German Green Steel & Power Limited

Incorporated in July 2008 and headquartered in Ahmedabad, Gujarat, German Green Steel and Power Limited (formerly known as Haq Steels and Metaliks Limited) is a vertically integrated iron and steel manufacturing enterprise. Operating primarily in the western region of India with a core focus on Gujarat, the company's business model spans the entire steel manufacturing value chain—from the in-house processing of iron ore into sponge iron, to the steel melting and casting of mild steel (MS) billets, through to the hot rolling of Thermo-Mechanically Treated (TMT) bars. Operating under the established brand name "German TMT", its core value proposition centers on delivering high-strength, corrosion-resistant, and environment-friendly green steel construction rebars manufactured using German Thermex quenching technology. After meeting internal captive requirements, the company sells its surplus sponge iron and MS billets in the merchant market.

The company's primary client segment operates on a business-to-business (B2B) model, serving three distinct distribution channels: authorized distributors, non-exclusive dealers, and direct institutional customers. Institutional clients encompass corporate developers and contractors operating across infrastructure, roadways, thermal power plants, engineering services, and commercial real estate. As of March 31, 2026, its active sales network comprised 12 distributors, 148 dealers, and 343 direct institutional buyers. Geographically, operations are heavily concentrated in Gujarat, with domestic sales within the state accounting for 97.74% of FY26 operational revenue (₹1,678.98 Cr), 99.77% in FY25, and 98.59% in FY24.

Manufacturing operations are conducted across two strategic production facilities located in Gujarat: the Samakhiyali Facility in Kutch (spread across 5,74,956 sq. meters of owned land) and the Viramgam Facility near Ahmedabad (spread across 57,527 sq. meters), operated through its material subsidiary, German TMT Private Limited. As of March 31, 2026, the combined annual installed capacity and actual production across both plants stood as follows:

Sponge Iron: Installed capacity of 66,000 MTPA | Actual production of 62,837 MT (95.21% capacity utilization).

MS Billets: Combined installed capacity of 3,57,060 MTPA | Actual production of 2,83,654 MT (79.44% capacity utilization).

TMT Bars: Combined installed capacity of 3,01,950 MTPA | Actual production of 2,65,097 MT (87.79% capacity utilization).

A key operational differentiator is the company's integrated captive energy infrastructure, which fulfilled 75.44% of total energy requirements at the Samakhiyali facility in FY26. Captive assets include a 16 MW coal-based thermal power plant, a 4 MW Waste Heat Recovery Boiler (WHRB) utilizing kiln flue gases, and 30.3 MW of operational hybrid wind-solar power installations. Quality assurance is reinforced by an in-house chemical and physical testing laboratory accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). Furthermore, both the parent company and its subsidiary hold Green Steel certifications issued by the National Institute of Secondary Steel Technology (NISST, Ministry of Steel), receiving 4-star and 5-star green ratings, respectively.

To drive business expansion, the company has entered the value-added steel segment by manufacturing pre-cut and shaped "cut & bend" bars, epoxy-coated TMT bars, and corrosion-resistant TMT bars. It has also entered into a strategic Manufacturing Partner Agreement with JSW One Distribution Limited (JODL) to manufacture technical-grade steel rebars adhering to JODL and BIS quality standards. Logistics and customer deliveries are supported by a company-owned fleet of 35 heavy commercial vehicles operating on a door-to-door (Free On Road) basis.

Based on its historical financial data, German Green Steel and Power Limited posted total income and net profits of ₹1,137.54 Cr / ₹41.67 Cr in FY24, ₹1,517.21 Cr / ₹59.94 Cr in FY25, and ₹1,685.38 Cr / ₹79.89 Cr in FY26. The company has demonstrated steady top-line growth at a 21.71% CAGR and robust net profit expansion at a 38.47% CAGR over the last three fiscals. Its Debt-to-Equity ratio improved from 1.13x in FY24 to 0.79x in FY26 as total borrowings stabilized at ₹334.37 Cr. It boasts an average EPS of ₹12.57 and an average RoNW of 20.17% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.79 against a NAV of ₹77.76 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.47. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 25.14x (FY24), 17.47x (FY25), and 13.11x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Systematix Corporate Services Limited, Emkay Global Financial Services Limited, and Pantomath Capital Advisors Private Limited. Bigshare Services Private Limited, which has handled over 50 public issues in the last three fiscal years, is acting as the Registrar to the Offer.

• 1 Inamulhaq Shamsulhaq Iraki
• 2 Abdulhaq Shamsulhaq Iraki
• 3 Ibrarulhaq Inamulhaq Iraki