India’s clean energy transition has found a new torchbearer in GK Energy, a company that has quietly become the largest EPC provider of solar-powered agricultural water pumps under the government’s PM-KUSUM scheme. With the renewable energy story accelerating and farmer adoption gaining momentum, the company is now hitting the capital markets.
The GK Energy IPO, which opens on 19 September 2025, has already drawn widespread attention from institutional and retail investors. What’s striking is the near-unanimous backing from brokerages, many of which have issued strong “Subscribe” recommendations, citing the company’s market leadership, robust order book, attractive valuations, and policy-driven growth prospects. Let’s check in detail why the brokerages are bullish on GK Energy.
GK Energy IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Dates | 19 – 23 September 2025 |
| Price Band | INR 145 – 153 per share |
| Issue Size | INR 460–464 crore |
| Fresh Issue | INR 400 crore |
| Offer for Sale (OFS) | 42 lakh shares (~INR 64 crore) |
| Lot Size | 98 shares (INR 14,994) |
| Listing | NSE, BSE |
| Grey Market Premium (GMP) | ~INR 46 (30% premium) |
What is Opinion of Brokerages on GK Energy
BP Equities – Subscribe for Long-Term
BP Equities points to GK Energy’s market dominance in Maharashtra (15% share under PM-KUSUM) and its robust INR 1,028 crore order book. With revenue growing at 96% CAGR and PAT surging at 264% CAGR over FY23–FY25, the brokerage believes the IPO offers attractive medium to long-term potential at a reasonable P/E of ~19.5x, cheaper than peers like Shakti Pumps (24x).
Canara Bank Securities – Fairly Priced Growth Play
Canara Bank Securities notes that GK Energy has grown revenues from INR 285 crore in FY23 to INR 1,095 crore in FY25, with PAT up more than 13x. They emphasize the company’s asset-light model, experienced promoters, and strong positioning in the solar EPC space. At valuations below industry average (P/E 19x vs ~28x), the issue is seen as well-priced with significant upside, especially with the expected rollout of PM-KUSUM 2.0.
Ventura Securities – Proxy for Renewable Agriculture
Ventura frames GK Energy as a direct beneficiary of India’s solar irrigation push, highlighting its 62,500 installations under PM-KUSUM. With ~30 million conventional pumps still to be solarized, Ventura calls the IPO a “compelling play on the energy transition in agriculture” and recommends Subscribe.
BP Wealth – Strong Financial Momentum
BP Wealth highlights the jump in PAT from INR 10.1 Cr in FY23 to INR 133.2 Cr in FY25 alongside margin expansion. They credit GK Energy’s decentralized model with 12 warehouses for execution efficiency and call the IPO’s pricing undemanding compared to peers. Verdict: Subscribe.
SBI Securities – Long-Term Structural Story
SBI Securities views GK Energy as a strategic beneficiary of India’s clean energy mission, particularly in agriculture where solar pumps are transforming irrigation. The brokerage underlines that the company’s improving profitability (EBITDA margin 18.2% in FY25), declining debt-equity ratio, and backward integration plans for solar panel manufacturing will further strengthen its fundamentals. SBI Securities recommends Subscribe for the long term, positioning GK Energy as a structural growth story aligned with government schemes and farmer adoption trends.
GK Energy IPO Broker Recommendations
- Jainam Broking – Subscribe for listing gains
- Hem Securities, Choice Broking, Capital Market – Subscribe
- SMC Global – Rated 2/5 but acknowledged the company’s industry role
- GEPL Capital – The lone Avoid rating, against an otherwise bullish consensus
Why the Street is Bullish
Across reports, brokerages converge on a few clear reasons for optimism:
- Market Leadership – GK Energy is India’s largest EPC player in solar pumps, with proven execution under PM-KUSUM.
- Financial Strength – Rapidly rising revenue, PAT, and margins with improving return ratios.
- Robust Order Book – INR 1,028 crore provides 2–3 years of visibility.
- Industry Tailwinds – Massive scope as ~30 million traditional pumps remain unsolarized; PM-KUSUM 2.0 expected to accelerate adoption.
- Attractive Valuations – IPO priced cheaper than peers, leaving room for rerating.
Conclusion
Brokerages are nearly unanimous: GK Energy IPO is a Subscribe. With a robust order book, strong financial trajectory, industry tailwinds, and discounted valuations, the company has emerged as one of the most compelling renewable energy plays in 2025.
For investors, this IPO is not just about listing gains but a chance to participate in a long-term structural story powering India’s farms with clean energy.
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