German Green Steel and Power Limited
PROSPECTUS · filed 30 Sept 2026
German Green Steel and Power Limited is a company that sells products on a Free On Road basis, with prices determined by factors such as raw material costs and market demand. The offer consists of a fresh issue of Rs 290 crore and an offer for sale of Rs 13.9 crore, representing 4.57% of the post-issue paid-up capital. The company reported a revenue of Rs 1678.98 crore and a profit after tax of Rs 79.89 crore in the latest fiscal year, with a revenue CAGR of 21.91% and a return on equity of 18.86%. The most material risks include high customer concentration, as 50.62% of revenue is derived from the top 10 customers, and the company does not have long-term supply contracts, relying instead on periodic purchase orders.
What stands out
Risk factor. Loss of top 10 customers or reduction in purchases by them could adversely affect business, results of operations and financial condition. In Fiscal 2026, 50.62% of revenue from operations was derived from top 10 customers, with the single largest customer contributing 10.67%.
Risk factor. We usually do not enter long-term supply contracts with customers and rely on periodic purchase orders. There is no assurance that customers will continue to source products at volumes or rates consistent with historical amounts.
Risk factor. A termination of distribution arrangements or failure of dealers/distributors to effectively sell or market products could adversely affect business, results of operations and financial condition. In Fiscal 2026, eight of the top 10 customers were dealers or distributors.
Primarily fresh capital. 95% of the offer is fresh issue, so most proceeds fund the company.
Strong revenue growth. Restated revenue CAGR of 21.9%.
Healthy return on equity. ROE of 18.9%.
How the offer is structured
Fresh issue
₹290 Cr
New capital into the company
Offer for sale
₹13.9 Cr
Goes to selling shareholders
OFS share
5%
- 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₹29.5 Cr
Restated financials
Revenue
₹1.68k Cr
Latest fiscal year
Profit after tax
₹79.9 Cr
Revenue CAGR
21.9%
Return on equity
18.9%
EBITDA margin
9.9%
P/E at upper band
9.32
Only in a priced RHP
PAT CAGR
38.5%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹1.13k Cr | ₹41.7 Cr | ₹176 Cr | |
| 2025 | ₹1.51k Cr | ₹59.9 Cr | ₹294 Cr | |
| 2026 | ₹1.68k Cr | ₹79.9 Cr | ₹424 Cr |
Promoters, litigation & related parties
Promoter (pre)
40.9%
Risks the company discloses
Loss of top 10 customers or reduction in purchases by them could adversely affect business, results of operations and financial condition. In Fiscal 2026, 50.62% of revenue from operations was derived from top 10 customers, with the single largest customer contributing 10.67%.(Customer Concentration)
We usually do not enter long-term supply contracts with customers and rely on periodic purchase orders. There is no assurance that customers will continue to source products at volumes or rates consistent with historical amounts.(Customer Concentration)
A termination of distribution arrangements or failure of dealers/distributors to effectively sell or market products could adversely affect business, results of operations and financial condition. In Fiscal 2026, eight of the top 10 customers were dealers or distributors.(Distribution Network)
We compete for acquiring distributors and dealers with other companies having greater brand recognition, financial resources and broader product portfolios. If competitors provide greater incentives, distributors may choose to promote their products instead of ours.(Distribution Network)
Products are generally sold on a Free On Road (F.O.R.) basis, and prices are determined by factors such as raw material costs, production capacity, market demand, transportation costs, competitor pricing, and credit terms.(Pricing)
We rely on our dealers and distributors for distribution to end customers. Failure to receive timely payments from distributors or dealers could impact business revenue and results of operations.(Distribution Network)
We cannot assure that we will be able to successfully identify or appoint new distributors or dealers or effectively manage our existing distribution network.(Distribution Network)
We rely on our top 10 customers for a substantial portion of revenue. Loss of any of these customers due to reasons including loss of or failure to renew existing arrangements, limitation to meet change in quality specification or technology, regulatory changes, disputes, adverse changes in customer financial condition, or reduction in demand could have a material adverse effect.(Customer Concentration)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.