German Green Steel and Power
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 20.93×
- Big non-institutionalbNII · above ₹10 lakh
- 54.05×
- Small non-institutionalsNII · ₹2–10 lakh
- 53.63×
- Retail individualRII · up to ₹2 lakh
- 21.89×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 05 Oct 2026 | ₹9.50 | — | ₹800 | ₹148.50 | ₹1,016.50 |
| 04 Oct 2026 | ₹9.50 | — | ₹800 | ₹148.50 | ₹1,016.50 |
| 03 Oct 2026 | ₹10.50 | — | ₹900 | ₹149.50 | ₹1,123.50 |
| 02 Oct 2026 | ₹11.50 | — | ₹900 | ₹150.50 | ₹1,230.50 |
| 01 Oct 2026 | ₹13.50 | — | ₹1,100 | ₹152.50 | ₹1,444.50 |
| 30 Sep 2026 | ₹12.50 | — | ₹1,000 | ₹151.50 | ₹1,337.50 |
| 29 Sep 2026 | ₹13 | — | ₹1,100 | ₹152 | ₹1,391 |
| 28 Sep 2026 | ₹24.50 | — | ₹2,000 | ₹163.50 | ₹2,621.50 |
| 27 Sep 2026 | ₹29 | — | ₹2,400 | ₹168 | ₹3,103 |
| 26 Sep 2026 | ₹27.50 | — | — | ₹166.50 | ₹2,942.50 |
| 25 Sep 2026 | ₹26 | — | ₹2,100 | ₹165 | ₹2,782 |
| 24 Sep 2026 | ₹29 | — | ₹2,400 | ₹168 | ₹3,103 |
| 23 Sep 2026 | ₹24 | — | ₹2,000 | ₹163 | ₹2,568 |
| 22 Sep 2026 | ₹15 | — | ₹1,200 | ₹154 | ₹1,605 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 43,72,664 | 9,58,05,874 | ₹1,332 Cr | 21.91× |
| Non-institutional | 32,79,496 | 18,61,63,094 | ₹2,588 Cr | 56.77× |
| Big non-institutionalwithin NII | 21,86,331 | 12,41,43,647 | ₹1,726 Cr | 56.78× |
| Small non-institutionalwithin NII | 10,93,165 | 6,20,19,447 | ₹862 Cr | 56.73× |
| Retail individual | 76,52,158 | 18,35,19,231 | ₹2,551 Cr | 23.98× |
| Total | 1,53,04,318 | 46,54,88,199 | ₹6,470 Cr | 30.42× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 29 Sept, 06:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 25 Sep 2026 – 29 Sep 2026
- Listing date
- 05 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹132 – ₹139
- Lot size
- 107 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹304 Cr
- Fresh issue
- ₹290 Cr 2,08,63,309 shares
- Offer for sale
- ₹13.90 Cr 10,00,000 shares
- Market cap at offer price
- ₹1,047 Cr
- Promoter holding
- 96.63% → 68.54% pre-issue → post-issue
- ISIN
- INE0D4501011
- CIN
- U27100GJ2008PLC054437
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Systematix Corporate Services Ltd.
- Registered office
- German House, Near Bharat Petrol Pump, Opp. Kochrab Ashram, Paldi, Ahmedabad- 380007, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 45,78,030 | 28.50% | 28.50% |
| Anchor investor · within QIB | 65,58,991 | — | 40.83% |
| NII (HNI) | 34,45,455 | 21.45% | 21.45% |
| bNII > ₹10L · within NII | 22,96,970 | — | 14.30% |
| sNII < ₹10L · within NII | 11,48,485 | — | 7.15% |
| Retail (RII) | 80,39,394 | 50.05% | 50.05% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,60,62,879 | — | 100.00% |
Net offer to the public of 1,60,62,879 shares, out of a total issue of 1,60,62,879. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 107 shares per lot, in multiples, at ₹139
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 107 | ₹14,873 |
| Retail (max) | 13 | 1,391 | ₹1,93,349 |
| S-HNI (min) | 14 | 1,498 | ₹2,08,222 |
| S-HNI (max) | 67 | 7,169 | ₹9,96,491 |
| B-HNI (min) | 68 | 7,276 | ₹10,11,364 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹139 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.66 | 10.60 |
| P/E (×) | 9.48 | 13.11 |
| Price to book (×) | 1.79 | — |
| Market cap | — | ₹1,047 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 18.86%
- ROCE
- 19.31%
- Debt / equity
- 0.79
- PAT margin
- 4.76%
- EBITDA margin
- 9.94%
- NAV per share
- ₹77.76
- Price to book
- 1.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,685.38 | 1,517.21 | 1,137.54 |
| Revenue from operations | 1,678.98 | 1,507.57 | 1,129.78 |
| Other income | 6.4 | 9.64 | 7.75 |
| Total expenses | 1,575.57 | 1,438.16 | 1,082.15 |
| Operating profit | 109.81 | 79.05 | 55.39 |
| Operating margin | 6.52% | 5.21% | 4.87% |
| Profit before tax | 109.81 | 73.65 | 56.16 |
| Profit after tax | 79.89 | 59.94 | 41.67 |
| PAT margin | 4.74% | 3.95% | 3.66% |
| Balance sheet | |||
| Total assets | 1,220.24 | 1,015.2 | 559.73 |
| Current assets | 559 | 502.43 | 272.41 |
| Current liabilities | 578.98 | 487.18 | 257.14 |
| Total liabilities | 796.54 | 721.29 | 383.67 |
| Net worth | 423.7 | 293.91 | 176.06 |
| Current ratio | 0.97× | 1.03× | 1.06× |
| Return on equity | 18.86% | 20.39% | 23.67% |
| Cash flow | |||
| Operating cash flow | 140.8 | 74.43 | 28.36 |
| Investing cash flow | -134.84 | -224.04 | -63.1 |
| Financing cash flow | -6.83 | 151.22 | 34.68 |
| Net cash flow | -0.87 | 1.61 | -0.06 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Capital Expenditure for Manufacturing Facility Expansion and Hybrid Power Plant ₹226 Cr
The company intends to fund capital expenditure requirements towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat, including installation of a kiln, rolling mill, structural mill, induction furnace, epoxy-zinc-coating TMT plant, shredder unit, continuous casting machine, and a hybrid wind and solar power plant to enhance production capacity and energy self-reliance.
2 Prepayment or Repayment of Outstanding Borrowings ₹7.70 Cr
The company proposes to utilize a portion of the Net Proceeds towards prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the company, specifically an unsecured long-term borrowing from Vivriti Capital Limited, to reduce overall indebtedness and improve the debt-equity ratio.
3 General Corporate Purposes —
The company intends to deploy the balance Net Proceeds towards general corporate purposes including maintenance of plant and machinery, working capital requirements, strategic initiatives, brand building, administrative expenses, insurance, marketing, repairs, payment of taxes and duties, subject to such utilization not exceeding a prescribed percentage of the Gross Proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About German Green Steel and Power
German Green Steel and Power Limited (formerly Haq Enterprises Private Limited, incorporated July 9, 2008) is a steel manufacturer based in Ahmedabad, Gujarat. The company was renamed from Haq Steels and Metaliks Limited to German Green Steel and Power Limited in January 2024. It operates two manufacturing facilities in Gujarat—Samakhiyali and Viramgam—producing TMT Bars, MS Billets, and Sponge Iron. The company generates revenue through sales to distributors, dealers, and institutional customers including roadway, engineering, thermal power, and real estate companies. The company has invested in captive and hybrid renewable power plants (coal-based, waste heat recovery, wind, and solar) to meet energy requirements. As of Fiscal 2026, the company generated revenue from operations of ₹1,67,874.91 lakhs.
Management
Inamulhaq Shamsulhaq Iraki
MD
Abdulhaq Shamsulhaq Iraki
MD
Strengths
As stated in the offer document
Vertically Integrated Manufacturing Setup with Captive Power Capacity
The company operates a vertically integrated manufacturing setup at its Samakhiyali Facility, covering all stages from raw materials to finished steel products, supported by a 20 MW captive power plant and hybrid wind-solar plants; as of March 31, 2026, approximately 75.44% of energy requirements are met through captive and renewable sources.
Extensive Distribution Network in Gujarat with Long-Term Customer Relationships
The company serves 12 distributors, 148 dealers, and 343 institutional customers as of March 31, 2026, with strong relationships of over three years maintained with 7 out of 10 top customers, generating revenue from operations of ₹1,67,898.17 lakhs in Fiscal 2026.
Experienced Promoters Supported by a Strong Management and Execution Team
The company is led by promoters with over 36 years and 31 years of experience in the iron and steel industry respectively, supported by a professional team of Key Managerial Personnel and Senior Management Personnel with expertise across finance, compliance, and human resources.
Strong Brand Recall Driven by Quality Products
The company has developed 'German TMT' as a recognized brand in Gujarat, with TMT bars manufactured using thermex quenching technology and certified with ISO 9001:2015, ISO 45001:2018, ISO 14001:2015, and green steel ratings of 4-star and 5-star (highest) from the National Institute of Secondary Steel Technology.
Track Record of Growth in Financial Performance
The company's revenue from operations grew at a CAGR of 21.91% from ₹1,12,978.18 lakhs in Fiscal 2024 to ₹1,67,898.17 lakhs in Fiscal 2026, with EBITDA growing at a CAGR of 45.07% from ₹7,933.32 lakhs to ₹16,695.67 lakhs and PAT growing at a CAGR of 38.47% from ₹4,166.66 lakhs to ₹7,988.87 lakhs.
Risk factors
As stated in the offer document
Customer Concentration Risk
The company derives 50.62% of its revenue from operations from its top 10 customers in Fiscal 2026, with the single largest customer contributing 10.67%. The loss of any of these customers, or a reduction in purchases, could materially and adversely affect the company's business, results of operations, and financial condition.
Raw Material Supply and Price Volatility Risk
The company is dependent on third-party suppliers for key raw materials such as scrap, iron ore, coal, and silico manganese, with materials purchased constituting 82.77% of total expenses in Fiscal 2026. The absence of long-term supply contracts exposes the company to price volatility, supply disruptions, and foreign currency risk on imported materials.
Product Price Volatility and Cyclical Demand Risk
Prices of TMT Bars, MS Billets, and Sponge Iron are highly volatile and sensitive to cyclical industries such as construction, as well as fluctuations in raw material costs and global supply-demand dynamics. The company's capital-intensive fixed cost base means that declining product prices or reduced volumes could significantly impair profitability.
Indebtedness and Financing Covenant Risk
As of August 31, 2026, the company had aggregate outstanding borrowings of ₹34,413.35 lakhs, with secured borrowings of ₹31,162.01 lakhs backed by hypothecation over current and fixed assets including manufacturing facilities. Failure to comply with repayment obligations or financial covenants could trigger acceleration of debt, enforcement of security, and potential shutdown of manufacturing operations.
Geographic Concentration Risk
All manufacturing facilities are located in Gujarat, and over 97.74% of sales in Fiscal 2026 were made to customers within Gujarat. Any social, political, economic, natural, or regulatory disruption in Gujarat could severely impact production capacity, customer deliveries, and overall financial performance.
Capital Expenditure Execution and Deployment Risk
The company intends to utilize ₹22,633.05 lakhs of net IPO proceeds for manufacturing facility expansion and a hybrid wind-solar power plant, for which definitive orders have not yet been placed and costs have not been independently appraised. Delays, cost escalations, or inability to procure equipment at expected prices could adversely affect the company's expansion plans, financial condition, and results of operations.
Competitive Pressure from National and Local Players
The company operates in a highly competitive steel market in Gujarat, where 68 new steel units have been established in the past five years, leading to overcapacity. The influx of cheaper imported steel, particularly from China, and competition from larger national players with greater financial and technological resources, poses significant pricing and market share risks.
Company Analysis
from RHPGerman Green Steel and Power Limited manufactures TMT steel bars, MS billets, and sponge iron for the construction and industrial sectors in India.
German Green Steel and Power Limited (formerly Haq Enterprises Private Limited, incorporated July 9, 2008) is a steel manufacturer based in Ahmedabad, Gujarat. The company was renamed from Haq Steels and Metaliks Limited to German Green Steel and Power Limited in January 2024. It operates two manufacturing facilities in Gujarat—Samakhiyali and Viramgam—producing TMT Bars, MS Billets, and Sponge Iron. The company generates revenue through sales to distributors, dealers, and institutional customers including roadway, engineering, thermal power, and real estate companies. The company has invested in captive and hybrid renewable power plants (coal-based, waste heat recovery, wind, and solar) to meet energy requirements. As of Fiscal 2026, the company generated revenue from operations of ₹1,67,874.91 lakhs.
Objects of the Issue
- Funding capital expenditure requirements towards expansion of manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant ₹22,633.05 lakhs p.35
- Funding the capital expenditure requirements of the Company towards expansion of its manufacturing facility at Samakhiyali, Kutch, Gujarat and hybrid wind and solar power plant ₹22,633.05 lakhs p.51
- Prepayment or repayment, in full or in part, of certain outstanding borrowings availed by the Company ₹769.99 lakhs p.52
- General corporate purposes p.52
- 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 ₹22,633.05 lakhs p.141
- Prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹769.99 lakhs p.141
- General corporate purposes p.175
- General corporate purposes ₹29,000 lakhs (Fresh Issue aggregate) p.193
- Expansion of Sponge Iron production capacity from 66,000 MTPA to approximately 1,48,500 MTPA p.309
- Expansion of MS billets production capacity from 2,14,500 TPA to 4,12,500 TPA p.309
- Expansion of TMT Bars production capacity at Samakhiyali Facility from 181,500 MTPA to 346,500 MTPA p.309
- Installation of new hybrid wind-solar power plant with total capacity of 25.20 MW (solar: 10.8 MW DC; wind: 14.40 MW) in Bharuch district p.309
- Installation of shredder unit (288 TPD capacity) for processing scrap for induction furnace feed p.307
- Addition of new plants and machinery including kiln machine, structural-steel mill, rolling mill, epoxy/zinc coating plant, and continuous casting machines p.309
- Funding capex for expansion of metallurgical plant with CPP (by waste heat recovery and thermal power plant) p.493
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹29,000.00 lakhs
- Offer for Sale
- Up to 10,00,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs
- Price Band
- Price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and the maximum price of ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹10 each and in multiples of [●] Equity Shares of face value of ₹10 each thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures TMT Bars, MS Billets, and Sponge Iron and sells them primarily through distributors and dealers (58.46% of revenue in Fiscal 2026) and directly to institutional customers (41.53% in Fiscal 2026). Products are sold on Free On Road (F.O.R.) basis with prices determined by raw material costs, production capacity, market demand, transportation costs, and competitor pricing. The company sources raw materials (scrap, iron ore, coal, silico manganese, dolomite) from third-party suppliers on a purchase-order basis without long-term contracts.
Business Segments
SWOT Analysis
- • Vertical integration and captive power generation capability(p.66)
- • Diversified product portfolio (Sponge Iron, MS Billets, TMT Bars)(p.60)
- • Established quality certifications and standards compliance(p.60)
- • Vertically integrated manufacturing with captive power plant(p.181)
- • Extensive distribution network with long-term customer relationships(p.181)
- • Strong management team and track record of growth(p.181)
- • Strong brand recall and quality products(p.181)
- • High capacity utilization across product lines(p.145)
- • Improving energy self-reliance with renewable energy integration(p.145)
- • Vertically integrated manufacturing with captive power capacity providing operational control and cost efficiency(p.303)
- • Strong distribution network with long-term customer relationships across Gujarat(p.304)
- • Experienced promoters with deep industry expertise spanning decades in steel manufacturing(p.305)
- • Strong brand recognition for quality TMT bars using Thermex quenching technology(p.305)
- • Track record of strong financial performance with CAGR growth in revenue and profitability(p.306)
- • Green steel certification at highest rating demonstrating environmental credentials(p.305)
- • Strategic location near major ports facilitating efficient raw material import(p.303)
- • Diversified customer base with largest customer representing only 10.67% of revenue(p.322)
- • Strong brand presence with established dealer and distributor network(p.322)
- • Multiple ISO certifications across quality, health, safety and environment standards(p.323)
- • Vertically integrated with captive power capacity totaling 50.3 MW(p.325)
- • Owned fleet of 35 vehicles for product delivery providing logistics control(p.322)
- • Low sales returns ratio of 0.43% demonstrating strong product quality(p.324)
- • Quick receivables turnover and historically no significant defaults(p.437)
- • Established policy and procedures for customer credit risk management(p.437)
- • Diversified borrowing arrangements across multiple lenders(p.437)
- • Multiple manufacturing facilities with hybrid renewable energy capacity(p.460)
- • Improved debt-equity ratio through regular loan repayment(p.440)
- • Improved net profit margin from 3.98% to 4.76%(p.440)
- • Holds multiple ISO certifications across quality, health/safety, and environmental management(p.491)
- • Possesses BIS licenses for steel bar and billet products meeting Indian standards(p.490)
- • Operates Green Steel certified facility meeting environmental production standards(p.491)
- • Holds licenses for advanced manufacturing technology (Thermex Quenching System)(p.491)
- • Operates renewable energy generation capacity alongside thermal power(p.492)
- • High customer concentration—top 10 customers contribute 50.62% of FY2026 revenue(p.29)
- • Dependence on third-party suppliers with no long-term supply contracts(p.33)
- • Significant debt burden with total outstanding borrowings of ₹34,413.35 lakhs(p.36)
- • Geographic concentration of manufacturing facilities and customer base in Gujarat(p.36)
- • High employee attrition rate, particularly among key management personnel(p.37)
- • Contingent liabilities including tax disputes and capital commitments of ₹16,803.50 lakhs(p.38)
- • Outstanding litigation matters against the company totaling ₹10,874.72 lakhs(p.43)
- • Trademark disputes and cease-and-desist notices from H&K Rolling Mill Engineers(p.38)
- • Concentration of manufacturing facilities in single geographic location (Gujarat)(p.50)
- • Significant uninsured asset exposure and incomplete insurance coverage(p.56)
- • Administrative bottlenecks leading to delayed statutory payments(p.58)
- • Prior compliance failures with Companies Act including delayed director appointments and committee formation(p.58)
- • Dependence on contract labour with escalating wage costs(p.51)
- • Growing inventory holding levels indicating potential working capital stress(p.54)
- • Promoter conflict of interest through involvement in similar businesses(p.60)
- • Ongoing income tax litigation and search operations creating uncertainty(p.67)
- • Significant pending litigation regarding manufacturing facility acquisition(p.56)
- • High financial leverage with debt-equity ratio of 0.79(p.183)
- • Dependence on imported MS scrap for production(p.170)
- • Concentrated geographic presence primarily in Gujarat(p.181)
- • Reliance on state electricity board for 19.25% of power consumed(p.169)
- • High dependence on a small number of suppliers creating raw material procurement risk(p.319)
- • Geographic concentration with majority revenue from Gujarat state creating market dependence(p.321)
- • Capacity utilization variability with declining sponge iron utilization affecting efficiency(p.313)
- • Limited backward integration in upstream operations compared to some competitors(p.257)
- • Reliance on imported scrap material creating foreign exchange and supply chain risks(p.318)
- • High customer concentration with top 10 customers representing 50.62% of revenue(p.322)
- • Dependence on non-exclusive distribution agreements without long-term contracts(p.322)
- • Fleet vehicle aging with most trucks having remaining useful life of 2-3 years(p.323)
- • Moderate to high employee attrition rate of 27.70% in Fiscal 2026(p.324)
- • Promoter guarantees on significant loan facilities creating personal liability exposure(p.348)
- • Insurance coverage gap with only 88.38% of insured tangible assets covered(p.326)
- • Dependence on small number of suppliers for key raw materials without long-term contracts(p.460)
- • High concentration of revenue from top 10 customers (50.62% in Fiscal 2026)(p.478)
- • Elevated expected credit loss provisions(p.466)
- • High operating leverage with significant fixed assets requiring replacement(p.461)
- • Declining current ratio indicating working capital pressure(p.440)
- • Significant trade payables concentration with 3 material creditors(p.489)
- • Limited operational history with recent facility certifications and registrations(p.490)
- • Concentrated operations with single primary manufacturing facility location (Samakhyali)(p.490)
- • Material subsidiary limited to one operational facility (Viramgam)(p.493)
- • Expansion into adjacent geographic markets (Rajasthan, Maharashtra)(p.50)
- • Strengthening institutional customer base(p.50)
- • Foray into contract manufacturing as growth avenue(p.62)
- • Continued production capacity expansion and value-added products(p.62)
- • Cost optimization and operational efficiency improvements(p.62)
- • Brand building and market positioning enhancement(p.62)
- • Significant capacity expansion planned to meet growing steel demand(p.145)
- • Strong projected growth in India's steel consumption(p.145)
- • Expansion into value-added products through epoxy-zinc coating(p.170)
- • Government's continued infrastructure spending focus(p.145)
- • Opportunity to reduce production costs through increased renewable energy(p.170)
- • Significant government infrastructure spending driving steel demand across multiple sectors(p.279)
- • Expansion of green steel market with growing emphasis on environmental sustainability(p.256)
- • Capacity expansion plans to increase production and market share in value-added products(p.309)
- • Strong domestic steel demand driven by urbanization and real estate construction growth(p.260)
- • Natural gas infrastructure expansion creating new steel pipe demand opportunities(p.270)
- • Railway infrastructure development and modernization supporting steel product demand(p.268)
- • Government preference policy promoting domestically manufactured steel in procurement(p.333)
- • National Steel Policy 2017 supports capacity additions and cost-efficient production(p.332)
- • Steel Scrap Recycling Policy 2019 promoting circular economy in steel sector(p.334)
- • New product expansion into cut & bend and epoxy coated TMT bars(p.342)
- • Contract manufacturing agreement with JSW One Distribution Limited for quality product manufacturing(p.342)
- • Expansion of installed sponge iron production capacity by 125%(p.460)
- • Expansion of MS billets and TMT bars manufacturing capacity(p.460)
- • Government incentive for manufacturing facility set-up in Gujarat(p.456)
- • Increased market demand with domestic sales growth of 10.12% in Fiscal 2026(p.464)
- • New export opportunities being explored(p.464)
- • Product customization enabling wallet share increase and portfolio diversification(p.461)
- • Expansion potential through capacity enhancement with environmental clearance for expanded metallurgical plant(p.493)
- • Green steel production capabilities recognized and certified, aligning with sustainability trends(p.494)
- • Significant renewable energy capacity already operational enabling cost advantages(p.494)
- • Volatile pricing of steel products and raw materials due to commodity market cyclicality(p.33)
- • Intense competition from national and local steel producers, including influx of cheaper imported steel(p.35)
- • Risk of disruption to raw material supply and foreign currency exposure on imports(p.33)
- • Natural calamities, political disruptions, and regional economic instability in Gujarat(p.36)
- • Dependency on power, fuel, and water utilities with potential for disruption and cost increases(p.39)
- • Risk of capacity under-utilization and mismatch between production and demand forecasts(p.42)
- • Exposure to regulatory and trade policy changes affecting the steel industry(p.23)
- • Overcapacity and intense competition in Gujarat steel sector(p.66)
- • Import dumping of low-cost steel from countries like China(p.66)
- • Risk of reduction in import duties enabling increased foreign competition(p.57)
- • Dependence on imported raw materials with forex exposure(p.57)
- • Economic slowdown in India affecting real estate and infrastructure demand(p.68)
- • Inflation impacting cost structure with pricing pass-through limitations(p.69)
- • Stringent environmental regulations and pollution control requirements(p.59)
- • Natural calamities and climate disruptions in manufacturing location(p.70)
- • Energy-intensive operations vulnerable to rising energy costs(p.66)
- • Potential disruptions from industrial unrest and labour disputes(p.50)
- • Global economic uncertainty and geopolitical tensions affecting commodity prices(p.69)
- • Stringent quality standards requiring continuous investment(p.66)
- • Commodity price volatility affecting raw material costs(p.143)
- • Steel industry cyclicality and market competition(p.170)
- • Regulatory and environmental compliance requirements(p.171)
- • Foreign exchange and interest rate fluctuations(p.143)
- • Uncertainty in project implementation timelines(p.172)
- • Intense competitive pressure from low-cost imports and import dumping affecting pricing(p.288)
- • Volatility in raw material prices impacting production costs and profitability(p.283)
- • High logistics costs in India reducing global competitiveness of steel products(p.285)
- • Global economic slowdown reducing export demand and affecting industry margins(p.286)
- • Stringent environmental regulations and carbon emission intensity requirements(p.286)
- • Trade policy volatility and tariff risks affecting market access and competitiveness(p.280)
- • Intense competition from established domestic TMT bar and sponge iron manufacturers(p.325)
- • Dependency on raw material costs and market volatility in pricing(p.322)
- • Environmental regulations imposing compliance costs and operational restrictions(p.335)
- • Regulatory requirements for BIS certification and mandatory quality standards compliance(p.334)
- • Industrial relations regulations and potential labor disputes impacting operations(p.336)
- • Geographic concentration risk with 97.74% of sales in Gujarat(p.322)
- • Raw material price volatility and supply chain disruptions(p.460)
- • Steel price cyclicality and industry demand sensitivity(p.460)
- • Seasonal demand fluctuations particularly during monsoon(p.461)
- • Operational risks including equipment breakdown and power supply interruptions(p.461)
- • Intense competitive pressure from large integrated steel producers(p.461)
- • Restrictions on raw material imports and increased shipment costs(p.460)
- • Foreign exchange rate fluctuations affecting debt and costs(p.438)
- • Floating rate interest exposure creating earnings volatility(p.438)
- • Environmental and pollution regulatory dependencies requiring continuous compliance with strict authorization conditions(p.492)
- • Industrial license renewal and maintenance requirements dependent on regulatory permissions(p.490)
- • Multiple regulatory compliance obligations across labor, tax, and environmental frameworks(p.490)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Inamulhaq Shamsulhaq Iraki | Promoter | — | — |
| Abdulhaq Shamsulhaq Iraki | Promoter Selling Shareholder | — | — |
| Ibrarulhaq Inamulhaq Iraki | Promoter | — | — |
| Inamulhaq Shamsulhaq Iraki | Promoter | — | — |
| Abdulhaq Shamsulhaq Iraki | Promoter | — | — |
| Inamulhaq Shamsulhaq Iraki | Promoter | 40.91% | — |
| Abdulhaq Shamsulhaq Iraki | Promoter | 39.42% | — |
| Ibrarulhaq Inamulhaq Iraki | Promoter | 0.95% | — |
| Iraki Afsha Abdulhaq | Promoter Group | 8.63% | — |
| Mahelaka Bano Inamulhaq Iraki | Promoter Group | 6.36% | — |
| Inamulhaq Shamsulhaq Iraki | Promoter | — | — |
| Abdulhaq Shamsulhaq Iraki | Promoter | — | — |
| Iraki Afsha Abdulhaq | Promoter | — | — |
| Mahelaka Bano Inamulhaq Iraki | Promoter | — | — |
| Ibrarulhaq Inamulhaq Iraki | Promoter | — | — |
| Inamulhaq Shamsulhaq Iraki | Promoter | — | — |
| Abdulhaq Shamsulhaq Iraki | Promoter | — | — |
| Ibrarulhaq Inamulhaq Iraki | Promoter | — | — |
| Inamulhaq Shamsulhaq Iraki | Promoter | 40.91% | — |
| Abdulhaq Shamsulhaq Iraki | Promoter | 39.42% | — |
| Ibrarulhaq Inamulhaq Iraki | Promoter | 0.95% | — |
| Inamulhaq Shamshulhaq Iraki | Promoter | 42.34% | 40.91% |
| Abdulhaq Shamsulhaq Iraki | Promoter | 40.80% | 39.42% |
| Ibrarulhaq Inamulhaq Iraki | Promoter | 0.99% | 0.95% |
| Inamulhaq Shamsulhaq Iraki | Promoter/Chairman | — | — |
| Abdulhaq Shamsulhaq Iraki | Promoter/Managing Director | — | — |
| Ibrarulhaq Inamulhaq Iraki | Promoter/Whole-Time Director | — | — |
| Inamulhaq Shamsulhaq Iraki | Promoter Selling Shareholder | — | — |
| Abdulhaq Shamsulhaq Iraki | Promoter Selling Shareholder | — | — |
| Inamulhaq Shamsulhaq Iraki | Promoter Selling Shareholder | — | — |
| Abdulhaq Shamsulhaq Iraki | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| German Green Steel and Power Ltd. THIS ISSUE | 14.91 | 77.76 | 13.11, computed at the offer price | 1.79, computed at the offer price | 18.86% |
| 18.94 | 548.18 | 22.54 | — | 3.49% | |
Gallant Ispat Ltd. | 20.07 | 137.44 | 27.80 | — | 14.60% |
| 2.78 | 14.06 | 14.57 | — | 19.77% | |
| 0.60 | 18.18 | 61.57 | — | 3.28% | |
| 4.95 | 45.97 | 8.92 | — | 9.22% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.