German Green Steel receives Rs 194.93 crore after quarter-end

German Green Steel and Power Limited received the remaining Rs 194.93 crore of its Rs 290.00 crore initial public offering fresh issue in its monitoring account up to October 3, 2026, after reporting it as receivable at September 30; only Rs 95.07 crore had then been received and recognised as cash.

How much IPO money had German Green Steel received by September 30?

German Green Steel had received Rs 95.07 crore of the Rs 290.00 crore fresh-issue proceeds in its monitoring account by September 30, 2026. It recognised that amount as cash and cash equivalents in the consolidated statement of assets and liabilities at the September-quarter reporting date.

The balance of Rs 194.93 crore remained receivable at September 30, even though the IPO closed on that date. German Green Steel therefore separated the proceeds by receipt status: Rs 95.07 crore was recognised as cash, while the larger balance was classified under other financial assets.

The IPO also comprised an offer for sale of 10,00,000 equity shares worth Rs 13.90 crore by selling shareholders. That component was separate from the Rs 290.00 crore fresh issue, so it did not form part of the proceeds German Green Steel recorded as cash or receivable.

How did German Green Steel account for the outstanding amount?

German Green Steel accounted for the Rs 194.93 crore outstanding at September 30, 2026 as a receivable within other financial assets rather than as cash. The company said the amount was subsequently received in the monitoring account up to October 3, 2026, three days after the reporting date.

The consolidated balance sheet showed cash and cash equivalents of Rs 96.02 crore at September 30, 2026, while other financial assets stood at Rs 195.40 crore. German Green Steel specifically identified Rs 194.93 crore of the latter figure as the balance of fresh-issue proceeds awaiting receipt at quarter-end.

The company did not disclose deployment of the Rs 194.93 crore in the September-quarter results. Its disclosure addressed the receipt timing and stated that the outstanding balance would be accounted for in the subsequent reporting period after its credit to the monitoring account by October 3.

What does the September-half cash-flow statement show?

German Green Steel reported Rs 95.07 crore as proceeds from issue of shares in financing cash flow for the six months ended September 30, 2026. This was the amount credited to the monitoring account during the reporting period, rather than the full Rs 290.00 crore fresh issue allotted through the IPO.

Net cash generated from financing activities was Rs 103.13 crore for the six months ended September 30, 2026. The financing section also recorded Rs 22.41 crore of proceeds from long-term borrowings, Rs 68.47 crore of repayments of long-term borrowings, and Rs 27.46 crore of net proceeds from short-term borrowings.

Financing cash flow exceeded the Rs 60.64 crore used in investing activities during the six months. Investing outflows included Rs 60.14 crore for property, plant and equipment, capital work-in-progress and capital advances, while net cash generated from operating activities was Rs 52.27 crore, compared with Rs 65.69 crore in the corresponding six months of 2025.

What were German Green Steel's IPO terms and reporting context?

German Green Steel completed a fresh issue of 2,08,63,309 equity shares at an issue price of Rs 139 per share, including securities premium of Rs 129 per share. The shares had a face value of Rs 10 each, and the fresh issue aggregated to Rs 290.00 crore.

German Green Steel's equity shares were listed on the National Stock Exchange of India Limited and BSE Limited on October 5, 2026. The company stated that the full IPO comprised 2,18,63,309 shares, including the 10,00,000-share offer for sale worth Rs 13.90 crore.

The September results covered German Green Steel and subsidiary German TMT Private Limited. German Green Steel held 97.41% of the subsidiary's 36,61,200 equity shares as of September 30, 2026, with the remaining 2.59% presented as non-controlling interest.

The group reported one operating segment, manufacturing iron and steel products including TMT bars, MS billets and sponge iron. Revenue from operations for the six months ended September 30, 2026 was Rs 828.57 crore, compared with Rs 820.03 crore a year earlier, while net profit after tax rose to Rs 38.10 crore from Rs 36.54 crore.

What did the auditors and board report on the results?

German Green Steel's board approved the unaudited consolidated financial results on November 5, 2026. Talati & Talati LLP and S A M A S & Associates issued a limited-review conclusion stating that nothing had come to their attention to suggest the results did not meet applicable disclosure requirements or contained a material misstatement.

The auditors noted that the corresponding consolidated figures for the quarter and six months ended September 30, 2025 had been compiled and approved by management but had not been subjected to review. The filing also said the group adopted Indian Accounting Standards from April 1, 2022, with April 1, 2021 as its transition date.

German Green Steel reported capital work-in-progress of Rs 183.62 crore at September 30, 2026, compared with Rs 160.65 crore at March 31, 2026. The filing does not connect this balance or the Rs 60.14 crore investing outflow directly to the IPO proceeds received after the September reporting date.

Conclusion

German Green Steel's filing shows that the Rs 290.00 crore fresh issue had two different financial-statement treatments at September 30, 2026. Rs 95.07 crore had reached the monitoring account and entered cash and financing cash flow, while Rs 194.93 crore was recognised as a receivable before being received up to October 3.

The next reporting period should reflect the accounting effect of the October 3 receipt, as German Green Steel said the balance would be accounted for subsequently. Investors can also watch for disclosures on the use of fresh-issue proceeds, since the September 30 filing specified their receipt and classification but not deployment.