Steamhouse India Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹0.03 crore
- Face value
- ₹2
- Issue method
- Book Building
- Fresh issue
- ₹0.03 crore
- Symbol
- STEAMHOUSE
- ISIN
- INE0FRO01022
Subscription
17.89×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 18,63,65,300 | 17.33× |
| Foreign Institutional Investors(FIIs) | — | 4,44,21,275 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 8,25,80,855 | — |
| Mutual funds | — | 1,23,45,605 | — |
| Others | — | 4,70,17,565 | — |
| Non Institutional Investors | — | 25,02,50,055 | 31.03× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 16,13,86,415 | 30.02× |
| Corporates | — | 23,73,180 | — |
| Individuals(Other than RIIs) | — | 15,08,43,080 | — |
| Others | — | 81,70,155 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 8,88,63,640 | 33.06× |
| Corporates | — | 4,61,390 | — |
| Individuals(Other than RIIs) | — | 8,47,92,715 | — |
| Others | — | 36,09,535 | — |
| Retail Individual Investors(RIIs) | — | 23,66,58,105 | 12.58× |
| Cut Off | — | 20,48,44,210 | — |
| Price bids | — | 3,18,13,895 | — |
| Total | — | 6.73 | 17.89× |
About the company
Incorporated in June 2015, SteamHouse India is an industrial gas company specialising in the generation and centralised distribution of steam and nitrogen through its pipeline network. Its community-based systems provide industrial customers with an alternative to developing and maintaining individual infrastructure. The company has an extensive pipeline network, spans over 45 kms in key industrial hubs including like Sachin, Vapi, Ankleshwar, Sarigram, Panoli and Nadesari. Industrial Gas Business: The company's industrial gas business includes: Generation and distribution of steam Purchase and distribution of steam Separation, compression and distribution of nitrogen SteamHouse also purchases steam from other generating entities for distribution through its pipeline network. Additionally, it separates nitrogen from atmospheric air, compresses and supplies purified nitrogen to industrial customers, while also engaging in coal trading.
Financial snapshot
Figures in ₹ crore unless otherwise specified.
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 679.45 | 543.67 | 422.31 |
| Total Income | 494.97 | 398.53 | 293.16 |
| Profit After Tax | 38.64 | 31.16 | 27.19 |
| EBITDA | 83.49 | 69.32 | 68.41 |
| NET Worth | 163.76 | 131.00 | 102.71 |
| Reserves and Surplus | 127.57 | 87.25 | 58.35 |
| Total Borrowing | 281.62 | 222.95 | 202.71 |
What to consider
Business strengths
- Energy-efficient industrial solutionSteamhouse provides centralised steam-generation and pipeline-based supply, allowing industrial customers to outsource steam production rather than maintain their own steam-generation infrastructure.
- High entry barriersThe business requires significant investment in boilers, pipelines, land and supporting infrastructure. The need to establish facilities close to industrial clusters can make it difficult for new competitors to replicate the company's network.
- Strategic location of facilitiesIts facilities are positioned near major industrial clusters, enabling the company to supply steam and industrial gases to nearby customers through its pipeline network.
Key risks
- Limited geographical reachThe company can primarily serve customers located close to its steam and gas facilities because its products are supplied through dedicated pipeline networks. Therefore, expansion depends heavily on finding suitable land close to industrial clusters.
- High customer concentrationThe company's top 10 customers accounted for 53.95% of revenue in FY25 and 52.83% during the six months ended September 30, 2025. The loss of even a few major customers, lower purchases or termination of repeat orders could significantly impact revenue and profitability.
- Dependence on repeat ordersMore than 96.64% of revenue in H1 FY26 and 88.01% in FY25 came from repeat orders. Any reduction in purchases or discontinuation of repeat orders could adversely affect the company's financial performance.