German Green Steel IPO is a ₹303.90 crore book-built issue comprising a fresh issue of 2.09 crore shares worth ₹290.00 crore and an offer for sale (OFS) of 10.00 lakh shares aggregating to ₹13.90 crore. The IPO will be open for subscription from September 25 to September 29, 2026. The allotment is expected to be finalized on September 30, 2026, and the shares are proposed to be listed on NSE and BSE on October 5, 2026.
The price band has been fixed at ₹132–₹139 per share, with a lot size of 107 shares. At the upper price band, retail investors need to invest a minimum of ₹14,873 for one lot.
Systematix Corporate Services Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue. Investors can refer to the German Green Steel & Power IPO Red Herring Prospectus (RHP) for detailed information about the company and the offer.
Company Overview
Incorporated in 2008, German Green Steel and Power Limited is an iron and steel manufacturer serving western India, with a strong presence in Gujarat. The company primarily operates on a business-to-business model and manufactures TMT Bars under the “German TMT” brand, which has established recognition in Gujarat.
Its product portfolio includes TMT Bars, MS Billets and Sponge Iron, with TMT Bars available in sizes ranging from 8 mm to 40 mm. The company serves distributors, dealers and institutional customers, who supply its products to builders and contractors.
German Green Steel and Power operates two manufacturing facilities in Gujarat: the vertically integrated Samakhiyali Facility and the Viramgam Facility, operated through its material subsidiary, German TMX Private Limited. Its corporate and registered office is located in Ahmedabad, while the Samakhiyali Facility is situated near Gujarat’s ports.
The company is expanding its Samakhiyali capacity, with Sponge Iron production increasing from 66,000 MTPA to approximately 1,48,500 MTPA, MS Billets from 2,14,500 TPA to 4,12,500 TPA, and TMT Bars from 181,500 MTPA to 346,500 MTPA. As of March 31, 2026, it employed 1,357 people and engaged 143 contract labourers.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 25 to 29 Sep, 2026 |
| Allotment | Wed, Sep 30, 2026 |
| Listing Date | Mon, Oct 5, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹132 to ₹139 per share |
| Lot Size | 107 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,18,63,309 shares (agg. up to ₹304 Cr) |
| Fresh Issue | 2,08,63,309 shares (agg. up to ₹290 Cr) |
| Offer for Sale | 10,00,000 shares of ₹10 (agg. up to ₹14 Cr) |
| Shareholding Pre-Issue | 5,44,85,888 shares |
| Shareholding Post-Issue | 7,53,49,197 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s steel demand is supported by continued infrastructure and construction spending, with public capital expenditure for FY27 raised to ₹12.2 lakh crore.
- Infrastructure development across roads, railways, waterways and urban projects remains an important demand driver for steel products.
- TMT Bars are used extensively as reinforcement material in construction and infrastructure projects, linking demand to activity in these sectors.
- Steel manufacturers with integrated production across Sponge Iron, MS Billets and finished products can have greater control over multiple stages of the production process.
- The steel industry remains competitive, with companies differing in scale, product mix, manufacturing capacity and degree of integration.
Business Strengths
- The Samakhiyali Facility follows a vertically integrated production model, covering Sponge Iron, MS Billets and TMT Bars, providing greater control over key manufacturing stages and supporting operational efficiency.
- German Green Steel operates two manufacturing facilities in Gujarat, at Samakhiyali and Viramgam, providing diversified production capabilities across intermediate and finished steel products.
- The company recorded 95.21% utilisation for Sponge Iron and 84.37% for TMT Bars at Samakhiyali during FY2026, reflecting substantial utilisation of existing capacities.
- Its portfolio covers Sponge Iron, MS Billets, TMT Bars, cut-and-bend products and epoxy-coated TMT Bars, allowing the company to serve varied steel product requirements.
- The company has invested in hybrid wind-solar power infrastructure and has received green product recognition for certain TMT products manufactured at its facilities.
Business Risks
- Fluctuations in steel selling prices and raw-material costs can affect margins and profitability, particularly because the company’s operations depend significantly on commodity prices and market conditions.
- The company faces competition from established steel manufacturers operating in Gujarat and other western Indian markets, including players with larger capacities and extensive manufacturing capabilities.
- The proposed expansion at Samakhiyali requires substantial capital expenditure, and delays, cost overruns or operational issues could affect the expected benefits from increased production capacity.
- Business performance depends substantially on demand for steel products from construction, infrastructure and other end-use sectors, making revenues sensitive to economic and industry cycles.
- Steel scrap is one of the company’s primary raw materials, making manufacturing operations sensitive to its availability, quality, pricing and supply-chain conditions.
Financial Performance
German Green Steel & Power Ltd. – Financials (₹ in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 1,67,898.17 | 1,50,757.13 | 1,12,978.18 |
| EBITDA | 16,695.67 | 11,680.75 | 7,933.32 |
| EBITDA Margin (%) | 9.94% | 7.75% | 7.02% |
| Profit After Tax (PAT) | 7,988.87 | 5,994.36 | 4,166.66 |
| PAT Margin (%) | 4.76% | 3.98% | 3.69% |
| Net Working Capital | 15,856.27 | 16,694.15 | 12,993.70 |
| Net Debt / Equity Ratio (times) | 0.79 | 1.18 | 1.13 |
(Source: RHP)
Key Ratios & Metrics
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Equity (ROE) | 18.86% |
| Return on Capital Employed (ROCE) | 19.31% |
| Debt-to-Equity Ratio | 0.79 |
| Return on Net Worth (RoNW) | 18.86% |
| PAT Margin | 4.76% |
| EBITDA Margin | 9.94% |
| Net Asset Value (NAV per share) | ₹77.76 |
(Source: RHP)
Objects of the Offer
- Expansion of the Samakhiyali manufacturing facility and hybrid wind-solar power plant: The company proposes to fund capital expenditure for expanding its Samakhiyali Facility and establishing a hybrid wind and solar power plant.
- Repayment/prepayment of borrowings: A portion of the Net Proceeds will be used for the repayment or prepayment, in full or part, of certain outstanding borrowings of the company.
- General corporate purposes: The remaining Net Proceeds will be used towards general corporate purposes, subject to applicable regulations.
Conclusion
German Green Steel and Power Limited has an established presence in Gujarat’s steel market, supported by its integrated manufacturing operations, TMT Bars, MS Billets and Sponge Iron portfolio, and distribution network. The IPO proceeds are primarily intended for capacity expansion, renewable power infrastructure and debt repayment.
At the same time, the company remains exposed to steel price volatility, raw-material costs, competition, demand cycles and execution risks related to its expansion plans. Investors may evaluate these factors alongside the company’s financial performance, valuation and proposed use of IPO proceeds before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory.Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.
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