German Green Steel and Power Limited is a Gujarat-based vertically integrated iron and steel manufacturer preparing to launch its IPO from September 25 to September 29, 2026. The company manufactures TMT bars, MS billets and sponge iron, with its manufacturing operations concentrated in Gujarat and its primary market in western India. The German Green Steel IPO comprises a fresh issue of up to ₹290 crore and an Offer for Sale of 10 lakh shares, taking the total issue size to ₹303.90 crore at the upper price band. The company plans to use a major portion of the fresh issue proceeds for expanding its Samakhiyali facility in Kutch and developing a hybrid wind-solar power project.
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Table of Contents
- German Green Steel IPO Overview
- German Green Steel IPO Important Dates
- German Green Steel IPO Details
- German Green Steel IPO Lot Size and Investment
- About German Green Steel and Power
- German Green Steel Business Model
- German Green Steel Manufacturing Facilities and Capacity
- German Green Steel Products
- German Green Steel IPO Objectives
- German Green Steel Financial Performance
- German Green Steel Profitability
- German Green Steel Debt Position
- German Green Steel IPO Valuation
- German Green Steel Peer Comparison
- German Green Steel Promoters and Shareholding
- Pre-IPO Placement
- Strengths of German Green Steel
- Risks of German Green Steel IPO
- German Green Steel IPO GMP
- What Investors Should Track
- German Green Steel IPO Review
- German Green Steel IPO FAQs
The German Green Steel IPO is a book-built issue comprising a fresh issue and an Offer for Sale. The company has fixed the German Green Steel IPO price band at ₹132 to ₹139 per equity share, with a face value of ₹10 per share.
At the upper price band of ₹139, the IPO will have a total issue size of approximately ₹303.90 crore. The fresh issue will raise up to ₹290 crore for the company, while the OFS comprises 10 lakh shares worth ₹13.90 crore at the upper price band.
| Particulars |
Key Details |
| Company |
German Green Steel and Power Limited |
| IPO Type |
Book Built Issue |
| IPO Open Date |
September 25, 2026 |
| IPO Close Date |
September 29, 2026 |
| Price Band |
₹132 to ₹139 |
| Face Value |
₹10 per share |
| Fresh Issue |
₹290 crore |
| OFS |
10 lakh shares |
| Total Issue Size |
₹303.90 crore |
| Lot Size |
107 shares |
| Minimum Investment |
₹14,124 at ₹132 / ₹14,873 at ₹139 |
| Listing |
BSE and NSE |
| Basis of Allotment |
September 30, 2026 |
| Refund/Demat Credit |
October 1, 2026 |
| Expected Listing Date |
October 5, 2026 |
| Registrar |
Bigshare Services Private Limited |
| Lead Managers |
Systematix Corporate Services, Emkay Global Financial Services and Pantomath Capital Advisors |
The company filed its Red Herring Prospectus (RHP) dated September 21, 2026, with the Registrar of Companies. The filing is also available through SEBI's public-issue filings.
The German Green Steel IPO dates cover the anchor bidding, public subscription, allotment, refund, demat credit and proposed listing.
| IPO Event |
Date |
| Anchor Investor Bidding |
September 24, 2026 |
| IPO Opens |
September 25, 2026 |
| IPO Closes |
September 29, 2026 |
| Basis of Allotment |
September 30, 2026 |
| Refund Initiation |
October 1, 2026 |
| Shares Credited to Demat |
October 1, 2026 |
| Expected Listing |
October 5, 2026 |
The IPO is proposed to be listed on BSE and NSE.
The German Green Steel IPO issue consists of 2,18,63,309 equity shares, comprising 2,08,63,309 shares in the fresh issue and 10,00,000 shares in the OFS.
At ₹139 per share, the fresh issue represents ₹290 crore, while the OFS is worth ₹13.90 crore. At the lower price band of ₹132, the total issue value is approximately ₹288.60 crore.
The IPO reservation provides for approximately 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs) and 35% for retail investors.
The lead managers for the issue are Systematix Corporate Services Limited, Emkay Global Financial Services Limited and Pantomath Capital Advisors Private Limited. Bigshare Services Private Limited is the registrar.
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Get all the latest updates on the German Green Steel IPO, including the price band, issue size, lot size and important subscription dates.
The minimum bid for the IPO is 107 shares, and investors can bid in multiples of 107 shares.
At the upper price band of ₹139, one lot requires ₹14,873. At the lower price band of ₹132, the same lot requires ₹14,124.
| Application |
Shares |
Investment at ₹139 |
| Retail Minimum – 1 Lot |
107 |
₹14,873 |
| Retail Maximum – 13 Lots |
1,391 |
₹1,93,349 |
| S-HNI Minimum – 14 Lots |
1,498 |
₹2,08,222 |
| B-HNI Minimum – 68 Lots |
7,276 |
₹10,11,364 |
The minimum investment at the upper band is therefore ₹14,873, while the minimum investment at the lower band is ₹14,124.
German Green Steel and Power Limited was incorporated in 2008 and is headquartered in Ahmedabad, Gujarat. The company was earlier known as Haq Enterprises Private Limited and subsequently Haq Steels & Metaliks Limited before adopting its current name in January 2024.
The company operates in the iron and steel industry and primarily manufactures:
-
TMT bars
-
MS billets
-
Sponge iron
It primarily operates in western India, with a strong presence in Gujarat. Its TMT bars are manufactured in sizes ranging from 8 mm to 40 mm and are primarily marketed under the German TMT brand. The company also manufactures value-added products such as cut-and-bend bars and binding wires.
The company's corporate history traces the broader group's roots to the iron and steel business started in 1976, while the current company was incorporated in 2008.
German Green Steel operates primarily through a business-to-business (B2B) model. Its customer base broadly consists of distributors, dealers and institutional customers.
Institutional customers include businesses and organisations operating in areas such as:
- Infrastructure
- Roadways
- Engineering services
- Thermal plants
- Real estate
The dealer and distributor network is particularly important because a significant proportion of the company's sales are made through these channels in Gujarat.
The company generally does not enter into long-term supply contracts with customers. Sales are generally based on periodic purchase orders. Prices can be affected by raw-material costs, production capacity, market demand, transportation expenses and competitor pricing.
This structure means the company's revenue and margins remain exposed to changes in steel prices, input costs and demand conditions.
German Green Steel has two manufacturing facilities in Gujarat. The Samakhiyali facility is vertically integrated, while the Viramgam facility is operated through its material subsidiary, German TMT Private Limited.
Samakhiyali Facility
The Samakhiyali facility is located in Kutch and represents the company's vertically integrated manufacturing operation.
The facility produces:
- Sponge iron
- MS billets
- TMT bars
This integrated manufacturing structure allows the company to manufacture intermediate products internally before converting them into finished steel products.
Viramgam Facility
The second manufacturing facility is located at Viramgam in Ahmedabad district, Gujarat. It is operated through German TMT Private Limited, the company's material subsidiary.
Capacity Expansion
A significant part of the IPO proceeds will be used to expand the Samakhiyali facility.
Existing Capacity
| Product |
Existing Capacity |
| Sponge Iron |
66,000 MTPA |
| MS Billets |
2,14,500 TPA |
| TMT Bars |
1,81,500 MTPA |
Proposed Capacity
| Product |
Proposed Capacity |
| Sponge Iron |
1,48,500 MTPA |
| MS Billets |
4,12,500 TPA |
| TMT Bars |
3,46,500 MTPA |
The planned expansion would substantially increase all three capacities. Sponge iron capacity is proposed to increase from 66,000 MTPA to 1,48,500 MTPA, while TMT bar capacity is proposed to increase from 1,81,500 MTPA to 3,46,500 MTPA.
For investors, the key operational factors will be the execution of the expansion, commissioning timelines and the company's ability to utilise the additional capacity after commissioning.
German Green Steel's core product portfolio consists of TMT bars, MS billets and sponge iron.
TMT Bars
TMT bars are the company's main finished steel product. The company manufactures TMT bars in sizes ranging from 8 mm to 40 mm.
MS Billets
MS billets are intermediate steel products used in the production of finished steel products such as TMT bars.
Sponge Iron
Sponge iron is another intermediate product produced at the company's integrated Samakhiyali facility.
The vertically integrated production chain allows the company to manufacture sponge iron, convert it into billets and subsequently manufacture TMT bars, giving it control over multiple stages of production.
German Green Steel and Captive Power
Power costs are an important component of steel manufacturing economics. German Green Steel has invested in captive and renewable power generation to reduce its dependence on electricity purchased from the grid.
As of December 31, 2024, approximately 67.72% of the company's energy requirements were met through captive power and renewable energy plants.
The company is also setting up an additional hybrid wind-solar power project. The proposed project forms part of the capital expenditure funded through the IPO.
According to the company's disclosures, the new project has a planned capacity of 25.20 MW, comprising 10.8 MW DC of solar capacity and 14.40 MW of wind capacity, with 16.20 MW already commissioned as part of the project.
Therefore, the German Green Steel IPO is not solely a manufacturing-capacity expansion plan. A significant portion of the capital expenditure is also directed towards power infrastructure.
The fresh issue proceeds will primarily be used for expansion of the Samakhiyali manufacturing facility and the hybrid wind-solar power project.
Expansion and Hybrid Wind-Solar Project
Approximately ₹226.33 crore of the net proceeds is proposed to be used for capital expenditure towards the expansion of the Samakhiyali facility and the hybrid wind-solar power project.
This is the largest identified use of the IPO proceeds.
Repayment or Prepayment of Borrowings
Around ₹7.70 crore is proposed to be used for repayment or prepayment, in full or in part, of certain outstanding borrowings.
This represents a relatively small portion of the company's borrowings. Therefore, the IPO is primarily a growth and capital expenditure issue rather than a major debt-reduction issue.
General Corporate Purposes
The remaining net proceeds will be used for general corporate purposes, subject to the limits specified in the RHP.
The OFS proceeds will go to the selling shareholders and will not be received by German Green Steel and Power.
German Green Steel has reported growth in revenue and profitability across FY2024 to FY2026.
FY2024 Financial Performance
| Particulars |
FY2024 |
| Total Income |
₹1,137.54 Cr |
| Revenue from Operations |
₹1,129.78 Cr |
| EBITDA |
~₹79.33 Cr |
| PAT |
₹41.67 Cr |
| Total Assets |
₹559.73 Cr |
| Net Worth |
₹176.06 Cr |
| Total Borrowings |
₹198.39 Cr |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Total Income |
₹1,517.21 Cr |
| Revenue from Operations |
₹1,507.57 Cr |
| EBITDA |
₹116.81 Cr |
| PAT |
₹59.94 Cr |
| Total Assets |
₹1,015.20 Cr |
| Net Worth |
~₹292.55 Cr |
| Total Borrowings |
₹347.86 Cr |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Total Income |
₹1,685.38 Cr |
| Revenue from Operations |
₹1,678.98 Cr |
| EBITDA |
₹166.96 Cr |
| PAT |
₹79.89 Cr |
| Total Assets |
₹1,220.24 Cr |
| Net Worth |
₹421.55 Cr |
| Total Borrowings |
₹334.37 Cr |
FY2026 revenue from operations increased by approximately 11.4% over FY2025, while PAT increased by approximately 33.3%. The company's EBITDA also increased substantially from ₹116.81 crore to ₹166.96 crore.
German Green Steel Revenue Growth
Revenue from operations increased from ₹1,129.78 crore in FY2024 to ₹1,678.98 crore in FY2026.
This represents an approximate 21.9% CAGR over the two-year period.
The earlier financial history also shows revenue from operations increasing from ₹892.25 crore in FY2022 to ₹1,129.78 crore in FY2024, representing an approximately 12.53% CAGR.
The recent revenue growth should nevertheless be viewed alongside the cyclical nature of the steel industry, where selling prices, raw-material costs and demand can affect reported revenue and margins.
Profitability improved along with revenue during the period under review.
FY2024 Profitability
| Profitability Metric |
FY2024 |
| EBITDA Margin |
~7.02% |
| PAT Margin |
3.69% |
| ROE |
23.67% |
| ROCE |
18.62% |
| Debt/Equity |
1.13x |
FY2025 Profitability
| Profitability Metric |
FY2025 |
| EBITDA Margin |
~7.75% |
| PAT Margin |
3.98% |
| ROE |
20.40% |
| ROCE |
15.91% |
| Debt/Equity |
1.18x |
FY2026 Profitability
| Profitability Metric |
FY2026 |
| EBITDA Margin |
9.94% |
| PAT Margin |
4.76% |
| ROE |
18.86% |
| ROCE |
19.31% |
| Debt/Equity |
0.79x |
FY2026 EBITDA stood at approximately ₹166.96 crore, compared with ₹116.81 crore in FY2025. PAT increased to ₹79.89 crore from ₹59.94 crore.
The EBITDA margin improved to 9.94%, while the PAT margin reached 4.76% in FY2026.
However, steel profitability can fluctuate with changes in raw-material prices, energy costs and finished steel realisations. Therefore, the FY2026 margin should be considered alongside future operating performance rather than viewed in isolation.
German Green Steel's total borrowings have remained significant despite the improvement in its debt-to-equity ratio.
| Financial Year |
Total Borrowings |
| FY2024 |
₹198.39 crore |
| FY2025 |
₹347.86 crore |
| FY2026 |
₹334.37 crore |
The debt-to-equity ratio improved from 1.18x in FY2025 to 0.79x in FY2026.
More recent disclosures indicate outstanding borrowings of approximately ₹344.1 crore as of August 2026.
Only ₹7.70 crore of the IPO proceeds is earmarked for repayment or prepayment of borrowings. As a result, debt and interest costs will remain relevant factors after listing, particularly while the company is undertaking a sizeable capital expenditure programme.
At the upper price band of ₹139 per share, the company is expected to have a post-issue market capitalisation of approximately ₹1,047.35 crore.
Based on FY2026 financials, the valuation indicators are as follows:
| Valuation Metric |
FY2026 |
| EPS, Pre-Issue |
₹14.66 |
| EPS, Post-Issue |
₹10.60 |
| P/E, Pre-Issue |
9.48x |
| P/E, Post-Issue |
13.11x |
| NAV per Share |
₹77.76 |
| Price-to-Book |
~0.67x |
| Market Cap at Upper Band |
~₹1,047.35 Cr |
The distinction between pre-issue and post-issue EPS is important because the fresh issue increases the company's outstanding share count.
The post-issue P/E of approximately 13.11x is calculated using the post-issue share count and FY2026 earnings. The valuation therefore needs to be considered together with the company's earnings, debt, planned capacity expansion and the cyclical nature of the steel industry.
The company's IPO documents identify Beekay Steel Industries, Gallantt Ispat, Kamdhenu, MSP Steel & Power and VMS TMT as peer companies.
P/E Comparison
| Company |
P/E / IPO Status |
| German Green Steel & Power |
Subject to IPO |
| Beekay Steel Industries |
22.54x |
| Gallantt Ispat |
27.80x |
| Kamdhenu |
14.57x |
| MSP Steel & Power |
61.57x |
| VMS TMT |
8.92x |
RoNW Comparison
| Company |
RoNW |
| German Green Steel & Power |
18.86% |
| Beekay Steel Industries |
3.49% |
| Gallantt Ispat |
14.60% |
| Kamdhenu |
19.77% |
| MSP Steel & Power |
3.28% |
| VMS TMT |
9.22% |
The peer data comes from the company's IPO documentation. Differences in business mix, size, capital structure, earnings, share prices and operating models should be considered when interpreting these figures.
The promoters of German Green Steel and Power are:
-
Inamulhaq Shamsulhaq Iraki
-
Abdulhaq Shamsulhaq Iraki
-
Ibrarulhaq Inamulhaq Iraki
The proposed IPO will dilute the promoters' ownership through the fresh issue, while two promoter shareholders are also selling shares through the OFS.
The OFS comprises 10 lakh shares, with 5 lakh shares being offered by Inamulhaq Shamsulhaq Iraki and 5 lakh shares by Abdulhaq Shamsulhaq Iraki.
Current IPO disclosures indicate post-issue promoter ownership of approximately 68.54%.
The current German Green Steel IPO structure is smaller than the company's earlier IPO proposal.
Before the current issue, the company completed a pre-IPO placement of 18.38 lakh shares at ₹270 per share in September 2025, raising approximately ₹49.62 crore.
The earlier IPO proposal consisted of a fresh issue of up to ₹450 crore and an OFS of up to 20 lakh shares. Following the pre-IPO placement, the current fresh issue was reduced to ₹290 crore, while the OFS was reduced to 10 lakh shares.
This change is relevant when comparing the current IPO with the company's earlier DRHP.
German Green Steel has several operational and financial factors that support its business model and planned expansion.
1. Vertically integrated manufacturing
The Samakhiyali facility integrates sponge iron, MS billets and TMT bar production. This gives the company control over multiple stages of its manufacturing process.
2. Captive and renewable power
A substantial portion of the company's energy requirements has been met through captive and renewable power sources. The IPO-funded hybrid wind-solar project is intended to further reduce dependence on externally purchased electricity.
3. Planned capacity expansion
The IPO-funded expansion is expected to substantially increase the company's sponge iron, MS billet and TMT bar manufacturing capacity.
4. Improvement in profitability
EBITDA increased from ₹116.81 crore in FY2025 to ₹166.96 crore in FY2026, while PAT increased from ₹59.94 crore to ₹79.89 crore.
5. Established Gujarat presence
The company has an established manufacturing and distribution presence in Gujarat and markets its TMT products under the German TMT brand.
German Green Steel faces industry, customer, operational, financial and geographic risks that investors should consider before evaluating the IPO.
1. Steel industry cyclicality
The company operates in the steel industry, where demand and prices can fluctuate with construction activity, infrastructure demand, steel prices and raw-material costs.
Lower finished steel prices or higher input costs could put pressure on operating margins.
2. Customer concentration
The company's top 10 customers accounted for 50.62% of revenue from operations in FY2026, while its largest customer contributed 10.67%.
The loss of a significant customer or a reduction in purchases could therefore affect revenue.
3. Dependence on dealers and distributors
The company depends on distributors and dealers alongside direct institutional customers. Changes in these relationships could affect product distribution and sales.
4. Expansion execution risk
Approximately ₹226.33 crore of the IPO proceeds is proposed for the Samakhiyali expansion and hybrid wind-solar project.
Delays in equipment procurement, construction, commissioning, regulatory approvals or achieving targeted capacity utilisation could affect the expected benefits from the investment.
5. Raw-material price volatility
Steel manufacturing profitability is sensitive to the prices and availability of key raw materials and energy.
Significant changes in input costs can affect the company's production economics and margins.
6. Debt remains relevant
The company had borrowings of approximately ₹334.37 crore at FY2026-end and approximately ₹344.1 crore as of August 2026.
Since only ₹7.70 crore of the IPO proceeds is earmarked for debt repayment, borrowings will remain an important metric to monitor.
7. Geographic concentration
The company's manufacturing operations are concentrated in Gujarat, and the company has a strong dependence on the Gujarat market.
This creates geographic concentration risk if operational or economic disruptions materially affect the region.
8. Competition
The company operates in a competitive steel market involving regional and larger manufacturers.
Factors such as product pricing, distribution reach, product quality, production efficiency and raw-material costs can affect its competitive position.
The German Green Steel IPO GMP refers to the premium or discount at which the company's shares may trade in the unofficial grey market before listing.
GMP is not regulated by SEBI or stock exchanges, and it does not guarantee the actual listing price or future market performance.
As of September 22, 2026, available grey-market trackers were not reporting a consistent GMP figure. One tracker reported ₹0, while other unofficial trackers reported different figures. This variation highlights why GMP should be treated only as an unofficial market indicator rather than a valuation measure.
Investors evaluating the German Green Steel IPO should therefore focus on the company's RHP, financial performance, debt, valuation, capacity expansion, cash flows and industry conditions rather than relying on GMP alone.
The following operating and financial indicators will be relevant after the company's listing:
- Progress of the Samakhiyali expansion
- Capacity utilisation after commissioning
- TMT bar realisations
- Sponge iron and billet prices
- Iron ore and other raw-material costs
- Power cost per tonne
- Contribution from captive and renewable power
- EBITDA margin
- Working-capital requirements
- Total borrowings and interest costs
- Customer concentration
- Revenue generated outside Gujarat
- Cash flow from operations
- Progress of the hybrid wind-solar project
A key operating consideration will be whether the additional manufacturing capacity generates sufficient incremental revenue and operating cash flow relative to the capital invested in the expansion.
Planning to invest in the German Green Steel IPO? Apply for the issue online through Zerodha.
The German Green Steel IPO combines an established Gujarat-based steel manufacturing business with a sizeable capacity expansion and renewable power investment.
The company has reported growth in revenue, EBITDA and PAT through FY2026. Revenue from operations reached ₹1,678.98 crore, EBITDA was approximately ₹166.96 crore and PAT stood at ₹79.89 crore in FY2026. The debt-to-equity ratio was 0.79x at FY2026-end.
At the same time, the company remains exposed to the cyclical nature of the steel industry, customer concentration, geographic concentration, raw-material price volatility and execution risks associated with its planned expansion.
The IPO proceeds are predominantly intended for capacity expansion and a hybrid wind-solar power project, rather than substantial debt reduction. Consequently, the company's post-listing performance will depend on the execution of these projects, capacity utilisation, steel realisations, operating margins and cash generation.
The German Green Steel IPO valuation should therefore be assessed alongside the company's FY2026 earnings, balance sheet, peer metrics and planned capital expenditure. The German Green Steel IPO GMP can provide an indication of unofficial market sentiment, but it is not a substitute for fundamental analysis.
Want to compare German Green Steel with other recent mainboard offerings across manufacturing and industrial sectors? Use this IPO dashboard to track issue details, valuations and listing timelines.
1. What is the German Green Steel IPO price band?
The German Green Steel IPO price band is ₹132 to ₹139 per equity share, with a face value of ₹10 per share.
2. What is the German Green Steel IPO issue size?
The IPO comprises a ₹290 crore fresh issue and an OFS of 10 lakh shares. At the upper price band, the total German Green Steel IPO issue size is ₹303.90 crore.
3. When will the German Green Steel IPO open and close?
The IPO will open for subscription on September 25, 2026, and close on September 29, 2026. The proposed listing date is October 5, 2026.
4. What is the German Green Steel IPO lot size and minimum investment?
The lot size is 107 shares. At the upper price band of ₹139, the minimum investment is ₹14,873. At ₹132, one lot costs ₹14,124.
5. What does German Green Steel and Power manufacture?
German Green Steel and Power manufactures TMT bars, MS billets and sponge iron. Its TMT bars are manufactured in sizes ranging from 8 mm to 40 mm. The company operates manufacturing facilities at Samakhiyali and Viramgam in Gujarat.
Primary sources: SEBI's RHP filing and the company's official website. (Securities and Exchange Board of India)