German Green Steel & Power IPO
German Green Steel & Power IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹132-139 |
| Face Value | ₹10 |
| Lot Size | 107 Shares |
| Issue Size | ₹303.9 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| BSE Scrip Code | 8005 |
| Min Investment | ₹14,873 |
Reservation
What Will It Cost Me?
| 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 |
| B-HNI (Min) | 68 | 7,276 | ₹1,011,364 |
Strengths & Risks
Strengths
- Profit has almost doubled in two years, from Rs 41.67 crore in FY2024 to Rs 59.94 crore in FY2025 and Rs 79.89 crore in FY2026.
- EBITDA has more than doubled over the same period, from Rs 80.11 crore to Rs 166.96 crore.
- Sales have grown steadily, from Rs 1,137.54 crore in FY2024 to Rs 1,685.38 crore in FY2026.
- The issue is priced moderately at about 13.11 times earnings on an EPS of Rs 10.60, with RoCE of 19.31% and RoNW of 18.86%.
- The Samakhiyali plant is vertically integrated, so the company makes its own sponge iron and billets rather than buying them, which protects margin when input prices rise.
- The German TMT brand has established recognition in Gujarat, which is unusual for a regional steel maker and supports pricing.
- Being close to the Gujarat ports cuts freight on both imported raw material and outbound shipments.
- Rs 226.33 crore of the issue money goes into expanding the Samakhiyali plant and building a hybrid wind and solar power plant, which should reduce energy cost over time.
Risks
- The profit margin is thin at 4.76%. Steel is a commodity and the company keeps under five paise of every rupee of sales.
- Borrowing was Rs 334.37 crore against a net worth of Rs 421.55 crore, a debt to equity ratio of 0.79.
- The business is concentrated in Gujarat and western India, so a slowdown in construction in that region affects nearly all of it.
- Steel prices, iron ore and coal costs are cyclical and set by the market, not by the company.
- Two of its three products, MS billets and sponge iron, are intermediate commodities sold with no brand premium at all.
- It is expanding sponge iron and billet capacity at the same time, which brings execution risk and a period where the new capacity costs money before it earns.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- Promoter holding will come down from 96.63% to 68.54% after the issue.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 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 |
About The Company
German Green Steel and Power Limited was started in 2008. It is an iron and steel maker working mainly in western India, with its strength in Gujarat and its focus on TMT bars, the ribbed rods used to reinforce concrete.
It sells business to business, to three kinds of customer: distributors, dealers and institutional buyers. Its brand German TMT has built recognition for TMT bars in Gujarat. Its products are TMT bars in sizes from 8 mm to 40 mm, along with MS billets and sponge iron, which are the intermediate materials that go into making steel.
Its corporate and registered office is in Ahmedabad. It runs two manufacturing facilities in Gujarat. The Samakhiyali facility is vertically integrated, meaning it makes its own intermediate material rather than buying it, and sits close to the Gujarat ports. The Viramgam facility is operated through its material subsidiary German TMX Private Limited. The company is expanding its sponge iron capacity at Samakhiyali from 66,000 tonnes a year to about 1,48,500 tonnes, and is raising its MS billet capacity from 2,14,500 tonnes a year as well.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 20.93× | 4,578,030 | — |
| Non-Institutional Investors (NII) | 54.03× | 3,445,455 | — |
| Retail Individual Investors (RII) | 22.83× | 8,039,394 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 28.98× | 16,062,879 | — |
GMP History
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