{"id":7124,"date":"2026-09-24T07:00:55","date_gmt":"2026-09-24T07:00:55","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=7124"},"modified":"2026-09-24T07:01:47","modified_gmt":"2026-09-24T07:01:47","slug":"german-green-steel-ipo","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/german-green-steel-ipo\/","title":{"rendered":"German Green Steel & Power IPO Review: Key Details, Company Overview & Financials"},"content":{"rendered":"

German Green Steel IPO is a \u20b9303.90 crore book-built issue comprising a fresh issue of 2.09 crore shares worth \u20b9290.00 crore and an offer for sale (OFS) of 10.00 lakh shares aggregating to \u20b913.90 crore. <\/span>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.<\/span><\/p>\n

The price band has been fixed at \u20b9132\u2013\u20b9139 per share, with a lot size of 107 shares. At the upper price band, retail investors need to invest a minimum of \u20b914,873 for one lot.<\/span><\/p>\n

Systematix Corporate Services Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue. <\/span>Investors can refer to the <\/span>German Green Steel & Power IPO <\/span>Red Herring Prospectus (RHP)<\/span><\/span><\/a> for detailed information about the company and the offer.<\/span><\/p>\n

Company Overview<\/b><\/h2>\n

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 \u201cGerman TMT\u201d brand, which has established recognition in Gujarat.<\/span><\/p>\n

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.<\/span><\/p>\n

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\u2019s ports.<\/span><\/p>\n

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. <\/span>As of March 31, 2026, it employed 1,357 people and engaged 143 contract labourers.<\/span><\/p>\n

IPO Details<\/b><\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Particulars<\/th>\nDetails<\/th>\n<\/tr>\n<\/thead>\n
IPO Date<\/td>\n25 to 29 Sep, 2026<\/td>\n<\/tr>\n
Allotment<\/td>\nWed, Sep 30, 2026<\/td>\n<\/tr>\n
Listing Date<\/td>\nMon, Oct 5, 2026<\/td>\n<\/tr>\n
Face Value<\/td>\n\u20b910 per share<\/td>\n<\/tr>\n
Price Band<\/td>\n\u20b9132 to \u20b9139 per share<\/td>\n<\/tr>\n
Lot Size<\/td>\n107 Shares<\/td>\n<\/tr>\n
Issue Type<\/td>\nBookbuilding IPO<\/td>\n<\/tr>\n
Sale Type<\/td>\nFresh capital cum OFS<\/td>\n<\/tr>\n
Total Issue Size<\/td>\n2,18,63,309 shares (agg. up to \u20b9304 Cr)<\/td>\n<\/tr>\n
Fresh Issue<\/td>\n2,08,63,309 shares (agg. up to \u20b9290 Cr)<\/td>\n<\/tr>\n
Offer for Sale<\/td>\n10,00,000 shares of \u20b910 (agg. up to \u20b914 Cr)<\/td>\n<\/tr>\n
Shareholding Pre-Issue<\/td>\n5,44,85,888 shares<\/td>\n<\/tr>\n
Shareholding Post-Issue<\/td>\n7,53,49,197 shares<\/td>\n<\/tr>\n
Listing Exchange<\/td>\nBSE, NSE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

(Compiled from RHP and market updates)<\/span><\/i><\/span><\/p>\n

Industry Context<\/b><\/h2>\n
    \n
  • India’s steel demand is supported by continued infrastructure and construction spending, with public capital expenditure for FY27 raised to \u20b912.2 lakh crore.<\/span><\/li>\n
  • Infrastructure development across roads, railways, waterways and urban projects remains an important demand driver for steel products.<\/span><\/li>\n
  • TMT Bars are used extensively as reinforcement material in construction and infrastructure projects, linking demand to activity in these sectors.<\/span><\/li>\n
  • Steel manufacturers with integrated production across Sponge Iron, MS Billets and finished products can have greater control over multiple stages of the production process.<\/span><\/li>\n
  • The steel industry remains competitive, with companies differing in scale, product mix, manufacturing capacity and degree of integration.<\/span><\/li>\n<\/ul>\n

    Business Strengths<\/b><\/h2>\n
      \n
    • 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.<\/span><\/li>\n
    • German Green Steel operates two manufacturing facilities in Gujarat, at Samakhiyali and Viramgam, providing diversified production capabilities across intermediate and finished steel products.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • The company has invested in hybrid wind-solar power infrastructure and has received green product recognition for certain TMT products manufactured at its facilities.<\/span><\/li>\n<\/ul>\n

      Business Risks<\/b><\/h2>\n
        \n
      • Fluctuations in steel selling prices and raw-material costs can affect margins and profitability, particularly because the company\u2019s operations depend significantly on commodity prices and market conditions.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • Steel scrap is one of the company\u2019s primary raw materials, making manufacturing operations sensitive to its availability, quality, pricing and supply-chain conditions.<\/span><\/li>\n<\/ul>\n

        Financial Performance<\/b><\/h2>\n

        German Green Steel & Power Ltd. –\u00a0 Financials (\u20b9 in Lakh)<\/b><\/h3>\n

        <\/p>\n

        \n\n\n\n\n\n\n\n\n\n\n\n
        Particulars<\/th>\nFiscal 2026<\/th>\nFiscal 2025<\/th>\nFiscal 2024<\/th>\n<\/tr>\n<\/thead>\n
        Revenue from Operations<\/td>\n1,67,898.17<\/td>\n1,50,757.13<\/td>\n1,12,978.18<\/td>\n<\/tr>\n
        EBITDA<\/td>\n16,695.67<\/td>\n11,680.75<\/td>\n7,933.32<\/td>\n<\/tr>\n
        EBITDA Margin (%)<\/td>\n9.94%<\/td>\n7.75%<\/td>\n7.02%<\/td>\n<\/tr>\n
        Profit After Tax (PAT)<\/td>\n7,988.87<\/td>\n5,994.36<\/td>\n4,166.66<\/td>\n<\/tr>\n
        PAT Margin (%)<\/td>\n4.76%<\/td>\n3.98%<\/td>\n3.69%<\/td>\n<\/tr>\n
        Net Working Capital<\/td>\n15,856.27<\/td>\n16,694.15<\/td>\n12,993.70<\/td>\n<\/tr>\n
        Net Debt \/ Equity Ratio (times)<\/td>\n0.79<\/td>\n1.18<\/td>\n1.13<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

        <\/p>\n

        \u2190 Swipe horizontally to view full table \u2192<\/div>\n