About the Business
Incorporated in June 2015, Steamhouse India Limited is an industrial utilities company pioneering the centralized generation and distribution of process steam and industrial nitrogen via pipeline grids. Operating on a community utility model, the company enables chemical, pharmaceutical, and manufacturing plants to eliminate on-site captive boilers, lowering industrial emissions and operational overheads.
The company owns and operates an extensive proprietary distribution pipeline network spanning over 45 kilometres across Gujarat’s primary industrial corridors, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli, and Nadesari.
- Core Utility Offerings: Captive generation and centralized grid distribution of steam, third-party steam distribution, nitrogen gas separation, compression and piping, and auxiliary coal trading.
- Entrenched Moat: Right-of-way (RoW) pipeline infrastructure connecting industrial clusters creates significant competitive barriers to entry.
- Marquee Industrial Clientele: Long-term supply contracts with premier manufacturers including Aether Industries, Anupam Rasayan, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff, and K. Patel Chemo Pharma.
- Capacity Pipeline: Greenfield steam generation capacity being established at Dahej SEZ along with major expansion phases at Ankleshwar and Panoli.
The company’s promoters are Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust, and VB Business Trust.
Financial Overview
Steamhouse India Ltd. has recorded steady top-line and bottom-line expansion, with total income growing by 24% and profit after tax (PAT) increasing by 24% between FY25 and FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹494.97 | ₹398.53 | ₹293.16 |
| Operating EBITDA | ₹83.49 | ₹69.32 | ₹68.41 |
| PAT (Profit After Tax) | ₹38.64 | ₹31.16 | ₹27.19 |
| Net Worth | ₹163.76 | ₹131.00 | ₹102.71 |
| Reserves & Surplus | ₹127.57 | ₹87.25 | ₹58.35 |
| Total Borrowings | ₹281.62 | ₹222.95 | ₹202.71 |
| Total Assets | ₹679.45 | ₹543.67 | ₹422.31 |
Restated Consolidated Figures | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail (RII) Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Objects of the Issue
The net proceeds from the ₹353.00 Cr fresh issue segment are proposed to be allocated toward:
- Repayment or prepayment, in full or in part, of certain borrowings availed by the company ₹180.00 Cr
- Funding capex for capacity expansion at the Ankleshwar Facility (Phase 3) ₹37.98 Cr
- Funding capex for capacity expansion at the Panoli Facility (Phase 2) ₹37.98 Cr
- Funding capex for setting up a steam generation facility at Dahej SEZ ₹38.17 Cr
- General corporate purposes Balance
Steamhouse India Limited operates a unique industrial utility business model centered on centralized steam and gas distribution pipelines across high-density chemical zones in Gujarat. The company’s 45+ km grid and long-term customer off-take agreements create natural entry barriers and annuity-style recurring revenue.
Using ₹180 Cr from fresh proceeds to pay down debt will meaningfully de-risk the balance sheet, reducing leverage from the current 1.57x level while capex deployments in Ankleshwar, Panoli, and Dahej position the firm for volume growth. At the upper price band of ₹81, the issue is priced at a post-IPO P/E of 57.86x against a market capitalization of ₹2,238.89 Cr. While valuations reflect a specialized utility scarcity premium, investors looking for green industrial infrastructure exposure can consider this issue with a long-term perspective.
