Steamhouse
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 46.19×
- Big non-institutionalbNII · above ₹10 lakh
- 45.23×
- Small non-institutionalsNII · ₹2–10 lakh
- 49.33×
- Retail individualRII · up to ₹2 lakh
- 17.78×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 1,02,22,223 | 47,21,23,700 | ₹3,824 Cr | 46.19× |
| Non-institutional | 76,66,667 | 35,72,55,165 | ₹2,894 Cr | 46.60× |
| Big non-institutionalwithin NII | 51,11,111 | 23,11,93,760 | ₹1,873 Cr | 45.23× |
| Small non-institutionalwithin NII | 25,55,556 | 12,60,61,405 | ₹1,021 Cr | 49.33× |
| Retail individual | 1,78,88,889 | 31,81,05,465 | ₹2,577 Cr | 17.78× |
| Total | 3,57,77,779 | 1,14,74,84,330 | ₹9,295 Cr | 32.07× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 11 Sep, 06:10 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 09 Sep 2026 – 11 Sep 2026
- Listing date
- 17 Sep 2026
- Face value
- ₹2 per share
- Price band
- ₹77 – ₹81
- Issue price
- ₹81 per share
- 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% |
| 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
| 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
- 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
| 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
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, incorporated in 2015 as Ankleshwar Eco Energy Limited and renamed in 2021, operates community boiler and industrial gas generation and distribution facilities primarily in Gujarat. The company generates steam using coal and non-fossil fuels and distributes it via pipeline infrastructure to customers in nearby industrial estates. It also purchases and distributes steam from third parties, trades coal, and operates a nitrogen generation and distribution facility. The company serves 202 customers across multiple facilities including Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with significant revenue from repeat customers (90.72% in Fiscal 2026) and growing expansion plans.
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.
Company Analysis
from RHPSteamhouse India Limited generates and distributes steam and industrial gases to customers in industrial clusters across Gujarat, India.
Steamhouse India Limited, incorporated in 2015 as Ankleshwar Eco Energy Limited and renamed in 2021, operates community boiler and industrial gas generation and distribution facilities primarily in Gujarat. The company generates steam using coal and non-fossil fuels and distributes it via pipeline infrastructure to customers in nearby industrial estates. It also purchases and distributes steam from third parties, trades coal, and operates a nitrogen generation and distribution facility. The company serves 202 customers across multiple facilities including Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with significant revenue from repeat customers (90.72% in Fiscal 2026) and growing expansion plans.
Objects of the Issue
- Funding capex for new steam and industrial gas generation facilities (Ankleshwar Phase 3, Panoli Phase 2, and Dahej GIDC Phase 2) p.43
- General corporate purposes p.3
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company p.53
- Funding capital expenditure requirements for capacity expansion of the Ankleshwar Facility (Phase 3) p.53
- Funding capital expenditure requirements for capacity expansion of the Panoli Facility (Phase 2) p.53
- Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam at Dahej GIDC (Phase 2) p.53
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company ₹1,800.00 million p.133
- Funding capital expenditure requirements for augmenting infrastructure development towards capacity expansion of the Ankleshwar Facility (Phase 3) ₹379.77 million p.141
- Funding capital expenditure requirements for augmenting infrastructure development towards capacity expansion of the Panoli Facility (Phase 2) ₹379.76 million p.160
- Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam at Dahej GIDC (Phase 2) ₹381.74 million p.131
- General corporate purposes p.132
- Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3) p.135
- Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2) p.135
- Funding capital expenditure in relation to the setting up of a new manufacturing facility for generation of steam Dahej GIDC (Phase 2) ₹381.74 million (excluding GST, as per Project Report issued by Dr. P. J. Gandhi, Chartered Engineer) p.183
- General corporate purposes p.207
- Repayment or prepayment of outstanding borrowings ₹1,800.00 million p.320
- Setting up of new community boiler facilities including Ankleshwar Phase 3, Panoli Phase 2 and Dahej GIDC Phase 2 p.319
Issue Structure
- Total Issue
- Up to ₹4,140.00 million
- Fresh Issue
- Up to ₹3,530.00 million
- Offer for Sale
- Up to ₹610.00 million
- Price Band
- [●] (to be determined)
- Lot Size
- [●] (to be determined)
- Face Value
- ₹2 per equity share
Business Model
The company earns revenue from sale of steam generated at its facilities and from steam sourced and distributed from third parties through its pipeline infrastructure. It also generates revenue from coal trading. The business model involves capital-intensive facility development, long-term customer contracts with fixed and variable cost components, and pipeline distribution networks connecting generation facilities to customer clusters.
Business Segments
SWOT Analysis
- • Pioneer in community boiler services in India with established industrial customer base(p.139)
- • High repeat customer concentration providing revenue stability(p.139)
- • Significant installed capacity across seven operational boilers with strategic location near ports and customer clusters(p.139)
- • Reputed customer base across key industrial sectors including pharmaceuticals, chemicals, and textiles(p.139)
- • Nitrogen generation and distribution facility recently commissioned adding new revenue stream(p.139)
- • Pioneer of community boiler system in India with established market presence(p.212)
- • High barriers to entry due to geographic pipeline network exclusivity and technology advantages(p.212)
- • Strategically located facilities with significant installed capacity across Gujarat industrial clusters(p.212)
- • Diversified marquee customer base across multiple industrial sectors(p.213)
- • Strong financial performance with solid growth trajectory and profitability(p.216)
- • Eco-friendly solutions reducing industrial emissions through community boiler centralization(p.213)
- • Only known provider of nitrogen through shared off-site production and pipeline distribution in India(p.246)
- • Pioneer in community boiler system in India since 2014 with established geographic dominance(p.313)
- • High barriers to entry: exclusive pipeline network with limited space for competitors(p.313)
- • Advanced monitoring technology (SCADA, drones, IoT) for real-time oversight(p.311)
- • Strategically located facilities near ports and customer clusters to minimize logistics costs(p.315)
- • Strong customer retention with 90.72% repeat customer revenue in Fiscal 2026(p.311)
- • Diverse marquee customer base across 8+ sectors including pharma, chemicals, and textiles(p.311)
- • Only company in India supplying nitrogen via distributed pipeline network instead of cryogenic tanks(p.309)
- • Eco-friendly solutions with AFBC boilers reducing SOx and NOx emissions(p.310)
- • Experienced promoter with deep industry expertise in community boilers(p.317)
- • Experienced senior management team with specialized expertise(p.317)
- • Unique position as first and only company in India supplying nitrogen via distributed pipeline network(p.319)
- • Significant geographic expansion with new facilities across India(p.318)
- • Cost advantage through operational efficiency initiatives(p.319)
- • Diversified customer base across multiple industrial sectors(p.330)
- • Experienced management with combined 30+ years in steam distribution(p.374)
- • Established industrial steam supply network eliminating need for individual boilers(p.409)
- • Advanced steam quality monitoring technology(p.409)
- • Pioneer and market leader in community boiler steam distribution in India(p.507)
- • Unique proprietary pipeline-based nitrogen distribution model, only company in India supplying nitrogen via pipeline network(p.507)
- • Significant competitive advantage from exclusive dedicated pipeline network infrastructure(p.513)
- • Substantial installed pipeline infrastructure with continuous expansion(p.508)
- • Diversified customer base across multiple industrial sectors with long-term relationships(p.510)
- • Strong revenue growth trajectory with EBITDA margin improvement(p.504)
- • Established steam distribution infrastructure with dedicated pipeline network(p.535)
- • Diversified customer base across multiple industries(p.553)
- • Strong revenue growth with 24.40% increase in FY2026(p.537)
- • Improving profitability with profit before tax increasing 31.49% in FY2026(p.539)
- • Primary steam producer and supplier in India(p.555)
- • Concentration of operations in Gujarat with geographic customer limitation(p.25)
- • High customer concentration with top 10 customers representing 47.87% of revenue(p.26)
- • High supplier concentration with top 10 suppliers representing 81.71% of purchases(p.31)
- • Substantial dependence on coal with limited diversification of fuel sources(p.29)
- • High related party transaction concentration at 74.29% of revenue from operations(p.31)
- • Past regulatory non-compliance with GPCB approvals(p.33)
- • Stamp duty and penalty liabilities totaling approximately ₹35.77 million(p.39)
- • Deteriorating working capital position with negative net working capital(p.46)
- • High attrition rate among permanent employees indicating retention challenges(p.50)
- • Low capacity utilization across multiple facilities constraining profitability(p.51)
- • Significant dependence on single customer for nitrogen business(p.63)
- • Heavy debt burden with total borrowings of ₹2,816.22 million(p.54)
- • Recent credit rating downgrade by ICRA in October 2024(p.56)
- • Outstanding trade payables of ₹932.34 million creating payment pressures(p.57)
- • History of employee misconduct including coal theft incident(p.64)
- • High financial leverage with 76% of promoter's equity pledged against debt obligations(p.123)
- • Large outstanding borrowings of ₹4,002.99 million as of July 31, 2026 requiring significant debt servicing(p.133)
- • Extreme concentration of ownership with single promoter holding 86.97% of equity capital(p.112)
- • Unfunded capex proposals dependent on IPO proceeds without independent appraisal(p.132)
- • Quotations from vendors not yet finalized; no definitive agreements with suppliers(p.180)
- • No orders for plant and machinery placed; implementation schedule subject to revision(p.182)
- • Expansion projects not yet commenced; requires multiple future approvals(p.182)
- • Funding requirements and deployment not appraised by independent financial institutions(p.184)
- • High capital intensity with Net Debt to Equity ratio of 1.57x(p.216)
- • Capacity utilization declining; only 41.51% in FY2026 vs 45.58% in FY2025(p.216)
- • High leverage with Net Debt to Equity ratio of 1.57x, indicating significant debt burden(p.312)
- • Declining EBITDA margin from 23.45% in FY2024 to 16.99% in FY2026(p.312)
- • Capacity utilization declining from 45.58% in FY2025 to 41.51% in FY2026(p.312)
- • Dependence on coal as primary fuel with exposure to coal price volatility(p.309)
- • PAT margin declining from 9.27% in FY2024 to 7.81% in FY2026(p.312)
- • Geographic concentration in Gujarat with limited presence in other regions(p.310)
- • High dependence on top 10 customers for significant revenue(p.22)
- • Significant debt burden with high leverage ratio(p.320)
- • Concentration of operations and assets in single state(p.330)
- • High employee attrition rate impacting stability(p.339)
- • Promoter has pledged majority of equity shares as security for debt(p.371)
- • Low capacity utilization at some facilities(p.327)
- • High financial leverage with 76% of promoter equity pledged(p.391)
- • Significant dependence on coal as primary feedstock creating cost volatility(p.436)
- • Substantial capital intensity with CWIP of ₹1,579 million requiring completion(p.402)
- • Extreme geographic concentration with all operations in Gujarat state(p.514)
- • High customer concentration with top 10 customers representing nearly 48% of revenue(p.510)
- • Significant dependence on related party (Sanjoo Dyeing) among top customers and suppliers(p.510)
- • High leverage with net debt to equity ratio of 1.57 at March 31, 2026(p.516)
- • Substantial contingent liabilities including GST and stamp duty orders(p.474)
- • Capital commitments of ₹700 million for planned facilities requiring significant funding(p.474)
- • High dependence on few major customers(p.555)
- • Significant indebtedness with total borrowings of ₹2,816.22 million(p.547)
- • Elevated financial leverage ratio of 1.63x total borrowings to equity(p.557)
- • Exposure to regulatory penalties including stamp duty assessments(p.562)
- • Seasonal and cyclical business dependent on customer industry cycles(p.555)
- • Expansion into waste-to-energy business with first facility operational(p.65)
- • Planned significant capacity expansion from 2.19 TPA to 4.47 TPA annually(p.53)
- • Strategic focus on renewable energy through solar power integration(p.51)
- • Unique market position as only company supplying nitrogen via distributed pipeline network in India(p.48)
- • Significant projected growth in steam demand across key industrial sectors through FY2031(p.139)
- • Pharmaceutical sector projected for 10% CAGR through FY2031 with higher sterilization requirements(p.139)
- • Expansion of steam market to new locations including Dahej SEZ and Haldia(p.139)
- • Planned capacity expansion projects across multiple facilities targeting significant incremental capacity(p.140)
- • Rising industrial preference for centralized community steam generation and distribution services(p.140)
- • Significant shift from cylinder-based supply (41.5% by value) to pipeline distribution(p.245)
- • Strong industrial manufacturing growth in India with government support and PLI schemes(p.242)
- • Expansion of manufacturing sector targeted to increase from 16-17% to 25% of GDP(p.241)
- • Growing demand for nitrogen across food, steel, ceramics and pharmaceutical sectors(p.246)
- • Plans to establish new manufacturing facilities at Dahej and expand at Panoli and Ankleshwar(p.183)
- • Integration into global manufacturing supply chains amid China+1 strategy(p.247)
- • India's industrial gas market expected to maintain strong growth momentum with rapid industrialization(p.245)
- • Large TAM with process steam demand expected to grow from 203,472 TPH in FY2026 to 318,853 TPH by FY2031(p.298)
- • Expansion into new locations: Dahej SEZ and Haldia expected within 12 months(p.310)
- • High growth sectors: pharma CAGR 9.0%, textiles CAGR 10.1%, distilleries CAGR 10.4%(p.290)
- • 10X growth potential in community boiler installed capacity over 5 years (55-60% CAGR)(p.305)
- • Diversified revenue streams: co-generation, carbon credits, fly ash, flue gas sales, chilled water(p.267)
- • Regulatory support for community boilers through government policies and environmental standards(p.298)
- • Expansion of industrial parks and SEZs across Gujarat and India creating new customer clusters(p.288)
- • Expansion of capacity through new facilities across India(p.317)
- • Lower capital expenditure model through purchase and distribution arrangements(p.318)
- • Diversification into non-fossil fuel steam generation(p.317)
- • Expansion of industrial gas offerings beyond steam(p.319)
- • Eligibility for carbon credits under India's carbon credit trading scheme(p.321)
- • Addressing customer multi-location plant requirements(p.319)
- • Expansion of industrial steam network to underserved customer segments(p.392)
- • Revenue growth from service concession arrangements and BOT projects(p.437)
- • Expansion into multiple new steam generation facilities across Gujarat and Maharashtra(p.511)
- • Growing demand for industrial gases through pipeline distribution as preferred alternative to individual boilers(p.512)
- • Strategy to diversify beyond steam into other industrial gases including nitrogen and potential future expansion(p.507)
- • Opportunity to serve additional industrial sectors and geographic regions beyond current footprint(p.510)
- • Potential for margin expansion as capital-intensive infrastructure is deployed and operations scale(p.515)
- • Expansion into new geographies and facilities with capital expenditure of ₹808.42 million in FY2026(p.551)
- • New revenue stream from Municipal Solid Waste to Steam Plant service concession agreement(p.533)
- • Growing steam volumes with 10.91% increase in unit volume of steam sold in FY2026(p.538)
- • Operational expansion at Panoli facility commenced in FY2026(p.537)
- • Significant growth in chemicals and textiles sector revenue(p.538)
- • Geographic land scarcity for new facility development in industrial clusters(p.25)
- • Potential loss of major customers and revenue concentration risk(p.28)
- • Coal supply chain disruption risks from import dependence(p.29)
- • Currency exchange rate exposure affecting imported coal costs(p.30)
- • Demand fluctuation risk dependent on customer industrial activity(p.33)
- • Regulatory approval delays and compliance risks(p.35)
- • Pirana facility delay penalties and royalty obligations(p.35)
- • Geographic concentration risk in Gujarat to natural disasters and disruptions(p.43)
- • Project development delays and cost overruns(p.40)
- • Outstanding litigation and contingent liabilities(p.37)
- • Customer offtake minimization risk affecting facility profitability(p.47)
- • Demand fluctuations and capacity planning challenges in community boilers industry(p.47)
- • Government policy dependence for steam and industrial gas facilities viability(p.48)
- • Coal dependency and regulatory risks on coal usage and tariffs(p.48)
- • Increasing competitive pressure from established and potential new entrants(p.48)
- • Water scarcity risk particularly during summer seasons(p.49)
- • Third-party transportation dependency creating supply chain vulnerability(p.64)
- • Potential land acquisition by government under Land Acquisition Act(p.76)
- • Macroeconomic slowdown risk affecting industrial demand(p.74)
- • Natural calamities and climate change impacts on operations(p.75)
- • Market growth dependent on industrial sector cyclicality and economic conditions(p.140)
- • Regulatory requirement to obtain multiple government approvals for operational facilities(p.159)
- • Cost escalation risks for capex projects with vendor quotation dependencies(p.143)
- • Commodity price volatility affecting coal costs as primary raw material(p.141)
- • Vendor quotations expiring; cost escalation risks on capital projects(p.180)
- • Implementation delays could postpone project commissioning and revenue realization(p.182)
- • Geopolitical conflict disrupting LNG supply and energy markets globally(p.233)
- • Global trade tensions and tariff policy uncertainty affecting manufacturing investment(p.232)
- • Rising input costs and elevated energy price volatility(p.233)
- • China's economic slowdown affecting global manufacturing demand(p.233)
- • Multiple regulatory approvals and licenses still required for facility operations(p.182)
- • Coal price volatility and supply disruptions affecting production costs(p.252)
- • Stringent regulatory compliance requirements increasing operational complexity(p.252)
- • Competition from established players and alternative supply models (cylinders, onsite generation)(p.261)
- • Supply chain challenges: inadequate infrastructure and transportation constraints(p.252)
- • Energy-intensive production processes vulnerable to electricity cost fluctuations(p.252)
- • Geographic space limitations and incumbent pipelines creating barriers to expansion(p.313)
- • Aging boiler infrastructure requiring costly maintenance and replacement(p.305)
- • Cyclicality and weakness in chemical and agrochemical sectors(p.327)
- • Geographic concentration risk from social, political or natural disruptions in Gujarat(p.330)
- • Dependence on coal prices which are variable and linked to international prices(p.333)
- • Competition from established peer companies in industrial gas distribution(p.339)
- • Requirement for various permits, licenses and regulatory approvals(p.30)
- • Need for time and resources for new facilities to stabilize and reach utilization levels(p.327)
- • Coal price and input cost volatility affecting operational margins(p.436)
- • One Promoter Group member (Ambika Agarwal) has not provided complete disclosures creating regulatory risk(p.395)
- • Debt repayment obligations with conditional re-pledging of promoter shares(p.391)
- • Macroeconomic slowdown and recession could significantly reduce end-customer demand for industrial gases(p.513)
- • Geopolitical conflicts and global energy crisis causing commodity price volatility and supply disruptions(p.513)
- • Regional economic slowdown in Gujarat could materially adversely impact concentrated operations(p.514)
- • Regulatory changes restricting coal-fired boilers and environmental regulations could impact operations and economics(p.514)
- • Competition from alternative steam-generation technologies and fuel sources including biomass, waste-to-energy, and green hydrogen(p.513)
- • Indirect currency exposure to coal price fluctuations through USD-denominated imports via Indian suppliers(p.510)
- • Potential increase in competition from other Indian steam and industrial gas producers(p.555)
- • Exposure to commodity price volatility, particularly coal prices(p.554)
- • Interest rate risk from variable rate borrowings of ₹2,809.04 million(p.554)
- • Industry cyclicality affecting customer steam requirements(p.555)
- • Regulatory compliance obligations including permits, licenses and environmental approvals(p.567)
- • Pending environmental violations and compliance actions from pollution control board(p.562)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vishal Sanwarprasad Budhia | Individual Promoter | — | — |
| Ritu Budhia | Individual Promoter | — | — |
| VSB Business Trust | Promoter | — | — |
| Budhia Business Trust | Promoter | — | — |
| VB Business Trust | Promoter | — | — |
| Vishal Sanwarprasad Budhia | Promoter/Promoter Selling Shareholder | 202,500,000 Equity Shares (approximately 86.93% based on pre-Offer shares) | [●] |
| Ritu Budhia | Promoter | 300 Equity Shares | — |
| VSB Business Trust | Promoter Group | 8,010,425 Equity Shares | — |
| Budhia Business Trust | Promoter Group | 6,387,000 Equity Shares | — |
| VB Business Trust | Promoter Group | 4,263,000 Equity Shares | — |
| Vishal Sanwarprasad Budhia | Promoter/Promoter Selling Shareholder | 86.97% | — |
| Ritu Budhia | Promoter | Negligible | — |
| VSB Business Trust | Promoter | 3.44% | — |
| Budhia Business Trust | Promoter | 2.74% | — |
| VB Business Trust | Promoter | 1.83% | — |
| Vishal Sanwarprasad Budhia | Promoter | — | — |
| Vishal Sanwarprasad Budhia | Promoter | — | — |
| Vishal Sanwarprasad Budhia | Promoter/Chairman and Managing Director | — | — |
| Vishal Sanwarprasad Budhia | Promoter | 86.97% | — |
| Ritu Budhia | Promoter | Negligible | — |
| VSB Business Trust | Promoter | 3.44% | — |
| Budhia Business Trust | Promoter | 2.74% | — |
| VB Business Trust | Promoter | 1.83% | — |
| Vishal Sanwarprasad Budhia | Promoter | 89.61% | — |
| Ritu Budhia | Promoter | 0.00% | — |
| VSB Business Trust (Trustee: Vishal Sanwarprasad Budhia and Ritu Vishal Budhia) | Promoter | 3.54% | — |
| Budhia Business Trust (Trustee: Vishal Sanwarprasad Budhia and Ritu Vishal Budhia) | Promoter | 2.83% | — |
| VB Business Trust (Trustee: Vishal Sanwarprasad Budhia and Ritu Vishal Budhia) | Promoter | 1.89% | — |
| Sanwarprasad Ramkumar Budhia | Promoter Group | 0.00% | — |
| Budhia Kumaresh Sanwarprasad | Promoter Group | 0.40% | — |
| Pushpadevi Sanwarprasad Budhia | Promoter Group | 0.00% | — |
| Sangeeta Gaurav Parasrampuria | Promoter Group | 0.02% | — |
| Kamal Yogesh Agarawal | Promoter Group | 0.40% | — |
| Vishal Sanwarprasad Budhia | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| 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.