German Green Steel and Power IPO
German Green Steel and Power shares listed on BSE and NSE on 5 October 2026 after an IPO priced at ₹139, an issue of ₹303.90 crore.
- Minimum investment
- ₹14,8731 lot of 107 shares, at the issue price
- Issue price
- ₹139
- Lot size
- 107 shares
- Issue size
- ₹303.90 croreFresh issue and offer for sale
- Bidding
- 25 Sep to 29 Sep
- Listing
- 5 OctBSE, NSE
Dates
German Green Steel and Power IPO dates
RHP cover page and Terms of the Offer (p. 510)- 24 SepAnchor bidding
- 25 SepBidding opens
- 29 SepBidding closes, UPI by 5 pm
- 30 SepAllotment
- 1 OctRefunds and demat credit
- 5 OctListing
- Today7 Nov
Read before you apply
German Green Steel and Power IPO review: read before you apply
Worth checking
- SeriousTax cases after an income tax search
The income tax department searched the company, promoters and both plants in January 2023. 26 tax cases and 3 civil cases are pending against the company, with ₹108.75 crore involved, and 16 tax cases against the promoters with ₹32.19 crore (Risk factors 18 and 58).
- SeriousExpansion still to be built
₹226.33 crore of the fresh issue goes to a plant expansion. Orders for some machinery are not yet placed, and the cost has not been appraised by a bank or other independent agency (Risk factors 5 and 45).
- Almost all sales in Gujarat
97.74% of FY26 sales were to customers in Gujarat, and the top 10 customers gave 50.62% of revenue (Risk factors 1 and 7).
- Borrowings
Borrowings were ₹344.13 crore at 31 August 2026. Finance costs rose from ₹22.10 crore in FY24 to ₹42.96 crore in FY26, and only ₹7.70 crore of the issue goes to repaying debt (Risk factor 8; Objects of the Offer).
- Thin margins in a cyclical business
PAT margin was 4.76% in FY26. Steel and raw material prices swing with the cycle, and the company has no long-term supply contracts (Risk factors 3 and 4).
- Workplace deaths
One worker died in each of FY23, FY24 and FY26 in accidents at its plants (Risk factor 17).
Strengths
- Revenue growing
Revenue grew 21.9% a year from FY24 to FY26 to ₹1,678.98 crore (our calculation from the restated financial information).
- Margins and profit up
EBITDA margin rose from 7.02% in FY24 to 9.94% in FY26, and profit from ₹41.67 crore to ₹79.89 crore (RHP, Basis for Offer Price, KPIs).
- Own power and raw material
The Samakhiyali plant makes its own sponge iron and billets, and about 75.44% of energy needs were met by its own power plants as of March 2026 (RHP, Our Business).
- Lower debt to equity
Debt to equity fell from 1.18 in FY25 to 0.79 in FY26, and cash from operations rose to ₹140.80 crore (RHP, KPIs and Restated Financial Information).
- Plants running near full
Sponge iron capacity was 95.21% used and TMT bar capacity 87.79% used in FY26 (RHP, Our Business, Manufacturing Capacity).
What German Green Steel and Power does
German Green Steel and Power makes steel products, mainly TMT bars (8 mm to 40 mm) sold under the German TMT brand, plus MS billets and sponge iron. Steel scrap is one of its main raw materials. It sells to distributors, dealers and institutional customers, almost all in Gujarat.
It has two plants in Gujarat: Samakhiyali in Kutch, which runs every stage from sponge iron to TMT bars, and Viramgam, run through its subsidiary German TMT Private Limited. It was set up in 2008 as Haq Enterprises Private Limited and is based in Ahmedabad. Its promoters are Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki and Ibrarulhaq Inamulhaq Iraki.
Listing and subscription
German Green Steel and Power IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹139
- Listing price
- ₹142
- Gain at open
- +2.2%
- Day close
- ₹128.33
Subscription
- Total
- 28.98x
- Retail
- 22.83x
- Updated
- 29 Sep 2026, 5:00 pm IST
- QIB50% of offer20.93x
- NII15% of offer54.03x
- Big NII54.05x
- Small NII54.00x
- Retail35% of offer22.83x
- Total28.98x
As of 29 Sep 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
German Green Steel and Power IPO price band, lot size and issue size
RHP cover page, The Offer (p. 74) and Offer Structure (p. 515). Fresh issue of up to ₹290.00 crore, cut from ₹339.63 crore after a pre-IPO placement of 18,38,000 shares at ₹270 each (₹49.63 crore).| Issue price | ₹139 |
| Lot size | 107 shares |
| Issue size | ₹303.90 crore at the upper price |
| Fresh issue | ₹290 crore |
| Offer for sale | ₹13.90 crore by promoters Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki, up to 5,00,000 shares each |
| Face value | ₹10 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Offer (p. 137 to 140)| Object of the issue | ₹ crore |
|---|---|
| Expansion of the Samakhiyali plant in Kutch, Gujarat, and a hybrid wind and solar power plant | 226.33 |
| Repayment or prepayment of some borrowings | 7.70 |
| General corporate purposes. Amount to be set after pricing, capped at 25% of the fresh issue | |
| Offer for sale of up to 10,00,000 shares by two promoters. The company receives none of this money |
Minimum and maximum investment
Our calculation: at ₹139 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 107 | ₹14,873 |
| Retail (max) | 13 | 1,391 | ₹1,93,349 |
| Small NII (min) | 14 | 1,498 | ₹2,08,222 |
| Small NII (max) | 67 | 7,169 | ₹9,96,491 |
| Big NII (min) | 68 | 7,276 | ₹10,11,364 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer Price (p. 177 to 178)Set to the issue price, ₹139. Change it to see what you would be paying for.
- Market cap
- ₹1,047 cr
- P/E (FY26, diluted)
- 9.3x
- Price to book
- 2.5x
- Market cap to sales
- 0.6x
- Peer average P/E
- 35.25x
Based on FY26, diluted EPS of ₹14.91, 7.53 crore shares, net worth of ₹423.70 crore (March 2026) and revenue of ₹1,678.98 crore. Shares are after the IPO (our calculation at the issue price of ₹139). The peer average P/E of 35.25x is from the RHP (p. 178), worked out from only the highest (MSP Steel and Power, 61.57x) and lowest (VMS TMT, 8.92x) peer P/E.
Financials
German Green Steel and Power financials
RHP, Restated Consolidated Financial Information (p. 78 to 82) and KPIs (p. 179), ₹ croreRevenue and EBITDA
Revenue grew 21.9% a year and profit 38.5% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,129.78 | 1,507.57+33.4% | 1,678.98+11.4% |
| EBITDA | 79.33 | 116.81 | 166.96 |
| EBITDA margin | 7.02% | 7.75% | 9.94% |
| Profit after tax | 41.67 | 59.94+43.8% | 79.89+33.3% |
| Diluted EPS (₹) | 7.91 | 11.39 | 14.91 |
| Total equity | 176.06 | 293.91 | 423.70 |
| Total borrowings | 193.76 | 342.84 | 328.92 |
| Cash from operations | 28.36 | 74.43 | 140.80 |
Consolidated figures. The RHP has no stub period after FY26. FY25 profit includes a ₹5.39 crore share of loss from an associate.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 178 and 181). Peer P/E on BSE closing prices of 9 Sep 2026. Revenue is FY26 revenue from operations.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| German Green Steel and Power | 1,678.98 | 14.91 | 9.32x at issue price (ours) | 18.86% |
| Gallant Ispat | 4,418.92 | 20.07 | 27.80x | 14.60% |
| MSP Steel and Power | 2,842.96 | 0.56 | 61.57x | 3.28% |
| Beekay Steel Industries | 1,175.04 | 18.94 | 22.54x | 3.49% |
| VMS TMT | 838.56 | 4.95 | 8.92x | 9.22% |
| Kamdhenu | 763.39 | 2.72 | 14.57x | 19.77% |
The peer average P/E of 35.25x is our calculation, a simple average of the peers listed.
Key performance indicatorsPAT margin, Return on net worth, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| PAT margin | 3.69% | 3.98% | 4.76% |
| Return on net worth | 23.67% | 20.40% | 18.86% |
| Return on capital employed | 18.62% | 15.91% | 19.31% |
| Debt to equity | 1.13 | 1.18 | 0.79 |
| Inventory turnover (times) | 6.81 | 4.71 | 4.20 |
| Working capital days | 43 | 41 | 35 |
| TMT bar capacity used, both plants | 75.29% | 72.19% | 87.79% |
Kamdhenu has a face value of ₹1; all other companies ₹10.
RHP, Basis for Offer Price, KPIs (p. 179), Our Business (p. 309 to 310) and Risk factor 14 (p. 37)
Company
About German Green Steel and Power
Business
RHP, Our Business (p. 298 to 310)TMT bars rose from 63.13% of revenue in FY24 to 78.74% in FY26. Dealers grew from 73 to 148 over the same period, and dealer sales from 3.23% to 20.89% of revenue. The expansion would lift Samakhiyali TMT bar capacity from 1,81,500 to 3,46,500 tonnes a year.
Revenue by product, FY26
- TMT bar capacity a year, both plants
- 3,01,950 tonnes
- Sales to Gujarat customers, FY26
- 97.74%
- Energy from own plants, March 2026
- 75.44%
- Distributors, dealers, institutional customers
- 12, 148, 343
Key risks
RHP, Risk Factors- Customer concentrationThe top 10 customers gave 50.62% of FY26 revenue, with no long-term contracts.
- Raw material pricesScrap, iron ore and coal are bought on purchase orders, much of the scrap imported at spot prices.
- Steel price cycleTMT bar, billet and sponge iron prices move with construction demand and raw material costs.
- Expansion delaysSome machinery orders for the expansion are not yet placed, and approvals are still needed.
- One stateBoth plants and almost all customers are in Gujarat.
- Debt and covenantsLenders hold charges on plant assets and can restrict changes in ownership or capital.
- Trademark licenceIt uses the Thermex technology and TMX name under licence after earlier cease and desist notices.
- Disputed plantA plant bought through a Debt Recovery Tribunal auction is under challenge in the Supreme Court.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO percentages are not shown.
The promoters and promoter group own 96.63% before the IPO. The two selling promoters each sell up to 5,00,000 shares. After-IPO percentages are not shown.
| Shareholder | Before IPO | Selling (shares) |
|---|---|---|
| Inamulhaq Shamsulhaq Iraki (promoter) | 40.91% | 5,00,000 |
| Abdulhaq Shamsulhaq Iraki (promoter) | 39.42% | 5,00,000 |
| Iraki Afsha Abdulhaq (promoter group) | 8.63% | Nil |
| Mahelaka Bano Inamulhaq Iraki (promoter group) | 6.36% | Nil |
| Patel Faruk (pre-IPO investor) | 1.30% | Nil |
| Ibrarulhaq Inamulhaq Iraki (promoter) | 0.95% | Nil |
RHP, Capital Structure (p. 131 to 132) and cover page
IndustryIndian TMT bar market FY25: ₹2,17,000 crore
- Indian TMT bar market FY25
- ₹2,17,000 crore
- Expected by FY32
- ₹4,11,200 crore
Read from a chart in the RHP, which gives the figures in ₹ billion; ₹ crore is our conversion.
CareEdge Research report 'Industry Research Report on Steel Industry' in the RHP, commissioned and paid for by the company (p. 242)
LitigationAgainst the company: tax and material civil: 29 · Against promoters: tax: 16 · Against subsidiaries: tax and material civil: 3
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax and material civil | 29 | ₹108.75 crore |
| Against promoters: tax | 16 | ₹32.19 crore |
| Against subsidiaries: tax and material civil | 3 | ₹13.67 crore |
| Against directors (other than promoters) | 0 | Nil |
RHP, Risk Factor 18 (summary of outstanding litigation, p. 39)
Company detailsLegal name, registered office, CIN and website
| Legal name | German Green Steel and Power Limited |
| Founded | 2008, as Haq Enterprises Private Limited |
| Promoters | Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki |
| Plants | Samakhiyali (Kutch) and Viramgam, Gujarat |
| Main product | German TMT bars |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
German Green Steel and Power IPO allotment status
Out from 30 Sep 2026- Open the registrar's pageBigshare Services Private Limited is the registrar. Open its allotment page.
- Select German Green Steel and Power LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
German Green Steel and Power IPO FAQs
When does the German Green Steel and Power IPO open and close?
The German Green Steel and Power IPO opens on Friday, 25 September 2026 and closes on Tuesday, 29 September 2026. Anchor bidding is on 24 September 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the German Green Steel and Power IPO price band and lot size?
The price is ₹139 per share. The lot size is 107 shares, so the minimum bid is 107 shares, or ₹14,873 at the upper price.
What is the German Green Steel and Power IPO size?
The German Green Steel and Power IPO is of ₹303.90 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoters Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki, up to 5,00,000 shares each.
What is the German Green Steel and Power IPO allotment date?
Allotment is on Wednesday, 30 September 2026. Refunds and demat credit are expected on 1 October 2026.
What is the German Green Steel and Power IPO listing date?
German Green Steel and Power shares are due to list on BSE and NSE on Monday, 5 October 2026.
Who is the registrar of the German Green Steel and Power IPO?
Bigshare Services Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does German Green Steel and Power do?
German Green Steel and Power is an Ahmedabad-based steel maker with two plants in Gujarat, making TMT bars under the German TMT brand, plus MS billets and sponge iron.
What does German Green Steel and Power make?
Mainly TMT bars for construction, sold under the German TMT brand, plus MS billets and sponge iron. TMT bars were 78.74% of FY26 revenue.
What will German Green Steel and Power do with the IPO money?
Of the fresh issue of up to ₹290 crore, ₹226.33 crore is for expanding its Samakhiyali plant and a hybrid wind and solar plant, and ₹7.70 crore for repaying debt. The rest goes to general corporate purposes.
Who is selling shares in the offer for sale?
Promoters Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki, up to 5,00,000 shares each. The company gets no money from this part.
When did the German Green Steel and Power IPO open and close?
It opened on 25 September 2026 and closed on 29 September 2026. Listing on BSE and NSE was expected on or about 5 October 2026.
What was the price band and lot size?
The price band was ₹132 to ₹139 and one lot was 107 shares (NSE issue details). Shares were issued at ₹139.
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