German Green Steel and Power is set to enter the Indian primary market with an initial public offering of approximately ₹303.90 crore. The Gujarat-based company operates as a vertically integrated iron and steel manufacturer, with its core products including TMT bars, mild steel billets and sponge iron. The company has fixed the IPO price band at ₹132 to ₹139 per equity share, with the issue scheduled to open on September 25, 2026 and close on September 29, 2026. The shares are proposed to be listed on both BSE and NSE.
German Green Steel & Power IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | September 25, 2026 |
| IPO Close Date | September 29, 2026 |
| Price Band | ₹132–₹139 per share |
| Face Value | ₹10 per share |
| Total Issue Size | ₹303.90 crore |
| Fresh Issue | ₹290 crore |
| Offer for Sale | ₹13.90 crore |
| Lot Size | 107 shares |
| Minimum Investment | ₹14,873 |
| Issue Type | Book Built |
| Listing | BSE and NSE |
| Anchor Date | September 24, 2026 |
| Allotment | September 30, 2026 |
| Refund/Demat Credit | October 1, 2026 |
| Expected Listing | October 5, 2026 |
| Lead Managers | Systematix Corporate Services, Emkay Global Financial Services, Pantomath Capital Advisors |
| Registrar | Bigshare Services |
The IPO consists of a fresh issue of ₹290 crore and an offer for sale of 10 lakh shares worth approximately ₹13.90 crore at the upper price band. The issue structure was revised from the company’s earlier proposal of a ₹450 crore fresh issue and 20 lakh-share OFS. The revised structure followed a pre-IPO fundraise of approximately ₹49.62 crore in September 2025 through the issue of 18.38 lakh shares at ₹270 per share.
German Green Steel & Power Business Model
German Green Steel and Power operates an integrated steel manufacturing business with a strong presence in Gujarat and western India. Its principal products are TMT bars, MS billets and sponge iron. The company’s TMT products are manufactured in sizes ranging from 8 mm to 40 mm and are marketed under its German TMT brand.
The company’s Samakhiyali facility in Kutch is vertically integrated, allowing the company to manufacture sponge iron, convert it into MS billets and subsequently produce TMT bars. This integrated structure connects several stages of the steel manufacturing process within the company’s operations. The company also operates another manufacturing facility at Viramgam through its material subsidiary, German TMX Private Limited.
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The Samakhiyali facility is spread across approximately 524,673 square metres and produces sponge iron, MS billets and multiple grades of TMT bars. The company has also developed captive and renewable power capabilities as part of its strategy to control energy requirements. According to company information, it commissioned a 4.24 MW hybrid wind-solar power plant in 2023.
Energy is particularly important for steel manufacturing because electricity and fuel costs can materially influence production economics. 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 now proposing an additional hybrid wind-solar power plant as part of its expansion plans.
Manufacturing Expansion Plans
A significant portion of the IPO proceeds is intended to finance expansion at the Samakhiyali facility and the company’s hybrid wind-solar power project. Approximately ₹226.33 crore of the net fresh issue proceeds is proposed for these capital expenditure requirements. Another ₹7.70 crore is proposed for repayment or prepayment of certain borrowings, with the remaining proceeds intended for general corporate purposes.
The proposed expansion would substantially increase production capacity. Sponge iron capacity at Samakhiyali is planned to increase from approximately 66,000 metric tonnes per annum to around 148,500 MTPA. MS billet capacity is expected to increase from approximately 214,500 tonnes per annum to 412,500 TPA, while TMT bar capacity is planned to rise from approximately 181,500 MTPA to 346,500 MTPA.
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This expansion could allow the company to increase its production scale and strengthen integration across its manufacturing chain. However, the benefits will depend on successful execution of the expansion, demand for steel products and the company’s ability to maintain operating margins in a cyclical commodity industry.
German Green Steel & Power Financial Performance
German Green Steel and Power has reported growth in both revenue and profitability over the last few financial years. Consolidated total income increased from ₹1,137.54 crore in FY24 to ₹1,517.21 crore in FY25 and further to ₹1,685.38 crore in FY26. Profit after tax increased from ₹41.67 crore in FY24 to ₹59.94 crore in FY25 and ₹79.89 crore in FY26.
| Financial Year | Total Income | EBITDA | Profit After Tax |
|---|---|---|---|
| FY24 | ₹1,137.54 crore | ₹80.11 crore | ₹41.67 crore |
| FY25 | ₹1,517.21 crore | ₹116.81 crore | ₹59.94 crore |
| FY26 | ₹1,685.38 crore | ₹166.96 crore | ₹79.89 crore |
FY26 revenue growth was accompanied by a stronger improvement in EBITDA. The company’s EBITDA increased to approximately ₹166.96 crore from ₹116.81 crore in FY25, while net worth increased from ₹292.55 crore to ₹421.55 crore. Total borrowings stood at approximately ₹334.37 crore at the end of FY26.
The company’s FY26 profit of ₹79.89 crore represented an increase of about 33% over FY25, while revenue increased by around 11%. The improvement in operating profitability is an important part of the company’s recent financial performance, although steel prices, raw-material costs and energy expenses can cause significant changes in margins from one period to another.
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German Green Steel & Power IPO GMP
Grey market premium, or GMP, is an unofficial indicator that reflects trading sentiment before listing and is not part of the formal IPO process. Current market trackers were showing GMP around ₹0 on September 22, 2026. GMP can change before the IPO closes and should not be interpreted as a guaranteed listing price or return.
Key Risks
The steel industry is cyclical and highly sensitive to changes in steel prices, raw-material costs, energy expenses and overall construction and infrastructure demand. A decline in TMT bar prices or an increase in the cost of key inputs could put pressure on the company’s margins and profitability.
The proposed expansion also creates execution and capital expenditure risks. The company intends to substantially increase sponge iron, billet and TMT production capacity at Samakhiyali. Delays in construction, commissioning, equipment installation or obtaining necessary approvals could affect the expected benefits from the IPO-funded expansion.
Borrowings remain another factor to monitor. The company’s total borrowings were approximately ₹334.37 crore at FY26-end and stood at around ₹344.1 crore as of August 2026. Although ₹7.70 crore of the IPO proceeds is proposed for repayment or prepayment of borrowings, the company will continue to operate with meaningful debt while undertaking additional capital expenditure.
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Customer and distribution concentration can also affect the business. The company depends on distributors and customers for sales of its steel products, and any reduction in purchases by major customers or termination of distribution arrangements could affect revenue. The company also faces competition from other steel manufacturers operating across regional and national markets.
Energy availability and costs are additional considerations for an integrated steel producer. Manufacturing operations require substantial utilities, and disruptions in electricity, fuel or other essential inputs could affect production and operating costs. The company’s investment in captive and renewable power is intended to address part of this requirement, but it does not eliminate exposure to energy-related risks.
Conclusion
German Green Steel and Power’s IPO combines a ₹290 crore fresh issue with a ₹13.90 crore offer for sale, giving the issue a total size of approximately ₹303.90 crore. The company operates an integrated steel manufacturing model centred on TMT bars, MS billets and sponge iron, with manufacturing facilities in Gujarat and a growing focus on captive and renewable power.
The proposed use of IPO proceeds is largely directed toward expanding the Samakhiyali manufacturing facility and developing a hybrid wind-solar power plant. The planned expansion would significantly increase production capacity across sponge iron, MS billets and TMT bars. The company has also reported growth in revenue, EBITDA and profit through FY26.
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At the same time, investors need to consider the cyclical nature of steel, raw-material and energy-price volatility, debt levels, expansion execution, customer and distribution concentration and competitive pressures. The IPO should therefore be evaluated using the company’s RHP, financial performance, valuation, project execution plans and industry conditions rather than relying only on GMP or recent profit growth.
Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice, a recommendation to subscribe to the IPO, or a guarantee of listing gains. IPO investments involve market, business, financial and regulatory risks. Investors should read the company’s Red Herring Prospectus and evaluate their own financial objectives and risk tolerance before making any investment decision.
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