German Green Steel & Power Ltd.

We derive a majority portion (50.62% in Fiscal 2026) of our revenue from operations from our top 10 customers, with our single largest customer contributing to 10.67% of our revenue from operations in Fiscal 2026. Loss of any of these customers or a reduction in purchases by any of them could adversely affect our business, results of operations and financial condition.(Customer Concentration)

We rely and expect that we will continue to be reliant on our top 10 customers for a substantial portion of our revenue. The loss of any of our top 10 customers (in particular our largest customer) for any reason including due to loss of, or failure to renew existing arrangements; limitation to meet any change in quality specification, change in technology; regulatory changes, disputes with a customer; adverse changes in the financial condition of our customers, such as possible bankruptcy or liquidation or other financial hardship or a reduction in the demand for our products by any of our top customers could have a material adverse effect on our business, results of operations and financial condition.(Customer Concentration)

We usually do not enter long-term supply contracts with any of our customers and typically rely on periodic purchase orders. 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. There is no assurance that our customers (in particular our top 10 customers) will continue to source products from us at volumes or rates consistent with, and commensurate to, the amount of business received from them historically, or at all. Any decrease in the demand for our products from our top 10 customers, or a termination of our arrangements altogether, would adversely impact our results of operations, financial condition and cash flow.(Customer Concentration)

Other than our sales to direct institutional customers, we rely on our dealers and distributors for the distribution of our products to end customers. A termination of our distribution arrangements or if our dealers/distributors do not effectively sell or market our products, our business, results of operations and financial condition may be adversely affected.(Distribution Network)

Our ability to expand and grow our brand’s reach significantly depends on the reach and effective management of our distributors and dealers network. We continuously seek to increase the penetration by appointing new distributors and dealers to ensure wide distribution network targeted at different consumers and areas. We cannot assure you that we will be able to successfully identify or appoint new distributors or dealers or effectively manage our existing distribution network.(Distribution Network)

As we sell and distribute our products through such distributors or dealers, any one of the following activities/events could impact our business revenue and could affect our results of operations, financial condition, and cash flows: change of terms of distribution agreements, including without limitation, prices of our products and payment structure; failure to renew agreements with distributors or dealers; failure to maintain and establish relationships with our existing/ new distributors or dealers; inability to timely identify and appoint additional or replacement distributors or dealers upon the loss of one or more of our distributors or dealers; failure to receive timely payments from distributors or dealers; changes in the compensation structure agreed with distributors/dealers; reduction, delay or cancellation of orders from one or more of our distributors or dealers; and disruption in delivering of our products by distributors or dealers.(Distribution Network)

We also compete for acquiring distributors and dealers with other companies engaged into manufacturing similar products including those having greater brand recognition and financial resources and offering broader product portfolio than ours. If our competitors provide greater incentives to our distributors and dealers, they may choose...(Distribution Network)

Our financial or fiscal year ends on March 31 of each calendar year. Accordingly, references to a “Fiscal” or “fiscal year” are to the 12-month period ended March 31 of the relevant year. Unless otherwise stated or the context otherwise requires, the financial information included in this section is based on our Restated Consolidated Financial Information included in this Red Herring Prospectus.(Financial Reporting)