GK Energy Q1 FY27: consolidated PAT up 60% YoY to ₹59.6 Cr as revenue jumps 56%

GK Energy's consolidated revenue rose 55.6% YoY to ₹505.2 Cr (from ₹324.8 Cr) and PAT rose 59.9% YoY to ₹59.6 Cr (from ₹37.3 Cr) in Q1 FY27, the quarter ended June 30, 2026. Standalone and consolidated numbers are within a rounding error of each other (₹59.67 Cr vs ₹59.65 Cr). Sequentially, growth stepped down sharply — revenue +6.0% QoQ and PAT flat at +0.7% versus Q4 FY26 (₹476.8 Cr revenue, ₹59.3 Cr PAT) — consistent with Q4 typically carrying heavier year-end execution.

Cost of goods sold jumped to 72.2% of revenue (₹364.6 Cr) from ~60.9% a year ago and ~62.7% in Q4 FY26, pulling the operating (EBITDA) margin down to 16.4% from 17.7% YoY and 17.6% QoQ. The segment note shows why the mix shifted: the Trading of Solar Cells (DCR) segment, which contributed ₹58.2 Cr of Q4 FY26 revenue and ₹46.5 Cr a year ago, generated zero revenue this quarter, leaving the entire topline in the core EPC/solar-pump-installation business. Net margin held up better than operating margin — 11.7% versus 11.4% YoY, though down from Q4's 12.4% — helped by finance cost falling to ₹45.9 Cr from ₹105.8 Cr in Q4 FY26, a swing large enough to offset most of the gross-margin pressure by the PAT line.

The stock went into the print at ₹137.77, down 5.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 5 quarters.

EPS ₹2.94 (basic & diluted), up from ₹2.19 YoY and ₹2.92 QoQ — standalone and consolidated PAT nearly identical (₹59.67 Cr vs ₹59.65 Cr)

₹368.9 Cr of IPO proceeds remains fully unutilised as of quarter-end, still parked in fixed deposits/public offer account

Management's May 2026 concall guidance targeted doubling FY27 revenue to over ₹3,000 Cr (from FY26's ₹1,715 Cr), driven by solar pumps, rooftop solar expansion and the PM-KUSUM scheme ramping in the second half, while holding double-digit PAT margins on an asset-light model. Q1's ₹505 Cr print and 11.7% NPM keep the company on track against both markers, though management explicitly front-loaded the PM-KUSUM contribution to H2, so a single quarter's run-rate does not yet prove the ₹3,000 Cr target. No analyst consensus for this specific quarter surfaced in a web search, so the print cannot be benchmarked against street expectations; the company has also not put out a separate press release or commentary on this result for comparison.