German Green Steel & Power IPO

About German Green Steel and Power IPO

German Green Steel and Power IPO, a mainboard IPO, opens on Friday, September 25, 2026 and closes on Tuesday, September 29, 2026. The allotment of shares will take place on Wednesday, September 30, 2026. The listing of shares will take place on Monday, October 5, 2026.

German Green Steel and Power IPO's price band is set at ₹132 to ₹139 per share. The lot size for an application is 107. The minimum amount of investment required by a retail investor is ₹14,873 based on the upper price.

The offer comprises a fresh issue of 2,08,63,309 equity shares aggregating to ₹290 crore and an offer for sale of 10,00,000 equity shares aggregating to ₹14 crore, totalling 2,18,63,309 equity shares aggregating to ₹304 crore.

German Green Steel and Power is a vertically integrated iron and steel manufacturer operating in the western region of India, with a product focus on TMT Bars. It manufactures TMT Bars, MS Billets, and Sponge Iron across two facilities in Gujarat, at Samakhiyali and Viramgam. The company markets its products under the 'German TMT' brand.

Objectives of German Green Steel and Power IPO

• Funding the capital expenditure requirements of our company towards the expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat, and the development of a hybrid wind and solar power plant.
  
• Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by our company.
  
• General corporate purposes.
  

Industry Outlook

India ranks among the world's largest steel producers. Domestic finished steel consumption is projected to grow at a compound annual growth rate of about 8.2% over Fiscal 2026 to Fiscal 2029, surpassing 200 million tonnes of finished steel consumption over that period, according to the CARE Report commissioned for the Offer. Steel consumption is set for year-on-year growth of 8% in Fiscal 2027. Infrastructure investment anchors this demand.

Policy support runs deep. The Union Budget 2026-27 allocated ₹12.2 lakh crore toward public capital expenditure on infrastructure, continuing a multi-year rise in budgetary support for capital-intensive sectors such as steel. The National Steel Policy, 2017 targets total crude steel capacity of 300 MTPA and finished steel production of 230 MTPA by Fiscal 2031, alongside per capita finished steel consumption of 158 kg. Roads and railways draw among the largest allocations.

TMT bars sit at the core of this demand. Consumption is tied to real estate, infrastructure, and construction activity across western India, the region the company serves. With an installed capacity of 3,01,950 MTPA across its two Gujarat facilities, the company is among the few regional players operating at that scale.

About German Green Steel and Power

German Green Steel and Power is a vertically integrated iron and steel manufacturer operating in western India. It runs two manufacturing facilities in Gujarat: the vertically integrated Samakhiyali Facility, and the Viramgam Facility operated through its Material Subsidiary German TMT Private Limited. Its product portfolio comprises TMT Bars, MS Billets, and Sponge Iron, with TMT bar sizes ranging from 8 mm to 40 mm. Steel scrap is a primary raw material. In Fiscal 2026, TMT Bars contributed 78.74% of revenue from operations, MS Billets 6.02%, and Sponge Iron 1.85%.

The company reaches customers through three channels. As at March 31, 2026, it worked with 12 distributors, 148 dealers, and 343 direct institutional customers spanning roadways, engineering services, thermal plants, and real estate. Seven of its top 10 customers held relationships exceeding three years. The 'German TMT' brand anchors its position in Gujarat.

Strengths of German Green Steel and Power

• The company operates a vertically integrated setup at Samakhiyali supported by captive thermal, waste-heat, wind, and solar power capacity of 16 MW, 4 MW, 8.1 MW, and 6 MW DC respectively.
• The company holds an installed capacity of 3,01,950 MTPA across its two Gujarat facilities, placing it among the few regional players operating at that scale.
• An extensive Gujarat distribution network of 12 distributors, 148 dealers, and 343 institutional customers as of March 31, 2026 reduces dependence on any single sales channel.
• The 'German TMT' brand, produced using thermex quenching technology, carries 4-star and 5-star Green Steel ratings from the National Institute of Secondary Steel Technology, Mandi Gobindgarh.

Risks of German Green Steel and Power

• Prices of the company's key products, TMT Bars, MS Billets, and Sponge Iron, are volatile and cyclical, so a fall in steel prices or a rise in raw material costs would directly compress margins.
• The German Green Steel and Power’s manufacturing facilities and customers are concentrated in Gujarat, leaving operations exposed to any adverse social, political, or economic development in the state.
• The top 10 customers accounted for 57.16% of revenue from operations in FY 26, so the loss of, or reduced orders from, these customers would materially reduce revenue.
• Demand for the German Green Steel and Power's products depends on the real estate, infrastructure, and construction sectors, and a slowdown in these end-markets would lower sales volumes.
• The company carries significant borrowings, and an inability to meet repayment or covenant obligations could restrict its operations and cash flows.

Anchor Investor Bidding Date

Thursday, September 24, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Bigshare Services Private Limited
Telephone: +91 22 6263 8200
Email: ipo@bigshareonline.com

Book Running Lead Manager

• Systematix Corporate Services Limited
  
• Emkay Global Financial Services Limited
  
• Pantomath Capital Advisors Private Limited
  

German Green Steel and Power Contact Details
German House, Near Bharat Petrol Pump, Opp. Kochrab Ashram, Paldi,
Ahmedabad- 380007, Gujarat, India.
Email: secretarial@germansteel.in
Phone: +91 7211133101/ 9723555100

German Green Steel and Power Business Model

The company earns its revenue through the manufacture and sale of TMT Bars, MS Billets, and Sponge Iron, supplied primarily to the construction and infrastructure sectors of western India. It sells through three channels: distributors, dealers, and direct institutional customers such as corporates in roadways, engineering services, thermal plants, and real estate.

Products are generally sold on a Free On Road basis, with prices determined by raw material costs, production capacity, market demand, transportation costs, competitor pricing, and credit terms. Vertical integration at the Samakhiyali Facility, combined with captive thermal power and a hybrid wind-and-solar plant, supports cost efficiency across the production chain.

German Green Steel and Power Growth Trajectory

German Green Steel and Power Limited's Total Income for FY26 was ₹1,685.38 crore, whereas in FY25 and FY24 it was ₹1,517.21 crore and ₹1,137.54 crore, respectively. The Profit After Tax for FY26 was ₹79.89 crore, whereas in FY25 and FY24 it was ₹59.94 crore and ₹41.67 crore, respectively.

Their EBITDA for FY26 was ₹166.96 crore, whereas in FY25 and FY24 it was ₹116.81 crore and ₹79.33 crore, respectively.

German Green Steel and Power Market Position

The company serves the growing construction markets of western India from two facilities in Gujarat, with an installed capacity of 3,01,950 MTPA across German Green Steel and Power and German TMT Private Limited. Its Samakhiyali Facility integrates a captive thermal power plant, a Solar-Wind hybrid plant, and a Waste Heat Recovery Plant.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹1,685.38 crore, ₹79.89 crore, and ₹166.96 crore, respectively.

How to apply for German Green Steel and Power IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.