| Price | 132 to 139 |
|---|---|
| GMP Rumors | ₹13 |
| Lot size | 107 |
| Issue size | ₹303.90 Cr |
| Allotment | 30-09-2026 |
| Refund | 01-10-2026 |
| Listing | 05-10-2026 |
| Stars |
★★☆☆☆ |
| ISIN | INE0D4501011 |
| Allotment Status | Bigshare |
| Video |  |
BSE List Price : ₹143.50
NSE List Price : ₹142.00
| Category | Times |
|---|---|
| QIBs | 21.91x |
| HNIs | 56.77x |
| Retail | 23.98x | Total : 30.42x |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 107 | ₹14,873 |
| Retail Maximum | 13 | 1,391 | ₹193,349 |
| S - HNI Minimum | 14 | 1,498 | ₹208,222 |
| S - HNI Maximum | 67 | 7,169 | ₹996,491 |
| B - HNI Minimum | 68 | 7,276 | ₹1,011,364 |
German Green Steel and Power Limited was incorporated in 2008 and is a Gujarat-based vertically integrated iron and steel manufacturer, with its main focus on TMT Bars. The company operates through two manufacturing facilities at Samakhiyali, Kutch and Viramgam, Ahmedabad, with the Viramgam facility operated through its material subsidiary, German TMT Private Limited.
Vertically Integrated Manufacturing: The Samakhiyali facility integrates the production chain from Sponge Iron → MS Billets → TMT Bars, reducing dependence on external suppliers for intermediate products.
Manufacturing Capacity: As of 31 March 2026, the combined installed capacities were 66,000 MTPA for Sponge Iron, 3,57,060 MTPA for MS Billets and 3,01,950 MTPA for TMT Bars. FY26 capacity utilisation was approximately 95.21%, 79.44% and 87.79%, respectively.
Customer Network: As of 31 March 2026, the company had 12 distributors, 148 dealers and 343 direct institutional customers.
Geographical Concentration: Gujarat contributed approximately 97.74% of FY26 revenue from operations, making Gujarat the company's primary market.
TMT Bars: Main product range, with sizes from 8 mm to 40 mm, marketed primarily under the German TMT brand.
MS Billets: Manufactured for captive consumption as well as sale to external customers.
Sponge Iron: Produced as an intermediate steelmaking product and also sold in the market after meeting captive requirements.
Cut & Bend TMT Bars: Value-added reinforcement products introduced for construction applications.
Epoxy-Coated TMT Bars: Corrosion-resistant TMT products developed for specialised construction requirements.
Contract Manufacturing: The company entered into a manufacturing partnership with JSW One Distribution Limited, producing specified steel products according to agreed quality and technical standards.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹?1137.54 | ₹?1082.15 | ₹?41.67 | ₹?559.73 |
| 2025 | ₹?1517.21 | ₹?1438.16 | ₹?59.94 | ₹?1015.20 |
| 2026 | ₹?1685.38 | ₹?1575.57 | ₹?79.89 | ₹?1220.24 |
Inamulhaq Shamsulhaq Iraki
Abdulhaq Shamsulhaq Iraki
Ibrarulhaq Inamulhaq Iraki
Vertical Integration: The Samakhiyali facility integrates sponge iron, billet and TMT production, providing greater control over the manufacturing process and intermediate inputs.
Captive & Renewable Power: The company has captive and hybrid wind-solar power capabilities. In FY26, approximately 66.98% of electricity consumption was sourced from captive and hybrid generation.
Established Distribution Network: The company had 148 dealers, 12 distributors and 343 direct institutional customers as of 31 March 2026.
Strong Gujarat Presence: The company has an established presence in Gujarat, supported by its manufacturing facilities and distribution network.
Experienced Promoters: Promoters Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki have substantial experience in the iron and steel industry.
Financial Growth: Revenue from operations increased from 1,129.78 crore in FY24 to 1,678.98 crore in FY26, while PAT increased from 41.67 crore to 79.89 crore during the same period.
Value-Added Products: The company has expanded into cut-and-bend and epoxy-coated TMT bars, providing products beyond conventional TMT bars.
Customer Concentration: The top 10 customers contributed 50.62% of FY26 revenue, while the largest customer contributed 10.67%. Loss or reduction in orders from major customers could affect revenue.
Geographical Concentration: 97.74% of FY26 revenue came from Gujarat, creating significant dependence on the regional market.
Product Concentration: TMT Bars contributed approximately 78.7% of FY26 product revenue, making the company substantially dependent on TMT demand and pricing.
Raw Material Price Risk: Material purchases represented approximately 82.77% of total expenses in FY26. Prices of scrap, iron ore, coal and other inputs can fluctuate and affect margins.
No Long-Term Supply Contracts: Key raw materials are generally procured through purchase orders rather than long-term supply agreements, creating supply and price-volatility risks.
Dealer & Distributor Dependence: Eight of the company's top 10 customers were dealers or distributors in FY26, making the distribution network important to product sales.
Steel Industry Cyclicality: Demand and prices for TMT Bars, MS Billets and Sponge Iron are affected by construction activity, steel prices, raw-material costs and overall industry cycles.
Expansion Execution Risk: The company proposes a 226.33 crore expansion project, and certain machinery orders had not yet been placed as disclosed in the offer documents. Delays or cost escalation could affect the project.
Trademark / Intellectual Property Risk: The company and its material subsidiary have received certain cease-and-desist notices concerning trademarks, and the German TMT logo is not registered in the company's own name.
Indebtedness Risk: Existing borrowings and associated repayment obligations and covenants may restrict financial flexibility.
Capital Expenditure for Samakhiyali Expansion & Power Plant — 226.33 crore: The company proposes to utilise the majority of the fresh issue proceeds for expansion of its Samakhiyali manufacturing facility in Kutch, Gujarat, along with development of the hybrid wind and solar power plant.
Repayment / Pre-payment of Borrowings — 7.70 crore: The company proposes to use 7.70 crore for repayment or pre-payment, in full or part, of certain outstanding borrowings.
General Corporate Purposes — 55.97 crore: The remaining proceeds are proposed to be used for general corporate purposes, subject to applicable regulations.
Offer for Sale — 13.90 crore: The OFS comprises 10,00,000 shares offered by the existing selling shareholders. The OFS proceeds will go to the selling shareholders and will not be received by the company.
German Green Steel & Power Ltd.
German House, Near Bharat Petrol Pump,
Opp. Kochrab Ashram,
Paldi
Ahmedabad, Gujarat, 380007
Phone: 9723555100
Email: secretarial@germansteel.in
Website: https://www.germansteel.in/
Bigshare Services Pvt. Ltd.
Phone: 8657578989/8069219065/8069219060
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html