence Risk
Risk of shifting solar cell technologies; company is mitigating this by deepening its understanding of panel manufacturing through strategic cell-trading partnerships.
Credit & Counterparty Risk
Receivable days stood at 120 in FY25 and increased to 198 in H1 FY26. While counterparty risk is low (government agencies), payment delays impact working capital.
