German Green Steel & Power IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

German Green Steel & Power

Price band

₹132 – ₹139

Lot size

107 shares

Min investment

₹14,873

Issue size

₹303.9 Cr

About the company

German Green Steel and Power Limited was started in 2008. It is an iron and steel maker working mainly in western India, with its strength in Gujarat and its focus on TMT bars, the ribbed rods used to reinforce concrete. It sells business to business, to three kinds of customer: distributors, dealers and institutional buyers. Its brand German TMT has built recognition for TMT bars in Gujarat. Its products are TMT bars in sizes from 8 mm to 40 mm, along with MS billets and sponge iron, which are the intermediate materials that go into making steel. Its corporate and registered office is in Ahmedabad. It runs two manufacturing facilities in Gujarat. The Samakhiyali facility is vertically integrated, meaning it makes its own intermediate material rather than buying it, and sits close to the Gujarat ports. The Viramgam facility is operated through its material subsidiary German TMX Private Limited. The company is expanding its sponge iron capacity at Samakhiyali from 66,000 tonnes a year to about 1,48,500 tonnes, and is raising its MS billet capacity from 2,14,500 tonnes a year as well.

German Green Steel and Power Limited makes TMT bars, MS billets and sponge iron in Gujarat under the German TMT brand, selling to distributors, dealers and institutional buyers. It runs a vertically integrated plant at Samakhiyali near the Gujarat ports and a second facility at Viramgam through a subsidiary.

IPO details

Issue price: ₹139
Price band: ₹132 – ₹139
Face value: ₹10
Lot size: 107
Min investment: ₹14,873
Issue size: ₹303.9 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 8005
NSE symbol: GERMAN.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	107	₹14,873
Retail (Max)	13	1,391	₹1,93,349
S-HNI (Min)	14	1,498	₹2,08,222
B-HNI (Min)	68	7,276	₹10,11,364

Investor reservation

CATEGORY	RESERVED
QIB	1,09,31,653 shares (50.00% of the Offer)
NII	32,79,497 shares (15.00% of the Offer)
Retail	76,52,159 shares (35.00% of the Offer)

Objects of the issue

1Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant226.33

2Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company7.70

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	1,220.24	1,015.20	559.73
Total Income	1,685.38	1,517.21	1,137.54
Profit After Tax	79.89	59.94	41.67
EBITDA	166.96	116.81	80.11
NET Worth	421.55	292.55	176.06
Reserves and Surplus	369.21	241.27	167.60
Total Borrowing	334.37	347.86	198.39

Key performance indicators

P/E Ratio

13.11

EPS (₹)

10.60

RoE

18.86%

RoCE

19.31%

RoNW

18.86%

PAT Margin

4.76%

EBITDA Margin

9.94%

Debt / Equity

0.79

NAV (₹)

77.76

✓ Strengths

• Profit has almost doubled in two years, from Rs 41.67 crore in FY2024 to Rs 59.94 crore in FY2025 and Rs 79.89 crore in FY2026.

• EBITDA has more than doubled over the same period, from Rs 80.11 crore to Rs 166.96 crore.

• Sales have grown steadily, from Rs 1,137.54 crore in FY2024 to Rs 1,685.38 crore in FY2026.

• The issue is priced moderately at about 13.11 times earnings on an EPS of Rs 10.60, with RoCE of 19.31% and RoNW of 18.86%.

• The Samakhiyali plant is vertically integrated, so the company makes its own sponge iron and billets rather than buying them, which protects margin when input prices rise.

• The German TMT brand has established recognition in Gujarat, which is unusual for a regional steel maker and supports pricing.

• Being close to the Gujarat ports cuts freight on both imported raw material and outbound shipments.

• Rs 226.33 crore of the issue money goes into expanding the Samakhiyali plant and building a hybrid wind and solar power plant, which should reduce energy cost over time.

⚠ Risks

• The profit margin is thin at 4.76%. Steel is a commodity and the company keeps under five paise of every rupee of sales.

• Borrowing was Rs 334.37 crore against a net worth of Rs 421.55 crore, a debt to equity ratio of 0.79.

• The business is concentrated in Gujarat and western India, so a slowdown in construction in that region affects nearly all of it.

• Steel prices, iron ore and coal costs are cyclical and set by the market, not by the company.

• Two of its three products, MS billets and sponge iron, are intermediate commodities sold with no brand premium at all.

• It is expanding sponge iron and billet capacity at the same time, which brings execution risk and a period where the new capacity costs money before it earns.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding will come down from 96.63% to 68.54% after the issue.

Promoters & holding

Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki

Pre-issue promoter holding

96.63%

Post-issue promoter holding

68.54%

Promoters hold 96.63% before the issue and will hold 68.54% after it.

Data refreshed 07 Nov 2026, 04:50 pm IST. GMP is unofficial market sentiment, not investment advice.