German Green Steel & Power IPO
German Green Steel & Power IPO Details
-
Open Date
25 Sep 2026
-
Close Date
29 Sep 2026
- IPO Price Range
₹ 132 to ₹139
- IPO Size
₹ 303.90 Cr
German Green Steel & Power IPO Timeline
Last Updated: 23 September 2026 11:42 AM by 5paisa
German Green Steel and Power Limited is a vertically integrated iron and steel manufacturer primarily focused on TMT bars. Its manufacturing operations cover the production of sponge iron, MS billets and TMT bars, enabling the company to undertake multiple stages of the steel manufacturing process internally. Its TMT bars are manufactured in Fe500, Fe500D and Fe550 grades and are primarily sold under the German TMX brand.
The company operates manufacturing facilities in Gujarat, including its integrated facility at Samakhiyali, Kutch. The Samakhiyali facility is supported by a 20 MW captive power plant comprising 16 MW of coal-based power capacity and a 4 MW waste heat recovery plant, along with hybrid wind and solar power capacity. German Green Steel and Power primarily serves customers in Gujarat, while also expanding its distribution network into other markets.
TMT bars were the company's largest product category in FY26, contributing ₹1,321.96 crore, or 78.74%, of revenue from operations. MS billets, sponge iron and by-products form the remaining product portfolio.
Established in: 2008
Managing Director: Abdulhaq Shamsulhaq Iraki
Peers:
| Metric | German Green Steel and Power | Beekay Steel Industries | Gallantt Ispat | Kamdhenu | MSP Steel & Power | VMS TMT |
|---|---|---|---|---|---|---|
| Face Value (₹) | 10 | 10 | 10 | 1 | 10 | 10 |
| Total Income (₹ Cr) | 1685.38 | 1196.94 | 4478.52 | 774.70 | 2846.04 | 840.20 |
| Basic EPS (₹) | 14.91 | 18.94 | 20.07 | 2.78 | 0.60 | 4.95 |
| Diluted EPS (₹) | 14.91 | 18.94 | 20.07 | 2.72 | 0.56 | 4.95 |
| P/E (x) | NA | 22.54 | 27.80 | 14.57 | 61.57 | 8.92 |
| RoNW (%) | 18.86 | 3.49 | 14.60 | 19.77 | 3.28 | 9.22 |
| NAV Per Share (₹) | 77.76 | 548.18 | 137.44 | 14.06 | 18.18 | 45.97 |
German Green Steel & Power Objectives
The company proposes to utilise the Net Proceeds from the Fresh Issue towards:
1. Funding capital expenditure for expansion of the manufacturing facility at Samakhiyali, Kutch, Gujarat, and the hybrid wind and solar power plant.
2. Prepayment or repayment, in full or in part, of certain outstanding borrowings.
3. General corporate purposes.
The Company will not receive any proceeds from the Offer for Sale. The OFS proceeds will be received by the respective Promoter Selling Shareholders after applicable offer-related expenses and taxes.
German Green Steel and Power IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹303.90 Cr |
| Offer For Sale | ₹13.90 Cr |
| Fresh Issue | ₹290.00 Cr |
German Green Steel and Power IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 107 | 14124 |
| Retail (Max) | 13 | 1391 | 193349 |
| S-HNI (Min) | 14 | 1498 | 197736 |
| S-HNI (Max) | 67 | 7169 | 996491 |
| HNI (Min) | 68 | 7276 | 960432 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 1129.78 | 1507.57 | 1678.98 |
| EBITDA | 79.33 | 116.81 | 166.96 |
| PAT | 41.67 | 59.94 | 79.89 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 559.73 | 1015.20 | 1220.24 |
| Share Capital | 84.57 | 526.48 | 544.86 |
| Total Liabilities | 383.67 | 721.29 | 796.54 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | 28.36 | 74.43 | 140.80 |
| Net Cash Generated From / (Used In) Investing Activities | (63.10) | (224.04) | (134.84) |
| Net Cash Generated From / (Used In) Financing Activities | 34.68 | 151.22 | (6.84) |
| Net Increase / (Decrease) In Cash And Cash Equivalents | (0.06) | 1.61 | (0.87) |
Strengths
1. Vertically integrated manufacturing from sponge iron to TMT bars.
2. Captive power infrastructure supports integrated manufacturing operations.
3. TMT-focused portfolio supported by established German TMX brand.
4. Revenue grew at 21.91% CAGR during FY24-FY26.
5. EBITDA margin improved from 7.02% to 9.94%.
Weaknesses
1. Gujarat contributed 97.74% of FY26 domestic sales.
2. TMT bars contributed 78.74% of FY26 revenue.
3. Operations remain exposed to substantial working-capital requirements.
4. Manufacturing facilities are geographically concentrated in Gujarat.
5. Business remains dependent on uninterrupted raw-material availability.
Opportunities
1. Proposed Samakhiyali expansion can increase manufacturing capabilities.
2. Hybrid renewable power expansion may support energy requirements.
3. Distribution expansion can reduce dependence on Gujarat market.
4. Infrastructure spending supports underlying domestic steel demand.
5. Growing construction activity can support TMT bar consumption.
Threats
1. Steel and TMT prices remain inherently cyclical and volatile.
2. Iron ore and coal price fluctuations can pressure margins.
3. Gujarat's expanding steel capacity could intensify competition.
4. Regulatory and environmental requirements can raise compliance costs.
5. Freight and energy cost increases may affect profitability.
1. Revenue increased from ₹1,129.78 crore in FY24 to ₹1,678.98 crore in FY26.
2. PAT increased from ₹41.67 crore to ₹79.89 crore during FY24-FY26.
3. EBITDA margin expanded from 7.02% in FY24 to 9.94% in FY26.
4. Vertically integrated operations span sponge iron, billets and TMT bars.
5. Fresh proceeds will partly fund manufacturing and renewable-power expansion.
India was the world's second-largest crude steel producer in CY25, with a 9% share of global crude steel production. Domestic finished steel consumption increased from 95 million tonnes in FY21 to 164 million tonnes in FY26, registering an 11.6% CAGR. The industry report projects India's steel demand to grow by 8% year-on-year in FY27, supported by construction, real estate, railways, roads, capital goods and consumer durables.
Over the FY26-FY29 period, finished steel demand is projected to grow at a CAGR of around 8.2%, surpassing 200 million tonnes. Infrastructure investment, urbanisation, housing development and manufacturing expansion are expected to remain key demand drivers.
German Green Steel and Power participates primarily in the TMT bar segment, linking its demand profile closely with construction and infrastructure activity. Its planned manufacturing expansion, integrated sponge iron-to-TMT production and hybrid wind-solar power investments are intended to increase capacity and operating integration. However, steel remains cyclical, with demand, selling prices, raw-material costs and competitive capacity influencing industry profitability.
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FAQs
German Green Steel and Power IPO opens from 25 September 2026 to 29 September 2026.
The size of the German Green Steel and Power IPO is approximately ₹303.90 crore, comprising a fresh issue of up to ₹290 crore and an Offer for Sale of 10,00,000 equity shares aggregating to ₹13.90 crore at the upper price band.
The price band of German Green Steel and Power IPO is fixed at ₹132 to ₹139 per share.
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the German Green Steel and Power IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum lot size is 107 shares, requiring an investment of ₹14,124 at the floor price of ₹132 per share.
The basis of allotment for the German Green Steel and Power IPO is expected to be finalised on 30 September 2026.
The German Green Steel and Power IPO is tentatively scheduled to list on BSE and NSE on 5 October 2026.
Systematix Corporate Services Limited, Emkay Global Financial Services Limited and Pantomath Capital Advisors Private Limited are the book-running lead managers for the German Green Steel and Power IPO.
The company proposes to use the Fresh Issue proceeds towards:
1. Funding capital expenditure for expansion of the Samakhiyali manufacturing facility and hybrid wind and solar power plant.
2. Prepayment or repayment of certain outstanding borrowings.
3. General corporate purposes.