Steamhouse India IPO

About Steamhouse India IPO

The public issue of the Steamhouse India IPO, a mainboard IPO, opens on Wednesday, September 9, 2026 and closes on Friday, September 11, 2026. The allotment of shares will take place on Tuesday, September 15, 2026. The credit of shares to the demat account will take place on Wednesday, September 16, 2026. The initiation of refunds will also take place on Wednesday, September 16, 2026.

The listing of shares will take place on Thursday, September 17, 2026. The equity shares offered through the IPO are proposed to be listed on the Main board of NSE and BSE.

The offer consists of a fresh issue component and an offer for sale (OFS). The fresh issue will include TBA shares of ₹353 crore. The OFS will include TBA shares of ₹61 crore. The total number of shares and aggregate amount are TBA shares aggregating up to ₹414 crore.

Steamhouse India IPO’s price band is set at TBA per share. The lot size for an application is TBA.

Steamhouse India is engaged in generation and distribution of steam and nitrogen through its pipeline networks. Its model provides an option to industrial consumers, wherein they do not need to maintain individual infrastructure. Its pipelines span about 57 KM in key industrial hubs. The company is engaged in the generation, purchase, and distribution of steam; as well as the separation, compression, and distribution of nitrogen.

Objectives of Steamhouse India IPO

• Repayment / prepayment of borrowings.
• Funding capex for capacity expansion at Ankleshwar facility.
• Funding capex for capacity expansion at Panoli facility.
• Funding capex for setting up manufacturing facility for steam generation at Dahej SEZ.
• General corporate purposes.

Industry Outlook

Steam as a service addressable market in India is expected to grow from 2,03,472 TPH in FY26 to 3,18,853 TPH in FY31, translating into a CAGR growth of 9.4%. TPH stands for tonnes per hour, which is used to measure the processing or production capacity per hour. The major demand for industrial gases comes from Pharma (25%), Textiles (18%), Food Processing (17%), and Paper & distillery (10%). The key growth drivers for the industry in India are rising demand for healthcare, clean energy initiatives, refinery expansion, electronics & Semicon manufacturing push, etc. Regulations are quite stringent.

About Steamhouse India

Steamhouse India is engaged in the business of generation and centralized distribution of industrial gases. This includes steam and nitrogen and is done through pipelines. Its industrial gases business comprises of generation & distribution of steam, purchase & distribution of steam, coal trading, and separation, compression & distribution of nitrogen. The contribution of these 4 lines of businesses were 52.1%, 17.7%, 26.9%, and 0.1% respectively to the total revenues. The company currently operates 7 community boilers in the state of Gujarat to generate and distribute steam. It has about 57 KM of pipelines installed for the purpose of distribution. It operates at a capacity utilization of 41.51% as of the financial year FY26.

Strengths of Steamhouse India

• Leading market position in offering energy efficient solutions.
• High barriers of entry to competition.
• Strategically located facilities to enable community steam distribution.
• Marquee customer base with long-term relationships.
• Experienced promoters and senior managers.

Risks of Steamhouse India

• Proximity to customers is a key constraint to expansion of business.
• Top-10 customers account for 47.8% of revenues, opening to concentration risk.
• Nearly 90% of revenues came from repeat orders, so impact on revenues could be high.
• Coal availability remains a major risk to the steam generation business.
• Related party transactions remain a risk to the company in future.
• There is supplier concentration, with top 10 suppliers supplying 81.7% of input needs
• Regulatory approvals, delays in environment clearances can be a risk factor.

Anchor Investor Bidding Date

Tuesday, September 8, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
KFIN Technologies Ltd (KFINTECH)
Email: steamhouse.ipo@kfintech.com
Tel: 040-6716-2222

Book Running Lead Manager

• Equirus Capital
  

Steamhouse India Contact Details
Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu,
Surat – 395 007 (Gujarat, India)
Email: compliance@steamhouse.in
Phone: +91 261 2998-109

Steamhouse India Business Model

The company earns its revenue through generation, purchase, and distribution of team as well as the compression and distribution of Nitrogen. It also has a fairly large coal trading arm.

Steamhouse India Growth Trajectory

Steamhouse India’s Total Income for FY26 was ₹494.97 crore, whereas in FY25 and FY24 it was ₹398.53 crore and ₹293.16 crore, respectively.

The Profit After Tax for FY26 was ₹38.64 crore, whereas in FY25 and FY24 it was ₹31.16 crore and ₹27.19 crore, respectively.

Their EBITDA for FY26 was ₹83.49 crore, whereas in FY25 and FY24 it was ₹69.32 crore and ₹68.41 crore, respectively.

Steamhouse India Market Position

Steamhouse India’s client base is predominantly Indian with almost 100% of its revenues in FY26 coming from Indian clients only. Proximity to the end user is a key factor in this business.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹494.97 crore, ₹38.64 crore, and ₹83.49 crore, respectively.

How to apply for Steamhouse India IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.