German Green Steel and Power - IPO Report

German Green Steel and Power (GGSPL), incorporated in 2008, is a vertically integrated iron and steel manufacturer based in Gujarat, primarily focused on TMT bars sold under the "German TMT" brand. Its product portfolio includes 8–40 mm TMT bars across Fe500, Fe600 and CRS grades, along with MS billets, sponge iron and value-added products such as cut-and-bend and epoxy-coated TMT bars.

The company operates two manufacturing facilities in Gujarat at Samakhiyali, Kutch and Viramgam through its subsidiary German TMT Pvt Ltd. The Samakhiyali facility is integrated from sponge iron to billets and TMT bars and is located around 50 km from Kandla and 105 km from Mundra ports. Combined installed capacity stands at 66,000 TPA of sponge iron, 3.57 lakh TPA of billets and 3.02 lakh TPA of TMT bars, with TMT capacity utilisation at 87.79% in FY26.

Operations are supported by a 20 MW captive power plant comprising 16 MW coal-based and 4 MW waste-heat recovery capacity, along with hybrid wind-solar power. Together, these sources met around 75.44% of the company's FY26 energy requirements. Its TMT bars carry 4-star and 5-star Green Steel ratings from NISST, while a three-year manufacturing partnership with JSW One Distribution provides an additional distribution channel.

Sales are largely B2B through 12 distributors, 148 dealers and 343 institutional customers across roadways, engineering, thermal plants and real estate. TMT bars contributed 78.74% of FY26 revenue, up from 63.13% in FY24, reflecting the increasing importance of the core TMT business.

Revenue remains highly concentrated in Gujarat, which contributed 97.74% of FY26 revenue, while the top 10 customers accounted for 50.62% of FY26 revenue.