German Green Steel and Power Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹0.4 crore
- Face value
- ₹10
- Issue method
- Book Building
- Fresh issue
- ₹0.4 crore
- Symbol
- GERMAN
- ISIN
- INE0D4501011
Subscription
4.14×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 61,09,486 | 1.33× |
| Foreign Institutional Investors(FIIs) | — | 5,46,877 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| Mutual funds | — | 0 | — |
| Others | — | 55,62,609 | — |
| Non Institutional Investors | — | 2,29,90,341 | 6.67× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 1,31,58,004 | 5.73× |
| Corporates | — | 1,96,452 | — |
| Individuals(Other than RIIs) | — | 1,22,26,783 | — |
| Others | — | 7,34,769 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 98,32,337 | 8.56× |
| Corporates | — | 51,360 | — |
| Individuals(Other than RIIs) | — | 92,38,808 | — |
| Others | — | 5,42,169 | — |
| Retail Individual Investors(RIIs) | — | 3,73,36,152 | 4.64× |
| Cut Off | — | 3,12,34,370 | — |
| Price bids | — | 61,01,782 | — |
| Total | — | 6.64 | 4.14× |
Demand by bid price
About the company
Incorporated in 2008, German Green Steel and Power Limited is an iron and steel manufacturer primarily operating in the western region of India, with a strong presence in Gujarat and a focus on TMX Bars. The company is predominantly conducted on a business-to-business basis with three (3) major types of customers, namely (i) distributors, (ii) dealers and (iii) institutional customers. The brand “German TMT” has established strong recognition for TMT Bars in Gujarat. Product Portfolio: TMT Bars, MS Billets, and Sponge Iron, with TMT bar The company's manufacturing capabilities ranging from 8 mm to 40 mm. The corporate and registered office is located in Ahmedabad, Gujarat, and the Samakhiyali Facility is situated close to ports in Gujarat. The company operates two manufacturing facilities in Gujarat: the Samakhiyali Facility, which is vertically integrated, and the Viramgam Facility, operated through its material subsidiary, German TMX Private Limited.
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1,507.57 cr | ₹1,678.98 cr (11.37%) |
| PAT | ₹59.94 cr | ₹79.88 cr (33.27%) |
| PAT Margin | 3.98 % | 4.76 % (19.60%) |
| EBITDA | ₹116.80 cr | ₹166.95 cr (42.94%) |
| EBITDA Margin | 7.75 % | 9.94 % (28.26%) |
| ROE | 20.49 % | 18.95 % |
| ROCE | 15.91 % | 19.31 % |
| D/E | 1.19 | 0.79 |
What to consider
Business strengths
- Vertically Integrated ManufacturingOperates a vertically integrated iron and steel manufacturing facility at Samakhiyali, covering production from raw materials to finished TMT Bars, along with captive power capacity.
- Extensive Distribution NetworkHas a wide distribution network across Gujarat comprising distributors, dealers and institutional customers, supported by long-term customer relationships.
- Strong Brand & Product QualityHas developed “German TMT” as a popular TMT Bar brand in Gujarat, with a focus on quality and innovation. Its TMT Bars use Thermex quenching technology, enhancing strength, ductility, bendability, weldability, fire resistance and corrosion resistance.
Key risks
- Dependence on Dealers & DistributorsRelies substantially on dealers and distributors for product distribution and brand reach. Any termination of arrangements or ineffective sales and marketing could adversely affect business and financial performance.
- Raw Material Supply & Price RiskDepends on third-party suppliers for key materials such as scrap, iron ore, coal, silico manganese and dolomite. Supply disruptions or price volatility could adversely affect operations and profitability.
- Intense Industry CompetitionFaces competition from national and local steel players amid increasing production capacity in Gujarat and cheaper imported steel, particularly from China, which may adversely affect business and financial performance.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| German Green Steel and Power Ltd. | 14.91 | 14.91 | 77.76 | 18.86 |
| Beekay Steel Industries Ltd. | 18.94 | 18.94 | 548.18 | 22.54 |
| Gallant Ispat Ltd. | 20.07 | 20.07 | 137.44 | 27.80 |
| Kamdhenu Ltd. | 2.78 | 2.72 | 14.06 | 14.57 |
| Msp Steel & Power Ltd. | 0.60 | 0.56 | 18.18 | 61.57 |
| Vms Tmt Ltd. | 4.95 | 4.95 | 45.97 | 8.92 |