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    Alternative power generation
Gunkul Engineering Public Co. Ltd. NVDR

Gunkul Engineering Public Co. Ltd. NVDR

4.96
THB
-0.02
(-0.40%)
0.23EPS
18.80P/E
37.66BMarket Cap
Nov 11Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.27
0.4
0.58
0.36
0.54
0.71
0.81
0.98
1.05
0.84
0.82
1.05
0.91
1.07
Basic EPS, GAAP
0.12
0.07
0.09
0.06
0.05
0.12
0.24
0.39
0.25
0.34
0.17
0.19
0.21
0.23
Free Cash Flow per Basic Share
-0.09
- -
-0.77
-0.71
-0.41
-0.59
0.32
-0.33
0.23
0.13
-0.09
0.11
0.21
0.2
Dividend per Share
- -
- -
- -
0.03
0.03
0.1
0.01
0.14
0.24
0.18
0.12
0.08
0.12
0.14
Book Value per Share
0.39
0.45
0.94
1.02
1.08
1.01
1.22
1.41
1.48
1.58
1.58
1.61
1.64
1.73
Tangible Book Value per Share
0.25
0.18
0.59
0.65
0.6
0.52
0.75
1
1.09
1.44
1.45
1.47
1.53
1.63
Basic Weighted Avg Shares
7,392
7,391
7,643
8,872
8,902
8,783
8,783
8,783
8,836
8,883
8,814
8,636
8,602
8,639
Sales/Revenue/Turnover
2,025
2,963
4,448
3,209
4,809
6,230
7,099
8,649
9,318
7,506
7,231
9,062
7,798
9,237
Operating Margin (%)
6.56
11.07
11.56
18.11
22.82
37.49
39.89
24.11
29.75
23.35
12.68
14.5
15.59
16.29
Depreciation Expense
18
26
36
265
472
763
1,137
1,353
1,542
1,313
1,011
995
1,085
1,058
Net Income, GAAP
883
545
685
538
466
1,085
2,147
3,412
2,229
3,011
1,474
1,661
1,769
1,948
Effective Tax Rate (%)
16.73
13.31
16.69
6.3
11.3
8.07
1.81
3.37
7.7
9.07
10.82
16.57
15.61
15.58
Profit Margin (%)
43.59
18.4
15.4
16.76
9.69
17.42
30.25
39.45
23.92
40.11
20.39
18.33
22.68
21.09
Working Capital
254
-827
-197
-748
-449
-3,082
-920
-1,200
-1,487
2,416
447
238
771
1,546
LT Debt
178
20
3,369
8,591
13,544
16,968
19,008
19,346
19,153
12,846
11,932
11,638
10,154
10,268
Total Equity
3,121
3,360
8,590
9,749
10,184
9,500
11,333
12,475
13,283
14,140
13,990
13,880
14,119
15,387
Return on Invested Capital (%)
5.1
6.05
6.11
4.08
3.88
7.14
8.32
11.36
6.22
4.69
2.77
4.04
3.54
4.28
Return on Capital (%)
20.58
12.83
7.37
3.84
3.48
5.71
8.81
11.5
7.76
11.03
7.08
7.56
7.98
8.21
Return on Common Equity (%)
36.48
17.57
12
6.26
4.98
11.73
21.89
29.59
17.5
22.14
10.53
11.96
12.66
13.29

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,369
4,152
4,660
LT Borrowings
9,647
9,545
9,696
LT Finance Leases
506
581
573
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
8,602
8,602
8,883
Market Capitalization
16,343
21,160
37,662

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
7,437
7,889
9,148
Cash, Cash Equivalents & STI
894
1,597
2,522
Accounts Receivable, Net
1,739
1,625
2,171
Inventories
835
1,021
967
Total Current Liabilities
6,666
7,629
7,602
Payables & Accruals
2,646
2,807
2,457
ST Debt
3,369
4,152
4,660
Deferred Revenue
434
473
271

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.34%
2.56%
1.72%
Free Cash Flow
-85.41%
-100.75%
95.73%
Net Income, GAAP
22.34%
-6.3%
6.5%
Sales/Revenue/Turnover
8.33%
-0.8%
-13.96%
Total Cash Common Dividend
279.06%
6.92%
49.92%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,511
2,159
2,454
1,647
9,062
2025
1,978
1,689
1,703
2,427
7,798
2026
2,440
2,666
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.03
0.05
0.04
0.06
0.19
2025
0.04
0.06
0.05
0.05
0.21
2026
0.05
0.07
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.08
- -
0.08
2025
- -
0.08
- -
0.04
0.12
2026
- -
0.1
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Naruechon Dhumrongpiyawut
Full Time Employees
1,222
Sector
Utilities
Industry
Alternative power generation
Address
No. 548, One City Centre (OCC) Building Bangkok BM Thailand 10330
IPO Date
Oct 19, 2010
Website
gunkul.com
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Business
Gunkul Engineering Public Company Limited (GUNKUL.BK), founded in 1982 and headquartered in Bangkok, Thailand, manufactures and distributes electrical system equipment including high-voltage products, distribution lines, grounding systems, ground rods, clamps, welding powder, molds, lightning protection systems, solar power production systems, LEDs, and GRoof; generates and sells electricity from renewable sources such as solar and wind power plants; provides engineering procurement and construction (EPC) services for power stations, transmission lines, submarine cables, microgrids, and energy storage systems; and offers operation and maintenance (O&M) services across Thailand, Japan, Vietnam, Malaysia, and other Asian markets. The company operates through segments encompassing manufacturing and trading of over 5,000 electrical products for transmission and distribution to government and private sectors; power production via subsidiaries like Gunkul Solar Powergen, Gunkul One Energy, and Gunkul Power Development; turnkey construction; and maintenance, with a portfolio of 50 subsidiaries targeting industrial, commercial, and community customers in renewable energy infrastructure. Recently, GUNKUL completed the acquisition of additional shares in Gunkul Power Generation Co., Ltd. from Chubu Electric Power International B.V. on November 20, 2024, increasing ownership from 51% to 100% and converting it to a full subsidiary with 30.9 MW capacity; formed a strategic joint venture in June 2025 with Gulf Renewable Energy, selling 50% stakes in Gunkul Solar Powergen and Gunkul One Energy 2 for THB 704 million to co-develop 9 solar projects totaling 460.8 MW under 25-year PPAs with EGAT, including solar farms and battery storage systems slated for 2026-2030 operation; signed PPAs for 190.2 MW and an additional 31 MW solar projects with EGAT; established a Japanese subsidiary for renewable development; repurchased 280.92 million treasury shares; appointed a new global inverter and battery distributor role targeting 100 MW deliveries in 2025; and reported Q3 2025 net profit of THB 457 million amid strong solar/wind performance and cost efficiencies, with 17 awarded FiT projects at 832.4 MW under construction.