Severepromoterpage 30
Related party transactions dominate revenue at 73.74%
Related party transactions with Group Companies as a percentage of revenue from operations (%) (A/C) 73.74% 70.41% 35.54%
Bidding closedMainboardIndustrial Gases & FuelsSTEAMHOUSE
Steamhouse India IPO
Steamhouse India IPO is a mainboard IPO raising ₹414 Cr at ₹77 – ₹81 a share. The smallest application you can make is 185 shares, costing ₹14,985 at the top of the band. Bidding has closed; the shares list on 17 Sept 2026. So far it has been subscribed 30× in total.
₹77 – ₹81
Price band
₹14,985
Minimum to apply (185 shares)
₹414 Cr
Issue size
11 Sept 2026
Bidding closes
30×Subscribed · all exchanges
30.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 661-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 810 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severepromoterpage 37
Group company Sanjoo Dyeing is both top customer and top supplier
Our Group Company, Sanjoo Dyeing, was one of our top ten customers in Fiscal 2026 and Fiscal 2025 and was one of our top ten suppliers in Fiscal 2026, Fiscal 2025 and Fiscal 2024.
Severepromoterpage 58
Promoter group entities compete in same line of business
Certain members of our Promoter Group operate in the same line of business as our Company... Sanjoo Dyeing and Sanjoo Prints, which are in the business of generating and supplying steam
Severeoperationalpage 52
Severe underutilisation of steam generation capacity
Sarigam Facility... 12.13% ... Panoli Facility... 7.22% ... Vapi Facility Phase 1... 29.18%
Severefinancialpage 90
Persistent negative cash position funded by overdraft
Cash and cash equivalents at closing of the Year (159.70) (199.00) (163.51)
Severefinancialpage 89
Capex consistently exceeds operating cash generation
Acquisition of Property, Plant & Equipments... (1,300.00) (1,055.36) (853.88)
Severelitigationpage 64
Coal theft by supervisors with pending criminal FIR
filed a first information report dated October 18, 2023 under the sections 34, 120B, 406 and 408 of the Indian Penal Code, 1860 at the Surat City police station against the supervisors of our Company, Rudrapratapsingh Triloknath Singh and Bharat Patil for theft of coal imported by our Company from Indonesia, weighing total of 119.09 tonnes, worth approximately ₹900,000
Severefinancialpage 56
Recent credit rating downgrade by ICRA
In accordance with a letter of ICRA dated October 30, 2024, our debt was rated in accordance with a downgrade... Downgraded from BBB+(Stable)/A2
Severeoperationalpage 40
Diversification into aircraft operations with no experience
Our Company, promoters and management have no experience in managing aircraft operations and maintenance. Further, DGCA requires all permit holders to adhere to certain conditions which are significantly different to what we are used to in our principal business of generation and distribution of industrial gases.
Severeoperationalpage 41
Systemic project cost overruns across multiple facilities
Nandesari Phase 1... Actual cost in ₹ million incurred... 358.90; Jhagadia... 308.48; Nandesari Phase 2... 462.81; Vapi Phase 3... 549.22
Severeoperationalpage 53
Dahej GIDC land lease payment not made in full
the consideration payable in respect of the lease of the land at Dahej GIDC (Phase 2) has not been paid in full, and any delay or failure in making the balance payment may affect our ability to obtain or retain possession of such land
Highconcentrationpage 31
Top 10 suppliers constitute 81.71% of purchases with no long-term contracts
We rely on our top ten suppliers for our material requirements which constituted 81.71% ... At present, we do not have any long-term supply contracts or arrangements with any of our suppliers
Highoperationalpage 29
Heavy coal dependence (77.29% of purchases) without hedging
purchases of coal contributing 77.29%, 76.19% and 92.01% of our total purchases for Fiscal 2026, Fiscal 2025 and Fiscal 2024 ... We do not enter into any hedging activities for our raw materials procurements.
Highconcentrationpage 63
Entire business concentrated in single state of Gujarat
Currently, our business is located in the state of Gujarat
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 1 | 5 | 4 | ₹5.8 Cr |
| Directors | 0 | 2 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Promoters | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹2.8 Crpage 562
Stamp duty assessment order against Company by Collector of Stamps, Gujarat on Vapi/Sarigam/Nandesari GIDC leasehold properties — aggregate ₹4.41 million duty + ₹23.11 million penalty = ₹27.52 million; appeal filed before Chief Controlling Revenue Authority
case₹1.1 Crpage 563
DGVCL electricity provisional assessment bill of ₹10.59 million against Company; Appellate Authority set aside and ordered ₹11.12 million refund; DGVCL petition pending before Gujarat High Court with stay on refund
case₹0.1 Crpage 563
FIR dated October 18, 2023 filed by Company (through Director Yadav Lalankumar Dayanand) against supervisors Rudrapratapsingh Singh and Bharat Patil under IPC sections 34, 120B, 406, 408 for theft of 119.09 tonnes of Indonesian coal worth approx. ₹900,000
casepage 562
GPCB show cause notice dated May 15, 2025 against Company for violations under Water Act, Air Act and Hazardous Waste Rules at Vapi facility; Company replied and submitted compliance report (no quantified amount)
Amounts stated in the prospectus are in ₹ million; converted to ₹ crore at 1 crore = 10 million. Only the Tax proceedings summary table (p565) gives explicit counts/amounts; criminal and other counts above are derived from the narrative disclosures on p562-563. No grand total is explicitly stated in the document. Tax amounts only quantifiable for Company indirect tax (₹10.67 million); direct tax counts shown but amounts are '-' (not stated). Material creditor dues of ₹690.11 million to 8 creditors (p565) are noted in the section but are not litigation.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.