Steamhouse India IPO Review – Well-Informed/Cash Surplus Investors May Park Moderate Funds for Long Term

Steamhouse India Ltd. (SIL) is an Indian company specializing in the generation and centralized distribution of industrial gases, including steam and nitrogen, through its pipeline network. It is pioneers of the community boiler system in India, which was first introduced in 2014. (Source: F&S Report). Its community industrial gas generation and distribution systems provide gas to various industrial customers from a pipeline network, which provides an alternative to each individual customer having its own infrastructure.

Having established its steam generation business in India, SIL is now embarking on an expansion plan of supplying other industrial gases. The Company commenced nitrogen production and supply on February 1, 2025.It commissioned first project for nitrogen supply through a pipeline network at Ankleshwar facility, and, in Fiscal 2026 and Fiscal 2025, it generated Rs. 0.58 cr. and Rs. 0.01 cr. revenue from nitrogen operations, respectively. It is the only company in India that supplies nitrogen using a distributed pipeline network instead of the common practice of supplying in cryogenic tanks and onsite nitrogen generation. (Source: F&S Report).

SIL’s industrial gas business consists of • Generation and Distribution of Steam: The generation and distribution of steam through its community boiler system and pipelines, which is its primary business offering, • Purchase and Distribution of Steam: It purchase steam produced by other steam generating entities and distribute it to customers through its pipeline network, and • Separation, Compression and Distribution of Nitrogen: The company extracts nitrogen from atmospheric air by separating it from other atmospheric gases, compressing it and supplying purified nitrogen through its pipeline network.

SIL currently operates seven community steam boilers (six owned and one leased) in Gujarat through which it generates and distributes steam including Vapi Phase 1, Vapi WTE unit, Ankleshwar Phase 1, Ankleshwar Phase 2, Sarigam, Nandesari and Panoli. Its facilities are strategically located near Indian ports and near customer clusters in Gujarat. As of July 31, 2026, its combined installed plant capacity for steam across its seven boilers is an aggregate of 345 tonnes per hour (“TPH”), which translates to an annual installed capacity of 2,185,920.00 tonnes per annum (“TPA”). In addition, the company distributes steam that it purchases in Dahej GIDC (Phase 1) and Sachin GIDC. In April 2026, it entered a steam purchase agreement with a chemical company to purchase and distribute steam for a term of 5 years in the Dahej SEZ as well as a steam purchase agreement with a chemical company to purchase and distribute steam for a term of 5 years in Haldia.

It expects to commence operations in both Dahej SEZ and Haldia in the next 12 months from the date of this RHP. Further, it has one nitrogen generation and distribution facility, which is located in Ankleshwar and commenced commercial operations on February 1, 2025 with a capacity of 350 NM3/hour. The company endeavors to meet the steam requirements of its customers through community boilers by implementing eco-friendly solutions, reducing pollution from several industries and providing cost efficient solutions. Except for its waste fired boilers, all steam boilers have atmospheric fluidized bed combustion (“AFBC”) designs that reduce fuel consumption. These AFBC boilers help reduce the emission of sulphur oxide (“SOx”) and nitrogen oxide (“NOx”), which are major air pollutants. Further, the use of community boilers often results in more efficient and optimized combustion processes as compared to individual boilers. (Source: F&S Report).

As of July 31, 2026, it owned, operated and maintained a 60,151 meters operational pipeline system connecting its facilities to customers’ premises. It has established pipeline rights-of-ways, which are easements granting it the legal right to use land for pipelines, with its pipelines typically connecting to customer-owned pipes on their premises. It has an established industrial customer base in Gujarat, India with reputed clients across key sectors including, pharmaceuticals, chemicals, textiles, agro-chemicals, tyres, dyes and pigments, polymers, paints and other sectors. Selected examples of its customer base include Aether Industries Limited, Anupam Rasayan India Limited, Globe Enviro Care Limited, Gujarat Polysol Chemicals Limited, Devanshi Dyestuff, K. Patel Chemo Pharma Private Limited, K. Patel Dye Chem Industries Private Limited, Mahavir Synthesis Private Limited, Mangalam Intermediaries, Orgo Chem Gujarat Private Limited and Subhasri Pigments Limited. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, its revenues from repeat customers accounted for 90.72%, 88.01% and 91.49% of its revenues from operations, respectively. As of July 31, 2026, it had 229 employees on its payroll and additional 276 contractual workers.