German Green Steel & Power IPO – Company Analysis
German Green Steel & Power IPO is a mainboard issue of Rs. 303.90 Cr (2.18 crore shares) by German Green Steel & Power Limited, an iron and steel manufacturer primarily operating in the western region of India, with a strong presence in Gujarat and a focus on TMX Bars.
The company predominantly conducts business on a business-to-business basis with three (3) major types of customers, namely (i) distributors, (ii) dealers, and (iii) institutional customers. The brand “German TMT” has established strong recognition for TMT Bars in Gujarat.
Product Portfolio:
-
TMT Bars,
-
MS Billets, and
-
Sponge Iron, with
-
TMT bar
The company's manufacturing capabilities range from 8 mm to 40 mm. The company operates two manufacturing facilities in Gujarat: the Samakhiyali Facility, which is vertically integrated, and the Viramgam Facility, operated through its material subsidiary, German TMX Private Limited.
They are currently in the process of expanding the installed capacity of Sponge Iron at their Samakhiyali Facility from 66,000 MTPA to approximately 1,48,500 MTPA, MS billets production capacity from 2,14,500 TPA to 4,12,500 TPA and existing installed TMT Bars production capacity at the Samakhiyali Facility from 181,500 MTPA to 346,500 MTPA.
German Green Steel & Power IPO Details
The German Green Steel & Power IPO date is from Sep 25 to Sep 29, with IPO allotment on Sep 30, refund initiation on Oct 01, 2026. German Green Steel & Power IPO listing date is Oct 05, 2026. German Green Steel & Power IPO price is Rs. 132 to Rs. 139.
|
Event |
Date |
|
IPO Open Date |
September 25, 2026 |
|
IPO Close Date |
September 29, 2026 |
|
IPO Allotment Date |
September 30, 2026 |
|
Refunds / Credit of Shares |
October 01, 2026 |
|
IPO Listing Date |
October 05, 2026 |
|
Issue Type |
Book Built Issue |
|
IPO Price Band |
Rs. 132 to Rs. 139 |
|
Minimum Investment (Retail) |
Rs. 14,873 (107 Shares) |
|
Listing At |
BSE, NSE |
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview
In the last 6 years, finished steel production has grown at a CAGR of 10.9% to 162 MT in FY26 from 96 MT in FY21.
Company Financial
(Amount in Cr)
|
Period |
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 & Surplus |
369.21 |
241.27 |
167.60 |
|
Total Borrowing |
334.37 |
347.86 |
198.39 |
German Green Steel & Power Business Model
The company manufactures and sells steel products through a fully integrated value chain at its two manufacturing facilities in Gujarat:
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Samakhiyali Facility (Kutch district) — fully vertically integrated.
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Viramgam Facility (Ahmedabad district) — operated through its material subsidiary, German TMT Private Limited.
Main products and revenue mix (Fiscal 2026):
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TMT Bars → ~78.7% of revenue (primary product; sizes 8 mm to 40 mm; grades such as Fe500, Fe500D, Fe550, Fe550D and corrosion-resistant variants).
-
MS Billets → ~6%.
-
Sponge Iron → ~1.9%.
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Others (by-products such as MS scrap, mill scale, black fly ash, etc.) → ~13.4%.
The company has recently entered value-added products such as Cut & Bend bars (pre-cut and shaped reinforcement bars) and epoxy-coated TMT bars.
How the Company Earns Money
Revenue comes almost entirely from the sale of finished and intermediate steel products on a B2B basis:
|
Customer Type |
Approx. % of Revenue (FY2026) |
Description |
|
Institutional customers |
~41.5% |
Corporates in construction, real estate, roadways, thermal plants, engineering services, etc. |
|
Distributors |
~37.6% |
Large buyers who cover wide geographies and sell to dealers/retailers/end-users. Formal agreements exist. |
|
Dealers |
~20.9% |
Smaller buyers focused on local markets. |
-
Nearly 98% of revenue comes from Gujarat.
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After meeting its own captive needs, the company sells surplus Sponge Iron and MS Billets in the open market.
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Sales are largely order-based (purchase orders); long-term contracts are limited, but the company maintains multi-year relationships with many customers.
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Brand: “German TMT” (strong regional recall in Gujarat).
Revenue Bifurcation
(Source: RHP)
The Objective of the Issue
-
Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and a hybrid wind and solar power plant. ~ Rs. 226.33 Cr.
-
Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the Company. ~ Rs. 7.70 Cr.
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General Corporate Purposes.
German Green Steel & Power IPO Valuation
|
KPI |
As on March 31, 2026 |
|
ROE |
18.86% |
|
ROCE |
19.31% |
|
Debt/Equity |
0.79 |
|
RoNW |
18.86% |
|
PAT Margin |
4.76% |
|
EBITDA Margin |
9.94% |
German Green Steel & Power IPO Allotment Status
Investors can check German Green Steel & Power IPO allotment status using the registrar Bigshare Services Pvt. Ltd. or using the BSE website- BSE IPO allotment status.
IPO Strengths
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Vertically integrated manufacturing setup, including captive power capacity
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Extensive distribution network in Gujarat with long-term customer relationships
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Experienced promoters supported by a strong management and execution team
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Strong brand recall driven by quality products.
IPO Weaknesses
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Challenges in logistics and transportation infrastructure, including high logistics costs.
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High energy consumption in steel production and rising environmental concerns over its significant carbon emissions.
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Limited adoption of advanced technologies and automation.
German Green Steel & Power IPO GMP
The German Green Steel & Power IPO GMP today is Rs. 15 as of 23 Sep 2026, while writing this information.
IPO Review: Subscribe or Avoid?
German Green Steel & Power is a vertically integrated TMT bar manufacturer with a strong Gujarat focus, showing solid revenue and PAT growth over the last three years along with improving EBITDA margins. The company benefits from captive power, expanding capacities, and a mix of institutional, distributor and dealer sales, though nearly all revenue remains concentrated in one state.
Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor.
German Green Steel & Power IPO News
German Green Steel & Power DRHP
German Green Steel & Power RHP
German Green Steel & Power IPO Allotment Status
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Finowings IPO Analysis
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