Steamhouse India IPO
STEAMHOUSE · BSE, NSE · Mainboard · Industrial Gases & Fuels
Overview
Updated 12 days agoSteamhouse India Limited specializes in the generation and centralized distribution of industrial gases, primarily steam, through an extensive pipeline network. The company operates community boiler systems that provide energy-efficient solutions to industrial clusters in Gujarat.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 185 | ₹14,985 |
| Retail (max) | 13 | 2,405 | ₹1,94,805 |
| sNII (min) | 14 | 2,590 | ₹2,09,790 |
| bNII (min) | 67 | 12,395 | ₹10,03,995 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | Industrial Gases & Fuels |
| Price band | ₹77–81 |
| Final issue price | ₹81.00 |
| Face value | ₹2 per share |
| Lot size | 185 shares |
| Minimum investment | ₹14,985 |
| Issue size | ₹414 Cr |
| Fresh issue | ₹353 Cr |
| Offer for sale | ₹61.00 Cr |
| P/E at upper band | 47.4x |
| Registrar | KFin Technologies Limited |
| NSE symbol | STEAMHOUSE |
| ISIN | INE0FRO01022 |
Fresh issue vs offer for sale
Company & business
Steamhouse India Limited is an Indian company focused on the generation and centralized distribution of industrial gases, including steam and nitrogen, through a dedicated pipeline network. By providing community-based industrial gas generation, the company offers an alternative to individual captive boiler infrastructure, helping industrial customers achieve operational efficiency. The company operates seven community steam boilers and one nitrogen generation facility, primarily serving sectors such as pharmaceuticals, chemicals, textiles, and agro-chemicals. With a focus on sustainable development, Steamhouse utilizes eco-friendly fuel handling and distribution methods to reduce emissions and improve safety compared to traditional cylinder-based delivery systems. The company is led by experienced management with deep expertise in industrial infrastructure and environmental compliance.
Objects of the issue — how the money will be used
- Repayment or prepayment of all or a portion of certain outstanding borrowings (₹180 Cr)
- Funding capital expenditure for infrastructure development (Ankleshwar Phase 3 and Panoli Phase 2) (₹75.95 Cr)
- Funding capital expenditure for setting up a new steam manufacturing facility at Dahej GIDC (Phase 2) (₹38.17 Cr)
- General corporate purposes
Key strengths
- Leading market position in community industrial gas generation
- High barriers to entry due to exclusive pipeline networks
- Strategically located facilities near major industrial clusters
- Marquee customer base across diverse industrial sectors
- Track record of eco-friendly and sustainable operations
- Experienced promoters and senior management team
Key risks
- High customer concentration with top 10 customers
- Substantial dependence on coal availability and price fluctuations
- Significant related party transactions with group companies
- Reliance on top 10 suppliers for raw material requirements
- History of non-compliance with environmental regulatory approvals
- Potential liabilities and delays related to the Pirana facility project
- Exposure to currency exchange rate fluctuations
Promoters
Vishal Sanwarprasad Budhia
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 291.71 | -- | 27.19 | 422.31 | 102.71 | 202.71 |
| FY25 | 395.11 | -- | 31.16 | 543.67 | 131.00 | 222.95 |
| FY26 | 491.51 | -- | 38.64 | 679.45 | 163.76 | 281.62 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Steamhouse India this issue | 491.5 | 1.71 | 47.4x | 23.60 | 7.25 |
| Linde India Limited | 2,530.6 | 64.37 | 99.2 | 12.87 | 500.27 |
| Ellenbarrie Industrial Gases Limited | 341.6 | 7.54 | 42.7 | 10.68 | 69.33 |
This issue is priced at 47.4x P/E against a peer median of 71.0x: a discount of 33%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.