Steamhouse India
What they do: The company operates in the manufacturing sector, focusing on producing and selling goods. It has shown consistent revenue growth and profitability, indicating an effective business model.
By IPO Milega Research · Published · Updated
Analysis score 6.6 +1 for 46.19x QIB subscription
Steamhouse India Limited shows a strong financial performance with consistent revenue and profit growth over the past three years.
- Listing gain
- +16.67%
- Listed at ₹94.5
- Subscribed
- 32.07x
- Total
- Retail odds
- 5.6%
- 1 in 18
GMP is an unofficial grey market indication. GMP updated 17 Sept, 20:49 IST.
- Price band
- ₹77-81
- Lot size
- 185 shares
- Min. investment
- ₹14,985
- Issue size
- 414 Cr.
- Open9 Sept 2026
- Close11 Sept 2026
- Allotment15 Sept 2026
- Listing17 Sept 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 46.19x
- NII
- 46.6x
- Retail
- 17.78x
₹97 (+19.75%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹353 Cr
- Fresh issue
- To selling shareholders
- ₹61 Cr
- Offer for sale
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by Company₹180 Cr51%
- Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Ankleshwar Facility (Phase 3)₹37.98 Cr11%
- Funding capital expenditure requirements for augmenting infrastructure development of the Company towards capacity expansion of the Panoli Facility (Phase 2)₹37.98 Cr11%
- Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at Dahej SEZ₹38.17 Cr11%
- General Corporate PurposesNot stated
- Offer for sale: goes to selling shareholders₹61 Cr17%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance7.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The Grey Market Premium (GMP) of 99, representing a 22.22% premium, suggests strong investor interest and potential gains upon listing. This is supported by the company's consistent revenue growth, strategic market positioning, and adaptability in the industrial gases sector.
Strengths3
- Successful implementation of SCADA systems for advanced monitoring.
- Commencement of nitrogen production in February 2025.
- Revenue growth from ₹3,951.06 million to ₹4,915.11 million in one year.
Concerns5
- High customer concentration with top ten customers contributing 47.87% of revenue.
- Significant reliance on coal purchases, accounting for 77.29% of total purchases.
- Delays and cost overruns in major projects like Jhagadia and Vapi Phase 3.
- High employee attrition rate of 34.29% in Fiscal 2026.
- Potential penalties for project delays.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9851 lots, 185 shares
- Retail Maximum1,94,80513 lots, 2,405 shares
- S-HNI Minimum2,09,79014 lots, 2,590 shares
- S-HNI Maximum9,89,01066 lots, 12,210 shares
- B-HNI Minimum10,03,99567 lots, 12,395 shares
| Application | Lot size | 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 |
| S-HNI Maximum | 66 | 12,210 | 9,89,010 |
| B-HNI Minimum | 67 | 12,395 | 10,03,995 |
Timing
7.0/10The market timing for Steamhouse India's IPO appears favorable. The company is leveraging the IPO to potentially strengthen its financial position by addressing its contingent liabilities and capital commitments. The timing is strategic as it aligns with the company's need for capital to manage its financial obligations and expand its operations. However, the complexity of related party transactions could pose a risk if not managed properly.
- Time to market
- The IPO is well-timed to capitalize on the company's need for capital to manage its financial obligations and expand its operations. The strategic timing aligns with the company's financial goals, making it a favorable period for market entry.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- BSE, NSE
Key milestones
- 9 Sept 2026IPO Opens
- 11 Sept 2026IPO Closes
- 15 Sept 2026Basis of Allotment
- 16 Sept 2026Refunds Initiated
- 16 Sept 2026Credit to Demat Account
- 17 Sept 2026Listing Date
Financials
7.0/10- Revenue
- ₹495 Cr
- +24.2%
- Profit after tax
- ₹38.64 Cr
- +24.0%
- Net margin
- 7.8%
- -0.0 pts
- Assets
- ₹679 Cr
- +25.0%
- Return on equity
- 22.36
- Debt to equity
- 2.93
- Current ratio
- 0.36
- Revenue CAGR
- 8.9%
- ROCE
- 16.06%
- Return on net worth
- 23.60%
- NAV per share (₹)
- 7.25
Financial performance trend
Amount ₹ in croresSteamhouse India Limited shows a strong financial performance with consistent revenue and profit growth over the past three years. The company has a solid asset base and a manageable level of liabilities, although the debt-to-equity ratio indicates a moderate level of leverage. The financial ratios suggest good liquidity and profitability, supporting a positive outlook for the IPO.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks1
- Operational risks2
- Regulatory risks1
High customer concentration, project delays, and coal dependency elevate risk. Mitigation includes diversifying customer base and securing alternative suppliers.
How the company offsets these
Mitigation includes diversifying customer base and securing alternative suppliers.
Financial risks3
- High customer concentration with top ten customers contributing 47.87% of revenue.
- Significant reliance on coal purchases, accounting for 77.29% of total purchases.
- Delays and cost overruns in major projects like Jhagadia and Vapi Phase 3.
Market risks1
- Competition from other industrial gas companies.
Operational risks2
- High employee attrition rate of 34.29% in Fiscal 2026.
- Potential penalties for project delays.
Regulatory risks1
- Dependence on government policies regarding coal usage.
Performance
7.0/10Steamhouse India Limited shows strong growth potential in the industrial gases sector, leveraging advanced technologies like SCADA. However, challenges such as high operational costs and regulatory compliance pose risks.
- Historical growth
- The company has shown a steady increase in revenue, from ₹3,951.06 million in Fiscal 2025 to ₹4,915.11 million in Fiscal 2026., 24.4% year-on-year growth in revenue.
- Market comparison
- Steamhouse India Limited is ahead of many peers in technology adoption, such as SCADA, but faces similar challenges in regulatory compliance and operational costs.
- Future potential
- The demand for process steam is expected to grow significantly, with a projected CAGR of 55-60%.
- Operational consistency
- The company has shown consistent revenue growth and operational expansion, but faces challenges in regulatory compliance and cost management.
- Experience
- The management team has demonstrated capability in expanding operations and integrating new technologies.
- Track record
- The management has successfully increased revenue and commenced new production lines.
Key achievements
- 01Successful implementation of SCADA systems for advanced monitoring.
- 02Commencement of nitrogen production in February 2025.
- 03Revenue growth from ₹3,951.06 million to ₹4,915.11 million in one year.
Flexibility
8.0/10The company is well-adapted to market needs, leveraging its community boiler model to meet the rising demand for centralized steam and gas distribution. Its strategic location in industrial clusters and expansion into nitrogen supply further enhance its market adaptability.
Steamhouse India Limited shows financial stability with consistent revenue growth and a manageable debt-to-equity ratio. However, the company plans to use IPO proceeds to reduce debt, indicating a focus on improving financial health.
The company exhibits operational agility through its use of advanced technologies like SCADA and drones for monitoring, and its ability to quickly expand its pipeline network and customer base.
Steamhouse India Limited demonstrates strong flexibility and adaptability, driven by its innovative community boiler model, strategic expansion plans, and commitment to sustainability. The company is well-positioned to capitalize on the growing demand for centralized industrial gas solutions in India.
- Product diversification
- The company has diversified its offerings from steam to include nitrogen distribution and plans to expand into other industrial gases like hydrogen and carbon dioxide.
- Future adaptability
- Steamhouse India Limited has significant potential for future adaptability, with plans to expand its capacity, diversify its fuel sources, and reduce its carbon footprint, aligning with global sustainability trends.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.