German Green Steel IPO

German Green Steel and Power Limitedgermansteel.in

ListedMainboardMaterialsNSE · BSE

Price band: ₹132 – ₹139
Issue size: ₹304 Cr
Lot size: 107 sh
Bidding: 25 – 29 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

German Green Steel and Power makes sponge iron, MS billets and TMT reinforcement bars at two Gujarat plants, Samakhiyali in Kutch and Viramgam; the record states that Gujarat accounted for 97.8% of FY26 revenue and that TMT bars were Rs 1,322 crore, or 78.7%, of FY26 sales. Revenue was Rs 1,137.54 Cr in FY24, Rs 1,517.21 Cr in FY25 and Rs 1,685.38 Cr in FY26, growth of 33.38% and then 11.08%, with EBITDA margin of 7.04%, 7.70% and 9.91% across the same three years. The Rs 303.9 Cr issue was 95.43% fresh capital (Rs 290 Cr of Rs 303.9 Cr) and was subscribed 30.42 times at day three. It listed at Rs 142 against a band top of Rs 139 and last traded at Rs 100.89 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

65Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for German Green Steel, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2008 · German House, Near Bharat Petrol Pump, Opp. Kochrab Ashram, Paldi, Ahmedabad 380007, Gujarat, India · 1,357 employees

German Green Steel & Power makes construction steel in Gujarat. Its two plants — Samakhiyali in Kutch and Viramgam, the latter run through subsidiary German TMT Private Limited — produce sponge iron, MS billets and TMT reinforcement bars in sizes from 8 mm to 40 mm, sold under the brand German TMT. It has also started cut-and-bend and epoxy-coated bars. Selling is business-to-business: in FY26 distributors took 37.6% of revenue, dealers 20.9%, and institutional customers 41.5%. The market is local — Gujarat accounted for 97.8% of FY26 revenue, with ₹19 crore exported to Tanzania, Sri Lanka and Cape Verde. The company employed 1,357 people at 31 March 2026 and is headquartered in Ahmedabad.

Revenue comes almost entirely from TMT bars — ₹1,322 crore, or 78.7% of FY26 sales, with billets and sponge iron adding 7.9% and by-products the rest. Margin depends on making its own inputs rather than buying them: in FY26 Samakhiyali consumed 72.9% of its sponge iron and 90.4% of its billets captively, and a 20 MW captive plant plus wind-solar met about 75% of energy needs. EBITDA margin rose from 7.0% in FY24 to 9.9% in FY26. The structural constraint is inputs: scrap, iron ore and coal bought at spot prices without long-term contracts, much of the scrap imported, against commodity-priced output.

The company on paper

Legal name: German Green Steel and Power Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 9 Jul 2008
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U27100GJ2008PLC054437
Sector: Materials · Long steel — sponge iron, MS billets and TMT reinforcement bars
Employees: 1,357
Registered office: German House, Near Bharat Petrol Pump, Opp. Kochrab Ashram, Paldi, Ahmedabad 380007, Gujarat, India
Promoters: Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki
Promoter holding, pre-issue: 96.6%
Promoter holding, post-issue: 68.5%
Website: germansteel.in

The numbers

Financial performance

Revenue has compounded at 21.7% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

95% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹290 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹13.90 Cr
Total issue size: ₹304 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 28.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription30.42×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹139.00
Listed at: ₹142.00
Listing gain: up 2.2%
Since listing: down 30.4%
Against the issue price: down 28.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 107
At cut-off price: ₹139.00
Amount blocked: ₹14,873

One lot is 107 shares at ₹14,873. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~4%

chance of one lot, per application

Retail subscription: 23.98×
Applicants per share available: 24.0× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹142.00

listed at, 2.2% against the issue price

Issue price: ₹139.00
Premium said: —
If allotted 107 shares: ₹321

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA margin was higher in each successive year on record: 7.04% in FY24 (Rs 80.11 Cr on Rs 1,137.54 Cr), 7.70% in FY25 (Rs 116.81 Cr on Rs 1,517.21 Cr) and 9.91% in FY26 (Rs 166.96 Cr on Rs 1,685.38 Cr).
Profit after tax rose in both steps the record carries: Rs 41.67 Cr in FY24 to Rs 59.94 Cr in FY25, a rise of 43.84% on revenue 33.38% higher, then to Rs 79.89 Cr in FY26, a rise of 33.28% on revenue 11.08% higher.
Borrowings stood at 1.13 times net worth in FY24 (Rs 198.39 Cr against Rs 176.06 Cr), 1.19 times in FY25 (Rs 347.86 Cr against Rs 292.55 Cr) and 0.79 times in FY26 (Rs 334.37 Cr against Rs 421.55 Cr); net worth rose in both steps, while borrowings rose 75.34% in FY25 and then fell 3.88% in FY26.
The record states that in FY26 the Samakhiyali plant consumed 72.9% of its sponge iron and 90.4% of its billets captively, and that a 20 MW captive plant plus wind and solar met about 75% of energy needs.

What to weigh against it

The record states that Gujarat accounted for 97.8% of FY26 revenue, and puts exports at Rs 19 crore against FY26 revenue of Rs 1,685.38 Cr, or 1.13% of the total, to Tanzania, Sri Lanka and Cape Verde.
The record describes the structural constraint as inputs: scrap, iron ore and coal bought at spot prices without long-term contracts, much of the scrap imported, against commodity-priced output.
Revenue growth was 33.38% from FY24 to FY25 (Rs 1,137.54 Cr to Rs 1,517.21 Cr) and 11.08% from FY25 to FY26 (Rs 1,517.21 Cr to Rs 1,685.38 Cr); both are full years on the record.
The shares listed at Rs 142 on 5 October 2026 against a band top of Rs 139, closed day one at Rs 128.33, and stood at Rs 100.89 on 23 October 2026 — 27.42% below the band top and 21.38% below the day-one close.

Easy to miss in the prospectus

The record carries no valuation block, no peer set and no post-issue share count, so no earnings multiple can be computed from it.
Promoter holding is 96.63% before the issue and 68.54% after it, across three named promoters; the record carries no anchor book and no lock-in dates.
Subscription is recorded only for day three — QIB 21.91 times, NII 56.77 times, retail 23.98 times, total 30.42 times — with no allocation split and no earlier days present.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Systematix Corporate Services Limited, Emkay Global Financial Services Limited, Pantomath Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Built from 13 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

German Steel — company website · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 25 Sep 2026
Closes: 29 Sep 2026
Allotment: 30 Sep 2026
Lists: 5 Oct 2026
Revenue (FY26): ₹1,685 Cr
Profit (FY26): ₹79.89 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.