German Green Steel & Power Ltd

German Green Steel & Power IPO review covering the IPO price, financials, business model, growth prospects, valuation, key risks and factors investors should consider.

German Green Steel & Power IPO Review, GMP, Price & Analysis

View: Skip on account of poor business quality and governance concerns German Green is a cyclical, low margin Gujarat TMT bar maker whose FY26 was its best year. Payables are as big as
borrowings; net debt is 1.9x EBITDA and income tax disputes of INR 113 cr are under appeal. At INR 139 the issue is 13.2x peak FY26 earnings. The N 15% GMP points to listing gains if it holds, but GMP is unofficial and can change before listing, and our view rests on business quality and accounting, not on potential listing gains.