# German Green Steel and Power Ltd.: IPO analysis

> German Green Steel and Power Ltd. (CIN U27100GJ2008PLC054437) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹290 Cr and an offer for sale of ₹14 Cr, priced at ₹132.00 to ₹139.00 per share. In FY26 it reported revenue of ₹1,679 Cr (+11.4% on FY25) and a net profit of ₹80 Cr. Promoters hold 81.3% before the IPO. Our fact-check of its claims found no medium or high concerns across 78 claims checked.

- Page: https://ipo.innerkore.com/company/U27100GJ2008PLC054437/german-green-steel-and-power-ltd/
- CIN: U27100GJ2008PLC054437
- Last updated: 30 Sep 2026

## Key facts

- **Company:** German Green Steel and Power Ltd.
- **CIN:** U27100GJ2008PLC054437
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 30 Sep 2026
- **Fresh issue:** ₹290 Cr
- **Offer for sale:** ₹14 Cr
- **Price band:** ₹132.00 to ₹139.00 per share
- **Final offer price:** ₹139.00 per share
- **Lot size:** 107 shares
- **Bidding opens:** 25 Sep 2026
- **Bidding closes:** 29 Sep 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹1,679 Cr
- **Revenue growth:** +11.4%
- **Net profit FY26:** ₹80 Cr
- **Revenue CAGR FY24 to FY26:** 21.9%
- **Promoter holding (pre-IPO):** 81.3%
- **Lead managers:** Systematix Corporate Services Limited, Emkay Global Financial Services Limited, Pantomath Capital Advisors Private Limited
- **Registrar:** Bigshare Services Private Limited
- **Fact-check flags:** 0 high, 0 medium, 0 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 16.7x P/E. At the top of the band, on FY26 profit; 3.2x book value.
- **Growth** (looks fine): 21.9% a year. Sales FY24 to FY26; latest year +11.4%.
- **Profitability** (look closer): 4.8% net margin. FY26; operating margin improving.
- **Debt** (look closer): 0.79x equity. ₹334 crore borrowed at the end of FY26.
- **Profit into cash** (looks fine): 176% of profit. Operations brought in ₹141 crore against ₹79.9 crore of profit in FY26.
- **One-off income** (look closer): 6% of profit. Other and one-off income is 6% of pre-tax profit; management describes 6 one-off items.
- **Where the money goes** (looks fine): 5% for sale. 95% is new shares issued by the company. 3% of the new money repays debt.
- **Red flags** (looks fine): None serious. 78 claims checked: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 1,130 | 1,508 | 1,679 |
| Sales growth | – | 33.4% | 11.4% |
| Operating profit | 79 | 117 | 167 |
| Operating margin | 7.0% | 7.8% | 9.9% |
| Net profit | 42 | 60 | 80 |
| Net margin | 3.7% | 4.0% | 4.8% |
| Net worth | 176 | 294 | 424 |
| Borrowings | 198 | 348 | 334 |
| Return on equity | 23.7% | 20.4% | 18.9% |

## Non-recurring items (as described by management)

- Insurance claim received increased from ₹ 24.47 lakhs in Fiscal 2025 to ₹45.12 lakhs in Fiscal 2026, representing an increase of 84.39%. This is primarily due to a one time settlement amount ₹ 30.94 lakhs received in Fiscal 2026. (p.466)
- The expenses for Fiscal 2025 included ROC fees for an increase in authorized share capital as well as trademark application fees, both of which were non-recurring, since no such one-time charges were incurred in Fiscal 2026. (p.466)
- In Fiscal 2025, the Company recognized a fair value loss of ₹467.25 lakhs on forward contracts taken to hedge future import obligations. (p.467)
- In Fiscal 2026, the Company recognized a significantly lower fair value loss of ₹1.69 lakhs due to recognized gain on the outstanding forward contracts primarily due to favorable movement in foreign exchange rates. (p.467)
- In Fiscal 2026, the Company recognized a loss on sale of investment of ₹12.27 lakhs due to a loss on sale of investment held by material subsidiary, which was Nil in Fiscal 2025. (p.467)
- A fair value loss of ₹467.25 lakhs was recognized on forward contracts taken to hedge future import obligations in Fiscal 2025. (p.471)

## Use of proceeds (fresh issue)

- Funding the capital expenditure requirements of our Company towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant (“Project”): ₹226 crore
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company: ₹7.7 crore
- General corporate purposes(2): ₹30 crore

## Fact-checked claims

- **NONE** (PromoterBackground): Ibrarulhaq Inamulhaq Iraki holds 5,19,400 Equity Shares, constituting 0.95% of the pre-Offer issued Equity Share capital.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Ibrarulhaq Inamulhaq Iraki holds 5,19,400 Equity Shares, constituting 0.95% of the pre-Offer issued Equity Share capital.
- **NONE** (PromoterBackground): Abdulhaq Shamsulhaq Iraki holds 2,14,77,756 Equity Shares.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Abdulhaq Shamsulhaq Iraki holds 2,14,77,756 Equity Shares.
- **NONE** (PromoterBackground): Inamulhaq Shamsulhaq Iraki holds 2,22,89,244 Equity Shares.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Inamulhaq Shamsulhaq Iraki holds 2,22,89,244 Equity Shares.
- **NONE** (PromoterBackground): Ibrarulhaq Inamulhaq Iraki was redesignated as Whole-time Director for a five-year period starting May 10, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Ibrarulhaq Inamulhaq Iraki was redesignated as Whole-time Director for a five-year period starting May 10, 2025.
- **NONE** (PromoterBackground): Abdulhaq Shamsulhaq Iraki received an aggregate compensation of ₹157.50 lakhs in Fiscal 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Abdulhaq Shamsulhaq Iraki received an aggregate compensation of ₹157.50 lakhs in Fiscal 2026.
- **NONE** (PromoterBackground): Abdulhaq Shamsulhaq Iraki was redesignated as managing director for a five-year period starting May 10, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Abdulhaq Shamsulhaq Iraki was redesignated as managing director for a five-year period starting May 10, 2025.
- **NONE** (PromoterBackground): In Fiscal 2026, Inamulhaq Shamsulhaq Iraki received an aggregate compensation of ₹157.50 lakhs.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Inamulhaq Shamsulhaq Iraki received an aggregate compensation of ₹157.50 lakhs in Fiscal 2026.
- **NONE** (PromoterBackground): Inamulhaq Shamsulhaq Iraki was appointed as managing director for a five-year period starting March 02, 2023, and later redesignated as Chairman and Whole-time Director.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the appointment and redesignation of Inamulhaq Shamsulhaq Iraki as managing director and later as Chairman and Whole-time Director for German Green Steel and Power Ltd.
- **NONE** (PromoterBackground): Viramgam Rerolling Mills Private Limited (VRMPL) is identified as a Group Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Viramgam Rerolling Mills Private Limited (VRMPL) is identified as a Group Company.
- **NONE** (PromoterBackground): German Wireon Private Limited (GWPL) is identified as a Group Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that German Wireon Private Limited (GWPL) is identified as a Group Company.
- **NONE** (PromoterBackground): Sunstar Enterprises Private Limited (SEPL) is identified as a Group Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Sunstar Enterprises Private Limited (SEPL) is identified as a Group Company.
- **NONE** (PromoterBackground): Shree Ranisati Ingots Private Limited (SRIPL) is identified as a Group Company.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Shree Ranisati Ingots Private Limited (SRIPL) is identified as a Group Company.

## Common questions

### How big is the German Green Steel and Power Ltd. IPO?

German Green Steel and Power Ltd.'s IPO comprises a fresh issue of ₹290 Cr and an offer for sale of ₹14 Cr, according to its Prospectus. The price band was ₹132.00 to ₹139.00 per share and the final offer price was ₹139.00 per share.

### What are German Green Steel and Power Ltd.'s revenue and profit?

German Green Steel and Power Ltd. reported revenue from operations of ₹1,679 Cr in FY26, +11.4% versus FY25. Net profit was ₹80 Cr (FY25: ₹60 Cr). Revenue grew at a compound rate of 21.9% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there.

### How much do promoters own in German Green Steel and Power Ltd.?

Promoters hold 81.3% of German Green Steel and Power Ltd. before the IPO.

### How will German Green Steel and Power Ltd. use the IPO money?

The fresh-issue proceeds are earmarked for: Funding the capital expenditure requirements of our Company towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant (“Project”) (₹226 Cr); Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company (₹7.7 Cr); General corporate purposes (₹30 Cr). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in German Green Steel and Power Ltd.'s Prospectus?

We fact-checked 78 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does German Green Steel and Power Ltd. do?

Here’s a detail about the German Green Steel and Power IPO that almost nobody is focusing on: their valuation hinges on a facility that, according to available reports, has no verifiable link to continuous casting or PLC-based control systems.

### Who manages the German Green Steel and Power Ltd. IPO?

Book running lead managers: Systematix Corporate Services Limited, Emkay Global Financial Services Limited, Pantomath Capital Advisors Private Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original German Green Steel and Power Ltd. IPO documents?

All 5 filings for German Green Steel and Power Ltd. (Addendum, RHP, DAP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [German Green Steel and Power Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790763861715.pdf) (Prospectus, filed 30 Sep 2026)
- [German Green Steel and Power Ltd. - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790052525734.pdf) (Red Herring Prospectus, filed 21 Sep 2026)
- [German Green Steel and Power Ltd. - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/German%20Green%20Steel%20and%20Power%20Ltd.%20-%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 21 Sep 2026)
- [German Green Steel and Power Limited - Addendum II to DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789448460012.pdf) (Addendum, filed 12 Sep 2026)
- [German Green Steel and Power Ltd. - Addendum to DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787549595096.pdf) (Addendum, filed 15 Aug 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.