Steamhouse India IPO Closes Today: Check GMP, Subscription, Price, Lot Size, Financials and Review

Steamhouse India IPO Overview

Steamhouse India IPO is in its final day of subscription today, September 11, 2026. The mainboard issue opened on September 9 with a price band of ₹77 to ₹81 per share and will close today.

The company is raising up to ₹414 crore through a combination of fresh shares and an offer for sale. The fresh issue is worth approximately ₹353 crore, while the remaining ₹61 crore is an OFS by existing shareholders. The shares are proposed to be listed on both the NSE and BSE.

Steamhouse India operates a distinctive Steam-as-a-Service business model. Instead of individual industrial customers installing and operating their own boilers, Steamhouse generates steam through centralized community boiler facilities and supplies it to nearby industrial units through pipeline networks.

The company also operates a nitrogen generation and distribution facility, giving it exposure to industrial gas demand in addition to steam supply.

Steamhouse India IPO Details

At the upper price of ₹81, one lot of 185 shares requires ₹14,985. Retail investors can apply for up to 13 lots within the retail category.

Steamhouse India IPO GMP Today

The grey market has shown a positive trend for Steamhouse India during the IPO period.

The latest available tracker data shows a GMP of around ₹23 per share, implying an estimated listing price of approximately ₹104 at the upper issue price of ₹81. This represents an indicative premium of around 28.4%.

Other trackers have reported GMP closer to ₹20–₹21, so the figure is not uniform across the market.

GMP is an unofficial grey-market indicator and can change rapidly. It is not a guaranteed listing price or return.

Steamhouse India IPO Subscription Status

Steamhouse India IPO has seen a sharp improvement in demand as the issue has progressed.

Latest available Day 3 reporting showed the IPO subscribed around 8.36 times by 1 PM, indicating strong interest from investors on the final bidding day.

Earlier Day 2 data showed the overall issue at around 1.12x, with retail subscription at 1.72x and NII subscription at 0.98x. Later data indicates that demand accelerated considerably on the final day.

*Day 3 figure reported around 1 PM; final closing subscription can be different.

Steamhouse India IPO Lot Size

The IPO lot size is 185 shares. At the upper price band of ₹81, one lot requires ₹14,985.

The minimum application amount is within the normal retail threshold for a mainboard IPO.

Steamhouse India IPO Important Dates

The IPO closes today, September 11. The tentative basis of allotment is scheduled for September 15, followed by refund initiation and demat credit on September 16. The shares are expected to list on September 17, 2026.

About Steamhouse India

Steamhouse India Limited was incorporated in 2015 and is based in Gujarat. The company focuses on centralized steam generation and distribution for industrial customers.

Its community-boiler model is designed to allow industries to outsource steam generation instead of investing separately in boilers, fuel systems, operations and maintenance.

The company operates community steam boilers across industrial clusters in Gujarat, including locations such as Vapi, Ankleshwar, Sarigam, Nandesari and Panoli. It has an aggregate installed steam capacity of approximately 345 TPH across seven community steam boilers.

Steamhouse India Business Model

The company's core business is built around supplying steam to industrial customers through a centralized infrastructure network.

Steam is an important input for industries such as:

• Pharmaceuticals
• Textiles
• Food processing
• Paper and pulp
• Rice mills
• Distilleries
• Dairy
• Chemicals
• Tyre manufacturing
• Other process industries

Instead of each customer maintaining its own steam-generation infrastructure, Steamhouse can supply steam through dedicated pipelines.

This model can potentially reduce the customer's capital expenditure and operating burden while allowing Steamhouse to generate recurring revenue from industrial customers.

Steamhouse India Repeat Customer Base

One of the important features of the business is its repeat customer revenue.

Available IPO information indicates that approximately 90.72% of operating revenue in FY2026 came from repeat orders from industrial customers.

A high proportion of repeat business can provide better revenue visibility than a model dependent entirely on one-time contracts.

However, customer concentration remains a factor to monitor because industrial customers may have significant influence over pricing, volumes and contract terms.

Steamhouse India Manufacturing and Expansion

Steamhouse India is using a significant portion of the IPO proceeds to expand its steam-generation infrastructure.

The company plans to strengthen its existing Ankleshwar and Panoli facilities and establish a new steam-generation facility at Dahej SEZ.

The proposed expansion is aimed at increasing capacity and enabling the company to serve additional industrial customers.

The largest allocation is toward repayment or prepayment of outstanding borrowings, while roughly ₹114 crore is earmarked for the three identified expansion projects.

Steamhouse India Financial Performance

Steamhouse India has reported steady growth in revenue and profit over the last three financial years.

Revenue increased from approximately ₹293.16 crore in FY2024 to ₹398.53 crore in FY2025 and ₹494.97 crore in FY2026.

Profit after tax increased from ₹27.19 crore in FY2024 to ₹31.16 crore in FY2025 and ₹38.64 crore in FY2026.

The financial numbers show that the company has expanded its operating scale while maintaining profitability.

Steamhouse India EBITDA and Net Worth

EBITDA increased from around ₹68.41 crore in FY2024 to ₹69.32 crore in FY2025 and ₹83.49 crore in FY2026.

Net worth also increased from ₹102.71 crore in FY2024 to ₹131 crore in FY2025 and ₹163.76 crore in FY2026.

The rise in borrowings alongside business expansion is important. The IPO's planned ₹180 crore debt repayment should help reduce the company's financial leverage after the issue.

Steamhouse India IPO Valuation

At the upper issue price of ₹81, available IPO calculations put the company's issue-price P/E at approximately 47.4x based on the relevant post-issue earnings calculation. Another IPO data source calculates a higher multiple using its reported post-issue EPS methodology, so investors should verify the exact calculation against the RHP.

The company's valuation reflects expectations of continued growth from capacity expansion and its recurring industrial-customer model.

Steamhouse India IPO Peer Comparison

The RHP identifies companies such as Linde India and Ellenbarrie Industrial Gases among its listed peers.

Steamhouse India operates with a somewhat different business model because its core offering is centralized steam generation and distribution, rather than being purely an industrial-gas producer.

This distinction is important when comparing valuations. Investors should consider differences in product mix, margins, scale, customer concentration and capital requirements rather than comparing P/E ratios alone.

Steamhouse India IPO Strengths

Steam-as-a-Service model: The centralized model gives industrial customers an alternative to maintaining individual boiler infrastructure.

Recurring customer revenue: Around 90.72% of FY2026 operating revenue came from repeat customers.

Established industrial locations: The company operates facilities across major Gujarat industrial clusters.

Growing revenue: Revenue increased to nearly ₹495 crore in FY2026.

Profitability: PAT increased to ₹38.64 crore in FY2026.

Expansion opportunity: Dahej, Ankleshwar and Panoli projects could increase future capacity.

Debt reduction: ₹180 crore of IPO proceeds are earmarked for debt repayment or prepayment.

Steamhouse India IPO Risks

Investors should also consider several risks before evaluating the IPO.

Customer concentration: The top 10 customers accounted for approximately 47.87% of FY2026 operating revenue, meaning the loss or reduction in business from major customers could affect performance.

Related-party exposure: Available IPO analysis indicates significant revenue from group companies, which investors should examine carefully in the offer documents.

Debt levels: Borrowings increased to around ₹281.62 crore in FY2026.

Energy costs: Steam generation is highly dependent on fuel and energy costs. Changes in fuel prices can affect operating margins.

Industrial demand: Lower production levels among customer industries could reduce steam consumption.

Infrastructure execution: Delays or cost overruns in new facilities could affect the expected benefits from expansion.

Regulatory and environmental requirements: Boiler operations, emissions, safety and industrial infrastructure are subject to regulatory requirements.

Valuation: The IPO valuation is not low on an absolute basis, so future earnings growth needs to justify the issue price.

Steamhouse India IPO Review

Steamhouse India offers investors exposure to a relatively specialized industrial utility model rather than a conventional manufacturing business.

The Steam-as-a-Service approach can provide recurring demand because industrial customers need a continuous steam supply for their production processes. The company's high proportion of repeat revenue is therefore one of the more interesting aspects of the business.

Financial performance has also been positive, with revenue rising from ₹293.16 crore in FY2024 to ₹494.97 crore in FY2026 and PAT increasing from ₹27.19 crore to ₹38.64 crore.

The IPO's planned use of funds is another positive factor. A substantial ₹180 crore is earmarked for debt repayment, while additional funds will support capacity expansion at Dahej, Ankleshwar and Panoli.

On the other hand, investors should consider the company's debt, energy-cost sensitivity, customer concentration, related-party transactions and IPO valuation.

The strong final-day subscription and positive GMP indicate good short-term market interest, but these should not replace fundamental analysis when evaluating the company for the long term.

What Investors Should Watch

After listing, investors should keep an eye on:

• Steam-generation capacity utilisation.
• New customer additions.
• Repeat customer revenue.
• Steam volumes supplied.
• Fuel and energy costs.
• EBITDA margins.
• Debt reduction after the IPO.
• Progress of Dahej facility.
• Ankleshwar and Panoli expansion.
• Customer concentration.
• Cash-flow generation.
• Revenue from related parties.

These factors will help determine whether Steamhouse India can convert its expansion plans into sustainable earnings growth.

Steamhouse India IPO Key Highlights

*GMP and subscription figures are unofficial/live-market indicators and can change before the IPO closes.

Conclusion

Steamhouse India IPO is a ₹414 crore mainboard issue built around a differentiated industrial utility business. The company generates and distributes steam through centralized community boiler facilities and also operates in nitrogen generation and distribution.

The company has shown consistent revenue and profit growth, with FY2026 revenue reaching ₹494.97 crore and PAT at ₹38.64 crore. Its repeat-customer revenue model, established Gujarat industrial network and planned capacity expansion are important positives.

The IPO also gives the company an opportunity to reduce debt, with ₹180 crore earmarked for repayment or prepayment of borrowings. Further capital is being directed toward expansion at Dahej, Ankleshwar and Panoli.

However, investors should carefully consider customer concentration, energy costs, debt, related-party exposure, execution risks and valuation. The strong subscription and current GMP indicate positive market sentiment, but neither guarantees a listing gain.

The IPO closes today, September 11, 2026, with allotment expected on September 15 and NSE/BSE listing scheduled for September 17.

Disclaimer: Grey Market Premium is unofficial and can change at any time. GMP-based listing estimates are not guaranteed. IPO information is provided for informational purposes only and should not be considered investment advice.