Steamhouse India IPO GMP, Date, Price Band & Review

Steamhouse India IPO Details

The Steamhouse India IPO is a book-built mainboard issue of up to ₹425.00 crore, comprising a fresh issue of up to ₹345.00 crore and an offer for sale (OFS) of up to ₹80.00 crore by existing shareholders. Each share has a face value of ₹2.

The IPO is to be listed on both the BSE and NSE platforms. The price band is fixed at [ ] per share, and the market lot is [ ] equity shares. The minimum investment required by an individual investor is [ ] at the upper price band. The IPO window will be open for subscription from Wednesday, September 9, 2026 to Friday, September 11, 2026. The anchor investor bid date is Tuesday, September 8, 2026.

Equirus Capital Limited is the book-running lead manager and KFin Technologies Limited serves as the registrar of the issue.

Steamhouse India IPO Date & Timeline

Steamhouse India Limited filed its draft red herring prospectus (DRHP) with SEBI and the issue has now been priced and dated. The IPO will open on Wednesday, September 9, 2026 and it will close on Friday, September 11, 2026. The basis of allotment is expected to be finalised on Tuesday, September 15, 2026 and then refunds plus credit of allotted shares will be done to investors’ demat accounts by Wednesday, September 16, 2026. The listing date on BSE and NSE platforms is set for Thursday, September 17, 2026.

Steamhouse India IPO GMP

A “grey market premium”, or GMP, basically means the extra premium at which an IPO’s shares are traded informally before they’re officially listed on the stock exchange.

The Steamhouse India IPO GMP is currently trading at ₹18, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of 99, which is 22.22% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Steamhouse India Limited was incorporated in June 2015 and is headquartered in Surat, Gujarat. The company operates as an industrial gas solutions provider, specialising in the centralised generation and pipeline-based distribution of steam and nitrogen to industrial customers. A pioneer of the community boiler system in India since 2014, it offers an alternative to captive infrastructure by supplying industrial gases from shared generation facilities through an extensive pipeline network.

Operating primarily in key industrial hubs of Gujarat, including Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari, Steamhouse India owns, operates and maintains a pipeline network spanning over 56 km (as of November 2025) connecting its facilities to customers’ premises. As of November 15, 2025, the company operated seven boilers with a combined steam capacity of 345 tonnes per hour (TPH), translating to an annual capacity of approximately 2.19 million tonnes. The company started nitrogen production and supply on February 1, 2025, with its first project at the Ankleshwar facility, marking a strategic diversification beyond steam.

Operations & Product Range

Steamhouse India Limited specialises in centralised generation and distribution of industrial gases. Its major service categories comprise:

• Steam generation and distribution: From community boiler facilities, supplied through a pipeline network to industrial customers in chemicals, dyes, pharmaceuticals, textiles and other process industries.
• Nitrogen generation and distribution: Cryogenic and non-cryogenic nitrogen supplied via pipeline to industrial users, commenced in February 2025.
• Steam purchase and distribution: Supplementing own capacity through purchase arrangements to meet peak demand and support scalable growth with lower capital intensity.

As of September 30, 2025, the company’s workforce comprised 213 employees and it utilised the services of 292 contract labourers across its Ankleshwar, Nandesari, Sarigam, Vapi and Panoli locations. Steam generation and distribution remained the core business, contributing over 60% of revenue in FY2025, while nitrogen operations are in a nascent but strategically important phase.

Facilities & Capacity

Steamhouse India Limited operates seven community boiler facilities across Gujarat, with an aggregate installed steam capacity of 345 TPH (around 2.19 million tonnes per annum). The company’s extensive pipeline network, spanning over 56 km as of November 2025, connects its generation facilities to industrial customers in major GIDC clusters.

The proposed IPO proceeds will be used to expand capacity at Ankleshwar and Panoli, set up a new greenfield steam facility at Dahej SEZ and repay outstanding borrowings. This capacity expansion is expected to enhance steam supply volumes, improve operational efficiency and support the company’s plan to onboard additional industrial customers in existing and new clusters.

Brands & Market Presence

Steamhouse India Limited operates under the “Steamhouse India” brand as a centralised industrial steam and nitrogen solutions provider. The company works closely with large chemical, dye, pharmaceutical and process-industry players in Gujarat, many of them in export-oriented zones and SEZs.

Its business model is built on long-term supply contracts with industrial customers, with a strong presence in Gujarat’s chemical and industrial belts. The company’s focus on pipeline-based gas delivery, energy efficiency and eco-friendly fuels has helped it secure repeat business and expand its customer base across multiple industrial clusters.

Revenue Streams & Business Model

Steamhouse India Limited generates revenue primarily through:

• • Steam sales from its community boiler facilities to industrial customers.
• • Nitrogen sales from its Ankleshwar nitrogen plant and related projects.
• • Steam purchase and resale to supplement own generation during peak demand.

The business model is asset-heavy, relying on owned boiler plants, pipelines and related infrastructure to execute long-term supply contracts. Revenue grew from ₹291.71 crore in FY2024 to ₹395.1 crore in FY2025 and further to ₹491.51 crore in FY2026, indicating strong top-line expansion. Profitability has also improved, with PAT increasing from ₹27.19 crore to ₹31.16 crore and then to ₹38.64 crore over the same period.

Financial Performance

Steamhouse India Limited has shown strong growth in revenue and profit over the last four fiscal years. Total income increased from ₹316.64 crore in FY2023 to ₹291.71 crore in FY2024, then rose sharply to ₹395.1 crore in FY2025 and further to ₹491.51 crore in FY2026, while profit after tax (PAT) moved from ₹33.40 crore to ₹27.19 crore, ₹31.16 crore and ₹38.64 crore over the same period. On a margin basis, EBITDA margin stood at around 16.99% in FY2026, with PAT margin of 7.81%. Key valuation and profitability metrics for FY2026 include ROE of 22.36%, ROCE of 16.06%, debt-to-equity ratio of 1.57 and EPS of ₹1.71 (basic). At the upper end of the expected price band, the post-issue P/E will need to be compared with peers such as Linde India and Ellenbarrie Industrial Gases to assess valuation comfort.

Management & Shareholding

Steamhouse India Limited is promoted by Vishal Sanwarprasad Budhia, Ritu Budhia, V SB Business Trust, Budhia Business Trust and VB Business Trust. Before the IPO, the promoters and promoter group held around 98.69% of the pre-issue equity shareholding (223,013,075 shares out of 225,976,750 total), with the remaining held by other shareholders. After the IPO, the shareholding structure will see a dilution following the fresh issue and OFS, allowing the company to diversify its ownership base and attract public, institutional and retail investors while maintaining strong promoter control.

Board & Key Management

The Board of Directors of Steamhouse India Limited oversees corporate governance, strategic execution and risk management. The board includes experienced directors who bring expertise in industrial gases, engineering, finance and operations, ensuring compliance and strong financial oversight. The company secretary and compliance officer work closely with the board to maintain statutory standards and operational transparency. (Specific independent director names can be added once the RHP is fully parsed.)