Steamhouse India

Instead of individual factories maintaining their own boilers, the company generates steam at strategically located facilities and delivers it directly to customers through dedicated pipelines. As of July 31, 2026, it operated seven community steam boilers in Gujarat with an aggregate capacity of 345 TPH, supported by a pipeline network of 60,151 metres spanning over 45 km across key industrial hubs including Sachin, Vapi, Ankleshwar, Sarigram, Panoli, and Nadesari.

The company's industrial gas business spans generation and distribution of steam, purchase and distribution of third-party steam, and separation, compression, and distribution of nitrogen, alongside a coal trading segment. It commenced pipeline-based nitrogen supply in February 2025 and plans to expand steam capacity to 705 TPH. Its client base spans pharmaceuticals, chemicals, textiles, agrochemicals, tyres, dyes and pigments, polymers, and paints, including Aether Industries, Anupam Rasayan India, Globe Enviro Care, and Gujarat Polysol Chemicals. The company served 202 customers in FY2026, up from 125 in FY2024, with repeat customers contributing 90.72% of FY2026 operating revenue. As of July 31, 2026, it had 229 employees plus 276 contract labourers.

Cited competitive strengths include a leading market position with an energy-efficient solution across high-growth industries, high barriers to entry, strategically located community gas facilities, a marquee long-term customer base, and a track record of eco-friendly, sustainable solutions.

The ₹414.00 Cr book-built IPO combines a fresh issue of ₹353.00 Cr with an offer for sale of ₹61.00 Cr from promoter Vishal Sanwarprasad Budhia. The price band is ₹77 to ₹81 per share, with a lot size of 185 shares. Net proceeds from the fresh issue are earmarked mainly for repayment/prepayment of borrowings (₹180.00 Cr) and capital expenditure across three projects, the Ankleshwar Facility Phase 3 expansion, the Panoli Facility Phase 2 expansion, and a new steam manufacturing facility at Dahej SEZ, with the remaining balance toward general corporate purposes.

At the upper price band, the post-issue P/E works out to a range of roughly 55.00x to 57.86x (pre-issue range: approximately 45.03x to 47.37x), reflecting dilution impact for FY2026. RoNW stood at 23.60% for FY26, down from 26.47% in FY24, alongside a gradual decline in ROCE and EBITDA margin over the same period even as revenue and PAT both grew 24% year-on-year between FY25 and FY26. Debt/Equity has eased slightly from 1.77 in FY24 to 1.57 in FY26 but remains relatively leveraged. Promoter shareholding stood at 96.59% pre-issue; the post-issue figure was not disclosed in the source.