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Listed
Iron & Steel Products
German Green Steel & Power Limited IPO
₹304 Cr · Fresh Issue & OFS · Iron & Steel Products
Price Band
₹132 – ₹139
Lot: 182 shares (₹25,298)
GMP (Grey Market)
₹9 (+10.98%)
Est. listing ₹148
Issue Size
₹304 Cr
Fresh Issue & OFS
Market Cap
₹1047.35 Cr
At upper band
P/E Ratio
13.1x
P/S: 0.6x
Listing Date
05 Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
25 Sep 2026
✓
Closes
29 Sep 2026
✓
Allotment
30 Sep 2026
✓
Refund
1 Oct 2026
✓
Listing
05 Oct 2026
IPO India Hub: Subscribe
Conviction
7/10
The company trades at 0.57× sector midpoint with strong 38.5% PAT CAGR and 19.31% ROCE, supported by 30.42× subscription demand. Key risk is thin 4.7% net margin in a capital-intensive sector, leaving limited room for operational stress.
Listing Performance
Issue Price
₹139
Allotment price
Listing Price
₹143.5
+3.24% on listing day
Current Price (CMP)
₹100.75
-27.5% vs issue
Listed On
05 Oct 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit grew from ₹41.7 Cr (FY-2) to ₹79.9 Cr (FY0), a 38.5% CAGR, outpacing revenue growth of 21.7%. This margin expansion signals improving operational efficiency and pricing power in the steel products segment.
✓ Strength
Deep valuation discount to peers
At 13.1× P/E, the company trades at 0.57× the niche/unlisted sector midpoint of 23×, offering a 43% valuation cushion. The P/S ratio of 0.6× is also attractive for a ₹1,678 Cr revenue business with consistent growth.
✓ Strength
Strong balance sheet and capital efficiency
Debt-to-equity of 0.79× is conservative, and ROCE of 19.31% demonstrates effective capital deployment. Promoter commitment remains high at 68.54% post-issue, with only 4.6% OFS, signaling confidence in future prospects.
⚠ Risk
Razor-thin net profit margins
NPM of 4.7% is well below the 15% threshold for margin-justified premium valuations, leaving the company vulnerable to raw material cost spikes, energy price volatility, or competitive pricing pressure. Steel is a cyclical, commoditized sector where margin compression can be rapid.
⚠ Risk
Execution risk on capex deployment
₹226.33 Cr (74% of net proceeds) is earmarked for manufacturing facility expansion and renewable energy capacity at Samakhiyali. Delays, cost overruns, or lower-than-expected capacity utilization could impair returns and delay profitability gains.
₹ Valuation
Valuation anchored well below sector
At 13.1× P/E against a 23× sector midpoint, the company qualifies for Subscribe under the 1.0× threshold criterion. However, this discount reflects the thin 4.7% margin profile; investors are paying for growth, not margin safety.
👁 Watch
Monitor capex execution and utilization
Track quarterly updates on manufacturing facility ramp-up at Samakhiyali and renewable energy plant commissioning. Any delays or underutilization would signal execution risk and could pressure margins further.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
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| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "German Green Steel & Power Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1678.98 Cr
Net Profit
₹79.89 Cr
Industry
Iron & Steel Products
Issue Type
Fresh Issue & OFS
Promoters
INAMULHAQ SHAMSULHAQ IRAKI, ABDULHAQ SHAMSULHAQ IRAKI AND IBRARULHAQ INAMULHAQ IRAKI
Lead Managers
Systematix Corporate Services, Emkay Global and Pantomath Capital Advisors
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.57× sector midpoint with strong 38.5% PAT CAGR and 19.31% ROCE, supported by 30.42× subscription demand. Key risk is thin 4.7% net margin in a capital-intensive sector, leaving limited room for operational stress.
The current grey market premium (GMP) is ₹9, which is 10.98% above the upper band price of ₹139. This implies an estimated listing price of around ₹148. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 182 shares. At the upper band price of ₹139, the minimum investment per retail application is ₹25,298. You can apply for up to 13 lots (₹328,874) under the retail category (up to ₹2 lakh).
The IPO opens on 25 Sep 2026. It closes on 29 Sep 2026. Allotment is expected on 30 Sep 2026. Refunds initiate on 1 Oct 2026. Listing on BSE and NSE is on 05 Oct 2026.
The lead managers for the IPO are Systematix Corporate Services, Emkay Global and Pantomath Capital Advisors. Check the SEBI filing for the registrar details.
The IPO listed on 05 Oct 2026 at ₹143.5 against an issue price of ₹139 (+3.24% on listing day). The current market price (CMP) is approximately ₹100.75 (+-27.5% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 29 Sep 2026. The minimum investment is ₹25,298 for one lot (182 shares). The company trades at 0.57× sector midpoint with strong 38.5% PAT CAGR and 19.31% ROCE, supported by 30.42× subscription demand. Key risk is thin 4.7% net margin in a capital-intensive sector, leaving limited room for operational stress.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 29 Sep 2026. The IPO is priced at a P/E of 13.1x. Market cap at issue price is ₹1047.35 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 182 shares at ₹139 each, costing ₹25,298 per application. The issue closes on 29 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'German Green Steel & Power Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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