Type of Event: Earnings Conference Call to discuss Unaudited Financial Results for Q2 and H1 FY27 ended September 30, 2026.

Date and Time: Thursday, October 29, 2026 (time not specified).

Purpose: Discussion of quarterly results and business updates.

Management Participants:

  • Mr. Gopal Kabra – Chairman, Managing Director and Chief Executive Officer
  • Mr. Mehul Shah – Whole-Time Director – Chief Operating Officer
  • Mr. Sunil Malu – Chief Financial Officer

Presentation Availability: The investor presentation was available on stock exchanges and the company's website at www.gkenergy.in. The transcript of the call was filed with exchanges and uploaded to the company website.

UPSI Statement: The company did not include any specific statement about unpublished price sensitive information in this transcript.

Financial Period Discussed: Q2 and H1 FY27 (quarter and half year ended September 30, 2026).

Financial Highlights:

  • H1 FY27 Revenue: INR 907.8 crores, up 38.9% YoY
  • H1 FY27 EBITDA: INR 160.5 crores, up 21.6% YoY with 17.7% margin
  • H1 FY27 PAT: INR 109 crores, up 30.7% YoY
  • Q2 FY27 Revenue: INR 402.7 crores, up 12.3% YoY
  • Q2 FY27 EBITDA: INR 74.4 crores with 18.5% margin
  • Q2 FY27 PAT: INR 49.4 crores, up 6.3% YoY with 12.3% margin

Operational Metrics:

  • Q2 installations: 19,391 systems, up 41.8% YoY
  • Q2 capacity commissioned: 84 MW, up 33.3% YoY
  • H1 installations: 43,509 systems, up 77.6% YoY
  • H1 capacity commissioned: 193 MW, up 70.8% YoY
  • Cumulative base: Over 1,84,000 systems and over 800 MW across India

Business Updates:

  • Received institutional order for 14,000 off-grid DC Solar Photovoltaic Water Pumping Systems in Maharashtra (October 2026)
  • Entered Battery Energy Storage System (BESS) segment with first order for 150 MW × 300 MWh utility-scale installation
  • Received institutional order to install 1 lakh rooftop solar systems
  • Retail rooftop solar business growing strongly across residential and commercial B2C customers
  • Order book stands at INR 788 crores as of September 30, 2026 and orders received post-October 1, 2026
  • Cumulative orders worth INR 1,422.29 crores (including GST, excluding BESS order) received during financial year

Working Capital:

  • Trade receivables: INR 1,012.38 crores as of September 30, 2026 with 204 days outstanding
  • Collected INR 377.5 crores in 28 days post-quarter end, reducing outstanding to ~128 days

Guidance and Outlook:

  • Maintaining FY27 EBITDA margin guidance of 17-18%
  • Expecting 35-40% growth even if PM-KUSUM scheme is delayed
  • Targeting 1 million installed systems and USD 1 billion business by 2030
  • Expanding across decentralized renewable energy, battery storage, utility-scale EPC, and new renewable products

Forward-looking Statements: Management expressed confidence in maintaining margins through their controlled manufacturing ecosystem and indicated expectations for PM-KUSUM scheme to rollout in Q3 FY27 with benefits in Q4.

Additional Notes Section

The document includes the full transcript of the earnings conference call with detailed Q&A session covering topics such as:

  • Revenue visibility of INR 1,800 crores for FY27
  • Working capital cycle (120-140 days for pumps, 45-60 days for rooftop)
  • Business model differentiation (asset-light, controlled manufacturing ecosystem)
  • Market expansion strategy (focused geographic presence rather than pan-India)
  • PM-KUSUM 2.0 scheme timing expectations (Q3 FY27 announcement)
  • BESS business model (owning plants and selling power to DISCOMs)
  • No plans for equity dilution in near term

No financial data was disclosed in the announcement beyond what was presented in the earnings call. The document represents a regulatory filing of the earnings call transcript.