Steamhouse India Limited is launching its ₹414 crore initial public offering (IPO) from September 9 to September 11, 2026, with a price band of ₹77 to ₹81 per share. The IPO comprises a fresh issue of ₹353 crore and an offer for sale of ₹61 crore. Steamhouse India is an industrial gas company engaged in the generation and centralised distribution of industrial gases, primarily steam and nitrogen, through pipeline networks, along with purchased steam distribution and coal trading. The company's fresh IPO proceeds are proposed to be used largely for debt repayment and expansion of its steam-generation infrastructure.
The Steamhouse India IPO is notable because it combines a community-boiler business model, recurring industrial demand, capacity expansion and debt reduction with meaningful risks such as customer concentration, geographic concentration, leverage, capital intensity and dependence on pipeline infrastructure. At the upper price band of ₹81, the company is valued at roughly ₹2,239 crore post-issue, implying a valuation of about 58 times FY26 earnings based on the financial information provided.
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Table of Contents
- Steamhouse India IPO Details
- What Does Steamhouse India Do?
- Steamhouse India Business Model
- Steamhouse India Customers and Revenue Mix
- How Much Is Steamhouse India Raising?
- Why Is Steamhouse India Raising Money?
- Steamhouse India IPO Financial Performance
- Steamhouse India Profitability and Margins
- Steamhouse India Debt Position
- Steamhouse India IPO Valuation
- Steamhouse India IPO Peer Comparison
- Steamhouse India Growth Opportunities
- Steamhouse India IPO Strengths
- Steamhouse India IPO Risks
- Is Steamhouse India a Pure Industrial Gas Company?
- Promoters and Ownership
- Steamhouse India IPO Reservation
- Steamhouse India IPO Lot Size and Minimum Investment
- Steamhouse India IPO Date and Timeline
- What Should Investors Track After Listing?
- Steamhouse India IPO Review and Investor Takeaway
- FAQs
The Steamhouse India IPO is a book-built issue of ₹414 crore. The company is offering both newly issued shares and shares sold by an existing shareholder. The Red Herring Prospectus (RHP) was filed with SEBI on September 4, 2026.
| Particular |
Details |
| Company |
Steamhouse India Limited |
| IPO type |
Book-built issue |
| IPO size |
₹414 crore |
| Fresh issue |
₹353 crore |
| Offer for Sale |
₹61 crore |
| Price band |
₹77 to ₹81 per share |
| Face value |
₹2 per share |
| IPO date |
September 9 to September 11, 2026 |
| Lot size |
185 shares |
| Minimum investment at ₹81 |
₹14,985 |
| Listing |
BSE and NSE |
| Expected listing date |
September 17, 2026 |
| Registrar |
KFin Technologies Limited |
| Book-running lead manager |
Equirus Capital Limited |
The issue comprises up to 4.36 crore fresh equity shares and up to 75.31 lakh shares offered for sale based on the cap-price structure.
Steamhouse's investor-relations section also identifies KFin Technologies as the company's registrar and transfer agent.
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Get the latest details on the issue size, price band, lot size, dates, and other key offer parameters through the Steamhouse India IPO.
Steamhouse India is an industrial utility company primarily engaged in generating and distributing steam to industrial customers.
Its core business is based on the community boiler model. Instead of individual industrial customers installing and operating their own boilers, Steamhouse establishes centralised steam-generation facilities close to industrial clusters and supplies steam to multiple customers through pipeline networks.
This model allows industrial customers to outsource part of their steam-generation requirements while Steamhouse operates the centralised infrastructure.
The company also:
- purchases steam from third-party generators and distributes it through its network;
- generates and distributes nitrogen; and
- undertakes coal trading, primarily involving surplus coal purchased in bulk.
As of July 31, 2026, Steamhouse had seven community steam boilers in Gujarat with aggregate capacity of 345 tonnes per hour (TPH), along with an operational pipeline network of approximately 60,151 metres. Its nitrogen-generation facility at Ankleshwar had a capacity of 350 Nm³/hour.
The company's investor-relations website hosts its offer documents and other corporate and financial documents, while SEBI lists the September 4, 2026 RHP as the regulatory filing for the IPO.
Steamhouse India's operations can broadly be divided into four areas: steam generation and distribution, purchased steam distribution, coal trading and nitrogen.
1. Steam generation and distribution
This is the company's largest business activity. Steamhouse generates steam through community boilers and supplies it to industrial customers through dedicated pipeline networks.
Steam generation and distribution contributed approximately 52.14% of FY26 revenue from operations.
2. Purchased steam distribution
Steamhouse also purchases steam produced by third parties and distributes it through its existing network.
This activity contributed approximately 17.70% of FY26 revenue from operations.
3. Coal trading
Coal trading contributed approximately 26.92% of FY26 revenue from operations.
This is an important consideration when assessing the Steamhouse India IPO because the company is not solely a steam-generation business. A meaningful share of its revenue comes from coal trading.
4. Nitrogen
Steamhouse has also expanded into nitrogen generation and distribution. Its nitrogen-generation facility at Ankleshwar was commissioned in February 2025.
The addition of nitrogen gives the company another industrial-gas product alongside its core steam business.
Steamhouse primarily serves industrial customers operating in sectors such as pharmaceuticals, chemicals, agrochemicals, textiles, tyres, dyes and pigments, polymers and paints.
The customer base has increased significantly:
| Financial year |
Customers |
| FY24 |
125 |
| FY25 |
173 |
| FY26 |
202 |
The company therefore added 77 customers between FY24 and FY26.
Another important feature is the high repeat-order contribution. Repeat orders accounted for 90.72% of revenue from operations in FY26.
However, repeat business does not eliminate concentration risk. The company's top 10 customers accounted for 47.87% of FY26 revenue from operations.
This creates two contrasting features of the business:
Steamhouse India is raising a total of ₹414 crore through the IPO.
| Component |
Amount |
| Fresh issue |
₹353 crore |
| Offer for Sale |
₹61 crore |
| Total issue size |
₹414 crore |
Approximately 85% of the total issue therefore represents fresh capital, while around 15% is an offer for sale.
The distinction matters because the ₹353 crore fresh issue proceeds will be received by the company, whereas proceeds from the ₹61 crore OFS will go to the selling shareholder rather than Steamhouse India.
The fresh issue proceeds are proposed to be used across debt repayment and expansion projects.
Debt repayment
Approximately ₹180 crore is proposed to be used for repayment or prepayment of certain outstanding borrowings.
This is the largest identified use of the IPO proceeds.
Ankleshwar expansion
Approximately ₹37.98 crore is proposed for Phase 3 capacity expansion at the Ankleshwar facility.
Panoli expansion
Approximately ₹37.98 crore is proposed for Phase 2 capacity expansion at the Panoli facility.
New Dahej facility
Approximately ₹38.17 crore is proposed for setting up a new manufacturing facility for generation of steam at Dahej GIDC under Phase 2.
The remaining proceeds are intended for general corporate purposes and issue-related expenses, subject to the final terms disclosed in the RHP.
The proposed use of funds makes the Steamhouse India IPO partly a deleveraging exercise and partly an expansion programme.
Steamhouse India has reported strong revenue growth across FY24, FY25 and FY26.
FY24 Financial Performance
| Metric |
FY24 |
| Revenue from operations |
₹291.71 crore |
| EBITDA |
₹68.41 crore |
| PAT |
₹27.19 crore |
| PAT margin |
9.27% |
| EBITDA margin |
23.46% |
FY25 Financial Performance
| Metric |
FY25 |
| Revenue from operations |
₹395.11 crore |
| EBITDA |
₹69.32 crore |
| PAT |
₹31.16 crore |
| PAT margin |
7.88% |
| EBITDA margin |
17.54% |
FY26 Financial Performance
| Metric |
FY26 |
| Revenue from operations |
₹491.51 crore |
| EBITDA |
₹83.49 crore |
| PAT |
₹38.64 crore |
| PAT margin |
7.86% |
| EBITDA margin |
16.99% |
These figures are based on the restated financial information disclosed in the IPO documentation.
Revenue growth
Revenue from operations increased from ₹291.71 crore in FY24 to ₹395.11 crore in FY25 and further to ₹491.51 crore in FY26.
This represents approximately:
-
35.4% growth in FY25
-
24.4% growth in FY26
The company therefore maintained strong top-line growth throughout the reported period.
Profit after tax increased from ₹27.19 crore in FY24 to ₹31.16 crore in FY25 and ₹38.64 crore in FY26.
FY26 PAT increased by approximately 24% year on year.
However, revenue growth has been stronger than the expansion in profitability.
PAT margin
| Financial year |
PAT margin |
| FY24 |
9.27% |
| FY25 |
7.88% |
| FY26 |
7.86% |
The decline indicates that profitability has not expanded proportionately with revenue.
EBITDA margin
EBITDA increased from ₹68.41 crore in FY24 to ₹83.49 crore in FY26. However, EBITDA margin declined from approximately 23.46% in FY24 to 17.54% in FY25, before recovering only partially to approximately 16.99% in FY26.
The margin comparison disclosed in the IPO documentation for FY25 was:
Steamhouse
| Metric |
Steamhouse India |
| EBITDA margin |
17.54% |
Linde India
| Metric |
Linde India |
| EBITDA margin |
30.78% |
Ellenbarrie
| Metric |
Ellenbarrie |
| EBITDA margin |
35.12% |
Steamhouse reported a higher ROE than the two peers in that comparison, but also had substantially higher leverage.
The margin profile is therefore an important metric for investors to monitor after listing.
Debt is one of the key aspects of the Steamhouse India IPO analysis.
Total borrowings increased from approximately ₹202.71 crore in FY24 to ₹222.95 crore in FY25 and ₹281.62 crore in FY26.
The company proposes to use approximately ₹180 crore of IPO proceeds for debt repayment or prepayment.
If deployed as planned, this can materially strengthen the balance sheet and potentially reduce the company's interest burden.
At the same time, investors should recognise that Steamhouse operates a capital-intensive infrastructure business. Boilers, pipelines and other industrial infrastructure require significant upfront investment.
The IPO therefore has two linked objectives:
-
reduce existing leverage; and
-
fund additional capacity.
The post-IPO debt position and the company's ability to avoid a renewed increase in borrowings will be important metrics to track.
At the upper IPO price of ₹81 per share, Steamhouse India is valued at approximately ₹2,239 crore post issue, based on the post-issue share count.
Against FY26 PAT of approximately ₹38.64 crore, this translates into an implied valuation of roughly 58 times FY26 earnings.
This makes valuation an important part of the Steamhouse India IPO review.
The historical earnings multiple is not particularly low, which means the IPO valuation incorporates expectations of future growth. The company's future performance will therefore depend on factors including:
- capacity expansion;
- new facilities;
- customer additions;
- industrial steam demand;
- nitrogen expansion;
- debt reduction; and
- better utilisation of existing infrastructure.
Investors should therefore assess the IPO not only on historical financial performance but also on whether the planned investments can generate adequate incremental returns.
The IPO documentation compares Steamhouse with companies in the industrial gas and industrial utility space.
For FY25, the comparison was:
FY25 Peer Comparison: Steamhouse India
| Metric |
Steamhouse India |
| Revenue |
₹395.1 crore |
| EBITDA margin |
17.54% |
| PAT margin |
7.82% |
| ROE |
23.53% |
| ROCE |
17.20% |
| Net debt/equity |
1.63x |
FY25 Peer Comparison: Linde India
| Metric |
Linde India |
| Revenue |
₹2,485.4 crore |
| EBITDA margin |
30.78% |
| PAT margin |
17.81% |
| ROE |
11.91% |
| ROCE |
16.39% |
| Net debt/equity |
Net cash |
FY25 Peer Comparison: Ellenbarrie
| Metric |
Ellenbarrie |
| Revenue |
₹312.5 crore |
| EBITDA margin |
35.12% |
| PAT margin |
23.90% |
| ROE |
16.88% |
| ROCE |
16.92% |
| Net debt/equity |
0.49x |
The comparison highlights Steamhouse's relatively strong ROE and ROCE, while also showing its higher leverage and lower margins compared with the peers included in the company's comparison.
Consequently, the IPO investment case is more dependent on growth and expansion potential than on Steamhouse currently having superior margins to its listed peers.
Steamhouse has identified several areas that could support future growth.
Capacity expansion
The company plans to increase steam-generation capacity through expansions at existing facilities and a new facility at Dahej.
The key projects include:
-
Ankleshwar Phase 3;
-
Panoli Phase 2; and
-
Dahej GIDC Phase 2.
The ability to complete these projects and generate adequate utilisation from the additional capacity will be important to the company's future financial performance.
Industrial cluster model
Steamhouse operates around industrial clusters. Locating centralised steam-generation infrastructure near industrial customers can make pipeline-based supply practical and allow a single facility to serve multiple customers.
Customer additions
The customer base increased from 125 in FY24 to 202 in FY26.
Continued customer additions around existing and new facilities could support better utilisation of the company's infrastructure.
Nitrogen opportunity
The company began pipeline-based nitrogen supply in February 2025. Nitrogen provides an additional industrial-gas product that can potentially be supplied to existing and new industrial customers.
The Steamhouse India IPO has several identifiable strengths.
1. Recurring industrial demand
Steam is an essential input for several industrial processes, giving the company exposure to recurring industrial requirements.
2. High repeat-order contribution
Repeat orders accounted for 90.72% of FY26 revenue from operations, indicating a significant contribution from recurring customer business.
3. Community-boiler infrastructure
The community boiler model allows Steamhouse to serve multiple industrial customers through centralised steam-generation facilities and pipeline infrastructure.
4. Customer expansion
The number of customers increased from 125 in FY24 to 202 in FY26.
5. Fresh capital for expansion
Most of the IPO is a fresh issue, and a significant portion of the proceeds is earmarked for debt repayment and capacity expansion rather than solely for existing shareholders' exit.
6. Debt reduction
The proposed ₹180 crore debt repayment could strengthen the company's balance sheet if executed as planned.
7. Nitrogen diversification
The nitrogen business provides an additional product category beyond steam and gives the company an opportunity to expand its industrial-gas offering.
The strengths of the business need to be considered alongside the risks disclosed and identified in the IPO materials.
1. Customer concentration
The top 10 customers accounted for 47.87% of FY26 revenue.
The loss of a major customer or a reduction in purchase volumes could therefore have a material effect on revenue and profitability.
2. Geographic concentration
Steamhouse's operations are heavily concentrated around industrial clusters in Gujarat.
This creates geographic concentration risk because disruptions affecting those industrial areas could potentially affect several facilities and customers at the same time.
3. Pipeline right-of-way risk
Pipeline infrastructure is central to the company's business model.
The RHP identifies the risk that rights of way for pipelines could be terminated by regulators, potentially adversely affecting operations, cash flows and financial condition.
4. Land availability
Steam-generation facilities need to be located sufficiently close to industrial customers. Expansion therefore depends partly on the availability of suitable land in commercially viable locations.
5. Coal price risk
Coal is an important input for steam generation.
The company's steam pricing has fixed and variable components, with the variable component linked to coal prices. Changes in coal prices can therefore affect business economics, although the pricing mechanism provides some degree of pass-through.
6. High leverage
Borrowings stood at approximately ₹281.62 crore in FY26, while the IPO itself is being used to repay a substantial portion of debt.
Investors should monitor whether leverage actually declines after the IPO and whether future expansion results in another increase in borrowings.
7. Margin pressure
Although revenue has grown strongly, EBITDA and PAT margins are below those of some listed peers included in the company's comparison.
Future growth will therefore need to translate into sustainable earnings and cash-flow growth.
8. Capital-intensive operations
Steam generation and pipeline infrastructure require continued investment in:
- boilers;
- pipelines;
- land;
- utilities;
- maintenance; and
- new facilities.
This capital intensity can result in more volatile free cash flow than accounting profit.
9. Dependence on coal availability
Steamhouse's steam-generation business is substantially dependent on the availability of coal. Coal purchases accounted for 77.29% of the company's total purchases in FY26. Any disruption in coal availability, supply constraints or significant changes in coal prices could adversely affect the company's operations, profitability and financial performance.
No.
Steamhouse operates in industrial steam and nitrogen, but a significant portion of its revenue also comes from coal trading.
For FY26, the reported revenue mix included approximately:
| Business activity |
Share of FY26 revenue |
| Steam generation and distribution |
52.14% |
| Purchased steam distribution |
17.70% |
| Coal trading |
26.92% |
| Nitrogen and other activities |
Balance |
This means investors should avoid mechanically valuing Steamhouse as a pure-play industrial-gas company. Its revenue profile combines industrial steam, purchased steam, coal trading and nitrogen.
The promoters held approximately 95% of the company before the IPO.
The promoters of Steamhouse India are Vishal Sanwarprasad Budhia, Ritu Budhia, VSB Business Trust, Budhia Business Trust and VB Business Trust, according to the IPO documentation.
The fresh issue will dilute promoter ownership because new equity shares are issued to public investors. The OFS component also allows an existing shareholder to partially monetise its holding.
The Steamhouse India IPO follows the standard book-building structure.
The issue provides for:
-
Not more than 50% for Qualified Institutional Buyers (QIBs);
-
not less than 15% for Non-Institutional Investors (NIIs); and
-
not less than 35% for Retail Individual Investors.
Up to 60% of the QIB portion can be allocated to anchor investors on a discretionary basis, subject to applicable rules.
The company also raised approximately ₹124.2 crore from anchor investors at ₹81 per share, with 1.53 crore shares allocated to anchor investors, according to the supplied IPO data.
The Steamhouse India IPO lot size is 185 shares.
At the upper price band of ₹81, the minimum application amount for one lot is:
185 × ₹81 = ₹14,985
Therefore, a retail investor applying at the cut-off price would require approximately ₹14,985 for one lot.
Applications can be made in multiples of 185 shares, subject to the applicable category limits.
The Steamhouse India IPO opens on September 9, 2026 and closes on September 11, 2026.
| IPO event |
Date |
| IPO opens |
September 9, 2026 |
| IPO closes |
September 11, 2026 |
| Basis of allotment |
September 15, 2026 |
| Refund initiation |
September 16, 2026 |
| Shares credited |
September 16, 2026 |
| Expected listing |
September 17, 2026 |
These are scheduled dates and should not be interpreted as confirmation that an individual investor will receive an allotment.
SEBI's public-issues database confirms that Steamhouse India Limited's RHP was filed on September 4, 2026.
For investors evaluating Steamhouse India as a long-term holding, the IPO is only the starting point. The company's execution after listing will be critical.
1. Revenue growth
Investors should monitor whether the company can maintain its historical revenue growth after the IPO.
2. EBITDA margin
The recent decline in EBITDA margin makes margin recovery an important indicator.
3. Capacity utilisation
New facilities and expanded capacity need to generate adequate returns.
4. Customer concentration
Investors should track whether revenue becomes more diversified beyond the company's largest customers.
5. Repeat-order contribution
The sustainability of the 90.72% FY26 repeat-order contribution is important for assessing the recurring nature of the business.
6. Debt
The key question is whether the proposed ₹180 crore repayment materially reduces leverage.
7. Operating cash flow
Accounting profit should translate into operating cash flow, particularly given the capital-intensive nature of the business.
8. ROCE
Investors should assess whether the company continues to generate adequate returns on capital invested in boilers, pipelines and new facilities.
9. Coal trading contribution
The contribution of coal trading should be monitored to understand how much reported revenue growth is coming from the core steam business.
10. Ankleshwar, Panoli and Dahej expansion
The execution and utilisation of these projects will be important for future earnings growth.
Steamhouse India presents an industrial infrastructure and utility business with a combination of recurring customer requirements, community-boiler infrastructure, customer expansion and planned capacity additions.
The company's financial performance shows strong revenue growth, with revenue from operations increasing from ₹291.71 crore in FY24 to ₹491.51 crore in FY26. The customer base also increased from 125 to 202 over the same period, while repeat orders contributed 90.72% of FY26 revenue.
The IPO also provides capital for two important objectives: reducing debt and expanding capacity. Approximately ₹180 crore is earmarked for debt repayment or prepayment, while funds are also proposed for Ankleshwar, Panoli and Dahej expansion projects.
However, the investment case is not without significant risks. Customer concentration, geographic concentration in Gujarat, pipeline right-of-way risks, capital intensity, coal exposure and leverage all need to be considered. Profitability also warrants attention because EBITDA and PAT margins have declined from FY24 levels and remain below some of the listed peers used in the company's own comparison.
Valuation is another major consideration. At ₹81 per share, the company is valued at roughly ₹2,239 crore post issue, equivalent to around 58 times FY26 earnings. This means the IPO valuation reflects expectations of future growth rather than simply offering investors historical earnings at a low valuation.
The central investment consideration is therefore whether Steamhouse can successfully deploy the IPO capital, reduce leverage, expand its steam-generation infrastructure, add customers and convert the resulting capacity into sustainable earnings and cash flow.
For investors, the most important post-listing indicators are capacity utilisation, debt reduction, EBITDA margins, operating cash flow, customer concentration, repeat-order contribution, ROCE and the execution of the Ankleshwar, Panoli and Dahej expansion projects.
The information used for this Steamhouse India IPO analysis is primarily based on the September 4, 2026 SEBI-filed RHP and Steamhouse India's investor documentation. SEBI's official filing confirms the existence and filing date of the company's RHP, while Steamhouse's official investor-relations page provides access to its offer documents and corporate disclosures.
Note: GMP has deliberately not been used to assess the investment merits of the IPO because it is unofficial and can change rapidly.
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1. What is the Steamhouse India IPO price?
The Steamhouse India IPO price band is ₹77 to ₹81 per share. The face value of each equity share is ₹2.
2. What is the Steamhouse India IPO date?
The Steamhouse India IPO opens for subscription on September 9, 2026 and closes on September 11, 2026. The scheduled listing date is September 17, 2026.
3. What is the Steamhouse India IPO size?
The Steamhouse India IPO size is ₹414 crore, comprising a ₹353 crore fresh issue and a ₹61 crore offer for sale. The majority of the issue is therefore fresh capital that will be available to the company.
4. What is the minimum investment for the Steamhouse India IPO?
The IPO lot size is 185 shares. At the upper price band of ₹81, one lot costs ₹14,985.
5. Is Steamhouse India IPO valuation attractive?
At the upper price band of ₹81, Steamhouse India has an estimated post-issue market capitalisation of approximately ₹2,239 crore, which represents roughly 58 times FY26 PAT of ₹38.64 crore. The valuation therefore reflects expectations of future growth from capacity expansion, customer additions, debt reduction and greater utilisation of infrastructure. Investors should weigh these growth expectations against customer concentration, leverage, margin pressure, capital intensity and other business risks.