- POSITIVE
Annual Revenue Steamhouse Mar-2026 Annual Revenue is Rs 495 Cr which is growth of 24.2% YoY.
- POSITIVE
Annual Net Profit Steamhouse Mar-2026 Annual Net Profit is Rs 39 Cr which is growth of 24.0% YoY.
SteamHouse India was incorporated on June 10, 2015. The company is an Indian industrial gas provider specializing in the generation and centralized distribution of gases like steam and nitrogen through a pipeline network. It pioneered the community boiler system in India, offering industrial customers a shared infrastructure alternative
| Bidding Dates |
|---|
| 09 Sep 2026 - 11 Sep 2026 |
| Subscription |
|---|
| 30.49x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,245 | 1 | 13 | 185 | 51.1 M | ₹77 - ₹81 | 77.96 % | ₹3,935.6 M - ₹4,140.0 M | RHP DOC |
Steamhouse IPO SUBSCRIPTION STATUS
11 Sep '26Total30.49x
Retail Individual Investor16.9x
HNI (NII) Investors44.3x
Qualified Institutional Buyers43.91x
Steamhouse IPO overall subscription rate was 30.49 times the total available shares
Steamhouse IPO retail subscription rate was 16.9 times in the retail segment
Steamhouse IPO non-institutional investor subscription rate was 44.3 times in the non-institutional investor category
Steamhouse IPO Qualified Institutional Bidder subscription rate was 43.91 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
11 Sep 2026 (Day 3) | 16.9x | 44.3x | 43.91x |
10 Sep 2026 (Day 2) | 2.63x | 2x | 1.62x |
09 Sep 2026 (Day 1) | 0.7x | 0.3x | 0x |
Steamhouse FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 491.5 | 38.6 | 100.5 | -29.5 | 17.0% |
| FY25 | 395.1 | 31.2 | 107.1 | 7.3 | 17.5% |
| FY24 | 291.7 | 27.2 | 21.0 | -64.3 | 23.5% |
Steamhouse IPO SUBSCRIPTION STATUS DETAILS
Steamhouse had 51.1 M shares on offer
Steamhouse IPO offer price was in the range ₹77 - ₹81
Steamhouse IPO minimum Investment was ₹14245
Steamhouse IPO issue size was ₹ 3,935.6 M - ₹ 4,140.0 M
Steamhouse had a minimum lot size of 185 Shares per application
Steamhouse NUMBER OF SHARES ON OFFER
Total51.1 M
Fresh Issue43.6 M
Offer for Sale7.5 M
Post Issue Promoter Holding %77.96 %
Steamhouse IPO IMPORTANT DATES
| Issue Open Date | 09 Sep 2026 |
| Issue close Date | 11 Sep 2026 |
| Allotment Date | 15 Sep 2026 |
| Refund Date | 16 Sep 2026 |
| Demat Account Credit Date | 16 Sep 2026 |
| Listing Date | 17 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Steamhouse Allotment Status | Exchange/ Registrar |
Steamhouse IPO subscription opened on 09 Sep 2026, and closed on 11 Sep 2026
IPO allotment for Steamhouse was finalized on Tuesday, 15 Sep 2026
IPO listing for Steamhouse was on NSE and BSE on Thursday, 17 Sep 2026
Steamhouse IPO LISTING GAINS
| Issue Price (adjusted) | 81.0 |
| Listing Open Price | 94.5 |
| Listing Close Price | 102.5 |
| Listing Gain% | 16.7% |
| Current Gain% | 57.9% |
Steamhouse Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Steamhouse India Ltd. | 127.9 | 3535.2 | 91.5 | 3.8 | 7.1 | 22.4 | 5.7 | 495 | 24.2 | 38.6 | 24 | 1.4 | 24 |
| Linde India Ltd. | 5996 | 51136.4 | 93.6 | 4.3 | 19.3 | 12.9 | 9.4 | 2548.9 | -0.2 | 549 | 20.7 | 64.1 | 21.9 |
| Ellenbarrie Industrial Gases Ltd. | 348.2 | 4906.7 | 40.7 | 1 | 13.8 | 10.9 | 8 | 391.6 | 12.4 | 104.4 | 25.3 | 8.6 | 40.6 |
| Refex Industries Ltd. | 254.4 | 3491.1 | 14.2 | 0.2 | 1.2 | 14.8 | 7.2 | 2302.1 | -8.6 | 203.4 | 28.1 | 17.9 | 63.3 |
| Hilltone Software & Gases Ltd. | 35.5 | 46.7 | -61 | 0.8 | 3.3 | 0.6 | 0.5 | 15.2 | 85.1 | 0.1 | 186.7 | -0.6 | -77.4 |
| National Oxygen Ltd. | 58.6 | 29.5 | 17.4 | 0.1 | 1.6 | -30.1 | 6.5 | 23.7 | -42 | 1.8 | 126.2 | 3.4 | 122.3 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Steamhouse annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | Mar '26 | Mar '25 | Mar '24 |
|---|---|---|---|---|
| 495 | 398.5 | 293.2 | ||
Operating Exp. Ann. | 408 | 325.8 | 223.3 | |
Operating Profit Ann. | 83.5 | 69.3 | 68.4 | |
OPM Ann. % | 16.87% | 17.40% | 23.33% | |
| 443.7 | 359.6 | 249.9 | ||
EBITDA Ann. | 87 | 72.8 | 69.9 | |
EBITDA Ann. margin % | 17.57% | 18.25% | 23.83% | |
Interest Ann. | 21.7 | 22.2 | 18.7 | |
Depr. | 14 | 11.6 | 7.9 | |
PBT Ann. | 51.2 | 39 | 43.3 | |
Tax Ann. | 12.6 | 7.8 | 16.1 | |
| 38.6 | 31.2 | 27.2 | ||
Net Profit Ann. | 38.6 | 31.2 | 27.2 | |
NPM Ann. % | 7.86% | 7.88% | 9.31% | |
EPS Adj. latest Ann. | 1.4 | 1.1 | 1 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
24.2%
2Y CAGR
29.9%
Net Profit Ann.
1Y CHG
23.7%
2Y CAGR
19.1%
Operating Exp. Ann.
1Y CHG
25.2%
2Y CAGR
35.2%
Steamhouse IPO Reports
Steamhouse INFORMATION ON IPO ISSUE
About Steamhouse
SteamHouse India was incorporated on June 10, 2015. The company is an Indian industrial gas provider specializing in the generation and centralized distribution of gases like steam and nitrogen through a pipeline network. It pioneered the community boiler system in India, offering industrial customers a shared infrastructure alternative
Object of the Issue
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the company
- Funding capital expenditure requirements for augmenting infrastructure development of the company towards capacity expansion of the Ankleshwar Facility (Phase 3) and capacity expansion of the Panoli Facility
- Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam in Dahej SEZ
- General corporate purposes
Steamhouse - PROMOTERS
| Name |
|---|
| Vishal Sanwarprasad Budhia |
| Ritu Budhia |
| VSB Business Trust |
| Budhia Business Trust |
| VB Business Trust |
Steamhouse - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Vishal Sanwarprasad Budhia | Chairman & Managing Director |
| Yadav Lalankumar Dayanand | Executive Director |
| Ramprakash B Sharma | Executive Director |
| Richa Manoj Goyal | Independent Director |
| Vinay Omprakash Sonthalia | Independent Director |
| Rathod Baldevsinh Yogendrasinh | Independent Director |
Steamhouse Book Running Lead Manager
Equirus Capital Private Limited
steam.ipo@equirus.com
Steamhouse Registrar to the Offer
KFin Technologies Limited
steamhouse.ipo@kfintech.com
Steamhouse Strengths
High barriers to entry for competitors
The company and its promoters pioneered India’s community boiler system and operate exclusive pipeline networks in industrial clusters, creating strong entry barriers for new competitors. Their expertise in low-loss industrial gas distribution is supported by advanced technologies such as SCADA, real-time monitoring, and drone-based mapping
Strength
Energy efficient solutions
The company specializes in generating and centrally distributing industrial gases like steam and nitrogen through a shared pipeline network, eliminating the need for individual customer infrastructure. This centralized model also supports sustainability by improving fuel use and reducing emissions
Strength
Eco-friendly solutions & sustainable development
The company aims to meet customers’ industrial gas needs through eco-friendly, sustainable solutions, with community boilers reducing pollution by centralizing operations and improving fuel efficiency. Its processes minimize SPM, SOx, NOx, and ash emissions through controlled coal handling, hydrated lime treatment, and optimized combustion
Strength
Steamhouse Risks
Demand for steam & industrial gas
The company’s performance depends on sustained demand for steam and industrial gases, and any decline could negatively impact its results and financial condition. Demand is driven largely by customers’ capital expenditure and the needs of gas-dependent industries
Risk
Licenses & approvals
The company depends on multiple permits and approvals to operate, and failure to obtain or renew them on time could harm its business and financial performance. Its operations are regulated by various authorities, requiring ongoing compliance and periodic renewal of licenses
Risk
Working capital intensive
The company has significant capital and working capital needs to operate and expand its steam generation facilities, and may require additional financing in the future. Capital expenditure has mainly been funded through internal accruals and borrowings, and any funding shortfall could affect its business and financial performance
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 61.0 crore, of 7,530,864 shares. It also consists of a fresh issue of Rs 353.0 crore.
The promoters of the company are Vishal Sanwarprasad Budhia, Ritu Budhia, VSB Business Trust, Budhia Business Trust and VB Business Trust.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 77.0 - 81.0.
The IPO application opens on Sep 09, 2026 and closes on Sep 11, 2026.
The minimum lot size for the IPO is 185. The maximum lot size for the IPO is 2405.
For all category investors, the minimum application amount for this IPO is Rs. 14,245.0, the maximum value for this IPO is Rs 194,805.0.
This IPO will be allotted on Sep 15, 2026.
The refund will be credited to your account on Sep 16, 2026.
The allotted shares will be credited to your demat on Sep 16, 2026.
SteamHouse India Ltd.’s shares listed on the stock exchanges on Sep 17, 2026.