Steamhouse India IPO
Steamhouse India LtdMainboard
This IPO has listed.
- Open date
- 9 Sep 2026
- Close date
- 11 Sep 2026
- Min. Investment
- ₹14,985
- Lot Size
- -
- Fresh Issue
- ₹353.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers43.91x
- Non-Institutional Investors44.30x
- Retail-Individual Investors16.90x
- Total30.49x
Schedule
- Completed: IPO open date9 Sep 2026
- Completed: IPO close date11 Sep 2026
- Completed: Allotment date15 Sep 2026
- Completed: Funds unblock or debit16 Sep 2026
- Completed: Tentative listing date17 Sep 2026
About
Promoter shareholding in Steamhouse India Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Vishal Sanwarprasad Budhia | 20,25,00,000 | 86.97% | 19,49,69,136 | 70.54% |
| Ritu Budhia | 300 | 0.00% | 300 | 0.00% |
| VSB Business Trust | 80,10,425 | 3.44% | 80,10,425 | 2.90% |
| Budhia Business Trust | 63,87,000 | 2.74% | 63,87,000 | 2.31% |
| VB Business Trust | 42,63,000 | 1.83% | 42,63,000 | 1.54% |
| Sanwarprasad Ramkumar Budhia | 100 | 0.00% | 100 | 0.00% |
| Budhia Kumaresh Sanwarprasad | 9,00,750 | 0.39% | 9,00,750 | 0.33% |
| Kamal Yogesh Agarawal | 9,00,750 | 0.39% | 9,00,750 | 0.33% |
| Pushpadevi Sanwarprasad Budhi | 750 | 0.00% | 750 | 0.00% |
| Sangeeta Gaurav Parasrampuria | 50,000 | 0.02% | 50,000 | 0.02% |
Financials of Steamhouse India IPO
| Key Performance Indicators | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating Revenue | - | - |
| Other Income | - | - |
| Total Income | 395.11 | 491.51 |
| Total Expenses | 359.56 | 443.74 |
| Profit Before Tax | - | - |
| Total Profit | 31.16 | 38.64 |
Steamhouse India IPO Strengths & Risks
- Leading market position offering customers an energy efficient solution across industries with high growth potential.
- High barriers to entry for competitors.
- Strategically located facilities offering community gas generation and distribution.
- Marquee customer base with long-term relationships driven by our value proposition.
- Track-record of implementing eco-friendly solutions and promoting sustainable development.
- Experienced Promoters and senior management team with strong industry expertise and extensive product knowledge.
- Risks Relating to the Business: The company operations are limited to providing steam and other industrial gases to customers in close proximity to its facilities. Further, the company's business and growth plans are dependent on its ability to find suitable land for the development of the company steam and other industrial gas facilities which are in close proximity to the industrial clusters where its potential customers are located.
- Risks Relating to the Business: The company's top ten customers contributed 47.87% of its revenue from operations in Fiscal 2026. The company also derives a significant portion (90.72% in Fiscal 2026) of its revenue from operations from repeat orders. Loss of any of these customers or a reduction in purchases or repeat orders by any of them could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's business and profitability are substantially dependent on the availability of coal for its steam production with purchases of coal contributing 77.29%, 76.19% and 92.01% of the company's total purchases for Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively.
- Risks Relating to the Business: The company has previously entered into related party transactions with Group Companies, which constituted 99.27% of total related party transactions in Fiscal 2026. Its may continue to enters into related party transactions with Group Companies in the future.
- Risks Relating to the Business: The company has previously entered into related party transactions, and Its may continue to do so in the future.
- Risks Relating to the Business: The company relies on its top ten suppliers for the company's material requirements which constituted 81.71%, 75.35% and 76.53%, of its overall purchases in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any increase in the prices, availability and quality of materials or loss of these suppliers could adversely affect the company's reputation, business, results from operations, financial conditions and cash flows.
- Risks Relating to the Business: The success of the company's business depends on the continued demand for steam and industrial gas, and any change in this demand could materially and adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has in the past been in violation of certain material approvals of the Gujarat Pollution Control Board such as operating a boiler before receiving the final approval from the regulatory authority. In the future, Its may incur increased costs, be subject to penalties, or have the company's approvals and permits revoked for non-compliance with the approvals of the Gujarat Pollution Control Board.
- Risks Relating to the Business: The company requires various permits, licenses and approvals to operates its businesses, and the failures to obtain or retain such licenses or approvals in a timely manner or at all may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company were awarded a work order for the Pirana facility through a tender by the Ahmedabad Municipal Corporation. The company is required to pay Ahmedabad Municipal Corporation a royalty after commercial operation of the facility, and such royalty payments may adversely affect the profitability of the Pirana facility. Further, its construction of the facility has been delayed which could attract contractual penalties and interest which, if assessed, could adversely affect the company's business, results of operations, cash flows and financial condition. In addition, if the company has not recovered its investment or achieved the company's projected rate of return for the facility at the end of the 10 year term to its work order and such term is not renewed, the company's business, results of operations, cash flows and financial condition could be adversely affected.
- Risks Relating to the Business: If the company is unable to receive and purchase steam from the seller under a steam purchase agreement with respect to the Dahej SEZ its would be required to pay the seller 12% interest per annum on the capital expenditure deployed by the seller for the underlying project, and, in such event, the company's business, results of operations, cash flows and financial condition may be adversely affected.
- Risks Relating to the Business: The company only have one buyer of steam for its Haldia project, and the customer agreement is for an initial term of 6 months. If the company's buyer elects not to continue to purchase steam from its Haldia project after this initial 6 month term and the company is unable to find other buyers of steam at this location, its may not recover the company's investment or achieve its expected rate of return. Further, the company's steam purchase agreement for its Haldia project is for a period of 5 years. If the supplier elects to discontinue the agreement after the expiry of this 5 year period, the company will have to cease operations at the Haldia project unless its find another steam supplier on similar terms.
- Risks Relating to the Business: The company relies on securing rights of usage to lay and maintain its pipeline that connects the company's facilities to its customers. If the company rights of usage expire and are not renewed, its business, results of operations, cash flows and financial condition may be adversely affected.
- Risks Relating to the Business: The company's Promoters, Directors, Key Managerial Personnel and members of Senior Management are interested in the Company other than reimbursement of expenses or normal remuneration or benefits which may result in a conflict of interest with the company. Its cannot assure you that the company's Promoters, Directors, Key Managerial Personnel and members of Senior Management will exercise their rights for the benefit, or in the best interests of the Company.
- Risks Relating to the Business: There are outstanding legal proceedings against the Company and any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The Company received orders from the Office of the Superintendent of Stamps, Gujarat in relation to a past amalgamation, which resulted in the requirement to pay stamp duty of approximately Rs.8.25 million and Rs.27.52 million in penalties.
- Risks Relating to the Business: The company's contingent liabilities could materially and adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company operates its facilities in Sachin, Surat (Gujarat) on an operation and maintenance (O&M) basis. If the asset owner terminates or limits the company's rights to produce steam at these locations, its business, results of operations, cash flows and financial condition may be adversely affected. The company also had been in non-compliance with certain subletting rules of Gujarat Industrial Development Corporation in connection with its Sachin facilities.
- Risks Relating to the Business: The company faces risks and uncertainties when developing its steam and industrial gas projects, which may result in time delays to the commencement and completion of construction and cost overruns, which could materially and adversely affect the company's business strategy of expansion and its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's steam generation and distribution plants and its nitrogen plant are concentrated in Gujarat, India and the company's raw materials (including fuel sources other than coal) are sourced from suppliers located in the State of Gujarat. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in the Gujarat area could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Ambika Agarwal, a relative of the company's Promoter, is deemed to be a part of its Promoter Group. The Company has approached Ambika Agarwal for certain details and confirmations, including details of entities forming part of Ambika Agarwal's extended Promoter Group in terms of the SEBI ICDR Regulations ("Connected Entities"). Its cannot assure you that complete disclosures relating to Ambika Agarwal and her Connected Entities are included in this Red Herring Prospectus, as the company has sourced this information from publicly available sources.
- Risks Relating to the Business: The company's promoters and management have no experience in operations and management of aircraft services.
- Risks Relating to the Business: Any shutdowns or maintenance issues with respect to the company's industrial gas generation facilities could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has capital expenditure and working capital requirements and its may requires additional financing to meet those requirements, which could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company may not recover its capital investments or achieve profitability if the company's customers minimize their offtake of steam or other industrial gases.
- Risks Relating to the Business: Community boiler like the company may faces threats that impact their operation and long term sustainability and industry challenges including demand fluctuations, difficulty in capacity planning and scalability issues. These threats and challenges if not properly addressed could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company steam and industrial gas facilities are dependent on government policy and support and changes in such policy and support or the adoption of new restrictions on steam and industrial gas market could materially impact its operations. Further, as coal is still the company primary fuel source, the imposition of extra duties being levied on coal, additional restrictions, regulations or tariffs on the import of coal or the restrictions on coal's use for community boiler facilities could materially impact the company operations.
- Risks Relating to the Business: The company may faces increased competition from other industrial gas generation companies in the future, and any inability to respond to market changes in its industry could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company use water from tankers and through pipelines from local sources. In the summer season, water shortages may take place, which could impact the company operations and could have an adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's success largely depends upon the knowledge and experience of its Promoter, Directors, Key Managerial Personnel, and Senior Management Personnel as well as the company's ability to attract and retain personnel with technical expertise. Its inability to retain the company's personnel or its ability to attract and retain other personnel with technical expertise could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company does not continue to invest in new technologies, boilers and equipment, its boilers and other equipment may become obsolete and the company's production costs may increase relative to its competitors, which may have an adverse impact on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's cogeneration plants may produce energy below its expectations due unplanned outages or other operational issues.
- Risks Relating to the Business: The company is constructing a 3.04 MW (AC) ground-mounted solar power project for its Ankleshwar plant. Any delay in construction may result in higher construction costs and higher operating expenses than the company has budgeted. Further, any reduction in the production of electricity from its solar project due to environmental or operational issues may result in increased expenses during the duration of the interruption.
- Risks Relating to the Business: The company's business is dependent on and will continue to depends on its steam and other industrial gas generation facilities, any underutilization of the company's generation capacities could have an adverse effect on its business, results of operations, cash flows and financial condition. Further, 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 failures in making the balance payment may affect the company's ability to obtain or retain possession of such land, which could in turn delay or prevent the setting up of the Proposed Facility and adversely affect its proposed capacity expansion.
- Risks Relating to the Business: The company's inability to collect receivables on a timely basis or at all and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- Risks Relating to the Business: The company make advance payments to certain suppliers. If these suppliers default on its contracts or purchase orders, the company may be unable to secure the timely repayment of these advances, and its business, results of operations, cash flows and financial condition could be adversely affected.
- Risks Relating to the Business: The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- Risks Relating to the Business: The company's credit ratings were downgraded by ICRA on October 30, 2024 and been afforded stable ratings thereafter. Any further downgrade of its credit ratings could adversely affect the company's business.
- Risks Relating to the Business: The company use flow meters to measure the amount of steam provided to a customer and to determine its sales. If the flow meters does not provide an accurate reading due to tampering or a technical issue, the company may not accurately charge for its steam, which could adversely affect the company's revenues.
- Risks Relating to the Business: The company may not have sufficient insurance coverage to cover its economic losses as well as certain other risks not covered in the company's insurance policies, which could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has dues which are outstanding to its creditors. The company trade payables as on March 31, 2026 were Rs.932.34 million. Any failures in payment of these dues may have a material adverse effect on its reputation, business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has availed certain unsecured loans, which may be recalled by lenders.
- Risks Relating to the Business: Conflicts of interest may arise out of business ventures in which certain of the company's Promoter and Directors are interested by virtue of their shareholding in such ventures. Such potential conflict of interests could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Non-compliance with, and changes in, safety, health and environmental laws could adversely affect the company's facilities.
- Risks Relating to the Business: Delay or default in payment of statutory dues may attract penalties and adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: After the completion of the Offer, the company's Promoters and Promoter Group will continue to hold substantial shareholding in the Company.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding one year at prices that may be lower than the Offer Price.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale. The Promoter Selling Shareholder will receive the net proceeds from the Offer for Sale.
- Risks Relating to the Business: One of the company's Promoters, Vishal Sanwarprasad Budhia, who is also the Selling Shareholder, has subscribed to, and purchased, Equity Shares, at a price which could be below the Offer Price. The average cost of acquisition of Equity Shares by its Promoters could also be lower than the Offer Price.
- Risks Relating to the Business: Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- Risks Relating to the Business: The company funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
- Risks Relating to the Business: The Objects of the Offer include orders for equipment and machinery which have not yet been placed. Further, the company is yet to place orders for capital expenditures. In the event of any delay in placement of such orders, the proposed schedule of implementation and deployment of the Net Proceeds may be extended or may vary.
- Risks Relating to the Business: The company's inability to successfully implement some or all its business strategies in a timely manner or at all could have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company experience difficulties in expanding its business into additional geographical markets, which may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company use third party transportation and logistics service providers for delivery of coal, other fuel sources and raw materials to its steam and other industrial gas facilities. Any delay in delivery of coal, other fuel sources and raw materials or increase in the charges of these entities could adversely affect the company's business, results of operations, cash flows and financial condition. Its also may be exposed to the risk of theft, accidents and/or loss of the company's products in transit.
- Risks Relating to the Business: If the company does not successfully install boilers that use non-fossil fuel sources in a timely and cost-effective manner, its strategy to reduce the company's carbon footprint may be adversely affected.
- Risks Relating to the Business: If the company is unable to introduce industrial gas generation and distribution processes and are unable to respond to changing customer preferences in a timely and effective manner or if its generation and distribution processes become obsolete due to a breakthrough in the development of technology or alternate processes, the demand for the company steam and other industrial gases may decline, which may have an adverse effect on its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's inability to manage employee benefits costs and industrial unrest may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company is dependent on contract labour and any disruption to the supply of such labour for facilities or its.
- Risks Relating to the Business: If the company is unable to protect its intellectual property rights, the company's business, results of operations, cash flows and financial condition may be adversely affected.
- Risks Relating to the Business: The company lease its registered and corporate office and a number of the company's key facilities. A failures to renew its existing lease arrangements at commercially favourable terms or at all may have a material adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Failures or disruption of its IT systems may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company operations and the workforce, customers and/or third parties on property sites are exposed to various hazards, which could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
- Risks Relating to the Business: As a publicly listed company, its will be subject to additional compliance requirements and increased scrutiny. Certain of the company's Directors does not have any prior experience in directorship of listed entities, which may affect the ability to meet these additional compliance requirements and making key decisions.
- Risks Relating to the Business: Information relating to the plant capacity, production and capacity utilisation and of the company's industrial gas facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future generation and capacity may vary.
- Risks Relating to the Business: The company track certain operational metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect the company's business and reputation.
- Risks Relating to the Business: If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: Fraud or improper conduct may delay the development of a project and adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus contain information from the F&S Report which the company commissioned and purchased and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company has in this Red Herring Prospectus included certain Non-GAAP Measures that may vary from any standard methodology that is applicable across the industrial gas generation industry and may not be comparable with financial information of similar nomenclature computed and presented by other companies.
