IPO Overview
Incorporated in June 2015, Steamhouse India Limited is an industrial gas company specialising in the generation and centralised distribution of steam and nitrogen through its pipeline network. The company and its promoters are pioneers of the community boiler system in India, which was first introduced in 2014. The company’s community industrial gas generation and distribution systems supply gases to multiple industrial customers through a centralised pipeline network, providing an alternative to individual customers setting up and maintaining their own gas-generation infrastructure — potentially offering greater efficiency and convenience for industrial users. The company’s facilities are spread across Ankleshwar, Nandesari, Sarigam, Vapi, and Panoli — all key industrial clusters in Gujarat.
Steamhouse India Limited is now launching its IPO, which will open for subscription on Wednesday, September 9, 2026, and close on Friday, September 11, 2026. The price band for the IPO has been fixed at ₹77 to ₹81 per equity share. The total offer size is up to ₹414 crore, comprising a fresh issue of equity shares aggregating up to ₹353 crore and an offer for sale of equity shares worth up to ₹61 crore by the selling shareholder. The shares are proposed to be listed on both BSE and NSE, with listing expected on September 17, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 8 September 2026 |
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| Allotment Date | 15 September 2026 (Expected) |
| Refund Initiation | 16 September 2026 |
| Credit to Demat | 16 September 2026 |
| Listing Date | 17 September 2026 (Tentative) |
| Price Band | ₹77 – ₹81 per share |
| Face Value | ₹2 per share |
| Lot Size | 185 shares |
| Minimum Investment (Retail) | ₹14,985 (1 lot = 185 shares) |
| Maximum Investment (Retail) | ₹1,94,805 (13 lots = 2,405 shares) |
| Issue Size | ₹414 crore |
| Fresh Issue | ₹353 crore (4,35,80,246 shares) |
| Offer For Sale (OFS) | ₹61 crore (75,30,864 shares) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
Promoter Vishal Sanwarprasad Budhia will offload shares worth approximately ₹61 crore in the OFS. Post-IPO, promoter ownership will decline from 96.59% to 78.63%, while public shareholding will rise from 3.41% to 21.37%. The fresh issue proceeds will go directly to the company for business expansion and debt repayment.
Objects of the Issue (Fund Utilization)
The proceeds from the fresh issue will be used to repay part of its existing debt, expand capacity at its Ankleshwar and Panoli facilities, set up a new steam-generation unit in the Dahej SEZ, and meet general corporate requirements.
- Repayment / prepayment of existing borrowings — ₹150 crore
- Capital expenditure for capacity expansion at Ankleshwar Facility (Phase 3)
- Capital expenditure for setting up a new steam generation facility at Dahej SEZ
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Equirus Capital Limited
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, and VB Business Trust are the promoters of Steamhouse India. Before the IPO, the promoters and promoter group held around 98.69% of the pre-issue equity shareholding.
Vishal Sanwarprasad Budhia is the founding promoter who pioneered the community boiler concept in India and has led the company’s growth across multiple industrial clusters in Gujarat since inception.
Company Details
Steamhouse India Limited operates a unique community industrial gas model — generating steam and nitrogen centrally and distributing it to multiple industrial clients through a dedicated pipeline network. This eliminates the need for individual industrial units to set up, operate, and maintain their own boilers or gas generation infrastructure, making it a cost-efficient and operationally convenient solution.
Sectors / Clients Served:
- Specialty Chemicals
- Dyes & Pigments
- Pharmaceuticals
- General Industrial Manufacturing
Key clients include Aether Industries Limited, Anupam Rasayan India Limited, Globe Enviro Care Limited, Devanshi Dyestuff, and several chemical and dye manufacturers in Gujarat’s industrial corridors.
Key Capabilities:
- Pioneer of the community boiler / centralised steam distribution model in India
- Pipeline-based nitrogen supply integrated with steam generation
- Track record of eco-friendly and sustainable industrial gas solutions, including waste-to-energy projects
Facility Locations:
- Ankleshwar, Panoli, Nandesari, Vapi, Sarigam — all in Gujarat
As of September 30, 2025, the company had a total workforce of 213 employees on its payroll, supported by 292 contract labourers across its facilities.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY25 | ₹398.53 | ₹31.16 | ₹69.32 |
| FY26 | ₹494.97 | ₹38.64 | ₹83.49 |
Key Financial Metrics
- Revenue grew from ₹398.53 crore in FY25 to ₹494.97 crore in FY26, and PAT rose from ₹31.16 crore to ₹38.64 crore — both growing at approximately 24% YoY.
- Post-issue P/E stands at 57.86x and price-to-book value at 11.17x — valuations appear demanding relative to the company’s current earnings base.
- Debt-to-equity ratio stands at 1.57x, indicating high leverage which the company intends to reduce using IPO proceeds.
- In June 2026, the company raised nearly ₹50 crore through a pre-IPO placement from funds backed by investor Madhusudhan Kela and Niveshaay Sambhav Fund.
Company Strengths
- Pioneer of the community boiler system in India — a differentiated industrial utility model that supplies steam and nitrogen through a centralised pipeline network, providing a ready alternative to individual gas-generation infrastructure for industrial customers.
- High barriers to entry — the business entails high capital costs associated with boilers, pipelines, land, and other infrastructure. The challenge in setting up facilities near industrial clusters makes it hard for new firms to replicate the network.
- Strong and growing client base with deep presence in Gujarat’s chemical and specialty manufacturing clusters — with 90.72% of revenue in FY26 coming from repeat orders, indicating high customer stickiness.
- Consistent EBITDA and PAT growth across FY24–FY26, with expanding revenue base and improving operational efficiency.
- Strategically expanding into new industrial clusters and regions outside Gujarat, leveraging IPO proceeds to fund new facilities and reduce geographical concentration risk.
- Track record of eco-friendly and sustainable solutions, including waste-to-energy projects — aligning well with increasing regulatory and market demand for cleaner industrial operations.
Key Risks & Challenges
- Customer concentration risk — the top 10 customers contributed 47.87% of revenue from operations in FY26. Loss of a major customer or reduction in repeat orders could adversely affect the company’s business and financial performance.
- High leverage — debt-to-equity of 1.57x is elevated compared to net worth, creating financial risk if revenue growth slows or interest rates rise.
- Dependence on uninterrupted operation of centralised facilities and pipelines — any technical failure or breakdown could disrupt supply to multiple customers simultaneously.
- Exposure to coal and other input-cost fluctuations — as a steam generator, the company is vulnerable to fuel price volatility which can compress margins.
- Geographical concentration risk — all existing facilities are located in Gujarat’s industrial clusters, leaving the business exposed to regional economic or regulatory changes.
- Demanding valuations — post-issue P/E of 57.86x and price-to-book of 11.17x leave limited margin of safety for investors at current pricing.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
