German Green Steel: consolidated PAT dips 5% YoY as subsidiary profit nearly halves

German Green Steel and Power posted consolidated revenue of ₹463.06 Cr for Q1 FY27 (quarter ended June 30, 2026), up a flat 0.8% YoY from ₹459.28 Cr, while consolidated PAT fell 5.0% YoY to ₹21.64 Cr from ₹22.77 Cr — consolidated is the primary basis here and the one that should anchor the read, even though the standalone (parent-only) business actually had a good quarter: standalone revenue rose 7.2% YoY to ₹312.53 Cr and standalone PAT rose 16.8% YoY to ₹18.02 Cr. The entire group-level shortfall traces to the subsidiary, German TMT Private Limited (97.41%-owned): its minority-interest line nearly halved YoY (₹9.38 lakh vs ₹19.04 lakh), implying subsidiary PAT fell from roughly ₹7.35 Cr to ₹3.62 Cr — consistent with the auditor-reported subsidiary PAT of ₹3.62 Cr this quarter — and that decline alone accounts for the group miss despite the parent's growth. Operating margins held up: consolidated OPM was essentially flat at ~9.61% versus ~9.61% a year ago, so the softness isn't coming from the core TMT-bar/billet manufacturing economics. Consolidated NPM instead compressed to 4.67% from 4.96%, driven by a jump in deferred tax charge (₹6.52 Cr vs ₹4.63 Cr) and higher finance costs (₹11.44 Cr vs ₹10.17 Cr) rather than any operational line. Consolidated EPS came in at ₹4.02 versus ₹4.29 a year ago. There is no management guidance or prior concall on record to grade this print against — the company has none in our database and none surfaced in a web search, so vs-guidance is unknown; no formal outlook has been given. Similarly, as a steel microcap that completed its IPO (fresh issue of ₹290 Cr plus a ₹13.9 Cr offer-for-sale at ₹139/share, shares allotted September 30, 2026 and listed October 5, 2026) only weeks before this filing, there is no broker consensus or Street preview available for this specific quarter — vs-Street is unknown rather than assumed. No management press release accompanied this filing to cross-check framing against. The only corporate development tied to the numbers this quarter is the IPO itself, completed subsequent to quarter-end; it does not affect the reported P&L but marks this as the company's first result disclosed as a listed entity, with both statutory auditors (Talati & Talati LLP and S A M A S & Associates) issuing an unmodified limited-review conclusion on standalone and consolidated figures alike.