Steamhouse India Limited is coming up with a Mainboard Book Built public issue comprising a fresh issue of equity shares and an Offer for Sale (OFS) by an existing promoter selling shareholder. The equity shares are proposed to be listed on both the BSE and NSE, with BSE designated as the stock exchange for the purpose of the offer.
The total offer size is up to ₹414 crore, comprising a fresh issue of up to ₹353 crore and an Offer for Sale of up to ₹61 crore. The RHP dated September 3, 2026, states that the price band and related post-offer shareholding details will be updated after finalisation of the Price Band.
Steamhouse India Limited is an Indian industrial gas company specialising in the generation and centralised distribution of industrial gases, primarily steam and nitrogen, through pipeline networks. The company and its promoters describe themselves as pioneers of the community boiler system in India, which was introduced in 2014. The company commenced nitrogen production and supply on February 1, 2025.
The company’s community industrial gas generation and distribution model provides industrial customers with an alternative to maintaining individual steam-generation infrastructure. Steamhouse India serves customers across industries including pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers and paints.
The industrial gases market in India offers growth opportunities as industrial customers seek reliable utility infrastructure and energy-efficient solutions. According to the F&S Report cited in the RHP, India’s total process steam demand was approximately 203,472 TPH in Fiscal 2026 and is projected to grow at a CAGR of 9.4% from Fiscal 2026 to Fiscal 2031.
Investors should nevertheless carefully evaluate the company’s customer concentration, dependence on coal for steam production, supplier concentration, regulatory approvals, related-party transactions, debt levels and project-execution risks before making an investment decision.
Table of Contents
Steamhouse India IPO Details Information
| IPO Details | Information |
|---|---|
| IPO Name | Steamhouse India IPO |
| Company Name | Steamhouse India Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹2 Per Equity Share |
| Price Band | ₹77 to ₹81 Per Share |
| Issue Size | ₹414.00 Crore |
| Fresh Issue | ₹353.00 Crore |
| Offer for Sale | ₹61.00 Crore |
| IPO Open Date | 9 September 2026 |
| IPO Close Date | 11 September 2026 |
| Anchor Investor Bidding | 8 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Refund Initiation | 16 September 2026 |
| Shares Credited to Demat Account | 16 September 2026 |
| Listing Date | 17 September 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 185 Shares |
| Minimum Investment | ₹14,985 |
| Registrar | KFin Technologies Limited |
| Book Running Lead Manager | Equirus Capital Limited |
The RHP confirms that the fresh issue is up to ₹3,530 million and the Offer for Sale is up to ₹610 million, taking the total offer size to up to ₹4,140 million. The face value of each equity share is ₹2.
The company had also undertaken a pre-IPO placement aggregating to ₹499.99 million before filing the RHP. The amount raised through the pre-IPO placement was reduced from the fresh issue size, subject to applicable regulatory requirements.
Steamhouse India IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 8 September 2026 |
| IPO Opening Date | 9 September 2026 |
| IPO Closing Date | 11 September 2026 |
| Basis of Allotment | 15 September 2026 |
| Refund Initiation | 16 September 2026 |
| Shares Credited to Demat Account | 16 September 2026 |
| Listing Date | 17 September 2026 |
The RHP specifies September 8, 2026 as the Anchor Investor Bidding Date, September 9 as the Bid/Offer Opening Date and September 11 as the Bid/Offer Closing Date. The proposed listing is on BSE and NSE.
Steamhouse India IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The applicable allocation among QIBs, NIIs and retail investors will depend on the final offer structure and valid bids received during the IPO. Current IPO information reports the reservation structure as up to 50% for QIBs, at least 15% for NIIs and at least 35% for retail investors.
Steamhouse India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 185 | ₹14,985 |
| Retail Maximum | 13 | 2,405 | ₹1,94,805 |
| S-HNI Minimum | 14 | 2,590 | ₹2,09,790 |
| B-HNI Minimum | 68 | 12,580 | ₹10,18,980 |
The RHP dated September 3, 2026 had not yet specified the final price band or lot size. Accordingly, the minimum application amount and category-wise application values should be updated after the company finalises the Price Band and related offer details.
About Steamhouse India Limited
Steamhouse India Limited is an Indian company engaged in the generation and centralised distribution of industrial gases, including steam and nitrogen, through its pipeline network.
The company and its promoters introduced the community boiler system in India in 2014. Under this model, industrial customers can receive steam through a centralised generation and pipeline distribution system rather than maintaining individual steam-generation infrastructure at their own facilities.
Steamhouse India commenced nitrogen production and supply on February 1, 2025. Its first nitrogen supply project through a pipeline network was commissioned at its Ankleshwar facility. The company reported ₹5.77 million of revenue from nitrogen operations in Fiscal 2026 compared with ₹0.90 million in Fiscal 2025.
The company operates in Gujarat and serves industrial customers across pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers, paints and other industries. Its business is classified as a single reporting segment involving generation and centralised distribution of industrial gases.
Business Operations
Steamhouse India Limited operates a community industrial gas generation and distribution business focused primarily on steam and, more recently, nitrogen.
• Steam Generation – The company generates steam through community boiler facilities and supplies it to industrial customers.
• Centralised Pipeline Distribution – Steam and other industrial gases are supplied through pipeline networks to customers located close to the company’s facilities.
• Nitrogen Supply – The company commenced nitrogen production and supply in February 2025 and operates a nitrogen pipeline distribution facility at Ankleshwar.
• Community Boiler System – The company’s model allows multiple industrial customers to receive centrally generated steam instead of maintaining separate steam-generation infrastructure.
• Industrial Customer Solutions – The company provides industrial utility solutions to customers across pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers and paints.
• Steam Purchase and Distribution – The company also has activities involving purchase and redistribution of steam through its network.
The company’s RHP states that it currently operates seven community steam boilers in Gujarat, comprising six owned and one leased facilities.
Industry Overview
India’s industrial sector requires reliable supplies of process steam and other industrial gases for manufacturing operations. Centralised generation and pipeline distribution can provide an alternative to individual utility infrastructure for industrial customers located close to generation facilities.
According to the F&S Report cited in the RHP, India’s total process steam demand was approximately 203,472 TPH in Fiscal 2026 and is projected to grow at a CAGR of 9.4% between Fiscal 2026 and Fiscal 2031. Based on an average steam cost of ₹2 to ₹2.50 per kg, the RHP cites an estimated addressable market potential of approximately ₹3,66,250 crore for the Steam-as-a-Service model in India for Fiscal 2026.
The sector can benefit from industrial expansion and increasing adoption of centralised utility solutions. However, companies in this business remain exposed to energy costs, availability of fuel, environmental regulations, customer concentration, location requirements and capital expenditure.
Steamhouse India’s operations are currently concentrated in Gujarat, and its facilities need to be located close to industrial clusters because pipeline-based distribution is dependent on geographical proximity to customers.
Business Strategy
Steamhouse India Limited’s strategy focuses on expanding its industrial gas generation and distribution capacity, diversifying its product offerings and improving operational efficiency.
The company intends to establish new facilities in and outside Gujarat while continuing to diversify its business offerings. It also aims to focus on operational efficiency and reduction of operating expenses, improve its debt profile and reduce its carbon footprint.
The company is also expanding its capacity through projects at Ankleshwar and Panoli and proposes to establish a new steam-generation facility at Dahej GIDC. These expansion projects form part of the objects of the fresh issue.
The company’s operating model is based on locating facilities near industrial clusters where customers require steam and other gases. This creates an opportunity for regional expansion but also means that suitable land and customer density are important to the success of new facilities.
Steamhouse India IPO Financial Information
A company’s financial performance provides important information about its revenue growth, profitability, net worth, borrowings and operating efficiency. Reviewing the company’s financial performance over multiple years can help investors understand its business trajectory and capital requirements.
Steamhouse India Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹291.71 Crore | ₹395.11 Crore | ₹491.51 Crore |
| EBITDA | ₹68.41 Crore | ₹69.32 Crore | ₹83.49 Crore |
| Profit After Tax (PAT) | ₹27.19 Crore | ₹31.16 Crore | ₹38.64 Crore |
| Net Worth | ₹102.71 Crore | ₹131.00 Crore | ₹163.76 Crore |
| Total Borrowings | ₹202.71 Crore | ₹222.95 Crore | ₹281.62 Crore |
| NAV Per Share | ₹4.55 | ₹5.80 | ₹7.25 |
The restated consolidated financial information in the RHP shows revenue from operations increasing from ₹2,917.10 million in Fiscal 2024 to ₹3,951.06 million in Fiscal 2025 and ₹4,915.11 million in Fiscal 2026. Profit after tax increased from ₹271.86 million to ₹311.61 million and ₹386.39 million over the same period.
Net worth increased from ₹1,027.09 million in Fiscal 2024 to ₹1,637.58 million in Fiscal 2026. Total borrowings also increased from ₹2,027.06 million to ₹2,816.22 million during the same period.
Steamhouse India IPO Key Performance Indicators (KPIs)
Key Performance Indicators provide additional information about the company’s profitability, capital efficiency, leverage and operating performance.
| KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations Growth | 24.40% | 35.44% | NA |
| EBITDA Margin | 16.99% | 17.54% | 23.45% |
| PAT Margin | 7.81% | 7.82% | 9.27% |
| Return on Equity (ROE) | 22.36% | 23.53% | 26.26% |
| Return on Capital Employed (ROCE) | 16.06% | 17.20% | 20.24% |
| Net Debt to Equity | 1.57x | 1.63x | 1.77x |
| Distribution Capacity of Industrial Gases Sold | 2,569,784.16 Tons | 2,110,059.98 Tons | 1,916,644.58 Tons |
| Volume of Industrial Gases Sold | 1,066,772.97 Tons | 961,857.87 Tons | 821,801.41 Tons |
| Capacity Utilization | 41.51% | 45.58% | 42.88% |
The RHP reports revenue growth of 24.40% in Fiscal 2026 compared with 35.44% in Fiscal 2025. EBITDA increased to ₹834.89 million in Fiscal 2026, while PAT reached ₹386.39 million.
The operating KPIs show that the company’s volume of industrial gases sold increased from 821,801.41 tons in Fiscal 2024 to 1,066,772.97 tons in Fiscal 2026. Capacity utilisation, however, was 41.51% in Fiscal 2026 compared with 45.58% in Fiscal 2025.
Objects of the Steamhouse India IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
• Repayment or prepayment of all or a portion of certain outstanding borrowings availed by the company – ₹180.00 crore.
• Funding capital expenditure for augmenting infrastructure development towards capacity expansion of the Ankleshwar Facility (Phase 3) – approximately ₹37.98 crore.
• Funding capital expenditure towards capacity expansion of the Panoli Facility (Phase 2) – approximately ₹37.98 crore.
• Funding capital expenditure towards setting up a new manufacturing facility for generation of steam at Dahej GIDC (Phase 2) – approximately ₹38.17 crore.
• General corporate purposes.
The RHP states that the estimated amounts for the specified capital expenditure projects total ₹759.53 million, comprising approximately ₹320.91 million in Fiscal 2027 and ₹438.62 million in Fiscal 2028. The Dahej Phase 2 project is expected to have additional deployment in Fiscal 2029.
The RHP also states that the general corporate purposes portion will not exceed 25% of the gross proceeds in accordance with the SEBI ICDR Regulations.
Steamhouse India IPO Listing Performance
The listing performance will be updated after the equity shares begin trading on the stock exchanges.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 17 September 2026 |
| Issue Price | ₹81 |
| Final Issue Price | ₹81 |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
As of September 4, 2026, the IPO has not yet opened and no listing price or listing gain can be known. The RHP proposes listing on BSE and NSE, with BSE designated as the Designated Stock Exchange.
Steamhouse India IPO Subscription Status
The subscription figures will be updated after the IPO opens for bidding.
Steamhouse India IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | 0.70x |
| Retail Individual Investors (RII) | 1.30x |
| Total Subscription | 0.80x |
The IPO is scheduled to open on September 9, 2026 and close on September 11, 2026. Therefore, category-wise subscription figures are not yet available as of September 4, 2026.
Steamhouse India IPO Review
Steamhouse India Limited operates a specialised industrial utility business focused on centralised generation and distribution of steam and other industrial gases. Its community boiler model provides industrial customers with an alternative to maintaining individual steam-generation infrastructure. The company has been operating this model since 2014.
One of the company’s notable strengths is its established customer base across several industrial sectors. Its customers include businesses in pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers and paints. The company reported that its top 10 customers contributed 47.87% of revenue from operations in Fiscal 2026, while repeat orders contributed 90.72% of revenue from operations.
Financially, revenue from operations increased from ₹291.71 crore in Fiscal 2024 to ₹491.51 crore in Fiscal 2026, while PAT increased from ₹27.19 crore to ₹38.64 crore. Net worth also increased during this period.
The company is expanding its infrastructure through planned capacity additions at Ankleshwar and Panoli and a proposed Dahej Phase 2 steam-generation facility. The fresh issue is also intended to reduce borrowings through repayment or prepayment of ₹180 crore of outstanding debt.
However, the company has several material risks. Its operations depend on locating facilities close to industrial customers, and its top 10 customers accounted for 47.87% of revenue in Fiscal 2026. The company also relies significantly on coal for steam production, with coal purchases accounting for 77.29% of total purchases in Fiscal 2026.
The RHP additionally discloses risks relating to related-party transactions, supplier concentration, regulatory approvals and past instances involving certain Gujarat Pollution Control Board approvals. Investors should read the complete Risk Factors section of the RHP before making an investment decision.
Overall, Steamhouse India operates in a specialised industrial utility segment with expansion opportunities, but investors should evaluate its customer concentration, fuel dependence, debt position, capacity utilisation, regulatory compliance and valuation carefully before considering the IPO.
Steamhouse India IPO Strengths
• Established community industrial gas generation and distribution model introduced in India in 2014.
• Specialised presence in the generation and centralised distribution of steam and industrial gases.
• Diversified customer base across pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers and paints.
• Expansion into nitrogen supply through a pipeline-based distribution model.
• Strategic facilities located in major industrial clusters in Gujarat.
• Revenue from operations increased from ₹291.71 crore in FY2024 to ₹491.51 crore in FY2026.
• PAT increased from ₹27.19 crore in FY2024 to ₹38.64 crore in FY2026.
• Planned capacity expansion at Ankleshwar, Panoli and Dahej.
• Experienced promoters and senior management with industry knowledge.
Steamhouse India IPO Risk Factors
• The company’s operations are limited to customers located in close proximity to its facilities, making suitable land and customer location important to future expansion.
• The top 10 customers contributed 47.87% of revenue from operations in Fiscal 2026.
• Repeat orders contributed 90.72% of revenue from operations in Fiscal 2026, creating dependence on continued purchases by existing customers.
• Coal purchases accounted for 77.29% of the company’s total purchases in Fiscal 2026, exposing profitability to coal availability and costs.
• The company has entered into related-party transactions with Group Companies.
• The top 10 suppliers accounted for 81.71% of overall purchases in Fiscal 2026.
• The company’s business depends on continued demand for steam and industrial gases.
• The RHP discloses past instances involving certain material approvals of the Gujarat Pollution Control Board.
• The company requires various permits, licences and approvals for its operations.
• The Pirana facility has experienced construction delays and may be subject to royalty payments and potential contractual consequences.
Investors should read the complete Risk Factors section of the RHP before investing.
Steamhouse India IPO Promoters
The promoters of Steamhouse India Limited are Vishal Sanwarprasad Budhia, Ritu Budhia, VSB Business Trust, Budhia Business Trust and VB Business Trust.
Vishal Sanwarprasad Budhia is also the Promoter Selling Shareholder for the Offer for Sale portion. The RHP specifies that up to ₹61 crore of equity shares are being offered by him under the OFS.
Steamhouse India IPO Promoters Details
| Promoter | Status |
|---|---|
| Vishal Sanwarprasad Budhia | Promoter; Chairman and Managing Director; Promoter Selling Shareholder |
| Ritu Budhia | Promoter |
| VSB Business Trust | Promoter |
| Budhia Business Trust | Promoter |
| VB Business Trust | Promoter |
As per the RHP, the promoters collectively held 221,160,725 equity shares, representing 94.99% of the pre-Offer paid-up equity share capital.
Steamhouse India IPO Management Team
Steamhouse India Limited is led by a management team with experience in management, industrial operations, finance and corporate administration.
| Name | Designation |
|---|---|
| Vishal Sanwarprasad Budhia | Chairman and 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 |
| Vaibhav Gattani | Chief Financial Officer |
| Shyam Bhadresh Kapadia | Company Secretary and Compliance Officer |
The Board and Key Managerial Personnel listed above are identified in the company’s RHP.
Steamhouse India IPO Registrar Details
The registrar to the Steamhouse India IPO is KFin Technologies Limited.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | www.kfintech.com |
| IPO Allotment Status | KFin Technologies IPO allotment portal |
| Email ID | [email protected] |
| Contact Number | +91 40 671 62222 |
The RHP identifies KFin Technologies Limited as the Registrar to the Offer and provides the IPO contact email and telephone details.
Steamhouse India IPO Lead Manager Details
The Book Running Lead Manager for the Steamhouse India IPO is Equirus Capital Limited.
| Particular | Details |
|---|---|
| Lead Manager | Equirus Capital Limited |
| Contact Persons | Mrunal Jadhav / Rahul Wadekar |
| Telephone | +91 22 4332 0734 |
| [email protected] |
Equirus Capital Limited is identified as the Book Running Lead Manager in the RHP.
Steamhouse India Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Steamhouse India Limited |
| Registered and Corporate Office | Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu, Surat – 395007, Gujarat, India |
| Website | https://steamhouse.in/ |
| Email ID | [email protected] |
| Telephone | +91 261 2998109 |
The registered and corporate office, compliance contact details and official website are stated in the company’s September 3, 2026 Abridged Prospectus/RHP documentation.
How to Check Steamhouse India IPO Allotment Status
Investors can check the Steamhouse India IPO allotment status after the basis of allotment is finalised through the registrar’s website or the relevant stock-exchange facility.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Steamhouse India IPO from the available IPO list.
- Choose the applicable option such as PAN, application number or DP/Client ID.
- Enter the required details.
- Complete the verification process, if required.
- Submit the information to view the allotment status.
Through BSE
- Visit the BSE IPO facility.
- Select Steamhouse India IPO from the available IPO list.
- Enter the required PAN or application details.
- Complete the verification process, if required.
- Submit the details to view the allotment result.
The currently stated IPO timetable provides for the basis of allotment on September 15, 2026, refund initiation on September 16, 2026, and proposed listing on September 17, 2026.
Steamhouse India IPO Conclusion
Steamhouse India IPO provides investors with an opportunity to participate in the public offering of a specialised industrial utility company engaged in the generation and centralised distribution of steam and other industrial gases.
The company has developed a community boiler and pipeline-based distribution model serving industrial customers across several sectors. It has also expanded into nitrogen supply and plans further capacity expansion at Ankleshwar, Panoli and Dahej.
The company’s revenue from operations increased from ₹291.71 crore in FY2024 to ₹491.51 crore in FY2026, while PAT increased from ₹27.19 crore to ₹38.64 crore. Its net worth also increased over the same period.
At the same time, investors should carefully assess the company’s customer and supplier concentration, dependence on coal, regulatory and environmental compliance, borrowings, capacity utilisation, related-party transactions and execution risks.
The final assessment of the IPO should also consider the price band and valuation once officially announced. As of September 4, 2026, the RHP had not yet disclosed the final price band or lot size, so these figures should be added only after the company makes the relevant announcement.
Steamhouse India IPO FAQs
What is Steamhouse India IPO?
Steamhouse India IPO is the Mainboard Book Built public issue of Steamhouse India Limited. The IPO comprises a fresh issue of up to ₹353 crore and an Offer for Sale of up to ₹61 crore, with the equity shares proposed to be listed on BSE and NSE.
What is the price band of Steamhouse India IPO?
The price band of Steamhouse India IPO had not been finalised in the RHP dated September 3, 2026. The price band is expected to be updated after finalisation by the company in consultation with the Book Running Lead Manager.
What is the issue size of Steamhouse India IPO?
The total issue size of Steamhouse India IPO is up to ₹414 crore, comprising a fresh issue of up to ₹353 crore and an Offer for Sale of up to ₹61 crore.
When will the Steamhouse India IPO open?
The Steamhouse India IPO is scheduled to open for subscription on September 9, 2026.
When will the Steamhouse India IPO close?
The IPO is scheduled to close on September 11, 2026.
On which stock exchanges will Steamhouse India shares be listed?
Steamhouse India equity shares are proposed to be listed on BSE and NSE, with BSE designated as the Designated Stock Exchange for the offer.
Who is the registrar for the Steamhouse India IPO?
KFin Technologies Limited is the Registrar to the Steamhouse India IPO.
What is the face value of Steamhouse India IPO shares?
The face value of each equity share of Steamhouse India Limited is ₹2.
What does Steamhouse India Limited do?
Steamhouse India Limited specialises in the generation and centralised distribution of industrial gases, including steam and nitrogen, through pipeline networks. It serves industrial customers across pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers and paints.
What are the objects of the Steamhouse India IPO?
The fresh issue proceeds are proposed to be used for repayment or prepayment of certain borrowings, capacity expansion at the Ankleshwar and Panoli facilities, setting up a new steam-generation facility at Dahej GIDC Phase 2, and general corporate purposes.
