Steamhouse India IPO Analysis & Review

Quick Answers

What is the Steamhouse India IPO GMP today? The Steamhouse India IPO GMP is ₹0 as of 8/9/2026, 5:17:06 am. The IPO price band is ₹77 - ₹81. GMP represents an unofficial grey-market indication and does not guarantee the listing price.

When does Steamhouse India IPO open? The Steamhouse India IPO opens on 2026-09-09 and closes on 2026-09-11.

What is the Steamhouse India IPO subscription status? The overall subscription is 0x.

Key IPO Information

ViewIPO AI Analysis Score

The Steamhouse India IPO scored 56/100 (High Risk) in our deep analysis.

Frequently Asked Questions

What is the core business of Steamhouse India Ltd?

Steamhouse India Ltd generates and distributes industrial steam and nitrogen through community boiler systems and pipeline infrastructure to industrial manufacturing clusters in Gujarat.

What is the price band and issue size of the Steamhouse India IPO?

The IPO issue size is ₹414 crore with a price band set between ₹77 and ₹81 per equity share.

What are the key objects of the Steamhouse India IPO issue?

Net proceeds will be used for repayment/prepayment of outstanding borrowings (₹180 crore), infrastructure development capex (₹75.95 crore), capacity expansions at Ankleshwar and Panoli (₹37.98 crore each), setup of Dahej GIDC Phase 2 facility (₹38.17 crore), and general corporate purposes.

Where are Steamhouse India's boiler facilities located?

The company operates seven community steam boilers in Gujarat across Vapi, Ankleshwar, Sarigam, Nandesari, and Panoli, with an aggregate installed steam capacity of 345 TPH.

How much revenue does Steamhouse India generate from related parties?

In FY26, related-party transactions stood at ₹365.14 crore, with Group Companies representing ₹362.46 crore or 73.74% of revenue from operations.

What are the key customer concentration details for Steamhouse India?

Top 10 customers contributed 47.87% (₹235.29 crore) of FY26 revenues, while repeat customers accounted for 90.72% of operational revenues in FY26.

What are the important subscription and listing dates for Steamhouse India IPO?

The IPO opens on September 9, 2026, closes on September 11, 2026, with allotment on September 15, 2026, and tentative listing on September 17, 2026.

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Home›India›Steamhouse India ()
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Steamhouse IndiaNSE / BSE:

Analyzed by ViewIPO Financial Research Team
Utilities & Industrial EnergyIndiaFiled 2026-09-09Listing 2026-09-17Size ₹414.17Cr
Lot Size 185
Live GMP
₹0 (0%)
Check Allotment
Status Link

Is Steamhouse India IPO Good? Quick Verdict

Steamhouse India IPO scored 56/100 (High Risk) in our deep analysis. The strongest pillar is Dilution at 60/100, while Valuation is the primary concern at 50/100. Steamhouse India demonstrates strong revenue growth in community steam generation but carries notable operational and financial risks related to high related-party dependence, supplier concentration, and historical project cost overruns.

IPO Score
56/100
High Risk

Quick Verdict

Pioneer of community boiler systems in India with an extensive 60,151-meter pipeline network creating high entry barriers.
High revenue predictability with repeat customers generating 90.72% of operational revenue in FY26.
Significant related-party transactions representing 73.74% of revenue from operations in FY26.
High supplier concentration with top 10 suppliers supplying 81.71% of total purchases in FY26.
History of project delay cost overruns and regulatory non-compliance with the Gujarat Pollution Control Board.

Company Snapshot

Revenue (TTM)
₹492Cr↑ 24.56% YoY
Profitability
—Pending Data
Gross Margin
— 
Market Cap
—Pending Data
IPO Size
₹414.17Cr 
Industry
Utilities & Industrial Energy 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
60
Moderate
Financial
60
Moderate
Valuation
50
Expensive
Competition
50
Expensive
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Steamhouse India Ltd is an Indian industrial energy and gas provider operating community boiler systems and industrial steam networks across Gujarat. Founded in 2015 and led by MD Vishal Sanwarprasad Budhia, the company delivers steam and nitrogen through a 60,151-meter pipeline network to over 200 customers across pharma, chemical, and textile sectors. The company is seeking to raise ₹414 crore via an IPO, primarily to repay ₹180 crore in debt and finance various facility expansions. Prospective investors should evaluate key risks, including heavy reliance on related-party transactions, high supplier concentration in coal procurement, and geographical exposure in Gujarat.

Overall Verdict: Steamhouse India demonstrates strong revenue growth in community steam generation but carries notable operational and financial risks related to high related-party dependence, supplier concentration, and historical project cost overruns.

Key Highlights

  • •Operates seven community steam boilers in Gujarat with an aggregate installed capacity of 345 TPH as of July 31, 2026.
  • •Annual revenue grew from ₹292 crore in FY24 to ₹395 crore in FY25 and ₹492 crore in FY26.
  • •Customer base expanded from 125 in FY24 to 202 in FY26 across 8+ industrial sectors.
  • •Total outstanding debt stood at ₹400.30 crore as of July 31, 2026, with ₹180 crore of IPO proceeds designated for debt repayment.
  • •Commenced green energy operations at its Vapi waste-to-energy facility utilizing RDF, plastic waste, and textile waste.
  • •Top 10 customers accounted for 47.87% of operational revenue in FY26, down from 59.79% in FY24.

Financial Performance

Revenue (Annual)

↑ +24.6% YoY

INR in Crores

Net Income (Annual)

Profitability

INR in Crores

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT
Data not reported in RHP

IPO Timeline

IPO Opens2026-09-09
IPO Closes2026-09-11
Basis of Allotment2026-09-15
Refunds & Demat2026-09-13
Listing Date2026-09-17

Valuation Analysis

IPO Price₹77 - ₹81
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

IPO DNA

Growth
55
Governance
60
Profitability
60
Valuation
50
Competition
50
Execution
60

Pros vs Cons

Pros

  • First-mover advantage in community steam distribution with established pipeline networks in key Gujarat industrial clusters.
  • High revenue stability driven by 90.72% repeat customer revenues in FY26.
  • Diversified end-user portfolio across pharmaceuticals, textiles, chemicals, agrochemicals, and paints.
  • In-house waste-to-energy capabilities operationalized at Vapi using plastic and textile waste.

Cons

  • Heavy reliance on related-party transactions, which comprised 73.74% of revenue from operations in FY26.
  • High vendor concentration with top 10 suppliers providing 81.71% of total purchases in FY26.
  • Vulnerability to coal price fluctuations and foreign exchange shifts due to imported coal dependence without hedging.
  • Significant history of project delays and budget overruns across multiple expansion projects.
  • Geographic clustering risk with operational boilers and gas facilities entirely located in Gujarat.

Financial Health

Revenue Growth
29.8% CAGR (FY24-FY26) (Excellent)
Debt Level
₹400.30 Cr total debt (Weak)
Cash & Equivalents
Negative working capital of ₹42.49 Cr in FY26 (Weak)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
None
Strategic Partners
Tier 2

Steamhouse India IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Steamhouse India IPO — Frequently Asked Questions

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IPO Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
View Full Glossary

Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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Frequently Asked Questions about Steamhouse India

What is the expected listing price of Steamhouse India?

The expected listing price depends on the live Grey Market Premium. Check the live GMP and expected listing price for Steamhouse India on our Live GMP Tracker.