GK Energy Ltd

Meeting Details

• Date: Wednesday, August 26, 2026; time not specified; one-on-one and group meetings; physical Mumbai.
• Event: Non-Deal Roadshow organized by Churchgate Partners.

Participants

• Key participants: GK Energy company officials (management team).

Purpose

• Purpose: investor interaction during a non-deal roadshow.

Financial Performance

• Q1 FY27 revenue: INR 505 crores, up 71.1% YoY from INR 295 crores.
• EBITDA: INR 86.1 crores; margin 17.05%.
• PAT: INR 59.7 crores; up 61.6% YoY from INR 36.9 crores.
• Order book as on June 2026 incl post-June: INR 541 crores.
• Highest-ever quarterly revenue in Q1 FY27.

Operating Update

• Q1 FY27: 24,118 systems installed; vs 10,827 in Q1 FY26.
• 109 MW renewable capacity commissioned in quarter; cumulative 726 MW.
• 1,64,500 systems installed; network across 7,500+ villages; workforce 1,500+; fleet 40+.
• Growth model: tech-defined low-capex; decentralized warehousing.
• Rural expansion across 7,500+ villages; plan to reach 1 million houses.

Q&A Highlights

• Order inflows for FY27: management confident of more orders; doubling revenue intact.
• PAT to stay in two digits; expected margin around current quarter.
• PM-KUSUM 2.0 to start by Q3; delays could impact; rooftop expansion to mitigate.
• Rooftop ~5% of revenue; order-book mix 20% rooftop, 80% pump.
• Realization per pump likely to stay same; price uptick depends on PM-KUSUM 2.0 specs.
• Interest expense fell to INR 5 crores; due to surplus cash and IPO working-capital funding; likely to stay.
• Growth pattern: Q1 15-20% of annual volume; H2 stronger; Q4 35-40%.

Guidance and Outlook

• Guidance: doubling FY27 revenue; PAT to stay in two digits; margins to stay around current level.

Financial highlights

• Standalone revenue from operations rose 40% to ₹15,325 mn.
• Standalone PAT rose 51.1% to ₹2,012.7 mn.
• EBITDA margin improved to 20.44%.
• IPO proceeds led to net cash surplus of ₹2,406 mn.
• Consolidated revenue ₹17,245.7 mn; PAT ₹2,042.97 mn.

Operations & KPIs

• 61,085 decentralized systems deployed in FY26; 276 MW commissioned.
• Cumulative: 140,000+ systems installed; 617 MW capacity.
• Footprint across 7,500+ villages; 1,300+ professionals and partners.
• Expansion into Madhya Pradesh; rooftop PV market entry underway.
• Order book stood at ₹541 crore as of Jun 2026.
• Debtors days 140; inventory days 21; creditors days 49.

Capital structure & IPO

• NSE/BSE listing achieved on Sept 26, 2025.
• IPO: Fresh issue ₹4,000 mn; total ₹4,464.6 mn.
• Private placement ₹1,000 mn; ~65.35 lakh shares issued.
• Equity share capital ₹405.63 mn; outstanding shares ~202.82 mn.
• IPO proceeds utilized ₹3,889.32 mn; unutilized ₹110.68 mn.

Dividend & capital allocation

• Final dividend ₹0.50 per share (25%) for FY2025-26.
• Record date: 24 Aug 2026; payout within 30 days after AGM.

Governance & controls

• 12 Board meetings in FY2025-26; two Independent Director meetings.
• Subhash Vasant Ghaisas appointed Independent Director on 13 Feb 2026.
• Chandra Iyengar resigned as Independent Director on 26 Feb 2026.
• Secretarial Auditor: Avanti Rajwade; Annual Secretarial Compliance Report filed with no qualification.
• CEO/CFO certification on financial statements provided.

CSR & ESG

• CSR expenditure ₹16.57 million; unspent ₹16.57 million transferred to Unspent CSR Account.
• AAJEEVAN integrated village transformation project ongoing.

Risks & outlook

• Policy dependence on PM-KUSUM; risk if schemes are not extended.
• Geographic concentration; MP/UP/Haryana/Rajasthan expansion planned.
• Input cost volatility and supplier concentration; mitigated by OEM diversification and backward integration.

Segment overview

• EPC revenue ₹15,155.85 mn; Trading ₹1,996.95 mn; Total ₹17,152.80 mn.
• EPC PBT ₹3,428.05 mn; Consolidated PBT ₹2,741.57 mn.

AGM Details

• Date and time: Aug 31, 2026, 11:00 AM IST, via VC/OAVM.
• Deemed venue: Registered Office, Pune.
• Dividend record date: Aug 24, 2026.
• Notice issued: Aug 7, 2026.
• Remote e-voting window: Aug 28–30, 2026.

Ordinary Business

• Adopt standalone financial statements for FY 2025-26.
• Adopt consolidated financial statements for FY 2025-26.
• Declare final dividend of Rs 0.50 per equity share.
• Re-appoint Navaniit Narayandas Mandhaani as director (retiring by rotation).

Special Resolutions

• Appoint CS Avanti Rajwade as Secretarial Auditor for five years; remuneration Rs 1,00,000 for FY 2027.
• Remuneration for Gopal Kabra (MD & CEO) up to Rs 21,00,00,000 per annum for Apr 2026–Mar 2029.
• Remuneration for Mehul Shah (WTD & COO) up to Rs 3,12,00,000 per annum for Apr 2026–Mar 2029.
• Increase borrowing limit to Rs 1,500 Crore under Sec. 180(1)(c).
• Authorize mortgage/charge on assets up to Rs 1,500 Crore under Sec. 180(1)(a).
• Directors for re-appointment: Gopal Kabra, Mehul Shah, Navaniit Narayandas Mandhaani.

Director Changes

• Navaniit Narayandas Mandhaani to be re-appointed; retires by rotation.
• Gopal Kabra and Mehul Shah also up for re-appointment.

Auditors & Secretarial

• Secretarial Auditor appointment for five-year term; remuneration Rs 1 Lakh for FY 2027.

Borrowings & Encumbrances

• Borrowing limit raised to Rs 1,500 Crore.
• Creation of mortgage/charge on assets to secure borrowings up to Rs 1,500 Crore.

Other Material Approvals

• Remuneration approvals under Schedule V for MD&CEO and COO.

Meeting Details

• Date: August 07, 2026; no time specified.
• Type: group earnings conference call; mode: audio recording.
• Event: Earnings Conference Call.
• Key company participant: Company Secretary & Compliance Officer.
• Purpose: discuss unaudited Q1 FY2026 results for quarter ended June 30, 2026.
• Recording: audio recording available on the company's website.

Issue overview

• Type of issue: IPO; securities: equity shares.
• Total issue size: no deviation or undersubscription observed.
• Main objectives: funding long-term working capital, general corporate purposes, and issue-related expenses.

Utilisation of proceeds

• Utilisation as disclosed in the offer document.
• No material deviations observed from the objects.
• Funding long-term working capital: fully utilised.
• General Corporate Purposes: fully utilised.
• Issue-related expenses: partially utilised; remaining funds parked in dedicated accounts.
• Unutilised funds: held in public issue and monitoring bank accounts.
• GCP allocation: Nil utilization in the quarter.

Governance and compliance

• Approvals: Not Applicable for the monitored objects.
• No material events or information affecting viability.
• No major deviations versus earlier monitoring reports.

GCP details

• GCP utilization: Nil; board authorised balance GCP allocations across sub-heads.

Unutilised proceeds deployment

• Unutilised funds deployed in dedicated public issue bank accounts.

Delay in implementation

• Funding long-term working capital: completion earlier than planned.
• General Corporate Purposes: completion earlier than planned.
• Issue-related expenses: no timeline specified.