German Green Steel & Power IPO
Bookbuilding IPO | ₹304.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Fri, Sep 25, 2026
IPO Close
Tue, Sep 29, 2026
Price Band
₹132.00 to ₹139.00
Market Cap (Pre-IPO)
₹1,047.35 Cr
IPO Details
| IPO Date | Sep 25, 2026 to Sep 29, 2026 |
| Listing Date | Tentative: Oct 05, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹132.00 to ₹139.00 |
| Lot Size | 107 Shares (Minimum: ₹14,873.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹304.00 Crores |
| Total Shares Offered | 21,863,309 shares |
| Fresh Issue | 21,863,309 shares |
| Offer For Sale | 1,000,000 shares |
German Green Steel & Power IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
German Green Steel & Power IPO Lot Size
Investors can bid for a minimum of 107 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 107 | ₹14,873 |
| Retail (Max) | 13 | 1,391 | ₹193,349 |
| S-HNI (Min) | 14 | 1,498 | ₹208,222 |
| S-HNI (Max) | 67 | 7,169 | ₹996,491 |
| B-HNI (Min) | 68 | 7,276 | ₹1,011,364 |
German Green Steel & Power Financial Information (Restated Consolidated)
German Green Steel & Power Ltd.'s revenue increased by 11% and profit after tax (PAT) rose by 33% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 18.86% |
| ROCE (Return on Capital Employed) | 19.31% |
| Debt/Equity | 0.79 |
| RoNW (Return on Net Worth) | 18.86% |
| PAT Margin (Profit After Tax Margin) | 4.76% |
| EBITDA Margin | 9.94% |
| Price to Book Value | 1.79 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 14.66 | 10.60 |
| P/E (x) | 9.48 | 13.11 |
Company Overview
German Green Steel and Power Limited – Company Overview
- Incorporated in 2008, German Green Steel and Power Limited is 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 operates predominantly on a business-to-business basis, catering to three major customer segments: distributors, dealers and institutional customers. Its brand “German TMT” has established strong recognition for TMT Bars in Gujarat.
- Product Portfolio: The Company manufactures TMT Bars, MS Billets and Sponge Iron, with TMT Bars available in sizes ranging from 8 mm to 40 mm.
- The Company's corporate and registered office is located in Ahmedabad, Gujarat, while its Samakhiyali Facility is situated close to ports in Gujarat.
- 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.
- The Company is expanding its manufacturing capacities at the Samakhiyali Facility, including Sponge Iron capacity from 66,000 MTPA to approximately 1,48,500 MTPA, MS Billets capacity from 2,14,500 TPA to 4,12,500 TPA and TMT Bars capacity from 181,500 MTPA to 346,500 MTPA.
- For the nine months ended December 31, 2024, the majority of sales were generated through its network of distributors and dealers. These intermediaries supply the Company's products to builders and contractors.
- As of March 31, 2026, the Company's workforce comprised 1,357 employees, along with 143 contract labourers.
Company Strengths
- Vertically integrated manufacturing setup, including captive power capacity
- Extensive distribution network in Gujarat with long-term customer relationships
- Experienced promoters supported by a strong management and execution team
- Strong brand recall driven by quality products
- Track record of growth in financial performance
Use of Proceeds
| 1) | Funding the capital expenditure requirements of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant | 226.33 |
| 2) | Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the Company | 7.70 |
| 3) | General Corporate Purposes | |
| Total | 234.03 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
German Green Steel & Power IPO Peer Comparison
German Green Steel & Power peer comparison with similar listed entities. (As on March 31, 2026)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| German Green Steel and Power Ltd. | 14.91 | 14.91 | 77.76 | - | 18.86 | - | Consolidated |
| Beekay Steel Industries Ltd. | 18.94 | 18.94 | 548.18 | 22.54 | 3.49 | - | Consolidated |
| Gallant Ispat Ltd. | 20.07 | 20.07 | 137.44 | 27.80 | 14.60 | - | Consolidated |
| Kamdhenu Ltd. | 2.78 | 2.72 | 14.06 | 14.57 | 19.77 | - | Consolidated |
| Msp Steel & Power Ltd. | 0.60 | 0.56 | 18.18 | 61.57 | 3.28 | - | Consolidated |
| Vms Tmt Ltd. | 4.95 | 4.95 | 45.97 | 8.92 | 9.22 | - | Consolidated |
Quick Info
| Sector | Iron and Steel |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹1,047.35 Cr |
Important Dates
| IPO Open | Sep 25, 2026 |
| IPO Close | Sep 29, 2026 |
| Allotment Date | Sep 30, 2026 |
| Credit to Demat | Oct 01, 2026 |
| Listing Date | Tentative: Oct 05, 2026 |
Lead Manager(s)
Systematix Corporate Services Ltd.
Registrar
Bigshare Services Pvt.Ltd.
8657578989/8069219065/8069219060
Description
- IPO Type: Book build issue aggregating to ₹303.90 crores.
- Issue Structure: The issue is a combination of a fresh issue of 2.09 crore shares aggregating to ₹290.00 crores and an offer for sale of 10.00 lakh shares aggregating to ₹13.90 crores.
- IPO Dates: The issue opens for subscription on September 25, 2026 and closes on September 29, 2026.
- Allotment Date: The allotment is expected to be finalized on September 30, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on October 5, 2026.
- Retail Investment Requirement: Minimum 1 lot (107 shares) amounting to approximately ₹14,873 at the upper price band.
- Issue Price Band: ₹132 to ₹139 per equity share.
- Lot Size: 107 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.