Steamhouse India IPO

Steamhouse India IPO is a book-built issue worth ₹414.00 crore. The IPO consists of a fresh issue of ₹353.00 crore and an offer for sale of ₹61.00 crore.

Equirus Capital Limited is the book-running lead manager to the issue, and KFin Technologies Limited is the registrar. For detailed information on the company's financials, business operations, and associated risks, investors are advised to refer to the Steamhouse India IPO RHP.

About Steamhouse India Limited

Steamhouse India Limited was originally incorporated as Ankleshwar Eco Energy Limited on June 10, 2015, as a public limited company under the Companies Act, 2013. The company subsequently changed its name to Steamhouse India Limited pursuant to shareholders’ and board approvals, and a fresh certificate of incorporation was issued on September 28, 2021.

The company is engaged in the generation, distribution and supply of industrial gases, primarily steam and nitrogen, through its pipeline network. It operates a unique community boiler model, commonly referred to as "Steam-as-a-Service", which enables industrial customers to procure steam without investing in captive boiler infrastructure.

Steamhouse serves a diversified customer base across industries including pharmaceuticals, chemicals, agrochemicals, textiles, dyes and pigments, polymers, paints and tyres. As of July 31, 2026, the company operated 7 community steam boilers, comprising 6 owned facilities and 1 leased facility, along with a nitrogen generation and distribution plant in Ankleshwar.

The company's core business model is centred on developing large-scale industrial gas generation facilities near industrial clusters and supplying customers through dedicated pipeline networks. This approach allows customers to focus on their core manufacturing activities while reducing operating and maintenance responsibilities associated with captive steam generation.

Steamhouse has established a significant presence across Gujarat with a pipeline network of over 60,000 metres and served 202 customers in FY26. The company's growth strategy focuses on capacity expansion, geographical diversification, strengthening its pipeline infrastructure, increasing the use of alternative fuels and expanding its industrial gas portfolio beyond steam.

Industry Outlook

• India's industrial gas and steam distribution industry is witnessing growth on the back of expanding manufacturing activity across chemicals, pharmaceuticals, textiles, agrochemicals and allied industries.
• The increasing preference for outsourced utility solutions is encouraging industries to adopt the community boiler model, enabling companies to avoid significant capital expenditure on captive steam-generation facilities.
• Industrial clusters across Gujarat and other manufacturing hubs continue to create opportunities for pipeline-based steam and industrial gas distribution networks due to their operational efficiency and reliability.
• Growing environmental awareness and tightening emission standards are encouraging industries to seek more efficient and sustainable steam-generation solutions.
• The adoption of alternative fuels such as plastic waste, textile waste, agro-waste and refuse-derived fuel (RDF) is expected to support long-term sustainability and cost optimisation within the industrial utility sector.
• The industrial gas distribution sector has high entry barriers due to significant infrastructure investment requirements, pipeline networks, rights-of-way and regulatory approvals, benefiting established operators.
• Continued growth in industrial production, manufacturing investments and expansion of industrial estates is expected to support demand for steam and industrial gases over the coming years.

Steamhouse India IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the company, thereby improving its balance sheet and reducing finance costs.
• Funding capital expenditure towards the capacity expansion of the Ankleshwar Facility (Phase 3).
• Funding capital expenditure towards the capacity expansion of the Panoli Facility (Phase 2).
• Funding capital expenditure for setting up a new steam generation facility at Dahej GIDC (Phase 2).
• Investment in plant and machinery required for expansion and operational enhancement projects.
• Development of supporting infrastructure, including pipelines, electrical systems, instrumentation, civil works and allied facilities.
• Meeting general corporate purposes and supporting future business growth initiatives.

Financial Performance of Steamhouse India Limited

Steamhouse India Limited Peer Details Comparison

Strengths and Opportunities of Steamhouse India IPO

1. Established market position as a pioneer in India's community boiler and Steam-as-a-Service business model.
2. Strong revenue growth, with revenue increasing from ₹2,917.10 million in FY24 to ₹4,915.11 million in FY26.
3. Consistent profitability, with PAT increasing from ₹271.86 million in FY24 to ₹386.39 million in FY26.
4. Extensive operational infrastructure comprising multiple steam-generation facilities and a large pipeline network.
5. High customer retention, with repeat customers contributing 90.72% of FY26 revenue.
6. Diversified customer base spanning pharmaceuticals, chemicals, agrochemicals, textiles, tyres and other industrial sectors.
7. Expansion plans expected to increase steam-generation capacity from 345 TPH to approximately 705 TPH.
8. Growing focus on sustainability through waste-to-energy projects, alternative fuels and solar initiatives.
9. Significant entry barriers due to capital-intensive infrastructure, pipeline networks and rights-of-way, limiting competition.

Risks and Threats of Steamhouse India IPO

1. The business is heavily concentrated in Gujarat, exposing the company to region-specific economic, regulatory and operational risks.
2. The top 10 customers contributed 47.87% of revenue in FY26, creating customer concentration risk.
3. The company remains significantly dependent on coal, which accounted for 77.29% of total purchases in FY26.
4. Any disruptions in coal availability, pricing fluctuations or import restrictions could adversely impact operations and profitability.
5. The company has substantial borrowings of ₹2,816.22 million as of March 31, 2026, reflecting a leveraged balance sheet.
6. Project execution delays, cost overruns or delays in obtaining regulatory approvals could affect future expansion plans.
7. The business is subject to environmental, pollution-control and industrial safety regulations, and any non-compliance could result in penalties or operational restrictions.
8. The company has contingent liabilities and ongoing legal proceedings, which may result in financial obligations if outcomes are unfavourable.
9. Relatively low-capacity utilisation at certain facilities could affect operational efficiency and returns on capital employed.

Steamhouse India IPO Reservation

Steamhouse India IPO Promoter Holding

The promoters of the company are Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust and VB Business Trust.

Steamhouse India IPO Prospectus

• Steamhouse India IPO DRHP

Steamhouse India IPO Registrar and Lead Managers

Steamhouse India IPO Lead Managers

• Equirus Capital Limited

Registrar for Steamhouse India IPO

KFin Technologies Limited

• Contact Number: 040-79615565
• Email Address: ipo@kfintech.com

Steamhouse India IPO Registrar

How To Apply for Steamhouse India IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Steamhouse India IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Steamhouse India IPO?

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1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

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Contact Details of Steamhouse India IPO

Registered Office: Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu, Surat, Gujarat, 395007.

Phone: 0261 2998109

E-mail: compliance@steamhouse.in