Steamhouse India Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹77 - ₹81
- Lot size
- 185 shares
- Issue amount
- ₹414 cr
- Total subscription
- 32.07×
- Opens
- 9 Sept 2026
- Closes
- 11 Sept 2026
- Allotment
- 15 Sept 2026
- Listing
- 17 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 5,11,11,110 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹14,245
- Fresh issue
- ₹353 cr
- Offer for sale
- ₹61 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,985
- Issue type
- Bookbuilding IPO
- Shares before issue
- 23,28,26,065
- Shares after issue
- 27,64,06,311
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 185 | ₹14,985 |
| sHNI | 14 | 2,590 | ₹2,09,790 |
| bHNI | 67 | 12,395 | ₹10,03,995 |
Share reservation
Subscription & GMP
Subscription by category
Reported 11 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 96,697 | 15,84,690 |
| HNIs(10L +) | 1,973 | 17,427 |
| HNIs (2-10L) | 987 | 47,619 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 82.8 | 3,824.2 |
| RETAIL | 144.9 | 2,576.65 |
| HNIs 2+ | 20.7 | 1,021.1 |
| HNIs 10+ | 41.4 | 1,872.67 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 1.71 | 1.38 | 1.21 |
| ROE | 22.36 | 23.53 | 26.26 |
| ROCE | 16.06 | 17.2 | 20.24 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 48.8 | 0 | 0 |
| POST IPO(PE) | 57.86 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Linde India Limited | 99.17 | 6383.75 | 10.00 | 500.27 | 12.87 | 64.37 |
| Ellenbarrie Industrial Gases Limited | 42.74 | 322.25 | 2.00 | 69.33 | 10.68 | 7.54 |
| Steamhouse India Limited | 47.36 | 81.00 | 2 | 7.25 | 22.36 | 1.71 |
Company information
Company profile
Steamhouse India, incorporated in June 2015 and headquartered in Surat, is an industrial steam and gas supplier serving customers across major industrial clusters in Gujarat. The Company operates a dedicated pipeline network connecting its facilities directly with customers and, as of November 15, 2025, maintained 56,236 metres of pipeline with a combined steam capacity of 345 tonnes per hour, equivalent to approximately 2.19 million tonnes per annum. It has a presence in key industrial hubs including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari, where it sets up steam-generation facilities close to industrial customers and supplies steam through dedicated pipelines, offering an energy-efficient alternative to individual steam-generation systems. The Company also entered the industrial nitrogen market in February 2025, starting with its first project at Ankleshwar. Its customer base includes companies such as Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff and other industrial customers. As of September 30, 2025, Steamhouse India had 213 employees and 292 contract labourers across its operating locations.
Strengths
- Energy-Efficient Industrial Solution: Steamhouse supplies steam through a centralised generation and pipeline system, helping industries avoid the need to build and operate their own steam-generation facilities.
- High Entry Barriers: The business requires substantial investment in boilers, pipelines, land and other infrastructure. Setting up facilities near industrial clusters also makes it harder for new competitors to enter the market.
- Strategic Facility Locations: The company’s facilities are located close to major industrial clusters, allowing it to efficiently supply steam and industrial gases to nearby customers through its pipeline network.
Risk factors
- Limited Geographical Reach: Since steam and gases are supplied through dedicated pipelines, the company mainly serves customers located near its facilities. This can make expansion difficult as new facilities need suitable land close to industrial clusters.
- High Customer Concentration: The top 10 customers contributed 53.95% of revenue in FY25 and 52.83% in H1 FY26. Losing major customers or receiving fewer orders could significantly affect revenue and profitability.
- Dependence on Repeat Orders: A large portion of revenue comes from repeat orders, accounting for 96.64% in H1 FY26 and 88.01% in FY25. Any decline or discontinuation of repeat orders could negatively impact the company’s financial performance.
Promoters
Vishal Sanwarprasad Budhia
Ritu Budhia
V SB Business Trust
Budhia Business Trust
VB Business Trust
Registrar & documents
Lead manager
Equirus Capital Private Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Office No. 324, Second Floor, Four Point, V.I.P. Road, Vesu Surat, Gujarat, 395007
0261 2998109
[email protected]Company website ↗Understanding STEAMHOUSE IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.