| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 291.71 | 395.11 | 491.51 |
| Expenses | 249.85 | 359.56 | 443.74 |
| Other Income | 1.45 | 3.42 | 3.46 |
| Total Revenue | 293.16 | 398.53 | 494.97 |
| Profit Before Tax | 43.30 | 38.97 | 51.24 |
| Net Profit | 27.19 | 31.16 | 38.64 |
Steamhouse
Steamhouse IPO
₹14,245
1.17 xOver-subscribedBidding Dates 09 Sept, 26 -11 Sept, 26
Min Investment ₹14,245
Lot Size185
Price Range ₹77 – ₹81
Issue Size ₹414.00 Cr.
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IPO Subscription Details
Retail Subscription Details
1.8 x
Non-Institutional Buyers (sHNI)
1.84 x
Non-Institutional Buyers (bHNI)
0.62 x
Qualified Institutional Buyers (QIB)
0.18 x
Total1.17 x
1.17 x IPO Timeline
IPO Offer Start
09 Sept,26
IPO Offer Ends
11 Sept,26
Allotment Finalisation
15 Sept,26
Refund Initiation
16 Sept,26
Listing of Shares
17 Sept,26
IPO Analysis
Strengths
The company specializes in generation and centralized distribution of industrial gases through pipeline network. India's total process steam demand was approximately 203,472 TPH in Fiscal 2026 with projected CAGR of 9.4% from Fiscal 2026 to 2031.
The company and its Promoters are pioneers of the community boiler system in India, first introduced in 2014. The company has established geographic presence within industrial clusters through exclusive pipeline network with limited space preventing setup of additional distribution networks by competitors.
The company operates seven community steam boilers in Gujarat with combined installed plant capacity of 345 TPH, translating to annual installed capacity of 2,185,920.00 TPA. Facilities are strategically located near Indian ports (45-50 kms) and customer clusters.
Risks
The company's top ten customers contributed 47.87% of revenue from operations in Fiscal 2026, with 90.72% of revenue derived from repeat orders. Loss of any major customers or reduction in purchases could adversely affect business operations and financial condition.
The company's business is substantially dependent on coal availability for steam production, with coal purchases contributing 77.29%, 76.19% and 92.01% of total purchases for Fiscal 2026, 2025 and 2024 respectively. Any supply disruptions or price volatility could materially impact operations.
Operations are limited to providing steam and industrial gases to customers in close proximity to facilities. Business growth depends on ability to find suitable land near industrial clusters, with geographical space limitations for pipeline installation in established industrial areas.
Objectives
The company intends to utilize funds towards repayment or prepayment of outstanding borrowings and payment of prepayment penalties and interest obligations in relation to certain loans. This will help reduce outstanding indebtedness and debt servicing costs, assist in maintaining a favourable debt to equity ratio and enable utilisation of internal accruals for further investment in business growth and expansion.
The company plans to install a new boiler to enhance the installed capacity of the Ankleshwar Facility by 60 TPH, aggregating to 180 TPH from 3 boilers. This expansion is towards a brown field investment and will use coal including Indonesian coal as the main raw material.
The company intends to install a new boiler to enhance the installed capacity of the Panoli Facility by 60 TPH, aggregating to 120 TPH from 2 boilers. This expansion is towards a brown field investment and will use imported coal as the main raw material.
The company plans to establish a new manufacturing facility at Dahej GIDC with an installed capacity of 60 Ton Per Hour. This is a green field project and will use imported coal as the main raw material to capitalize on growth in the community steam boiler market.
The company intends to deploy balance Net Proceeds towards general corporate purposes including strengthening existing ecosystem, meeting ongoing corporate exigencies, strategic initiatives, business development initiatives, organic/inorganic growth, payment of commission and fees to consultants, and other expenses as approved by the Board.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 422.31 | 543.67 | 679.45 |
| Current Assets | 119.51 | 115.03 | 122.13 |
| Fixed Assets | 302.80 | 428.64 | 557.32 |
| Total Equity & Liabilities | 422.31 | 543.67 | 679.45 |
| Total Liabilities | 318.76 | 411.22 | 506.68 |
| Current Liabilities | 178.56 | 250.17 | 336.60 |
| Non Current Liabilities | 140.20 | 161.06 | 170.08 |
| Total Equity | 103.55 | 132.45 | 172.77 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -1.17 | -3.54 | 3.93 |
| Investing Activities | -125.90 | -122.99 | -144.57 |
| Operating Activities | 21.02 | 107.09 | 100.46 |
| Financing Activities | 103.72 | 12.34 | 48.04 |
About Steamhouse
Steamhouse India Limited is an Indian company specializing in the generation and centralized distribution of industrial gases, including steam and nitrogen, through pipeline networks. The company operates seven community steam boilers in Gujarat with a combined installed capacity of 345 TPH, serving 202 customers across pharmaceuticals, chemicals, textiles, and other...more
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Managing DirectorVishal Sanwarprasad Budhia
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