Steamhouse India IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Steamhouse India

Price band

₹77 – ₹81

Lot size

185 shares

Min investment

₹14,985

Issue size

₹414 Cr

About the company

SteamHouse India was started in June 2015. It is an industrial gas company. Its work is to generate steam and nitrogen at a central place and supply it to factories through its own pipeline network, so that each factory does not have to build and run its own boiler or nitrogen plant. Its pipeline network runs over 45 kilometres across key industrial areas in Gujarat, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. This kind of shared or community system is what allows a customer to simply buy steam by the tonne instead of investing in equipment and staff of its own. The business has three parts. It generates and distributes steam, it also buys steam from other generating companies and distributes that through its pipelines, and it separates nitrogen from the air, compresses it and supplies purified nitrogen to industrial customers. It also does coal trading. Its customers are mainly chemical and dye companies, including Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, K. Patel Chemo Pharma, Mahavir Synthesis and Subhasri Pigments. As on 31 July 2026 it had 229 employees and used the services of 276 contract labourers.

SteamHouse India is an industrial gas company that generates steam and nitrogen and supplies it to factories through its own pipeline network of over 45 km across Gujarat industrial hubs including Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari, so customers need not run their own boilers.

IPO details

Issue price: ₹81
Price band: ₹77 – ₹81
Face value: ₹2
Lot size: 185
Min investment: ₹14,985
Issue size: ₹414 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7954
NSE symbol: STEAMHOUSE.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	185	₹14,985
Retail (Max)	13	2,405	₹1,94,805
S-HNI (Min)	14	2,590	₹2,09,790
B-HNI (Min)	67	12,395	₹10,03,995

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Offer
Retail	Not less than 35% of the Offer
NII	Not less than 15% of the Offer

Objects of the issue

1Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company180.00

2Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 337.98

3Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 237.98

4Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ38.17

5General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	679.45	543.67	422.31
Total Income	494.97	398.53	293.16
Profit After Tax	38.64	31.16	27.19
EBITDA	83.49	69.32	68.41
NET Worth	163.76	131.00	102.71
Reserves and Surplus	127.57	87.25	58.35
Total Borrowing	281.62	222.95	202.71

Key performance indicators

P/E Ratio

57.86

EPS (₹)

1.40

RoE

22.36%

RoCE

16.06%

RoNW

23.60%

PAT Margin

7.81%

EBITDA Margin

16.99%

Debt / Equity

1.57

NAV (₹)

7.25

✓ Strengths

• Profit has grown every year, from Rs 27.19 crore in FY2024 to Rs 31.16 crore in FY2025 and Rs 38.64 crore in FY2026.

• Sales have grown strongly, from Rs 293.16 crore in FY2024 to Rs 398.53 crore in FY2025 and Rs 494.97 crore in FY2026, a rise of 24% in the last year.

• The pipeline network of over 45 kilometres across six industrial hubs is a genuine entry barrier, because a competitor would have to lay its own pipelines to compete.

• Once a factory connects to the pipeline and shuts its own boiler, it is difficult and costly to switch away, which makes the revenue sticky.

• Return on net worth was 23.60% and EBITDA improved from Rs 68.41 crore in FY2024 to Rs 83.49 crore in FY2026.

• The customer list includes established chemical names such as Aether Industries and Anupam Rasayan India.

• Rs 180 crore of the issue money repays borrowings, which should cut the interest burden meaningfully.

• About Rs 114 crore goes into capacity, covering Phase 3 at Ankleshwar, Phase 2 at Panoli and a new steam generation facility at Dahej SEZ.

⚠ Risks

• The price band, lot size and face value have not been announced yet, so the valuation of this issue cannot be judged at this stage. The P/E and EPS are also not stated in the available data.

• Promoter holding falls from 95.79% to 77.96% after the issue.

• Debt is high. Total borrowing was Rs 281.62 crore against a net worth of Rs 163.76 crore as on 31 March 2026, which is close to twice the own funds, and it has risen every year.

• The profit margin is thin at 7.81%, so the business needs volume to make the pipeline investment pay.

• The whole network is in Gujarat industrial belts, so any slowdown or regulation affecting that region hits the entire business.

• The customers are largely chemical and dye companies. A downturn in that one sector would reduce steam demand across the customer base at the same time.

• Steam generation depends on coal and fuel costs, and the company also trades coal, so fuel price swings affect it on both sides.

• It relies heavily on contract labour, with 276 contract labourers against 229 employees, which brings availability and compliance risk.

• Three capacity projects are being built at the same time at Ankleshwar, Panoli and Dahej, which brings execution risk and the new capacity will take time to fill.

Promoters & holding

Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust and VB Business Trust

Pre-issue promoter holding

95.79%

Post-issue promoter holding

77.96%

Data refreshed 07 Nov 2026, 04:58 pm IST. GMP is unofficial market sentiment, not investment advice.