Steamhouse India IPO Review: Price Band, Dates, Lot Size, Financials and RisksSteamhouse India IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Steamhouse India IPO opens on September 9 and closes on September 11, 2026. Steamhouse India is a Gujarat-based industrial gas company specialising in the generation and centralised distribution of steam and nitrogen through a dedicated pipeline network, raising ₹414 crore through a fresh issue of ₹353 crore and an offer for sale of ₹61 crore by its promoter.

IPO Snapshot

Event	Date
IPO Opens	September 9, 2026
IPO Closes	September 11, 2026
Allotment Date	September 15, 2026
Refund	September 16, 2026
Shares Credited to Demat	September 16, 2026
Listing Date (BSE, NSE)	September 17, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹77 to ₹81 per share
Face Value	₹2 per share
Lot Size	185 shares
Minimum Investment	₹14,245 to ₹14,985
Retail Maximum	13 lots, or 2,405 shares
Fresh Issue	₹353 crore
Offer for Sale	₹61 crore
Total Issue Size	₹414 crore
Listing	BSE and NSE

Pre-issue shareholding stood at 22,59,76,750 shares. The fresh issue will bring new capital into Steamhouse India, while the offer for sale of ₹61 crore will go entirely to promoter Vishal Sanwarprasad Budhia. The company will not receive any proceeds from the offer-for-sale portion.

What Does Steamhouse India Actually Do

Steamhouse India, incorporated in June 2015, is an industrial gas company that generates and centrally distributes steam and nitrogen through an integrated pipeline network. Its community-based systems give industrial customers in shared industrial estates an alternative to building and maintaining their own individual boilers and gas infrastructure, an approach the company calls the “community boiler” model.

The company’s industrial gas business covers three core activities: generation and distribution of steam, purchase and distribution of steam sourced from other generating entities, and separation, compression and distribution of nitrogen extracted from atmospheric air. It also engages in coal trading, which has become a meaningful and growing part of its revenue mix, rising from ₹0.19 million in FY24 to ₹762.45 million in FY25 and ₹1,323.27 million in FY26.c

Steamhouse operates an extensive pipeline network spanning over 45 kilometres across key Gujarat industrial hubs, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. Its client base includes Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff, K. Patel Chemo Pharma, K. Patel Dye Chem Industries, Mahavir Synthesis, Mangalam Intermediaries, Orgo Chem Gujarat and Subhasri Pigments.

In FY26, the company sold 10,66,772.97 tons of steam, up from 9,61,857.87 tons in FY25, though revenue per ton of steam declined from ₹3,294.91 to ₹3,208.02 as new customers were onboarded at lower price points. Chemicals and agrochemicals contributed ₹1,785.49 million, and textiles contributed ₹1,090.00 million of steam revenue in FY26, its two largest end-use sectors. The company also commenced a new municipal solid waste-to-steam project for the Ahmedabad Municipal Corporation in FY26, its first services revenue line, earning ₹131.65 million. As of July 31, 2026, the company had 229 employees and used the services of 276 contract labourers.

The Money Numbers

Metric	FY24	FY25	FY26
Total Income (₹ Crore)	293.16	398.53	494.97
Profit After Tax (₹ Crore)	27.19	31.16	38.64
Net Worth (₹ Crore)	102.71	131.00	163.76

Total income grew from ₹293.16 crore in FY24 to ₹494.97 crore in FY26, up 24% between FY25 and FY26 alone. Profit after tax rose from ₹27.19 crore to ₹38.64 crore over the same period, also up 24% year-on-year in FY26. Net worth increased from ₹102.71 crore to ₹163.76 crore.

EBITDA rose from ₹68.41 crore in FY24 to ₹69.32 crore in FY25 and ₹83.49 crore in FY26, though EBITDA margin declined from 23.45% in FY24 to 16.99% in FY26 as coal trading (a lower-margin, higher-volume business) grew as a share of revenue. Total borrowings increased from ₹202.71 crore in FY24 to ₹222.95 crore in FY25 and ₹281.62 crore in FY26, pushing debt-to-equity to 1.57 times, among the higher levels seen in recent IPOs.

Return ratios were strong: ROE stood at 22.36% and ROCE at 16.06% in FY26, with RoNW at 23.60% and NAV of ₹7.25 per share. Basic EPS for FY26 was ₹1.71, pre-issue. At the upper price band of ₹81, this implies a pre-issue P/E of approximately 47.4 times and a post-issue P/E of approximately 56.5 times. At the lower price band of ₹77, the pre-issue P/E works out to approximately 45.0 times and post-issue to approximately 54.2 times. Listed peer Linde India trades at a P/E of 99.17 times and Ellenbarrie Industrial Gases at 42.74 times, according to the RHP’s peer comparison, placing Steamhouse’s valuation closer to the lower end of its immediate peer set.

Objects of the Issue

Purpose	Amount (₹ Crore)
Repayment or prepayment of certain outstanding borrowings	180.00
Capex for capacity expansion of the Ankleshwar Facility (Phase 3)	37.98
Capex for capacity expansion of the Panoli Facility (Phase 2)	37.98
Capex for setting up a manufacturing facility for steam generation at Dahej SEZ	38.17
General corporate purposes	Balance amount
Total identified objects	294.13

Strengths

• Leading market position in the community steam and nitrogen distribution model, offering customers an energy-efficient alternative to captive boilers, with RHP-cited efficiency gains of 80–83% versus 50–65% for older captive boilers.
• High barriers to entry, given the capital intensity of building pipeline networks and securing land, permits, and long-term customer contracts within industrial estates.
• Marquee, long-tenured customer base across chemicals, agrochemicals, textiles, pharmaceuticals and dyes and pigments industries, including Aether Industries and Anupam Rasayan.
• Consistent revenue and profit growth, with total income up 24% and PAT up 24% between FY25 and FY26.
• Strong return ratios, with ROE of 22.36% and RoNW of 23.60% in FY26, reflecting efficient capital deployment.
• Diversification into coal trading and new service lines, such as the municipal solid waste-to-steam project for Ahmedabad Municipal Corporation, adds incremental revenue streams beyond the core steam and nitrogen business.
• Track record of sustainable, eco-friendly industrial energy solutions aligned with growing regulatory and ESG-driven demand for cleaner community energy infrastructure over individual captive systems.

Risks

• EBITDA margin has declined from 23.45% in FY24 to 16.99% in FY26, driven largely by a rising share of lower-margin coal trading in the overall revenue mix, and this trend could continue if coal trading keeps growing disproportionately.
• Debt-to-equity stood at a relatively high 1.57 times in FY26, with total borrowings rising from ₹202.71 crore in FY24 to ₹281.62 crore in FY26, even though the IPO plans to use ₹180 crore of fresh-issue proceeds to reduce this debt.
• Revenue per ton of steam sold has declined for two consecutive years, from ₹3,521.13 in FY24 to ₹3,294.91 in FY25 and ₹3,208.02 in FY26, as new customers are onboarded at lower price points, which could continue to pressure realisations even as volumes grow.
• The IPO is valued at a demanding post-issue P/E of approximately 54–57 times FY26 earnings, well above peer Ellenbarrie’s 42.74 times, though below Linde India’s 99.17 times.
• The business depends on a concentrated set of Gujarat industrial clusters (Sachin, Vapi, Ankleshwar, Sarigram, Panoli, Nadesari); any regional slowdown, environmental restriction, or clustering of customer plant shutdowns could disproportionately affect revenue.
• The company operates in a single reportable segment as per the RHP, meaning it lacks diversification across business lines beyond industrial gas generation and distribution and coal trading.
• Coal trading, which nearly doubled in FY26, is a lower-margin, pass-through-style business; its growing share of revenue and cost of goods sold at a slightly higher rate than revenue growth suggests limited scope for further margin improvement if this mix shift persists.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 9 and September 11.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks Steamhouse India’s live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions