About the Business
Incorporated in 2008, German Green Steel and Power Limited is a prominent iron and steel manufacturer operating in Western India with established operations in Gujarat. The company markets its core structural rebar products under the flagship German TMT brand.
The company operates a vertically integrated production ecosystem. Its manufacturing facility at Samakhiyali (Kutch, Gujarat) conducts integrated sponge iron, billet, and thermo-mechanically treated (TMT) bar production, supported by captive power assets. An additional facility at Viramgam is operated through its subsidiary, German TMX Private Limited.
The company is promoted by Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, and Ibrarulhaq Inamulhaq Iraki.
Business Model
German Green Steel and Power operates an integrated metallurgy and energy generation model:
- Upstream Direct Reduced Iron (DRI): Direct reduction of iron ore into high-grade sponge iron at the Samakhiyali facility.
- Mild Steel (MS) Billets Manufacturing: Melting sponge iron with scrap steel in induction furnaces to cast continuous billets.
- Downstream TMT Rebar Rolling: High-speed automated hot-rolling of billets into corrosion-resistant TMT bars and structural steel products.
- Captive Clean Energy Generation: Generating captive power from waste heat recovery systems and an upcoming hybrid wind-solar park to minimize grid power costs.
Key Strengths
- Vertical Integration: Controls all major production stages from raw sponge iron to rolled TMT bars, protecting operating margins from billet price volatility.
- Established Regional Market Standing: Strong brand recognition across Western India’s commercial real estate and civil infrastructure sectors.
- Substantial Capacity Expansion Underway: Actively scaling sponge iron capacity from 66,000 MTPA to 1,48,500 MTPA and MS billets from 2,14,500 TPA to 4,12,500 TPA.
- Energy Cost Optimization: Capitalizing on captive waste heat and dedicated green hybrid wind-solar facilities to reduce unit conversion costs.
- Consistent Growth Profile: Delivered an 11% top-line increase to ₹1,685.38 Cr in FY26, alongside a 33% increase in net profit.
Company Financials
German Green Steel & Power Ltd.’s total income grew by 11% and profit after tax (PAT) rose by 33% between the financial years ended March 31, 2026 and March 31, 2025. Net worth expanded from ₹292.55 Cr to ₹421.55 Cr during FY26.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,220.24 | 1,015.20 | 559.73 |
| Total Income | 1,685.38 | 1,517.21 | 1,137.54 |
| Profit After Tax | 79.89 | 59.94 | 41.67 |
| EBITDA | 166.96 | 116.81 | 80.11 |
| NET Worth | 421.55 | 292.55 | 176.06 |
| Reserves and Surplus | 369.21 | 241.27 | 167.60 |
| Total Borrowing | 334.37 | 347.86 | 198.39 |
Amount in ₹ Crore
Key Performance Indicator (KPI)
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Net Offer |
| Retail Individual Investors (RII) | Not less than 35% of the Net Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Net Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 96.63% | 68.54% |
| Public Shareholders | 3.37% | 31.46% |
| Total | 100.00% | 100.00% |
IPO Objects of the Issue
The Company proposes to deploy the gross proceeds from the Fresh Issue towards the following capital projects:
- Funding CAPEX requirements for Samakhiyali manufacturing facility & hybrid wind-solar plant ₹226.33 Cr
- Prepayment or repayment, in full or in part, of certain outstanding borrowings ₹7.70 Cr
- Funding general corporate purposes Balance
German Green Steel and Power Limited has developed a strong competitive foothold in Western India’s construction materials sector. The company’s fully integrated processing chain—spanning sponge iron, intermediate billets, re-rolled bars, and captive thermal energy—provides clear defensibility against raw steel margin cyclicality. The company generated ₹1,685.38 Cr in revenue and ₹79.89 Cr in net profit in FY26, yielding solid capital efficiency with Return on Net Worth at 18.86%.
Directing ₹226.33 Cr of fresh equity towards expanding plant capacity at Samakhiyali and developing a dedicated hybrid wind and solar power generation installation will increase production capacity while reducing electricity overhead. At the upper price band of ₹139 per share, the company is valued at an attractive post-issue P/E multiple of 13.11x against a total market capitalization of ₹1,047.35 Cr.
