GK Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript GK Energy Ltd filed with BSE on 19 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
GK Energy reported FY26 standalone revenue of Rs 1,532.54 crore, up 40% year-on-year, with EBITDA of Rs 313 crore and PAT of Rs 201 crore, a 51% year-on-year increase. Management said Q4 FY26 revenue was Rs 418.57 crore with 17,018 system installations during the quarter, and the company closed the year with net surplus cash of Rs 240 crore compared to net debt in FY25. Management also discussed the current order book of Rs 710 crore and outlined expectations for FY27 growth driven by Magel Tyala, PM-KUSUM and rooftop solar business.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Standalone revenue: INR 1,532.54 crores (FY26)
p. 3
“In FY26, our standalone revenue from the operation is INR 1,532.54 crores.”
Gopal Kabra, page 3 of the filed PDF · View the filing
Standalone EBITDA: INR 313 crores (FY26)
p. 3
“If I talk about the EBITDA level, then in standalone EBITDA for the year is INR 313 crores with 53.49% growth comparatively to INR 204 crores in last year.”
Gopal Kabra, page 3 of the filed PDF · View the filing
EBITDA margin: 20.44% (FY26)
p. 3
“This is having the margin expanding to 20.44% compared to 18.64% in FY25.”
Gopal Kabra, page 3 of the filed PDF · View the filing
PAT: INR 201 crores (FY26)
p. 3
“We have profit side, so profit we have INR 201 crores.”
Gopal Kabra, page 3 of the filed PDF · View the filing
Consolidated revenue: INR 1,715 crores (FY26)
p. 3
“In consolidated level, we have done the business of INR 1,715 crores with EBITDA of INR 318 crores with the PAT of INR 204.3 crores.”
Gopal Kabra, page 3 of the filed PDF · View the filing
Q4 revenue: INR 418.57 crores (Q4 FY26)
p. 3
“So, revenue side from the solar system installation of decentralized system, it came to INR 418.57 crores with Y-o-Y last year it was INR 352 crores with the good growth.”
Gopal Kabra, page 3 of the filed PDF · View the filing
Q4 EBITDA: INR 85.96 crores (Q4 FY26)
p. 3
“Our EBITDA stood at INR 85.96 crores compared to INR 67.43 crores last year.”
Gopal Kabra, page 3 of the filed PDF · View the filing
Q4 PAT: INR 59.05 crores (Q4 FY26)
p. 3
“PAT side if we are talk about, then current close quarter is INR 59.05 crores is PAT, where which is almost 25% growth I would say, where with the last year it was INR 44.84 crores in Q4 FY25.”
Gopal Kabra, page 3 of the filed PDF · View the filing
System installations: 17,018 systems (Q4 FY26)
p. 3
“Now when we talk about the number of system installations, so we have installed 17,018 systems during last quarter of FY26, which is 15% growth over to 14,797 systems in Quarter 4 of FY25.”
Gopal Kabra, page 3 of the filed PDF · View the filing
Net surplus cash: INR 240 crores (FY26)
p. 4
“At the same time, we ended FY26 with the net surplus cash and cash equivalent is INR 240 crores compared to net debt position of INR 155 crores in FY25, which it’s a very good positive acceleration growth symptom for us to go ahead.”
Gopal Kabra, page 4 of the filed PDF · View the filing
Total systems installed: 61,000 plus systems (FY26)
p. 4
“Operationally, we have installed 61,000 plus systems in FY26, that is 34% increase over the last year.”
Gopal Kabra, page 4 of the filed PDF · View the filing
Cumulative megawatts installed: 617 megawatts (cumulative)
p. 4
“If I talk about the overall, then we have close -- we have already installed 617 megawatts of the renewable energy across the India in our journey as of now.”
Gopal Kabra, page 4 of the filed PDF · View the filing
Order book: INR 710 crores (as on date)
p. 4
“If I talk about as on date, order book stands INR 710 crores.”
Gopal Kabra, page 4 of the filed PDF · View the filing
DCR module supply agreement: 875 megawatt (current financial year)
p. 17
“Already we have sign for the current financial year is 875 megawatt with one of the prominent supplier in the country.”
Gopal Kabra, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — double the FY26 revenue, around INR 3,000 crores plus · FY27
stated as an aspiration by Gopal Kabra
p. 12
“So, like with all together, we are eyeing around INR 3,000 Crores plus business.”
Gopal Kabra, page 12 of the filed PDF · View the filing
Pump installations — 1,20,000 to 1,40,000 pumps · FY27
stated as an aspiration by Gopal Kabra
p. 12
“We are eyeing around 1,20,000 to 1,40,000 pump.”
Gopal Kabra, page 12 of the filed PDF · View the filing
Rooftop business revenue — INR 600 crores to INR 1,000 crores · FY27
stated as an aspiration by Gopal Kabra
p. 12
“And from the roof-top we are eyeing around INR 600 crores to INR 1,000 crores in range between.”
Gopal Kabra, page 12 of the filed PDF · View the filing
EBITDA margin — double-digit margin
stated as an aspiration by Gopal Kabra
p. 8
“Right now also I would say that two-digit margin we would like to keep it.”
Gopal Kabra, page 8 of the filed PDF · View the filing
Net margin — double digit
stated firmly by Gopal Kabra
p. 21
“Definitely it shall be net margin only.”
Gopal Kabra, page 21 of the filed PDF · View the filing
Order book expected by Q1 close — INR 1,400 crores order · before Q1 FY27 ends
stated conditionally by Gopal Kabra
p. 9
“So, INR 1,400 crores order should be there for the -- before the quarter 1 get ends.”
Gopal Kabra, page 9 of the filed PDF · View the filing
1 million household target — 1 million households · by 2030
stated firmly by Gopal Kabra
p. 16
“When we will reach to the 1 million household by the time what you are talking about, because company have the said target that by 2030 we should be reaching to 1 million household.”
Gopal Kabra, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said demand was intact but execution was delayed by raw material supply issues, not a demand slowdown.
Answered by Gopal Kabra
Asked by Tanmay Jhaveri: Why did installations slow versus the H2 target of 50,000 pumps?
p. 5
“It was slightly delayed due to the -- some raw material delay, but we able to cope up, I believe.”
Gopal Kabra, page 5 of the filed PDF · View the filing
Management cited sudden rainfall in Maharashtra and raw material supply disruption in the last weeks of March.
Answered by Gopal Kabra
Asked by Vishvender Singh: Why did installations of 61,000 come in below the 70,000-75,000 guided?
p. 7
“Rainfall was there in the -- sudden rainfall was there in the Maharashtra if you remember in the last quarter.”
Gopal Kabra, page 7 of the filed PDF · View the filing
Management said it locks prices in advance with suppliers under long-term arrangements to protect margin certainty.
Answered by Gopal Kabra
Asked by Vishvender Singh: How is the company managing raw material price volatility affecting peers' margins?
p. 7
“So, I go and I freeze the price on the day one for my 3-month, 6-month supply side.”
Gopal Kabra, page 7 of the filed PDF · View the filing
Management said working capital should stabilise around the levels seen at FY26 close.
Answered by Gopal Kabra
Asked by Sameer Shah: What will working capital look like going forward?
p. 11
“Yes, you're right, sir.”
Gopal Kabra, page 11 of the filed PDF · View the filing
Management pointed to equity raised, retained profits, reduced inventory days, and available bank credit lines.
Answered by Gopal Kabra
Asked by Neerav Vasa: How will the company fund working capital needs for a targeted INR 3,000 crore revenue?
p. 13
“We have certain limit which is already assigned although we were sitting with the INR 240 crores surplus cash.”
Gopal Kabra, page 13 of the filed PDF · View the filing
Management attributed the sequential decline to rainfall and raw material availability disruption linked to geopolitical events in late February/March.
Answered by Gopal Kabra
Asked by Jeet Jhaveri: Why was Q4 revenue down versus Q3?
p. 13
“We could not do the installation what we were eyeing that time because of the rainfall and the war started in the month of February end.”
Gopal Kabra, page 13 of the filed PDF · View the filing
Management cited a roughly 9% national share historically and higher share in Magel Tyala.
Answered by Gopal Kabra
Asked by Smith Gala: What share of the PM-KUSUM opportunity does GK Energy expect to capture?
p. 15
“If you take the past number of the GK Energy's contribution in the whole business of the PM-KUSUM which is got installed 10 Lakh plus pump, there itself you can see it is close to two-digit, around 9% is what the country side we have contribution.”
Gopal Kabra, page 15 of the filed PDF · View the filing
Management said fixed deposits used for bank guarantees were converted into a corporate office asset.
Answered by Gopal Kabra
Asked by Harshil Solanki: What was the roughly INR 90-100 crore addition to fixed assets for?
p. 22
“For the getting the bank limits, we have fixed deposits to be given. That fixed deposit has been transfer into the asset.”
Gopal Kabra, page 22 of the filed PDF · View the filing
Management said the company holds about 8-9% market share countrywide and over 15% in Maharashtra.
Answered by Gopal Kabra
Asked by Achyuth: What is GK Energy's market share nationally and in Maharashtra?
p. 21
“And talking about my market share is 8% to 9% countrywide which I have mentioned.”
Gopal Kabra, page 21 of the filed PDF · View the filing
Risks flagged
Delay in PM-KUSUM scheme rollout affecting near-term order visibility
p. 5
“So, now on the PM-KUSUM side, I would like to say that definitely it's delayed, but it's getting delayed with the very good preparation, the best of knowledge I have.”
Gopal Kabra, page 5 of the filed PDF · View the filing
Rainfall disrupting installation schedules
p. 7
“Rainfall was there in the -- sudden rainfall was there in the Maharashtra if you remember in the last quarter.”
Gopal Kabra, page 7 of the filed PDF · View the filing
Raw material supply disruption linked to geopolitical/war-related events
p. 13
“We could not do the installation what we were eyeing that time because of the rainfall and the war started in the month of February end.”
Gopal Kabra, page 13 of the filed PDF · View the filing
Competitive bidding pressure lowering realizations in tenders
p. 8
“So, now coming on the tender side, definitely we have seen the price is having the different range, but this different range is coming with the heavy volumes.”
Gopal Kabra, page 8 of the filed PDF · View the filing
Geopolitical uncertainty affecting margin outlook
p. 10
“See, 10% to 15% variation that may take place. It is very early to say considering the geopolitical situation, but fortunately our majority of the component is made in India.”
Gopal Kabra, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.