🔷 IPO Details : Open: 19 to 23 September 2025 Price: 153 ₹ Size: ₹ 464.26 Cr (400 Cr Fresh + 64.26 Cr OFS ) 🔷 Utilisation of IPO fund : ➡️ Funding long term working capital requirements : ₹322.46 Cr ➡️ Remaining funds for General Corporate Purposes (GCP).

🔷 KPIs : ➡️ Order Book: ₹1028.97 Cr ROCE: 55.6% ROE: 63.7% EBITDA Margin: 18.2% Debt : 218 Cr D/E 0.74 YoY : Revenue Up 166%💹 1095 Cr PAT Up 260%💹 133 Cr ➡️ Excellent Growth in top & bottom line with controlled debt level ,we will check cashflows to see reality in end

🔷Risk Factors : ➡️Heavy Reliance on Gov. Scheme : 83.83% of revenue in FY25 was derived directly from the PM-KUSUM scheme This scheme is currently scheduled to end on 31 March 2026, failure to extend/replace this scheme poses a substantial risk to future revenue

➡️High Geographical Concentration : Revenue from Maharashtra alone contributing over 93% ➡️No major concerning Contingent liabilities & litigations against company or promoter which is positive sign✅

🔷Peer Comparison : ➡️P/E GK: 23.3 Shakti: 26 Oswal: 32 GK coming at reasonable valuations than peers but.. Shakti & Oswal have pump mfg plants, While GK energy doesn't mfg anything, it's a "pure asset light EPC" provider for solar pump system which is reason for low margins-

than peers & high input cost 🔷 Industry Overview : ☀️India's Solar Pump Market: CRISIL forecasts for an explosive 8x growth from FY24-29, Market size to reach ₹300-320 billion by FY29 at massive ~52% CAGR 💹Massive Installation Drive: The installed base under PM-KUSUM alone-

is projected to expand outstandingly from 0.85 million to 4 million pumps by FY29 ✅ Possible extension of PM- KUSUM scheme & launch of PM-KUSUM 2.0 seeing rising demand of solar pumps will give massive boost to solar pump EPC industry

🔷Company Overview & Key Strengths : ➡️Largest pure play EPC provider for solar pump systems under the PM-KUSUM ➡️Installed 62,559 pumps under PM KUSUM Component B, capturing 7.37% of total market share ➡️Operates a vast decentralized asset light infra with 12 warehouses &

localized installation workforce of over 709 personnel across 5 States enabling efficient project execution. 🔷 Clientele : ▫️MEDA & MSEDCL, Maharashtra ▫️HAREDA, Haryana ▫️PEDA, Punjab ▫️RHDS, Rajasthan ▫️Agriculture Department, UP ▫️MPUVNL, Madhya Pradesh ▫️Ecozen Solutions

🔷Promoter & BOD : 👨🏻‍💼 Management : ➡️ Gopal Rajaram Kabra: MD & CEO ➡️ Mehul Ajit Shah: COO ➡️ Sunil Kamalkishor Malu: CFO ➡️ Jeevan Santoshkumar Innani: CS & Compliance Officer 🔷Promoter Holding Pre IPO: Gopal Rajaram Kabra: 89.71% Mehul Ajit Shah: 3.57%

🔷Consolidated Financial Summary : 💹 Form FY 23➡️25 Revenue 285 Cr➡️1095 Cr Profit 10 Cr➡️133 Cr Expoantiaonl Growth triggered due to Major tailwind via gov PM-KUSUM scheme with strong margin expansion

💰🔴Negative Operating Cash Flow : -99 Cr Despite huge profits of 133 Cr Reason is huge amount of cash stuck in working capital primarily: ➡️210 Cr Trade Receivables ➡️40 Cr Inventory That's common scenario in co. working with Gov schemes We should closely watch Q1 & cashflows

💠Key Take: ✅Exceptional Growth ✅Massive Order Book 1029 Cr ✅Fair P/E ❌High Revenue concentration ❌High receivables & -ve cashflow 🔷Rating: 6.2/10 🙏🏻Thanks for Reading Follow @EngineerStockks 🤝🏻 For more such analysis & Retweet This🧵 The 🔚.. https://x.com/EngineerStockks/...