German Green Steel & Power IPO

German Green Steel & Power Limited is an integrated iron and steel manufacturer based in Gujarat. The company primarily operates in the western region of India and has a strong presence in Gujarat, with its business focused on steel products including TMT bars, MS billets and sponge iron.

The company manufactures TMT bars in sizes ranging from 8 mm to 40 mm. Its products are used in infrastructure, construction and industrial applications. The company has also developed the German TMT brand for its TMT bar products.

German Green Steel & Power operates two manufacturing facilities in Gujarat. Its Samakhiyali facility is a vertically integrated manufacturing unit, while the Viramgam facility is operated through its material subsidiary, German TMX Private Limited. The company has built a distribution network serving institutional customers, distributors and dealers, with Gujarat forming the core market for its products.

The company also has captive and renewable power arrangements. As of December 31, 2024, around 67.72% of its energy requirements were met through captive power and renewable energy sources. These include coal-based and waste-heat power as well as renewable generation. The company plans to establish an additional hybrid wind-solar power plant as part of its proposed expansion.

Its product portfolio includes TMT bars, MS billets and sponge iron. The company uses steel scrap as an important raw material and has developed an integrated manufacturing model covering different stages of steel production.

German Green Steel & Power has historically generated most of its business from Gujarat and also serves customers in other domestic markets. Its operations are therefore closely connected with construction, infrastructure and industrial demand in western India.

German Green Steel & Power operates an integrated steel manufacturing business with a focus on TMT bars, MS billets and sponge iron. Its presence in Gujarat gives it access to an established regional market, while its manufacturing facilities and captive-energy arrangements form an important part of its operating structure.

The company's financial performance has shown improvement over the reported period. Revenue from operations increased from ₹1,129.78 crore in FY2024 to ₹1,507.57 crore in FY2025 and further to ₹1,678.98 crore in FY2026. Profit after tax increased from ₹41.67 crore in FY2024 to ₹59.94 crore in FY2025 and ₹79.89 crore in FY2026. EBITDA also increased during the same period, with EBITDA margin improving from 7.02% in FY2024 to 9.94% in FY2026.

The proposed IPO proceeds are primarily directed towards expansion of the Samakhiyali manufacturing facility and a hybrid wind-solar power project. The company also intends to use a portion of the proceeds for repayment or prepayment of borrowings. These uses indicate that a significant portion of the Fresh Issue is intended for capital expenditure and strengthening the company's operating infrastructure.

At the upper end of the IPO price band of ₹139, the company will raise approximately ₹303.90 crore through the issue, including the Fresh Issue and OFS components. The FY2026 EPS is ₹14.91 and NAV is ₹77.76 per share, while RONW is 18.86% and ROCE is 19.31%.

Investors should also consider the cyclical nature of the steel industry. Steel prices, raw-material costs, infrastructure demand, construction activity, energy costs and competition can influence profitability. The company's concentration in Gujarat is another factor to monitor when evaluating its geographical exposure.

The IPO therefore needs to be evaluated using the company's financial performance, valuation, use of funds, expansion plans, debt position, industry conditions and risk factors rather than relying on any single metric. The Grey Market Premium, where available, is an unofficial indicator and should not be treated as a guarantee of the actual listing price.

German Green Steel & Power IPO applications can be made through ASBA or UPI-supported IPO application platforms. The IPO opens on September 25, 2026 and closes on September 29, 2026. The minimum application is one lot of 107 shares. At the upper price band of ₹139, one lot requires ₹14,873.

Through UPI

1. Log in to your stockbroker app/website.
2. Go to the IPO section.
3. Select German Green Steel & Power IPO.
4. Enter the number of lots you want to apply for.
5. Select the bid price. Retail investors can generally choose Cut-off when available.
6. Enter your valid UPI ID.
7. Submit the IPO application.
8. Open your UPI app when the mandate request arrives.
9. Approve the mandate using your UPI PIN.
10. The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.