Steamhouse India Ltd IPO
Miscellaneous
Price Band
₹77 – ₹81
Lot Size
185
Minimum Bid Quantity
185
Minimum Investment
₹14985
Issue Size
₹414Cr
Opens
2026-09-09
Closes
2026-09-11
Listing
17-09-2026
Subscription Status
Qualified Institutional Buyers
5.26 x
Non-Institutional Investor
28.61 x
Retail Individual Investor
12 x
Total
13.63 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE0FRO01022
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Steamhouse India Limited is engaged in the generation and centralised distribution of industrial gases, primarily steam and nitrogen, through its pipeline network. Its operations include generation and distribution of steam through community boiler systems, purchase and distribution of steam generated by third parties, and separation, compression and distribution of nitrogen. The company also undertakes coal trading, primarily involving excess coal procured for its industrial gas operations. The company operates seven community steam boilers in Gujarat across Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with an aggregate installed steam capacity of 345 TPH as of July 31, 2026. It also distributes purchased steam in Dahej GIDC (Phase 1) and Sachin GIDC. Its nitrogen generation and distribution facility at Ankleshwar has a capacity of 350 NM³ per hour. Its customers operate across sectors including pharmaceuticals, chemicals, textiles, agrochemicals, tyres, dyes and pigments, polymers, and paints. Use of proceeds: The IPO is a combination of a fresh issue of shares and an offer for sale. The net proceeds from the offer for sale will go to the selling shareholders, whereas those from the fresh issue will go to the company and will be utilised for the following purposes: Repayment or prepayment of certain outstanding borrowings – Rs 180.00 crore Capital expenditure for infrastructure development – Rs 75.95 crore Capacity expansion of Ankleshwar Facility (Phase 3) – Rs 37.98 crore Capacity expansion of Panoli Facility (Phase 2) – Rs 37.98 crore Capital expenditure for setting up a steam generation facility at Dahej GIDC (Phase 2) – Rs 38.17 crore General corporate purposes
Pros
- • Steamhouse India and its promoters are stated to be pioneers of the community boiler system in India, introduced in 2014. Its established pipeline infrastructure within industrial clusters could create barriers for new entrants due to limited space for additional networks and the need to secure pipeline rights-of-way.
- • The company operates seven community steam boilers in Gujarat with an aggregate installed capacity of 345 TPH. Its facilities are located close to industrial customer clusters and ports, while its operational pipeline network extended to 60,151 metres as of July 31, 2026, helping reduce transportation and distribution requirements.
- • The company served 202 customers in FY26, up from 125 in FY24. Repeat customers contributed 90.72%, 88.01%, and 91.49% of revenue from operations in FY26, FY25, and FY24, respectively, indicating a high level of recurring business.
Cons
- • The company’s steam and industrial gas operations are limited to customers located in close proximity to its facilities, and expansion depends on securing suitable land and rights-of-way for pipelines near industrial clusters. The company paid an additional premium of Rs 1.48 crore in relation to delays at its Tarapur property. Consequently, inability to secure suitable land or pipeline rights may constrain customer reach and delay expansion plans.
- • Revenue from the top 10 customers stood at Rs 235.29 crore, Rs 213.17 crore, and Rs 174.41 crore, accounting for 47.87%, 53.95%, and 59.79% of revenue from operations in FY26, FY25, and FY24, respectively. Revenue contribution from repeat customers stood at 90.72%, 88.01%, and 91.49%, respectively. Any loss of key customers or reduction in repeat business may materially impact the company's revenue, cash flows, and financial performance.
- • Cost of coal purchased stood at Rs 260.98 crore, Rs 216.05 crore, and Rs 200.15 crore in FY26, FY25, and FY24, constituting 77.29%, 76.19%, and 92.01% of total purchases, respectively. The company also has indirect foreign-currency exposure as suppliers source imported coal, while it does not undertake hedging for raw-material procurement. Volatility in coal prices, supply disruptions, or adverse currency movements may increase cash outflows and impact margins.
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