Renewable energy EPC player GK Energy reported an impressive financial performance in Q2 FY26, with strong revenue growth, rising profitability, and a robust order book driven by demand for solar-powered irrigation systems across India.
GK Energy Q2 FY26 Results: Financial Performance
| Metrics | Q2 FY25 | Q2 FY26 | Growth (%) | H1 FY25 | H1 FY26 | Growth (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 303.5 | 404.05 | +33.1 | 471.0 | 728.83 | +54.9 |
| EBITDA | 53.8 | 74.68 | +38.8 | 81.0 | 133.70 | +65.0 |
| PAT | 34.3 | 46.91 | +36.7 | 51.4 | 84.23 | +63.8 |
| EBITDA Margin (%) | 17.7% | 18.48% | — | 17.2% | 18.34% | — |
| PAT Margin (%) | 11.3% | 11.61% | — | 10.9% | 11.56% | — |
GK Energy Q2 & FY26: Operational Highlights
- 24,502 solar-powered pumps installed in H1 FY26, up 50.8% YoY from 16,251 units.
- Order book at INR 863.98 crore (as of 30 September 2025), including INR 846.15 crore in solar pumps (36,444 units) and INR 17.83 crore in rooftop solar (4.04 MW).
- EBITDA from core EPC operations expanded to 20.2% of revenue versus 18.9% in H1 FY25.
- Trade receivable days rose from 135 to 181, expected to normalise by Q3.
- Signed a definitive agreement for the procurement of 875 MW SPV DCR cells through March 2027, strengthening supply-chain control.
GK Energy Q2 and H1 FY26: Balance Sheet
| Metrics | FY25 | H1 FY26 |
|---|---|---|
| Fixed Assets | 13.97 | 89.36 |
| Current Assets | 555.06 | 1,344.97 |
| Total Assets | 583.62 | 1,434.51 |
| Equity | 209.09 | 780.15 |
| Non-Current Liabilities | 13.09 | 39.86 |
| Current Liabilities | 361.44 | 614.50 |
| Total Liabilities | 583.62 | 1,434.51 |
The company’s balance sheet more than doubled over the last year, with equity rising 3.7× post-listing and a debt-equity ratio improving to 0.53. GK Energy continues to follow an asset-light EPC model, supported by 12 warehouses across three states, and has acquired 25 acres for a 1 GW SPV manufacturing facility.
Sectoral Leadership
According to official PM-KUSUM data (CY 2022–2025), GK Energy ranks #2 in India for solar pump installations, with 56,552 units deployed, behind only Shakti Pumps. Maharashtra remains its largest market, accounting for 43.6% of sanctioned pumps, where GK Energy holds roughly 15% market share under the Magel Tyala Saur Krushi Pump Yojana.
Industry Outlook
India’s solar-powered pump market is projected to grow 8x by FY 2029, driven by PM-KUSUM, state irrigation programs, and rooftop solar initiatives such as PM Suryaghar Yojana (INR 75,000 crore outlay). With less than 2% of India’s 30 million irrigation pumps currently solarised, the long-term opportunity remains massive.
Solar adoption offers dual benefits — farmer savings of INR 80K to 14 lakh over 10 years, and reduced DISCOM subsidy burden, enhancing both rural incomes and grid sustainability.
Management Commentary
The company stated that profitability improved on the back of higher execution volumes and disciplined cost management. “EBITDA margin expanded to 18.3% despite rapid scale-up, reflecting our operational strength and efficiency,” management noted, adding that receivables are expected to ease as project-linked reimbursements normalise.
Verdict
GK Energy Q2 and H1 FY26 consolidated performance underscores its transformation into a scalable, high-margin renewable EPC leader. With a healthy order pipeline, improving balance sheet, and strategic backward integration via solar-cell procurement, the company is well-positioned for sustained double-digit growth.
Key watch points remain working-capital discipline and execution timelines, though the company’s consistent performance provides confidence in future earnings visibility.
Conclusion
From a regional EPC firm to a listed clean-energy player with over INR 1,000 crore annual turnover, GK Energy’s growth story reflects India’s renewable transformation at the grassroots.
With strong policy tailwinds, an INR 864 crore order book, and a 1 GW manufacturing plan on the horizon, the company stands at the forefront of India’s solar irrigation revolution — empowering farmers while driving the nation’s march toward net-zero.
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