Steamhouse India IPO
Steamhouse India IPO is a mainboard IPO raising ₹414 Cr at ₹77 – ₹81 a share. It listed on 17 Sept 2026 at ₹95, +16.7% against its issue price of ₹81, and trades at ₹133 today (+64.1% since issue). It was subscribed 30× in total.
30.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Steamhouse India Limited runs centralized 'community' boiler and nitrogen plants in Gujarat and distributes the gases to nearby factories through a 60,151-metre pipeline network, so customers do not need to run their own boilers. It started the community-boiler model in India in 2014 (per F&S Report) and, in February 2025, became the only company in India to supply nitrogen via a distributed pipeline instead of cryogenic tanks. It also trades coal bought in bulk for its own use.
How it earns
Sells steam (both self-generated and purchased from third parties), nitrogen and surplus coal to industrial users, with revenue generated per unit of gas delivered via metered pipeline connections.
Who buys
202 customers in FY2026 (up from 125 in FY2024). Named customers include Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff, K. Patel Chemo Pharma, K. Patel Dye Chem Industries, Mahavir Synthesis, Mangalam Intermediaries, Orgo Chem Gujarat and Subhasri Pigments. Repeat customers contributed 90.72% of FY2026 revenue (88.01% FY2025; 91.49% FY2024); no single-customer concentration percentage is disclosed.
Scale
Seven community steam boilers in Gujarat (six owned, one leased) with combined installed capacity of 345 tonnes/hour (~21.86 lakh TPA per annum), one nitrogen plant at Ankleshwar (350 Nm³/hour), and a 60,151-metre operational pipeline network as of July 31, 2026; planned expansion would raise steam capacity to 705 TPH.
What it says sets it apart
- Pioneer of the community-boiler model in India, introduced in 2014 — a model that did not exist in the country before the company and its promoters set it up.
- Only company in India supplying nitrogen through a distributed pipeline network (versus the prevailing cryogenic-tank / onsite-generation practice).
- Pipeline rights-of-way and physical space constraints inside Gujarat's industrial clusters create high entry barriers for competitors, per F&S Report.
- SCADA-based real-time monitoring of pressure, temperature, SPM/SOx/NOx and HCL emissions, combined with drone-based pipeline leakage mapping and flow-meter reconciliation, reduces the gap between billed and produced gas.
- Facilities are sited within 45–50 km of coal-importing ports and inside customer clusters, which lowers fuel transport cost (a major input cost) and pipeline length.
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated (Consolidated for FY2025 & FY2026; Standalone for FY2024 — subsidiary not consolidated in original FY2024 financials)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹492 Cr+24% | ₹39 Cr+24% | 7.9% | ₹173 Cr | ₹282 Cr |
| FY2025 | ₹395 Cr+35% | ₹31 Cr+15% | 7.9% | ₹132 Cr | ₹223 Cr |
| FY2024 | ₹292 Cr | ₹27 Cr | 9.3% | ₹104 Cr | ₹203 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 44× their allocation. Retail: 17×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Equirus Capital Limited — median +26.9% across the 32 of its issues we can price. All lead managers →
What happens when
What to watch
- The register's top risk: Related party transactions dominate revenue at 73.74% (prospectus page 30).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track STEAMHOUSE INDIA LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.