NSE: GKENERGY · BSE: 544525
GK ENERGY LIMITED
Operates an asset-light EPC business that designs, supplies, installs and commissions solar-powered agricultural water pumps and rooftop solar projects, mainly under Indian government schemes like PM-KUSUM Component B and the Maharashtra Magel Tyala Saur Krushi Pump Yojana. The EPC Business and Supply of Systems segment contributed 87.9% of segment revenue at ₹1,515.585 crore in FY26. The Trading of Solar Cells (DCR) and Others segment — which trades domestically-manufactured solar cells required under government scheme rules — contributed 11.6% at ₹199.695 crore. In FY26, installed 61,000+ solar pump systems (276 MW capacity) and rooftop solar projects, taking cumulative installations across India to 617 MW and over 140,000 systems. Execution runs through a network spanning 7,500+ villages, with 1,300+ manpower and 15,000 systems-per-month installation capacity, supported by an outsourced OEM/ODM manufacturing model. As of March 31, 2026, the order book stood at ₹710 crore, including a ₹235.92 crore MSEDCL order for 10,000 off-grid solar pumps. Materials — solar cells, pumps and panels — make up the largest cost line at 57.5% of revenue, while employee costs are low at 1.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC Business and Supply of Systems (88%), Trading of Solar Cells (DCR) and Others (12%), Other Income (Rental, Interest etc) (1%). Asset-light EPC execution in decentralised renewable energy infrastructure, outsourced OEM/ODM manufacturing
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,715 |
| EBITDA (ex other income) | 309 |
| margin % | 18.0 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 10.90 |
| ROE % · ROCE % | 23.0 · 34.8 |
| Debt / equity (x) | 0.23 |
| Cash from operations | 50 |
| Capex | (99) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 325 | 404 | 510 | 477 | 505 |
| Profit before tax | 51 | 63 | 86 | 75 | 80 |
| Net profit | 37 | 47 | 61 | 59 | 60 |
| EPS (₹) | 2.19 | 2.31 | 3.34 | 2.92 | 2.94 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC Business and Supply of Systems | 1,516 | 88.2 |
| Trading of Solar Cells (DCR) and Others | 58 | 3.4 |
| Add: Other Income (Rental, Interest etc) | 3 | 0.1 |
| Trading of Solar Cells (DCR) and others | 95 | 5.5 |
| Trading of Solar Cells (DCR) | 46 | 2.7 |
| Total, before eliminations | 1,718 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 13.5 | 33 of 101 | 68% |
| P/B | 2.4 | 1.2 | 62 of 85 | 26% |
| ROCE | 30.4 | 10.0 | 8 of 107 | 93% |
| ROE | 23.0 | 9.1 | 9 of 87 | 91% |
| Debt / Equity | 0.2 | 0.4 | 29 of 87 | 67% |
| EBITDA margin | 17.0 | 12.4 | 27 of 88 | 70% |
| Revenue growth | 55.5 | 6.2 | 11 of 86 | 88% |
| Profit growth | 59.9 | 2.7 | 17 of 84 | 81% |
| Market cap | 2086 | 465 | 32 of 107 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · GK Energy schedules Q2 and H1 FY2027 results call for October 29 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 23 Oct 2026 · GK Energy wins Maharashtra order for 14,000 solar pumps | business updates | high | — | — |
| 9 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure for Q2 and H1 FY26 results period | compliance | minimal | — | — |
| 25 Sept 2026 · GK Energy to participate in Arihant Capital Bharat Connect Conference | board shareholder meetings | low | — | — |
| 21 Sept 2026 · GK Energy gets LoA for 150 MW / 300 MWh BESS project in Maharashtra | business updates | high | — | — |
| 21 Sept 2026 · GK Energy wins LoA for 150 MW BESS project from Maharashtra discom | business updates | high | — | — |
| 3 Sept 2026 · GK Energy to attend Avendus Spark Small-Cap Investor Conference on Sept 8 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · GK Energy AGM: All 8 resolutions passed; Rs 0.50 per share dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.