GK Energy Limited has filed its monitoring agency report for the quarter ended December 31, 2025, detailing the utilization of proceeds from its Rs.400.00 crore Initial Public Offering. The report, prepared by CARE Ratings Limited and reviewed by the company's Audit Committee and Board of Directors on February 13, 2026, shows substantial progress in fund deployment across designated objectives.

IPO Proceeds Utilization Summary

The company has utilized Rs.292.32 crore of the total Rs.400.00 crore raised through its IPO conducted from September 19, 2025 to September 23, 2025. The monitoring agency reported no deviation from the stated objects of the issue.

Object-wise Fund Deployment

The company allocated funds across three primary objectives as outlined in its offer document:

Long-term Working Capital Requirements: Rs.242.56 crore was utilized during the quarter for vendor payments related to raw material purchases, including solar modules, cables, and connectors. The total allocation for this objective stands at Rs.322.46 crore, with Rs.9.68 crore remaining unutilized.

General Corporate Purposes: The company deployed Rs.30.25 crore during the quarter, bringing total utilization to Rs.31.55 crore against the allocated Rs.46.48 crore. This included:

• Purchase and maintenance of office property: Rs.13.63 crore
• Salaries to directors: Rs.7.71 crore
• Tax payments: Rs.5.53 crore
• Purchase of office equipment: Rs.2.61 crore
• Royalty payment to director: Rs.0.77 crore

Issue-related Expenses: Rs.19.51 crore was utilized against the allocated Rs.31.06 crore, including Rs.12.49 crore for reimbursement of pre-IPO expenses.

Deployment of Unutilized Funds

The remaining Rs.36.16 crore is strategically deployed in fixed deposits and bank balances. The company has placed Rs.25.00 crore in fixed deposits with IndusInd Bank earning 6.20% returns, maturing on January 26, 2026. The balance Rs.11.22 crore is maintained in dedicated bank accounts with HDFC Bank and IndusInd Bank.

Regulatory Compliance and Timeline

CARE Ratings Limited confirmed that all utilization aligns with the offer document disclosures, with no material deviations observed. The monitoring agency verified details through chartered accountant certificates, bank statements, invoices, and management certifications. The company maintains its completion timeline of March 31, 2026, for working capital and general corporate purpose objectives, with no delays reported in implementation.

GK Energy Limited delivered impressive financial results for the third quarter of fiscal year 2026, demonstrating strong growth across key performance metrics. The Pune-based solar energy solutions provider reported significant improvements in both revenue and profitability, reflecting robust demand for its solar photovoltaic systems.

Financial Performance Highlights

The company's standalone financial results for Q3FY26 showed remarkable growth momentum. Net profit increased substantially to ₹588.25 million compared to ₹372.96 million in the corresponding quarter of the previous year, representing a growth of 57.7%. Revenue from operations reached ₹4,601.97 million, up 43.6% from ₹3,203.78 million in Q3FY25.

Nine-Month Performance

For the nine-month period ended December 31, 2025, GK Energy maintained its strong performance trajectory. The company achieved net profit of ₹1,422.22 million, representing a significant increase of 60.9% from ₹883.75 million in the corresponding period of the previous year. Revenue from operations for the nine-month period grew 50.1% to ₹11,139.69 million from ₹7,423.07 million.

Consolidated Results

On a consolidated basis, which includes the performance of wholly-owned subsidiary GK Energy Solar Private Limited, the company reported even stronger results. Consolidated net profit for Q3FY26 reached ₹608.18 million compared to ₹372.96 million in Q3FY25. Consolidated revenue from operations grew to ₹5,096.86 million from ₹3,203.78 million, reflecting the contribution from the subsidiary's trading operations in solar cells and related products.

Business Segments

GK Energy operates through two primary business segments. The EPC (Engineering, Procurement, and Construction) business and supply of systems generated revenue of ₹4,601.98 million in Q3FY26. The trading of solar cells (DCR) and others segment contributed ₹494.88 million in revenue during the quarter, highlighting the company's diversified revenue streams within the solar energy ecosystem.

IPO Proceeds Utilization

The company provided an update on the utilization of its IPO proceeds. During Q3FY26, GK Energy utilized ₹2,728.11 million from the IPO proceeds, with ₹2,425.60 million allocated to funding long-term working capital requirements and ₹302.51 million for general corporate purposes. As of December 31, 2025, the company had unutilized IPO proceeds of ₹246.11 million, which are temporarily invested in fixed deposits with scheduled commercial banks.

GK Energy Limited specializes in the design, manufacture, supply, transport, installation, testing, and commissioning of decentralized solar systems, with a primary focus on Solar Photovoltaic Water Pumping Systems. The company's strong financial performance reflects the growing adoption of renewable energy solutions and its established position in the solar energy market.