GK Energy Limited's ₹464.26 crore IPO (₹400 crore fresh issue, ₹64.26 crore OFS) is priced at ₹145–₹153. FY25 revenue stood at ₹285.03 crore with 3.53% net margin. Heavy reliance on PM-KUSUM (~84% revenue) and weak CFO (-₹98.6 crore) raise concerns. At 23.3x P/E, valuations appear fair but policy and cash flow risks persist.