GK Energy says ₹1,000-crore order book puts FY27 revenue target on track

Pune-based renewable energy company GK Energy has built an order book of nearly ₹1,000 crore after securing fresh contracts in the first quarter, with the company betting on both government-backed schemes and its growing retail business to support future growth.

Gopal Kabra, Chairman, Managing Director and Chief Executive Officer of GK Energysaid, “On March end, we had a ₹710 crore order, and further, that close to ₹300 crore order we have secured. It includes the solar agri pump, as well as the solar rooftop.”

That puts the company roughly a third of the way toward the ₹3,000 crore revenue guidance it has set for the full year.

The stock was trading at ₹149.29 at 9:25 am on the NSE and has declined more than 11% over the past year.

He pointed to two upcoming drivers: PM Kusum 2.0, the second phase of a government scheme that subsidises solar-powered agricultural water pumps to cut diesel use among farmers, and orders tied to the PM Surya Ghar rooftop solar scheme.

Kabra expects rooftop solar to account for around 30-33% of revenue during the current financial year as residential and commercial installations gather pace.

On PM Kusum 2.0, he said commercial benefits are likely to begin flowing from the third quarter. GK Energy expects the solar water pump business to gradually become less dependent on government subsidies over the next two to three years as falling product costs improve affordability.

The company also expects working capital days to remain in the range of 120-140 days in the near term, largely due to the nature of its solar pump business. However, as the share of rooftop solar increases—a business that largely operates on a cash-and-carry model—working capital requirements are expected to gradually improve over time.

GK Energy's current market capitalisation is ₹3,022.99 crore.

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