German Green SteelIPO Review — Financials, Valuation & Peers
A data-only look at the German Green Steel IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,137.54 | 41.67 | 80.11 | 176.06 | 559.73 | 198.39 | — |
| FY 2025 | 1,517.21 | 59.94 | 116.81 | 292.55 | 1,015.2 | 347.86 | — |
| FY 2026 | 1,685.38 | 79.89 | 166.96 | 421.55 | 1,220.24 | 334.37 | 14.66 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 9.48x
- P/E (post-issue)
- 13.11x
- RoNW
- 18.86%
- RoE
- 18.86%
- RoCE
- 19.31%
- Debt / Equity
- 0.79
- EPS (pre-issue)
- ₹14.66
- EPS (post-issue)
- ₹10.6
- EBITDA Margin
- 9.94%
- PAT Margin
- 4.76%
- P/BV
- 1.79x
- NAV / share
- ₹77.76
- Market Cap
- ₹1,047.35 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| German Green Steel | 14.91 | 77.76 | — | 18.86% | Consolidated |
| Beekay Steel Industries Ltd. | 18.94 | 548.18 | 22.54x | 3.49% | Consolidated |
| Gallant Ispat Ltd. | 20.07 | 137.44 | 27.8x | 14.6% | Consolidated |
| Kamdhenu Ltd. | 2.78 | 14.06 | 14.57x | 19.77% | Consolidated |
| Msp Steel & Power Ltd. | 0.6 | 18.18 | 61.57x | 3.28% | Consolidated |
| Vms Tmt Ltd. | 4.95 | 45.97 | 8.92x | 9.22% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki</p>
- Holding (pre-issue)
- 96.63%
- Holding (post-issue)
- 68.54%
- Dilution
- 28.09%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the German Green Steel IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the German Green Steel IPO drew 6 institutional investors committing a combined ₹91.17 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to NECTA BLOOM VCC-NECTA BLOOM ONE (₹30 crore), LORDS MULTIGROWTH FUND (₹20 crore) and ZEAL GLOBAL OPPORTUNITIES FUND (₹15 crore). Investor categories represented include Other and FII/FPI. The lock-in on half the anchor shares ends on 29 Oct 2026, with the remainder locked until 28 Dec 2026.
Analyst view tally
For the German Green Steel IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. German Green Steel operates at an EBITDA margin of 9.94% and a net (PAT) margin of 4.76% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 19.31% and a return on equity (RoE) of 18.86%. At the upper band, the post-issue market capitalisation works out to about ₹1,047.35 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding the capital expenditure requirements of its manufacturing facility at samakhiyali, kutch, gujarat and hybrid wind and solar power plant (₹226.33 crore), alongside general corporate purposes (₹29.5 crore). In all, 4 objects are disclosed.
Financials
In FY2026, German Green Steel reported revenue of ₹1,685.38 crore and a net profit of ₹79.89 crore. Revenue grew from ₹1,137.54 crore in FY2024 to ₹1,685.38 crore in FY2026 (+48.0%). Net worth stood at ₹421.55 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 13.11× post-issue earnings and 1.79× book value, against a return on net worth of 18.86% and a debt-to-equity ratio of 0.79. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Beekay Steel Industries Ltd. and Gallant Ispat Ltd., with a median peer P/E of about 22.5×. The issue's own post-issue P/E works out to 13.11×.
Promoters
The promoters of the company are <p>Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki</p>. Promoter holding stands at 96.63% before the issue and comes down to 68.54% after listing.
Frequently asked questions
- What is the reservation split in the German Green Steel IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of German Green Steel and what is their holding?
- The promoters are <p>Inamulhaq Shamsulhaq Iraki, Abdulhaq Shamsulhaq Iraki, Ibrarulhaq Inamulhaq Iraki</p>. Promoter holding is 96.63% before the issue and 68.54% after listing.
- What is the P/E ratio of the German Green Steel IPO?
- At the upper price band, the German Green Steel IPO is valued at 9.48× pre-issue earnings and 13.11× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the German Green Steel IPO?
- The net proceeds go primarily toward funding the capital expenditure requirements of its manufacturing facility at samakhiyali, kutch, gujarat and hybrid wind and solar power plant, among 4 disclosed objects.