Steamhouse
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 43.91×
- Big non-institutionalbNII · above ₹10 lakh
- 43.00×
- Small non-institutionalsNII · ₹2–10 lakh
- 46.63×
- Retail individualRII · up to ₹2 lakh
- 16.00×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹21 | +25.93% | ₹3,000 | ₹102 | ₹3,885 |
| 12 Sept 2026 | ₹21 | +25.93% | ₹3,000 | ₹102 | ₹3,885 |
| 11 Sept 2026 | ₹21 | +25.93% | ₹3,000 | ₹102 | ₹3,885 |
| 10 Sept 2026 | ₹23 | +28.40% | ₹3,200 | ₹104 | ₹4,255 |
| 09 Sept 2026 | ₹20 | +24.69% | ₹2,800 | ₹101 | ₹3,700 |
| 08 Sept 2026 | ₹18 | +22.22% | ₹2,500 | ₹99 | ₹3,330 |
| 07 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹81 | ₹0 |
| 06 Sept 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 05 Sept 2026 | ₹0 | 0.00% | — | — | ₹0 |
| 04 Sept 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Sept 2026 – 11 Sept 2026
- Listing date
- 17 Sept 2026
- Face value
- ₹2 per share
- Price band
- ₹77 – ₹81
- Lot size
- 185 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹414 Cr
- Fresh issue
- ₹353 Cr 4,35,80,246 shares
- Offer for sale
- ₹61 Cr 75,30,864 shares
- Market cap at offer price
- ₹2,239 Cr
- Promoter holding
- 95.79% → 77.96% pre-issue → post-issue
- ISIN
- INE0FRO01022
- CIN
- U40300GJ2015PLC083493
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Equirus Capital Ltd.
- Registered office
- Office No. – 324, Second Floor, Four Point, V.I.P. Road, Vesu, Surat – 395007, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,07,53,246 | 28.57% | 28.57% |
| Anchor investor · within QIB | 1,53,33,332 | — | 40.74% |
| NII (HNI) | 80,64,935 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 53,76,624 | — | 14.29% |
| sNII < ₹10L · within NII | 26,88,311 | — | 7.14% |
| Retail (RII) | 1,88,18,182 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 3,76,36,363 | — | 100.00% |
Net offer to the public of 3,76,36,363 shares, out of a total issue of 3,76,36,363. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 185 shares per lot, in multiples, at ₹81
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹81 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.66 | 1.40 |
| P/E (×) | 48.80 | 57.86 |
| Price to book (×) | 11.17 | — |
| Market cap | — | ₹2,239 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 23.60%
- ROCE
- 16.00%
- Debt / equity
- 1.57
- PAT margin
- 7.81%
- EBITDA margin
- 16.99%
- NAV per share
- ₹7.25
- Price to book
- 11.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 494.97 | 398.53 | 293.16 |
| Revenue from operations | 491.51 | 395.11 | 291.71 |
| Other income | 3.46 | 3.42 | 1.45 |
| Total expenses | 443.74 | 359.56 | 249.85 |
| Operating profit | 51.23 | 38.97 | 43.31 |
| Operating margin | 10.35% | 9.78% | 14.77% |
| Profit before tax | 51.24 | 38.97 | 43.3 |
| Profit after tax | 38.64 | 31.16 | 27.19 |
| PAT margin | 7.81% | 7.82% | 9.27% |
| Balance sheet | |||
| Total assets | 679.45 | 543.67 | 422.31 |
| Current assets | 122.13 | 115.03 | 119.51 |
| Current liabilities | 336.6 | 250.17 | 178.56 |
| Total liabilities | 506.68 | 411.22 | 318.76 |
| Net worth | 172.77 | 132.45 | 103.55 |
| Current ratio | 0.36× | 0.46× | 0.67× |
| Return on equity | 22.36% | 23.53% | 26.26% |
| Cash flow | |||
| Operating cash flow | 100.46 | 107.09 | 21.02 |
| Investing cash flow | -144.57 | -122.99 | -125.9 |
| Financing cash flow | 48.04 | 12.34 | 103.72 |
| Net cash flow | 3.93 | -3.54 | -1.17 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the Company ₹180 Cr
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.
2 Funding capital expenditure requirements for augmenting infrastructure development - capacity expansion of the Ankleshwar Facility (Phase 3) ₹37.98 Cr
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.
3 Funding capital expenditure requirements for augmenting infrastructure development - capacity expansion of the Panoli Facility (Phase 2) ₹37.98 Cr
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.
4 Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam in Dahej GIDC (Phase 2) ₹38.17 Cr
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.
5 General corporate purposes —
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.
1 of 5 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
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 industrial sectors. The company also engages in coal trading and has expanded into nitrogen production and distribution, being the only company in India to supply nitrogen through distributed pipeline networks instead of traditional cryogenic tanks.
Management
Vishal Sanwarprasad Budhia
MD
Yadav Lalankumar Dayanand
CEO
Ramprakash B Sharma
CFO
Richa Manoj Goyal
Director
Vinay Omprakash Sonthalia
Director
Rathod Baldevsinh Yogendrasinh
Director
Strengths
As stated in the offer document
Leading market position offering customers an energy efficient solution across industries with high growth potential
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.
High barriers to entry for competitors
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.
Strategically located facilities offering community gas generation and distribution
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.
Marquee customer base with long-term relationships driven by value proposition
The company served 202 customers during Fiscal 2026 across key sectors including pharmaceuticals, chemicals, textiles. Revenues from repeat customers accounted for 90.72% in Fiscal 2026, with relationships spanning over five years with four of top 10 customers.
Track-record of implementing eco-friendly solutions and promoting sustainable development
The company reduces SPM, SOx and NOx emissions through community boilers with AFBC designs. By replacing cryogenic gas cylinders with distributed pipeline network, the company has reduced carbon emissions and enhanced safety by minimizing fire hazards.
Experienced Promoter and senior management team with strong industry expertise and extensive product knowledge
The company is led by Promoter Vishal Sanwarprasad Budhia with eleven years specialized experience in community boiler industry. Supported by experienced management team including Executive Directors with over 13 years experience and diverse banking sector expertise.
Risk factors
As stated in the offer document
Customer Concentration and Revenue Dependency
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.
Coal Dependency and Supply Chain Risk
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.
Geographic Limitations and Land Acquisition Challenges
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.
Supplier Concentration Risk
The company relies on top ten suppliers for material requirements which constituted 81.71%, 75.35% and 76.53% of overall purchases in Fiscal 2026, 2025 and 2024 respectively. Loss of suppliers or price increases could adversely affect operations and financial condition.
High Financial Leverage and Debt Obligations
As of March 31, 2026, the company had total borrowings of ₹2,816.22 million with a net debt-to-equity ratio of 1.57. Inability to comply with repayment and covenants could result in acceleration of debt payments and enforcement of security interests.
Regulatory Compliance and Environmental Risks
The company has previously violated certain material approvals of the Gujarat Pollution Control Board and requires various permits and licenses to operate. Non-compliance could result in penalties, facility closures, or permit revocation affecting business operations.
Project Development and Construction Risks
The company faces risks in developing steam and industrial gas projects including time delays, cost overruns, and regulatory approval challenges. Historical projects have experienced cost overruns and delays that could materially affect business strategy and financial condition.
Capacity Utilization and Operational Efficiency
The company's success depends on operating generation capacities at high utilization levels. Underutilization of existing or proposed capacities could result in lower revenues and inability to absorb fixed costs, adversely impacting financial performance.
Related Party Transaction Dependencies
Related party transactions with Group Companies constituted 99.27% of total related party transactions in Fiscal 2026, representing 73.74% of revenue from operations. Continued dependence on these transactions may not always be on arm's length basis.
Technology and Equipment Obsolescence Risk
The company must continue investing in new technologies and equipment to remain competitive. Current AFBC boilers have 25-year lifespan and failure to upgrade could result in obsolete equipment and increased production costs relative to competitors.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Steamhouse India Ltd. THIS ISSUE | 1.71 | 7.25 | 57.86, computed at the offer price | 11.17, computed at the offer price | — |
| 64.37 | 500.27 | 99.17 | 12.77 | — | |
| 7.54 | 69.33 | 42.74 | 4.67 | — |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.