- INR 304 cr IPO will fund 55% expansion in TMT capacity
- GGSPL’s rebars carry 5-star rating under Green Steel taxonomy
A company that controls its own inputs controls its margins German Green Steel and Power Limited (GGSPL) has spent 18 years building a business and is a prime example of this. At its Samakhiyali facility in Kutch, iron ore is converted into sponge iron, then into billets, and then into finished German TMT bars. Much of the plant runs on power the company generates itself. A second plant at Viramgam is operated through its subsidiary German TMT Private Limited.
The company’s IPO opens on 25 September and closes on 29 September, with a price band of INR 132-139 per share. It combines a fresh issue of up to INR 290 crore with an offer for sale of 10 lakh shares worth about INR 13.9 crore.
Numbers tell the true story
The company’s revenue rose from INR 1,130 crore in FY’24 to INR 1,679 crore in FY’26. Over the same period EBITDA more than doubled, from INR 79 crore to INR 167 crore, and the EBITDA margin widened from 7% to 9.9%. Profit after tax almost doubled to INR 80 crore.
TMT bars account for 79% of revenue, which reflects the company’s shift up the value chain from selling semi-finished steel.
Integration as margin engine
GGSPL relies on captive inputs and energy. In FY’26, it used 72.9% of its own sponge iron and 90.4% of its own billets internally. It runs a 16 MW thermal plant, a 4 MW waste-heat recovery unit and 30.3 MW of operational wind-solar hybrid capacity, which together met roughly two-thirds of its power needs last year.
Its TMT bars carry a 5-star rating under India’s Green Steel taxonomy. A Ladle Refining Furnace installed in FY’25 gives it tighter metallurgical control. As public procurement begins to favour lower-emission steel, these are becoming commercial advantages as well as ESG credentials.
Where IPO money will go
Of the net proceeds, INR 226.33 crore will fund expansion at Samakhiyali and additional hybrid renewable capacity. The money will be deployed across FY’27 (INR 122.53 crore) and FY’28 (INR 103.81 crore). A further INR 7.69 crore has been set aside to repay borrowings.
More than doubling sponge iron capacity is the key strategic move. It reduces billet costs, cuts dependence on bought-in material, and generates more waste heat for captive power. Each tonne of new capacity is therefore designed to be cheaper to produce than the last.
Beyond capacity – growth plans
The company’s management is pursuing four levers:
Value-added products: Epoxy-coated bars, corrosion-resistant (CRS) bars and cut-and-bend are already on sale, and stainless steel round bars are in the pipeline.
Geographic expansion: New distributors in Rajasthan, Madhya Pradesh and Maharashtra, alongside deeper penetration in Gujarat.
Institutional sales: Growth in direct sales to roads, energy and real-estate clients, which already account for 42% of revenue.
Contract manufacturing: In April 2025 the company signed a contract manufacturing agreement with JSW One Distribution Limited, which gives it a second route to market outside its own brand.
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