IPO Details
Steamhouse India Limited
This article is based entirely on publicly available information disclosed in the Red Herring Prospectus (RHP) of Steamhouse India Limited, dated September 3, 2026, and is intended for general market and financial education purposes only.
1. IPO Snapshot
| Particular | Details |
|---|---|
| Company Name | Steamhouse India Limited |
| IPO Type | 100% Book Built Offer; Fresh Issue + Offer for Sale |
| Fresh Issue | ₹3,530.00 million |
| Offer for Sale | ₹610.00 million by Vishal Sanwarprasad Budhia |
| Total Issue Size | ₹4,140.00 million |
| Face Value | ₹2 per Equity Share |
| Price Band | ₹77–₹81 per Equity Share |
| Bid Lot | 185 Equity Shares; multiples of 185 |
| Opening Date | September 9, 2026 |
| Closing Date | September 11, 2026 |
| Basis of Allotment | On or about September 15, 2026 |
| Listing Date | On or about September 17, 2026 |
| Listing Exchange | BSE and NSE; BSE is Designated Stock Exchange |
| Registrar | KFin Technologies Limited |
| BRLM | Equirus Capital Limited |
2. IPO Details
| Particular | At Floor Price ₹77 | At Cap Price ₹81 |
|---|---|---|
| Fresh Issue Shares | 45,844,155 | 43,580,246 |
| Fresh Issue Amount | ₹3,530.00 million | ₹3,530.00 million |
| Offer for Sale Shares | 7,922,077 | 7,530,864 |
| Offer for Sale Value | ₹610.00 million | ₹610.00 million |
| Total Issue Shares | 53,766,232 | 51,111,110 |
| Pre-Issue Shares | 232,826,065 | 232,826,065 |
| Post-Issue Shares | 278,670,220 | 276,406,311 |
| Post-Issue Market Capitalisation | ₹21,457.61 million | ₹22,388.91 million |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|---|
| QIB | Not more than 50% of the Offer |
| Anchor Investors | Up to 60% of the QIB Portion may be allocated on a discretionary basis |
| Mutual Funds within Net QIB | 5% of the Net QIB Portion |
| NII | Not less than 15% of the Offer |
| Retail Individual Bidders | Not less than 35% of the Offer |
4. IPO Lot Size
| Application | Lots | Shares | At Floor Price ₹77 | At Cap Price ₹81 |
|---|---|---|---|---|
| Retail (Min) | 1 | 185 | ₹14,245 | ₹14,985 |
| Retail (Max) | 13 | 2,405 | ₹1,85,185 | ₹1,94,805 |
| S-HNI (Min) | 14 | 2,590 | ₹1,99,430 | ₹2,09,790 |
| S-HNI (Max) | 66 | 12,210 | ₹9,40,170 | ₹9,89,010 |
| B-HNI (Min) | 67 | 12,395 | ₹9,54,415 | ₹10,03,995 |
5. About the Company
Steamhouse India Limited was originally incorporated as Ankleshwar Eco Energy Limited at Surat, Gujarat, on June 10, 2015. Its name was changed to Steamhouse India Limited following Board and shareholder resolutions in 2021, with a fresh certificate of incorporation issued on September 28, 2021. The Company describes itself as an Indian business specialising in the generation and centralized distribution of industrial gases, including steam and nitrogen, through a pipeline network. Its community industrial gas model provides an alternative to individual industrial customers maintaining their own generation infrastructure.
Its three principal offerings are: (i) generation and distribution of steam through community boilers and pipelines; (ii) purchase and distribution of steam generated by other entities through the Company's pipeline network; and (iii) separation, compression and distribution of nitrogen. The Company also undertakes coal trading, principally selling excess coal purchased in bulk.
As of July 31, 2026, the Company operated seven community steam boilers in Gujarat with aggregate installed capacity of 345 TPH and annual installed capacity of 2,185,920 TPA as described in the RHP. It also operated a nitrogen generation and distribution facility at Ankleshwar with capacity of 350 NM³/hour, commissioned in February 2025. Its operational pipeline system measured 60,151 metres as of July 31, 2026.
The customer base is predominantly business-to-business and spans pharmaceuticals, chemicals, textiles, agrochemicals, tyres, dyes and pigments, polymers, paints and other sectors. The Company served 202 customers in Fiscal 2026, compared with 173 in Fiscal 2025 and 125 in Fiscal 2024.
6. Restated Financial Information
| Particular | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations | 4,915.11 | 3,951.06 | 2,917.10 |
| Other income | 34.64 | 34.23 | 14.46 |
| Total income | 4,949.74 | 3,985.29 | 2,931.55 |
| EBITDA | 834.89 | 693.16 | 684.06 |
| Profit before tax | 512.37 | 389.65 | 433.04 |
| Profit after tax | 386.39 | 311.61 | 271.86 |
| Basic EPS (₹) | 1.71 | 1.38 | 1.21 |
| Diluted EPS (₹) | 1.71 | 1.38 | 1.21 |
| Net worth / Total equity | 1,727.69 | 1,324.45 | 1,035.45 |
| Equity share capital | 451.95 | 451.95 | 451.95 |
| Borrowings | 2,816.22 | 2,229.47 | 2,027.06 |
| Total assets | 6,794.50 | 5,436.68 | 4,223.06 |
| Total liabilities | 5,066.81 | 4,112.23 | 3,187.62 |
| Finance costs | 217.30 | 221.80 | 186.78 |
| Depreciation, amortisation & impairment | 139.86 | 115.94 | 78.70 |
| Cash flow from operating activities | 1,004.61 | 1,070.98 | 210.16 |
| Cash flow from investing activities | (1,445.71) | (1,229.94) | (1,259.08) |
| Cash flow from financing activities | 480.40 | 123.47 | 1,037.23 |
| Inventory | 412.84 | 461.02 | 462.27 |
| Trade receivables | 392.83 | 302.47 | 230.24 |
| Trade payables | 932.34 | 780.36 | 364.81 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations (₹ million) | 4,915.11 | 3,951.06 | 2,917.10 |
| Revenue growth (%) | 24.40 | 35.44 | NA* |
| EBITDA (₹ million) | 834.89 | 693.16 | 684.06 |
| EBITDA margin (%) | 16.99 | 17.54 | 23.45 |
| PAT (₹ million) | 386.39 | 311.61 | 271.86 |
| PAT margin (%) | 7.81 | 7.82 | 9.27 |
| Return on Equity (%) | 22.36 | 23.53 | 26.26 |
| Return on Capital Employed (%) | 16.06 | 17.20 | 20.24 |
| Net Debt / Equity (times) | 1.57 | 1.63 | 1.77 |
| Distribution capacity of industrial gases sold (TPA) | 2,569,784.16 | 2,110,059.98 | 1,916,644.58 |
| Volume of industrial gases sold (TPA) | 1,066,772.97 | 961,857.87 | 821,801.41 |
| Capacity utilisation (%) | 41.51 | 45.58 | 42.88 |
8. IPO Valuation
| Metric | RHP / Updated Disclosure |
|---|---|
| Price Band | ₹77–₹81 |
| Floor Price / Face Value | 38.50 times |
| Cap Price / Face Value | 40.50 times |
| Diluted P/E at ₹77 | 45.03 times |
| Diluted P/E at ₹81 | 47.37 times |
| Industry Peer Group P/E — Highest | 99.17 times |
| Industry Peer Group P/E — Lowest | 42.74 times |
| Industry Peer Group P/E — Average | 70.96 times |
| Weighted Average RoNW | 24.14% |
| NAV per Equity Share as at March 31, 2026 | ₹7.25 |
| WACA — Primary Issuances | ₹4.41 per Equity Share |
| WACA — Secondary Transactions | ₹0.59 per Equity Share |
9. Peer Comparison
| Company | Face Value (₹) | Closing Price ₹ (31 Aug 2026) | Revenue FY2026 ₹m | Basic EPS ₹ | Diluted EPS ₹ | NAV ₹ | P/E | ROE |
|---|---|---|---|---|---|---|---|---|
| Steamhouse India Limited | 2 | NA* | 4,915.11 | 1.71 | 1.71 | 7.25 | NA* | 22.36% |
| Linde India Limited | 10 | 6,383.75 | 25,306.40 | 64.37 | 64.37 | 500.27 | 99.17 | 12.87% |
| Ellenbarrie Industrial Gases Limited | 2 | 322.25 | 3,415.82 | 7.54 | 7.54 | 69.33 | 42.74 | 10.68% |
KPI Comparison
| KPI | Steamhouse FY2026 | Steamhouse FY2025 | Steamhouse FY2024 | Linde FY2026 | Linde FY2025 | Linde FY2024 | Ellenbarrie FY2026 | Ellenbarrie FY2025 | Ellenbarrie FY2024 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations (₹m) | 4,915.11 | 3,951.06 | 2,917.10 | 25,306.40 | 24,853.76 | 27,686.69 | 3,415.82 | 3,124.83 | 2,694.75 |
| Revenue growth (%) | 24.40 | 35.44 | NA* | 1.82 | (10.23) | NA* | 9.31 | 15.96 | NA* |
| EBITDA (₹m) | 834.89 | 693.16 | 684.06 | 9,091.18 | 7,650.91 | 7,023.23 | 1,162.17 | 1,097.36 | 615.30 |
| EBITDA margin (%) | 16.99 | 17.54 | 23.45 | 35.92 | 30.78 | 25.37 | 34.02 | 35.12 | 22.83 |
| PAT (₹m) | 386.39 | 311.61 | 271.86 | 5,489.65 | 4,548.45 | 4,340.86 | 1,044.00 | 832.89 | 452.89 |
| PAT margin (%) | 7.81 | 7.82 | 9.27 | 21.54 | 17.81 | 15.25 | 26.66 | 23.90 | 15.61 |
| ROE (%) | 22.36 | 23.53 | 26.26 | 12.87 | 11.91 | 12.52 | 10.68 | 16.88 | 11.05 |
| ROCE (%) | 16.06 | 17.20 | 20.24 | 17.53 | 16.39 | 16.90 | 12.51 | 16.92 | 12.31 |
| Net Debt / Equity (times) | 1.57 | 1.63 | 1.77 | (0.03) | (0.04) | (0.28) | 0.11 | 0.49 | 0.42 |
| Distribution capacity (TPA) | 2,569,784.16 | 2,110,059.98 | 1,916,644.58 | NA* | NA* | NA* | NA* | NA* | NA* |
| Industrial gases sold (TPA) | 1,066,772.97 | 961,857.87 | 821,801.41 | NA* | NA* | NA* | NA* | NA* | NA* |
| Capacity utilisation (%) | 41.51 | 45.58 | 42.88 | NA* | NA* | NA* | NA* | NA* | NA* |
10. Shareholding Structure
| Particular | Pre-Offer | Post-Offer at ₹77 | Post-Offer at ₹81 |
|---|---|---|---|
| Total Equity Shares | 232,826,065 | 278,670,220 | 276,406,311 |
| Promoters | 221,160,725 (94.99%) | 213,238,648 (76.52%) | 213,629,861 (77.29%) |
| Promoter Group | 1,852,350 (0.80%) | 1,852,350 (0.66%) | 1,852,350 (0.67%) |
| Promoters + Promoter Group | 223,013,075 (95.79%) | 215,090,998 (77.18%) | 215,482,211 (77.96%) |
| Public / Other Shareholders | 9,812,990 (4.21%) | 63,579,222 (22.82%) | 60,924,100 (22.04%) |
Key Shareholders
| Shareholder | Pre-Offer Shares | Pre-Offer % | Post-Offer at ₹77 | Post-Offer % | Post-Offer at ₹81 | Post-Offer % |
|---|---|---|---|---|---|---|
| Vishal Sanwarprasad Budhia | 202,500,000 | 86.97% | 194,577,923 | 69.82% | 194,969,136 | 70.54% |
| VSB Business Trust | 8,010,425 | 3.44% | 8,010,425 | 2.87% | 8,010,425 | 2.90% |
| Budhia Business Trust | 6,387,000 | 2.74% | 6,387,000 | 2.29% | 6,387,000 | 2.31% |
| VB Business Trust | 4,263,000 | 1.83% | 4,263,000 | 1.53% | 4,263,000 | 1.54% |
| Ritu Budhia | 300 | Negligible | 300 | Negligible | 300 | Negligible |
11. Objects of the Issue
| Object | Amount (₹m) | Deployment / Timeline | Funding Source |
|---|---|---|---|
| Repayment / prepayment of certain outstanding borrowings | 1,800.00 | FY2027: ₹1,800.00 | Net Proceeds |
| Ankleshwar Facility (Phase 3) capacity expansion | 379.77 | FY2027: ₹160.46; FY2028: ₹219.31 | Net Proceeds |
| Panoli Facility (Phase 2) capacity expansion | 379.76 | FY2027: ₹160.45; FY2028: ₹219.31 | Net Proceeds |
| Dahej GIDC (Phase 2) steam-generation facility | 381.74 | FY2027: ₹160.65; FY2028: ₹210.59; FY2029: ₹10.50 | Net Proceeds |
12. Key Risks Highlighted in the RHP
-
Business / Geographic
- Operations and customers are concentrated around industrial clusters.
- Growth depends on availability of suitable land close to customers.
- Disruption in Gujarat could affect operations.
- Impact: May affect business continuity, revenue, cash flows and financial condition.
-
Customer
- Top 10 customers contributed 47.87% of FY2026 revenue.
- Repeat orders contributed 90.72% of FY2026 revenue.
- Impact: Loss or lower purchases from major customers could affect revenue and cash flows.
-
Supplier / Raw Material
- Coal accounted for 77.29% of total purchases in FY2026.
- Top 10 suppliers accounted for 81.71% of purchases.
- Impact: Supply disruptions or price increases could affect production and margins.
-
Related Party
- Related party transactions were 74.29% of FY2026 revenue from operations.
- Group Companies accounted for 99.27% of related party transactions.
- Impact: Changes in terms or performance could affect operations and financial results.
-
Demand
- Demand depends on customers' capital expenditure and demand for their products.
- Regulatory and technological factors may also influence demand.
- Impact: Lower demand could reduce capacity utilisation, revenue and profitability.
-
Legal / Regulatory
- The Company requires various licences and approvals.
- Regulatory matters include GPCB and stamp-duty proceedings.
- Impact: Non-compliance, penalties or restrictions could affect operations and financial condition.
-
Project Execution
- Planned projects may face delays and cost overruns.
- The Pirana project has an AMC royalty arrangement and a delay-related contractual provision.
- Impact: Delays or higher costs could affect expansion plans and project returns.
-
Debt / Liquidity
- Borrowings stood at ₹4,002.99 million as of July 31, 2026.
- The Company has financing covenants and repayment obligations.
- Impact: Failure to meet obligations could affect liquidity and financial condition.
-
Technology / Cybersecurity
- Operations use SCADA, sensors, flow meters and SQL/database infrastructure.
- The Company also relies on third-party technology providers.
- Impact: Technology failures, data issues or cyber events could disrupt operations.
-
Insurance / Other
- The Company has not insured itself against all risks.
- It does not have key-man insurance.
- Impact: Losses not covered by insurance may have to be borne by the Company.
13. Litigation & Contingent Liabilities
| Area | Disclosure | Amount / Status |
|---|---|---|
| Regulatory — GPCB | Show-cause notice dated May 15, 2025 concerning alleged violations relating to plastic waste storage, exhaust waste leakages and a non-operational screw conveyor. Compliance report submitted on July 8, 2025. | No further GPCB communication received as of RHP date. |
| Regulatory — Stamp Duty | Assessment orders dated October 15, 2025 relating to amalgamation of Nandesari Eco Energy, Sarigam Eco Energy and Vapi Eco Energy. | One order: ₹8.25 million including duty and penalty; another: ₹27.52 million including duty and penalty. Appeals pending. |
| Other Material Litigation — DGVCL | Dispute over provisional/final electricity assessment. Appellate Authority set aside the bill, after which DGVCL filed a High Court petition. | Final supplementary bill: ₹11.12 million; High Court stay on refund pending. |
| Criminal Proceeding by Company | FIR filed by the Company through Director Yadav Lalankumar Dayanand concerning alleged theft of 119.09 tonnes of imported coal. | Approx. ₹0.90 million value; matter pending. |
| Criminal Proceedings Against Company | No outstanding criminal proceedings disclosed against the Company. | Nil |
| Promoters / Directors | No criminal proceedings, regulatory actions or other material pending litigation disclosed against Promoters or Directors. | Nil |
| Tax Proceedings | Company: 2 direct-tax cases and 3 indirect-tax cases. Directors: 2 direct-tax cases. | Company indirect-tax cases: ₹10.67 million; direct-tax amount not stated. |
| Contingent Liabilities | Includes GST, income-tax litigation, stamp-duty orders and bank guarantees. | ₹121.77 million as at March 31, 2026. |
| Creditors | 253 creditors had aggregate outstanding dues. | ₹932.34 million as at March 31, 2026; 8 material creditors accounted for ₹690.11 million. |
14. Registrar
KFin Technologies Limited is the Registrar to the Offer.
| Particular | Details |
|---|---|
| Address | Selenium Tower B, Plot 31 & 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad 500 032, Telangana, India |
| Telephone | +91-40-67162222 / 18003094001 |
| steamhouse.ipo@kfintech.com | |
| Investor Grievance | einward.ris@kfintech.com |
| Contact Person | M. Murali Krishna |
| SEBI Registration No. | INR000000221 |
| Website | www.kfintech.com |
15. Lead Manager(s)
| BRLM | Details |
|---|---|
| Equirus Capital Limited | Unit No. 2601B, 26th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N M Joshi Marg, Lower Parel, Mumbai 400 013; Tel. +91 22 4332 0734; steam.ipo@equirus.com; www.equirus.com |
| Contact Persons | Mrunal Jadhav / Rahul Wadekar |
| SEBI Registration No. | INM000011286 |
16. Company Contact Details
| Particular | Details |
|---|---|
| Registered & Corporate Office | Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu, Surat – 395007, Gujarat, India |
| Telephone | +91 261 2998109 |
| compliance@steamhouse.in | |
| Website | https://steamhouse.in/ |
| Company Secretary & Compliance Officer | Shyam Bhadresh Kapadia |
| CIN | U40300GJ2015PLC083493 |
| Investor Grievance Contact | Registrar / BRLM / Company Secretary and Compliance Officer as described in the RHP |