Steamhouse India Q2 FY27 results: net profit ₹7.77 crore

How did Steamhouse India perform in Q2 FY27?

Steamhouse India reported consolidated revenue from operations of ₹128 crore for Q2 FY27, compared with ₹128.62 crore in Q1 FY27. EBITDA was ₹24.68 crore, down from ₹30.93 crore, while the EBITDA margin fell 4.7 percentage points to 19.3% from 24.0%. The company reported a net profit of ₹7.77 crore and basic EPS of ₹0.33.

Against Q1 FY27, total expenses increased 7.7% to ₹117.37 crore, led by cost of materials at ₹69.08 crore and finance costs at ₹9.63 crore. Other income was ₹1.49 crore, profit before tax was ₹12.12 crore and tax was ₹4.35 crore. There was no exceptional item. No consolidated year-ago quarter figures were provided for comparison.

On a standalone basis, Q2 FY27 revenue was ₹128 crore and net profit was ₹7.77 crore. The figures supplied for the consolidated quarter also show revenue of ₹128 crore and net profit of ₹7.77 crore.

What do the balance sheet and cash flow show?

As of 30 September 2026, Steamhouse India reported total assets of ₹978.46 crore and total equity of ₹576.95 crore. Borrowings were ₹267.24 crore, while cash and cash equivalents were ₹0.47 crore. Inventories stood at ₹44.9 crore, trade receivables at ₹36.5 crore and trade payables at ₹11.69 crore. A comparison with the previous balance-sheet date was not provided.

For the first half of FY27, operating cash flow was negative ₹57.69 crore and investing cash flow was negative ₹284.64 crore. Financing cash flow was ₹350.55 crore, while capital expenditure was ₹86.78 crore. Year-ago cash-flow figures were not provided, so the first-half movements cannot be compared.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 29 October 2026. The statutory auditors issued limited-review reports for the results. The same-day filing list does not mention a dividend, a new fund raise or any appointment.

Earlier filings on 5 October 2026 covered Q1 FY27 results and an investor presentation. The Q1 presentation reported PAT growth of 80% and an EBITDA margin of 24%. The 19 October 2026 filing gave prior intimation of the 29 October board meeting and said the trading window would remain closed until 48 hours after the results declaration.

What did Steamhouse India's management say?

On the 3 November 2026 earnings call, management maintained FY27 steam-volume growth guidance of 25% over FY26, implying around 13,25,000 tons versus 10.66 lakh tons. Management said H2 FY27 volumes need to grow approximately 35% year on year as new capacity ramps. Vishal S. Budhia, Chairman and Managing Director, said, “Both in terms of EBITDA margin and in terms of volume growth, we are very much on track and we are confident.”

Management expects steam sales at Jhagadia to begin in November 2026, with 14.8 of 30 tons per hour contracted. Two waste-to-steam facilities are expected in H2 FY27, another in CY27, and four are expected to operate in the next full year. Management also targets a 750 nm3 per hour PSA plant for end-calendar 2026 and expects quarterly finance cost to be slightly below INR6 crores after IPO debt repayment.

For FY28, management expects steam-volume growth of upwards of 35% and EBITDA per ton of INR1,100 to INR1,200. Vaibhav Gattani, Chief Financial Officer, said, “The next full year's EBITDA per ton should be between INR1,100 to INR1,200 per ton.” He also said waste availability and nearby industrial steam demand limit where waste-to-steam projects can be deployed.

Management identified monsoon and flood-related shutdowns, imported coal prices and availability, commissioning and customer ramp-up requirements, and waste quantity and quality as risks. It also said the Himachal Pradesh project has no committed government offtake and that its pricing markup remains under negotiation. No specific analyst questions were included in the supplied earnings-call material.

How did Steamhouse India shares react?

Steamhouse India’s shares moved from the filing price of ₹115 after the results. The stock was down 1.6% after 5 minutes, up 0.7% after 15 minutes and up 3.0% after 30 minutes. From the previous close of ₹107.9, it closed the first trading session on the news up 9.7%.