Steamhouse India IPO

Steamhouse India Limitedsteamhouse.in

ListedMainboardMaterialsNSE · BSE

Price band: ₹77 – ₹81
Issue size: ₹414 Cr
Lot size: 185 sh
Bidding: 9 – 11 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Steamhouse India supplies process steam and pipeline nitrogen to factories in Gujarat industrial estates; the record describes seven boilers (six owned, one leased) totalling 345 tonnes per hour at Vapi, Ankleshwar, Sarigam, Nandesari and Panoli, 57,041 metres of pipeline laid by Fiscal 2026, 202 customers that year and capacity utilisation of 41.51%. Revenue was Rs 291.71 Cr in FY24, Rs 395.11 Cr in FY25 and Rs 491.51 Cr in FY26, while EBITDA margin was 23.45% (Rs 68.41 Cr), 17.54% (Rs 69.32 Cr) and 16.99% (Rs 83.49 Cr) over the same three years. The Rs 414 Cr issue — Rs 353 Cr fresh and Rs 61 Cr offer for sale, a fresh-issue share of 85.27% — was priced at Rs 77 to Rs 81 and closed on 11 September 2026 subscribed 30.49 times overall, with QIBs at 43.91 times, non-institutional bidders at 44.30 times and retail at 16.90 times. It listed on 17 September 2026 at Rs 94.50, 16.67% above the band top of Rs 81, and last traded at Rs 131.86 on 23 October 2026, 62.79% above that band top.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

65Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Steamhouse India, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 1.6× leaves limited headroom if demand softens or rates rise.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2015 · Surat, Gujarat, India · 229 employees

Steamhouse India runs shared "community" boilers in Gujarat industrial estates and pipes the steam to nearby factories, so each customer does not have to run its own captive boiler. As of July 31, 2026 it operated seven boilers (six owned, one leased) totalling 345 tonnes per hour at Vapi, Ankleshwar, Sarigam, Nandesari and Panoli, feeding 57,041 metres of pipeline laid by Fiscal 2026. It also buys surplus and waste steam from other industries at Dahej GIDC and Sachin GIDC and distributes that over its own network. In February 2025 it added nitrogen, piping 350 NM3/hour from Ankleshwar. Customers are chemical, pharmaceutical, textile, dye, agro-chemical and tyre plants — 202 of them in Fiscal 2026, including Aether Industries and Anupam Rasayan India.

Revenue is metered steam and nitrogen sold to industrial neighbours: ₹491.51 crore from operations in Fiscal 2026, up 24.40%, with 90.72% of it from repeat customers and 47.87% from the top ten. The dominant input is imported coal — ₹260.98 crore, or 77.29% of total purchases in Fiscal 2026 — so margins track coal prices. EBITDA margin fell from 23.45% in Fiscal 2024 to 16.99% in Fiscal 2026 as the company leaned on reselling bought-in steam (₹194.50 crore of stock-in-trade purchases in Fiscal 2026 against ₹2.16 crore in Fiscal 2024). Growth is capital-hungry: borrowings stood at ₹281.62 crore on 31 March 2026 and capacity utilisation was 41.51%.

The company on paper

Legal name: Steamhouse India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 10 Jun 2015
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U40300GJ2015PLC083493
Sector: Materials · Centralised process steam and pipeline nitrogen supplied to industrial estates
Employees: 229
Registered office: Surat, Gujarat, India
Promoters: Vishal Sanwarprasad Budhia, Ritu Budhia, VSB Business Trust, Budhia Business Trust, VB Business Trust
Promoter holding, pre-issue: 95.0%
Promoter holding, post-issue: 77.3%
Website: steamhouse.in

The numbers

Financial performance

Revenue has compounded at 29.8% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

85% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹353 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹61.00 Cr
Total issue size: ₹414 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 17.7% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription30.49×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹81.00
Listed at: ₹94.50
Listing gain: up 16.7%
Since listing: up 39.9%
Against the issue price: up 63.3%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 185
At cut-off price: ₹81.00
Amount blocked: ₹14,985

One lot is 185 shares at ₹14,985. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~6%

chance of one lot, per application

Retail subscription: 16.90×
Applicants per share available: 16.9× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹94.50

listed at, 16.7% against the issue price

Issue price: ₹81.00
Premium said: —
If allotted 185 shares: ₹2,498

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose at both steps on record: Rs 291.71 Cr in FY24, then Rs 395.11 Cr in FY25 (up 35.45%) and Rs 491.51 Cr in FY26 (up 24.40%).
Profit after tax rose at both steps as well, from Rs 27.19 Cr in FY24 to Rs 31.16 Cr in FY25 (up 14.60%) and Rs 38.64 Cr in FY26 (up 24.01%).
Borrowings measured against net worth fell at both steps on record: Rs 202.71 Cr against Rs 103.55 Cr in FY24 (1.96x), Rs 222.95 Cr against Rs 132.45 Cr in FY25 (1.68x) and Rs 281.62 Cr against Rs 172.77 Cr in FY26 (1.63x). Net worth rose 27.91% and then 30.44% across those steps.
The record states that 90.72% of Fiscal 2026 revenue came from repeat customers, across 202 customers that year.

What to weigh against it

EBITDA margin was 23.45% in FY24 and lower at each step since — 17.54% in FY25 (Rs 69.32 Cr on Rs 395.11 Cr) and 16.99% in FY26 (Rs 83.49 Cr on Rs 491.51 Cr). Between FY24 and FY25, EBITDA rose 1.33% while revenue rose 35.45%. Net margin followed the same direction: 9.32%, then 7.89% and 7.86%.
The record puts imported coal at Rs 260.98 Cr, or 77.29%, of total purchases in Fiscal 2026, equal to 53.10% of that year's Rs 491.51 Cr revenue. Purchases of stock-in-trade were Rs 194.50 Cr in Fiscal 2026 against Rs 2.16 Cr in Fiscal 2024; the Fiscal 2026 figure equals 39.57% of that year's revenue.
The top ten customers accounted for 47.87% of Fiscal 2026 revenue of Rs 491.51 Cr, from a base of 202 customers that year.
Borrowings stood at Rs 281.62 Cr on 31 March 2026 against FY26 EBITDA of Rs 83.49 Cr, or 3.37 times. That ratio rose at both steps on record: 2.96x in FY24 (Rs 202.71 Cr on Rs 68.41 Cr), 3.22x in FY25 (Rs 222.95 Cr on Rs 69.32 Cr) and 3.37x in FY26.

Easy to miss in the prospectus

The record carries no valuation block, no post-issue share count and no peer set, so no earnings multiple or market capitalisation can be derived from it.
Cash flow from operations, total assets and total expenses are null for all three financial years on record (FY24, FY25 and FY26).
Subscription is recorded for the closing day only (11 September 2026); there are no day 1 or day 2 figures, no anchor book, no allocation split and no grey-market entries. Promoter holding is recorded at 94.99% before the issue and 77.29% after it.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Steamhouse India — Prospectus dated 2026-09-1111 Sep 2026Filed after pricing, with every placeholder filled in.Opens on steamhouse.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Equirus Capital Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Steamhouse India's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Steamhouse India Limited — Prospectus dated September 11, 2026 (661pp, filed via company website) · read 15 Oct 2026
NSE — Issue Information and final bid details for STEAMHOUSE (ipo-detail endpoint) · read 15 Oct 2026
Steamhouse India — company website (operations, customers) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 9 Sep 2026
Closes: 11 Sep 2026
Allotment: 15 Sep 2026
Lists: 17 Sep 2026
Revenue (FY26): ₹492 Cr
Profit (FY26): ₹38.64 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.