STEAMHOUSE INDIA LIMITED
About the company
Steamhouse India Ltd (SIL), incorporated in 2015, is a Surat-based company supplying industrial steam and gas through an extensive 45 km pipeline network across major industrial hubs. The company has expanded into nitrogen production with rising revenues from this segment. With advanced technology and eco-efficient systems, it operates seven boilers with a total steam capacity of 2,185,920 tonnes per annum.
The company maintains a 56,236-meter operational pipeline network connecting facilities directly to customer premises and serves well-known industrial clients across chemicals and manufacturing. Its solutions emphasize energy efficiency and sustainable steam generation.
As of September 30, 2025, Steamhouse India employed 213 staff and engaged 292 contract workers across multiple locations. This workforce supports its expanding operations in steam and nitrogen supply.
Steamhouse India Limited demonstrated consistent financial growth from FY24 to FY26, with Total Revenue increasing from ₹291.71 Crs to ₹491.51 Crs and Profit After Tax (PAT) rising from ₹27.19 Crs to ₹38.64 Crs. Despite steady expansion in EBITDA and net profit, the company experienced margin compression, as EBITDA percentage contracted from 23.45% in FY24 to 16.99% in FY26. Overall financial strength steadily improved over the period, with Earnings Per Share (EPS) growing from ₹1.21 to ₹1.71 alongside a continuous expansion in Shareholders' Funds to ₹172.77 Crs.
The promoters of Steamhouse India Limited are Mr. Vishal Sanwarprasad Budhia and Mrs. Ritu Budhia. Mr. Vishal Sanwarprasad Budhia serves as the Promoter and Chairman & Managing Director of the Company.
Steamhouse India Limited is making Fresh Issue-cum-Offer for Sale (fresh issue – XX shares and offer for sale – XX shares) of up to XX shares having face value of Rs 2 each aggregating Rs 414 Crs. The net offer to the public is XXX shares within the price band of Rs XXX-XXX per share. XXX shares offered to retail, while XXX shares offered to the Non-Institutional HNI category, XXX shares to QIBs, XXX shares to Anchor investors, & XXX shares will be reserved for Market Maker to the issue.
The shares will be listed on the BSE and NSE Emerge platform of the Bombay Stock Exchange and National Stock Exchange.
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Steamhouse India Limited – Driven by Growth Aspiration
Strong Promoter Leadership Driving Sustainable Growth: With deep industry experience and long-term involvement in the company, the promoters provide strategic direction and stability to guide future expansion. Their continued commitment and hands-on oversight are expected to strengthen execution and support the company’s growth initiatives.
Centralized Utility Supply Model Ensuring High Efficiency – Steamhouse India Limited operates a centralized industrial gas generation and pipeline distribution model, allowing unified control over production, monitoring, and delivery. This integrated setup lowers fuel usage, optimizes boiler efficiency, and eliminates the need for customers to maintain individual infrastructure, resulting in strong cost efficiency.
Growth Strategy Focused on Efficiency, Sustainability & Long-Term Customer Value - Steamhouse India Limited’s strategy centers on leveraging its energy-efficient, eco-friendly community gas model and strategically located facilities to strengthen its market position. By building long-term customer relationships and operating in a high entry-barrier segment, it aims to drive sustainable and scalable growth.
Long-term growth plan focuses – Steamhouse India Limited’s long-term growth plan focuses on expanding its industrial gas infrastructure across multiple regions while diversifying into new gas offerings and waste-to-energy solutions. It also aims to strengthen operational efficiency, reduce debt, and lower its carbon footprint through increased use of non-fossil fuels and sustainable technologies.
Risks
To stay competitive, it must continuously innovate and improve efficiency, failing which it may lose customers and market share.
Financial snapshot
Strengths & risks
Strengths / Operational Highlights
Steamhouse India Limited – Driven by Growth Aspiration
Strong Promoter Leadership Driving Sustainable Growth: With deep industry experience and long-term involvement in the company, the promoters provide strategic direction and stability to guide future expansion. Their continued commitment and hands-on oversight are expected to strengthen execution and support the company’s growth initiatives.
Centralized Utility Supply Model Ensuring High Efficiency – Steamhouse India Limited operates a centralized industrial gas generation and pipeline distribution model, allowing unified control over production, monitoring, and delivery. This integrated setup lowers fuel usage, optimizes boiler efficiency, and eliminates the need for customers to maintain individual infrastructure, resulting in strong cost efficiency.
Growth Strategy Focused on Efficiency, Sustainability & Long-Term Customer Value - Steamhouse India Limited’s strategy centers on leveraging its energy-efficient, eco-friendly community gas model and strategically located facilities to strengthen its market position. By building long-term customer relationships and operating in a high entry-barrier segment, it aims to drive sustainable and scalable growth.
Long-term growth plan focuses – Steamhouse India Limited’s long-term growth plan focuses on expanding its industrial gas infrastructure across multiple regions while diversifying into new gas offerings and waste-to-energy solutions. It also aims to strengthen operational efficiency, reduce debt, and lower its carbon footprint through increased use of non-fossil fuels and sustainable technologies.
Risks
To stay competitive, it must continuously innovate and improve efficiency, failing which it may lose customers and market share.
Our verdict
Steamhouse India Limited which is tapping the capital market, enjoys a strong track record of ramping up its turnover in the last two years & building strong business relationships with its domestic customers which has helped it significantly scale up its operations.
Steamhouse India Limitedoperates a centralized industrial gas generation and pipeline distribution model, allowing unified control over production, monitoring, and delivery. This integrated setup lowers fuel usage, optimizes boiler efficiency, and eliminates the need for customers to maintain individual infrastructure, resulting in strong cost efficiency.
Steamhouse India Limited’s strategy centers on leveraging its energy-efficient, eco-friendly community gas model and strategically located facilities to strengthen its market position. By building long-term customer relationships and operating in a high entry-barrier segment, it aims to drive sustainable and scalable growth.
More importantly, Steamhouse India Limited promoters have significant industry experience and have been instrumental in the company's consistent growth. The management team's combined expertise and experience are also a significant asset going ahead
After the proposed IPO, the company’s net worth will total Rs XX crore as on date after the IPO, & post-IPO, the equity capital will stand at Rs XX crore.
We are confident that Steamhouse India Limited will deliver consistent performance and provide an excellent investment opportunity for investors with a long-term horizon.
Hence, we recommend SUBSCRIBE for long-term investment.
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