| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1129.78 | 1507.57 | 1678.98 |
| Expenses | 1082.15 | 1438.16 | 1575.57 |
| Other Income | 7.75 | 9.64 | 6.40 |
| Total Revenue | 1137.54 | 1517.21 | 1685.38 |
| Profit Before Tax | 56.16 | 73.65 | 109.81 |
| Net Profit | 41.67 | 59.94 | 79.89 |
German Green Steel and Power
German Green Steel and Power IPO
₹14,124
4.01 xOver-subscribedBidding Dates 25 Sept, 26 -29 Sept, 26
Min Investment ₹14,124
Lot Size107
Price Range ₹132 – ₹139
Issue Size ₹303.90 Cr.
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IPO Subscription Details
Retail Subscription Details
4.78 x
Non-Institutional Buyers (sHNI)
7.52 x
Non-Institutional Buyers (bHNI)
4.92 x
Qualified Institutional Buyers (QIB)
1.33 x
Total4.01 x
4.01 x IPO Timeline
IPO Offer Start
25 Sept,26
IPO Offer Ends
29 Sept,26
Allotment Finalisation
30 Sept,26
Refund Initiation
01 Oct,26
Listing of Shares
05 Oct,26
IPO Analysis
Strengths
The company operates a vertically integrated manufacturing setup at its Samakhiyali Facility, covering all stages from raw materials to finished steel products, supported by a 20 MW captive power plant and hybrid wind-solar plants; as of March 31, 2026, approximately 75.44% of energy requirements are met through captive and renewable sources.
The company serves 12 distributors, 148 dealers, and 343 institutional customers as of March 31, 2026, with strong relationships of over three years maintained with 7 out of 10 top customers, generating revenue from operations of ₹1,67,898.17 lakhs in Fiscal 2026.
The company is led by promoters with over 36 years and 31 years of experience in the iron and steel industry respectively, supported by a professional team of Key Managerial Personnel and Senior Management Personnel with expertise across finance, compliance, and human resources.
Risks
The company derives 50.62% of its revenue from operations from its top 10 customers in Fiscal 2026, with the single largest customer contributing 10.67%. The loss of any of these customers, or a reduction in purchases, could materially and adversely affect the company's business, results of operations, and financial condition.
The company is dependent on third-party suppliers for key raw materials such as scrap, iron ore, coal, and silico manganese, with materials purchased constituting 82.77% of total expenses in Fiscal 2026. The absence of long-term supply contracts exposes the company to price volatility, supply disruptions, and foreign currency risk on imported materials.
Prices of TMT Bars, MS Billets, and Sponge Iron are highly volatile and sensitive to cyclical industries such as construction, as well as fluctuations in raw material costs and global supply-demand dynamics. The company's capital-intensive fixed cost base means that declining product prices or reduced volumes could significantly impair profitability.
Objectives
The company intends to fund capital expenditure requirements towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat, including installation of a kiln, rolling mill, structural mill, induction furnace, epoxy-zinc-coating TMT plant, shredder unit, continuous casting machine, and a hybrid wind and solar power plant to enhance production capacity and energy self-reliance.
The company proposes to utilize a portion of the Net Proceeds towards prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the company, specifically an unsecured long-term borrowing from Vivriti Capital Limited, to reduce overall indebtedness and improve the debt-equity ratio.
The company intends to deploy the balance Net Proceeds towards general corporate purposes including maintenance of plant and machinery, working capital requirements, strategic initiatives, brand building, administrative expenses, insurance, marketing, repairs, payment of taxes and duties, subject to such utilization not exceeding a prescribed percentage of the Gross Proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 559.73 | 1015.20 | 1220.24 |
| Current Assets | 272.41 | 502.43 | 559.00 |
| Fixed Assets | 287.33 | 512.77 | 661.24 |
| Total Equity & Liabilities | 559.73 | 1015.20 | 1220.24 |
| Total Liabilities | 383.67 | 721.29 | 796.54 |
| Current Liabilities | 257.14 | 487.18 | 578.98 |
| Non Current Liabilities | 126.53 | 234.11 | 217.56 |
| Total Equity | 176.06 | 293.91 | 423.70 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.06 | 1.61 | -0.87 |
| Investing Activities | -63.10 | -224.04 | -134.84 |
| Operating Activities | 28.36 | 74.43 | 140.80 |
| Financing Activities | 34.68 | 151.22 | -6.83 |
About German Green Steel and Power
German Green Steel & Power Limited is a vertically integrated iron and steel manufacturer primarily operating in Gujarat, India, with a focus on TMT Bars, MS Billets, and Sponge Iron. The company operates two manufacturing facilities — Samakhiyali (vertically integrated with captive power) and Viramgam (through its material subsidiary German...more
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Managing DirectorInamulhaq Shamsulhaq Iraki
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