Steamhouse India Limited specializes in the generation and centralized distribution of industrial gases, primarily steam and nitrogen, through pipeline networks. The Company pioneered the community boiler system in India, introduced in 2014, offering industrial customers a centralized alternative to setting up their own infrastructure.
The Company’s industrial gas business includes:
- Generation and distribution of steam through its community boiler systems and pipeline network.
- Purchase and distribution of steam procured from other steam-generating entities.
- Separation, compression and distribution of nitrogen through its pipeline network.
Steamhouse operates seven community steam boilers across Gujarat, with six owned and one leased facility. As of July 31, 2026, the boilers had a combined installed capacity of 345 tonnes per hour (TPH), or around 2.19 million tonnes annually, serving key industrial clusters near major ports.
The Company also purchases steam from other industrial entities and distributes it through its pipeline network. Its purchased steam operations currently cover Dahej GIDC and Sachin GIDC, with agreements also in place for Dahej SEZ and Haldia.
Steamhouse entered the nitrogen generation and distribution business in February 2025 with its first project at Ankleshwar. It uses PSA technology to extract, purify and compress nitrogen before supplying it through insulated pipelines. The Company also engages in coal trading on an invoice-only basis, primarily because coal is one of the key fuels used in its industrial gas operations.
Steamhouse caters to pharmaceutical, chemical, agrochemical, textile, tyre, paints and other industries. Some of its notable customers include Aether Industries Limited, Anupam Rasayan India Limited, Gujarat Polysol Chemicals Limited, Devanshi Dyestuff and Subhasri Pigments Limited. The Company served 202 customers in Fiscal 2026, with 90.72% of revenue coming from repeat customers.
As of July 31, 2026, Steamhouse India had 229 employees and utilised the services of 276 contract labourers across its operating locations.
Steamhouse India IPO – Details
| IPO Opening Date | 09 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 5,11,11,110 Shares Worth ₹414.00 Crore Fresh Issue: 4,35,80,246 Shares Worth ₹353.00 Crore Offer For Sale: 75,30,864 Shares Worth ₹61.00 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹77 – ₹81 per share |
| Market Lot | 185 Shares |
| Min Order | 185 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Steamhouse India IPO – Date Schedule
| IPO Open Date | 09 September 2026 |
| IPO Close Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Initiation of Refund | 16 September 2026 |
| Credit of Shares to Demat Account | 16 September 2026 |
| IPO Listing Date | 17 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2026 |
Steamhouse India IPO – Lots Size & Price
| 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 |
| S-HNI (Max) | 66 | 12,210 | ₹9,89,010 |
| B-HNI (Min) | 67 | 12,395 | ₹10,03,995 |
Competitive Strength
- Leading market position offering customers an energy efficient solution across industries with high growth potential.
- High barriers to entry for competitors.
- Strategically located facilities offering community gas generation and distribution.
- Marquee customer base with long-term relationships driven by our value proposition.
- Track-record of implementing eco-friendly solutions and promoting sustainable development.
Company Promoters
- Vishal Sanwarprasad Budhia
- Ritu Budhia
- V SB Business Trust
- Budhia Business Trust
- VB Business Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹293.16 Cr | ₹249.85 Cr | ₹27.19 Cr | ₹202.71 Cr |
| 31 March 2025 | ₹398.53 Cr | ₹359.56 Cr | ₹31.16 Cr | ₹222.95 Cr |
| 31 March 2026 | ₹494.97 Cr | ₹443.74 Cr | ₹38.64 Cr | ₹281.62 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 22.36% |
| ROCE | 16.06% |
| Debt/Equity | 1.57 |
| RoNW | 23.60% |
| PAT Margin | 7.81% |
| EBITDA Margin | 16.99% |
| NAV | 7.25 |
| Price to Book Value | 11.17 |
| Pre IPO | Post IPO | |
| EPS (₹) | 1.66 | 1.40 |
| P/E (x) | 48.8 | 57.86 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the Company. | ₹180.00 |
| Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3) and capacity expansion of the Panoli Facility (Phase 2). | ₹75.95 |
| Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej GIDC (Phase 2). | ₹38.17 |
| General corporate purposes. |
Steamhouse India IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Linde India Limited | 99.17 |
| 2 | 2 | Ellenbarrie Industrial Gases Limited | 42.74 |
✅Strengths
- Strong Market Position with an established community boiler and pipeline network.
- High Entry Barriers due to its established presence across industrial clusters.
- Strategic Infrastructure with seven boilers and 345 TPH installed capacity.
- Diversified Gas Portfolio covering steam and nitrogen supply.
⚠️Risks
- Customer Concentration with the top 10 customers contributing 47.87% of FY2026 revenue.
- High Coal Dependence with coal accounting for 77.29% of FY2026 purchases.
- Geographical Concentration as major facilities are located in Gujarat.
- Industry Cyclicality can impact customers’ steam demand and the Company’s revenues.
Steamhouse India IPO Promoter Holding
| Pre Issue Share Holding | 96.59% |
| Post Issue Share Holding | 78.63% |
Steamhouse India IPO Prospectus
Company Contact Information
| Steamhouse India Ltd. Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu, Surat, Gujarat, 395007 Phone: 0261 2998109 Email: compliance@steamhouse.in Website: https://steamhouse.in/ |
Steamhouse India IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: steamhouse.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Steamhouse India IPO Lead Manager(s)
| 1. Equirus Capital Private Limited |
Steamhouse India IPO FAQs
| What is the Steamhouse India IPO? Steamhouse India IPO is a main-board IPO. The issue is priced at ₹77 to ₹81 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Steamhouse India IPO open? The IPO is to open on 09 September 2026 for QIB, NII, and Retail Investors. |
| What is Steamhouse India IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Steamhouse India IPO Size? Steamhouse India IPO size is ₹414.00 Crore. |
| What are the Steamhouse India IPO Minimum and maximum lot sizes for Retail? The minimum bid is 185 Shares with ₹14,985, while the maximum bid is 2405 Shares with ₹1,94,805. |
| What is the Steamhouse India IPO Allotment Date? Steamhouse India IPO allotment date is 15 September 2026. |
| What is the Steamhouse India IPO Listing Date? Steamhouse India IPO listing date is 17 September 2026. The IPO is to be listed on the BSE and the NSE. |
