Steamhouse India IPO: Full Details, GMP Today, Subscription Status & Analysis
UpcomingMAINBOARDBy DostIpo Research DeskUpdated: Saturday, 05 September 2026, 12:13 IST
The Steamhouse India IPO is scheduled to hit the primary market on 09 Sep 2026, with bidding closing on 11 Sep 2026. The issue is grey market premium of +₹0 (). Shares are expected to list on 17 Sep 2026.
Last updated: 05 Sep 2026, 12:13 IST · auto-refreshed from live GMP, subscription feeds and the company's RHP
Steamhouse India IPO, Key Facts at a Glance
StatusUpcoming
Issue typeMainboard
Price bandNot yet officially announced
Lot sizeNot yet officially announced
Issue sizeNot yet officially announced
Face value2
Bidding opens09 Sep 2026
Bidding closes11 Sep 2026
Allotment15 Sep 2026
Listing date17 Sep 2026
ExchangeBSE, NSE
RegistrarKfin Technologies Ltd.
Steamhouse India IPO GMP Today
Grey Market Premium unofficial
+₹0
vs upper band ₹- · updated 05 Sep 2026, 12:13 IST
Premium-
TrendSteady
What is GMP and how to read it?
The grey market is quoting the issue flat, signalling no clear directional bias ahead of listing.
GMP is an unofficial, unregulated market signal. It moves daily and does not guarantee the actual listing price. The grey market premium is an unofficial, off-exchange quote where shares change hands before listing. A rising GMP usually means the market expects a strong debut; a fading one suggests cooling enthusiasm. SEBI does not recognise grey-market trades, there is no settlement guarantee, and the actual listing price is decided by normal order-book demand on debut day.
Steamhouse India IPO Price Band & Lot Size
The price band and lot size have not been officially announced yet. This section updates automatically as soon as the RHP details are out.
Steamhouse India IPO Important Dates & Timeline
Mark these dates, the full subscription-to-listing cycle typically wraps up in under two weeks. India now runs on a T+3 settlement cycle, meaning bidding closes, allotment is finalised and shares hit Demat accounts within roughly three working days of the close, with listing following the very next trading day. Refunds for unsuccessful applicants happen automatically, ASBA/UPI blocks are released without any forms or follow-ups:
Opening date09 Sep 2026
Closing date11 Sep 2026
Allotment finalisation15 Sep 2026
Refund / UPI unblock16 Sep 2026
Share credit to demat16 Sep 2026
Listing date17 Sep 2026
Steamhouse India IPO Subscription Status
Subscription figures will appear here once bidding opens and the registrar/exchange begins publishing demand data.
How to interpret the ratios
QIB demand reflects what mutual funds, insurers and alternative funds think of the valuation; NII (HNI) bookings often track expected listing pops; retail demand shows crowd sentiment. A book that is strong across all three categories is far more reassuring than one carried by a single segment. Remember: heavier oversubscription also means a lottery-style retail allotment, so apply only what you can comfortably bid for.
Steamhouse India IPO, Financial Performance (Restated)
On a restated consolidated basis, the company revenue increased by 24% and profit after tax (PAT) rose by 24% between the financial year ending with March 31, 2026, a useful one-line read on operating momentum heading into the listing.
Here is how the books have moved over the last three financial years:
31 Mar 2026 to 31 Mar 2024₹ Crore
Particulars
31 Mar 2026
31 Mar 2025
31 Mar 2024
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
127.57
87.25
58.35
Total Borrowings
281.62
222.95
202.71
All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.
Profits have scaled from ₹27.19 Cr to ₹38.64 Cr over two years; the borrowings-to-net-worth ratio has eased to about 1.72. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.
Steamhouse India IPO, Key Performance Indicators (KPI)
ROE22.36%
RoCE16.06%
Return on Net Worth23.60%
Debt / Equity1.57
NAV per share7.25
Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.
Steamhouse India IPO, Competitive Strengths (as disclosed in the RHP)
Key strengths as disclosed in the RHP
Pioneers of India's community boiler system since 2014, with exclusive pipeline networks in industrial clusters creating high barriers to entry for competitors due to limited geographical space and existing customer landing points
Seven community steam boilers (six owned, one leased) across Gujarat with combined installed capacity of 345 TPH (2,185,920 TPA annual) as of July 31, 2026, plus a nitrogen generation facility in Ankleshwar with 350 NM3/hour capacity operational since February 1, 2025
Operational pipeline network of 60,151 meters connecting facilities to customer premises as of July 31, 2026, with individual pipelines ranging from 3,000 to 20,000 meters, and facilities located 45–50 km from ports to minimize coal transportation costs
Growing marquee customer base of 202 customers in Fiscal 2026 (up from 173 in Fiscal 2025 and 125 in Fiscal 2024) across 8+ sectors including pharmaceuticals, chemicals, textiles, and agrochemicals, with named clients such as Aether Industries Limited, Anupam Rasayan India Limited, and Gujarat Polysol Chemicals Limited
Technology-driven operations using SCADA systems, real-time flow meter monitoring, steam traps/auto valves, and drone-based installation mapping with third-party data providers to minimize pressure and temperature losses and reduce the delta between agreed and delivered output
Steam purchase agreements entered in April 2026 for 5-year terms in Dahej SEZ and Haldia, with operations expected to commence within 12 months, expanding geographic reach beyond Gujarat
As disclosed under "Competitive Strengths" in the company's offer document.
Steamhouse India IPO Allotment Status, How to Check Online
visit Kfin Technologies Ltd., open the IPO status page, select "Steamhouse India IPO", enter PAN or application number and view your status.
2
BSE / NSE website
Enter your application number and PAN on the exchange allotment page to see the shares allotted.
3
Your bank / UPI app
The mandate shows "blocked" until allotment, then the amount is either debited for allotted shares or released automatically.
Steamhouse India IPO Listing Date & Price Prediction
Listing EstimatePending
Shares are scheduled to list on 17 Sep 2026.
No credible listing estimate has formed yet.
How the debut actually works
New listings open with a special pre-open call auction: the exchange matches buy and sell orders to discover an opening price, after which normal trading begins. Newly listed counters trade in price bands (circuit limits) on day one, which caps how far the stock can swing from its base price. If you applied and were allotted, shares are already in your Demat before the bell, you can sell at open or hold; if you missed the allotment, you can still buy on debut, but chasing a euphoric opening is a well-known way to overpay.
About Steamhouse India, Company & Sector
Sector and financial details are being compiled from official filings and will appear here shortly.
Listed Peer Comparison (per RHP)
Peer group as disclosed under "Basis for Issue Price" in the RHP
Linde India Limited
P/E99.17
ROE12.87
Ellenbarrie Industrial Gases Limited
P/E42.74
ROE10.68
Values as printed in the RHP; compare against the issue's own post-IPO P/E before judging valuation.
Listed Peer Comparison
Peer comparison data is not available in the RHP for this issue. Some SME IPOs do not include a peer group section in the offer document.
Steamhouse India IPO, Objects of the Issue
Total Issue Size₹? Cr
Mainboard Issue
The stated objects, typically a mix of debt repayment, working-capital funding, capacity expansion and general corporate purposes, are set out in the Red Herring Prospectus. The DostIpo desk summarises the object-by-object break-up here once the RHP is parsed in full; until then, treat the prospectus as the authoritative source.
Detailed object-by-object break-up will appear here once the RHP is parsed in full.
Steamhouse India IPO, Official Documents (RHP / DRHP)
Verify every claim against the primary source. These are statutory public disclosures filed with SEBI / the Registrar of Companies, free to read, no registration needed:
Red Herring Prospectus (RHP)
Official SEBI filing with the complete and authoritative picture.
Links point to SEBI's official filings repository. The RHP contains the authoritative financials, risk factors, promoter details and objects of the issue.
How to Apply for Steamhouse India IPO, Step-by-Step
Applying takes under five minutes if your Demat account and UPI ID are ready. There are two standard routes:
1
Route 1, UPI via your broking app (most common)
Open Zerodha Console, Groww, Upstox, Angel One or any UPI-enabled broker, go to the Invest/Orders IPO section, select Steamhouse India, enter your lot quantity and bid price (or choose cut-off), add your UPI ID and approve the mandate in your UPI app. Funds stay blocked in your own account until allotment, nothing leaves upfront.
2
Route 2, ASBA via your bank
Log in to your bank’s net-banking, find the IPO/ASBA section, pick the issue, enter your Demat DP ID and bid details, then submit. The exact amount is blocked and released automatically if no shares are allotted.
Last day caution: applications above ₹2 lakh fall in the non-institutional bucket. Bids submitted after 11 Sep 2026 will not be accepted, mandate approvals can take time on the final evening.
The sections below are generated automatically by the DostIpo intelligence engine from timestamped snapshots: RHP disclosures, live subscription captures and grey-market tracking. Every claim traces back to a stored data point; where inputs are still missing, the engine says so instead of filling gaps.
Score X-Ray17/100
Composite of seven weighted categories, category-by-category evidence below.
X-Ray Evidence
GMP & SentimentPENDING
No reliable GMP quote yet — category skipped, not scored 0
Subscription StrengthPENDING
Bidding has not opened or live figures unavailable — category skipped, not scored 0
Financial Growth8/15
PAT moved from Rs27.19 Cr to Rs38.64 Cr (+42%) across restated years
ValuationPENDING
Post-issue P/E not available yet — category skipped, not scored 0
Promoter & Structure2/10
85% of the raise is fresh capital for the company
Risk Factors0/15
high leverage (D/E 1.57); EBITDA margin compressed 23% to 17%; 5 material litigation item(s) per RHP (-6)
Industry7/10
Industry overview captured from RHP (6 points); relative valuation vs peers pending
Data-Based SignalSIGNAL: NEUTRAL (DATA PENDING)
Strongest Pillar
Industry (7/10)
Weakest Pillar
Risk Factors (0/15)
This is an automated reading of the evidence above, not investment advice.
Risk Factors (per RHP)
Incomplete Promoter Group disclosures regarding Ambika Agarwal and connected entities Company states it cannot assure complete disclosures relating to Ambika Agarwal and her Connected Entities (including Unimax Logistics LLP) are included in the RHP, as information was sourced from publicly available sources. Ambika Agarwal is a relative of the Promoter and is deemed part of the Promoter Group.
Very high total borrowings relative to equity Standalone total borrowings (Non-Current Rs. 991.25 Cr + Current Rs. 1,824.97 Cr) = Rs. 2,816.22 Cr as at March 31, 2026, against Total Equity of Rs. 1,727.69 Cr — debt-to-equity ratio exceeding 1.6x.
Extremely low cash and cash equivalents Cash & Cash Equivalents standalone stood at just Rs. 1.79 Cr as at March 31, 2026 (down from Rs. 21.77 Cr in FY25 and Rs. 12.63 Cr in FY24), indicating minimal liquidity buffer.
No dividend declared in any of the last three fiscal years Company has not declared any dividend on Equity Shares in Fiscals 2026, 2025, and 2024, and during the period from April 1, 2026 until the date of the RHP.
High finance costs eating into profitability Finance Costs standalone were Rs. 217.30 Cr (FY26), Rs. 221.80 Cr (FY25), and Rs. 186.78 Cr (FY24), consuming a significant portion of operating profits (Restated PBT of Rs. 512.37 Cr in FY26).
Large and growing lease liabilities from ROU assets Total lease liabilities (Non-Current Rs. 434.55 Cr + Current Rs. 102.50 Cr) = Rs. 537.05 Cr as at March 31, 2026, with Rights-of-Use Assets of Rs. 786.99 Cr, indicating significant off-balance-sheet-style commitment to leased properties.
Prior period error rectification and restated financial statements Financial statements were restated to reflect rectification of prior period errors (Rs. 6.13 Cr adjustment) and regrouping/reclassifications retrospectively, indicating historical accounting inaccuracies that required correction.
Complex Promoter Group structure with 21 entities across diverse sectors Promoter Group includes 21 entities spanning textiles (Sanjoo Dyeing, Kiara Denims), aviation (Aerohouse Aviation), real estate (Sanjoo Estate Developers), logistics (Unimax Logistics), LLPs, HUFs, and charitable foundations — increasing related-party transaction and governance complexity.
Rapid increase in current borrowings over three years Standalone current borrowings surged from Rs. 1,046.72 Cr (FY24) to Rs. 1,240.60 Cr (FY25) to Rs. 1,824.97 Cr (FY26) — a 74% increase over two years, indicating growing reliance on short-term debt.
Company is relatively young with restated consolidated financials only from FY24 Incorporated in 2015 (CIN U40300GJ2015PLC083493), the company's restated consolidated financial statements cover only FY25 and FY26, with standalone restated data for FY24 — limited audited track record for investors to assess long-term performance.
Competitive Strengths
Pioneers of India's community boiler system since 2014, with exclusive pipeline networks in industrial clusters creating high barriers to entry for competitors due to limited geographical space and existing customer landing points
Seven community steam boilers (six owned, one leased) across Gujarat with combined installed capacity of 345 TPH (2,185,920 TPA annual) as of July 31, 2026, plus a nitrogen generation facility in Ankleshwar with 350 NM3/hour capacity operational since February 1, 2025
Operational pipeline network of 60,151 meters connecting facilities to customer premises as of July 31, 2026, with individual pipelines ranging from 3,000 to 20,000 meters, and facilities located 45–50 km from ports to minimize coal transportation costs
Growing marquee customer base of 202 customers in Fiscal 2026 (up from 173 in Fiscal 2025 and 125 in Fiscal 2024) across 8+ sectors including pharmaceuticals, chemicals, textiles, and agrochemicals, with named clients such as Aether Industries Limited, Anupam Rasayan India Limited, and Gujarat Polysol Chemicals Limited
Technology-driven operations using SCADA systems, real-time flow meter monitoring, steam traps/auto valves, and drone-based installation mapping with third-party data providers to minimize pressure and temperature losses and reduce the delta between agreed and delivered output
Steam purchase agreements entered in April 2026 for 5-year terms in Dahej SEZ and Haldia, with operations expected to commence within 12 months, expanding geographic reach beyond Gujarat
Listed Peers (per RHP)
Linde India Limited
P/E 99.17 · ROE 12.87 · Face Value: 10; Closing price on Aug 31, 2026: 6,383.75; Revenue FY2026: 25,306.40 (₹ million); EPS Basic: 64.37; EPS Diluted: 64.37; NAV: 500.27
Ellenbarrie Industrial Gases Limited
P/E 42.74 · ROE 10.68 · Face Value: 2; Closing price on Aug 31, 2026: 322.25; Revenue FY2026: 3,415.82 (₹ million); EPS Basic: 7.54; EPS Diluted: 7.54; NAV: 69.33
Business Model
Steam House India Limited (CIN: U40300GJ2015PLC083493) is a Gujarat-based steam generation and distribution company that produces and supplies steam to industrial consumers through an extensive pipeline network.
Primary revenue comes from selling steam via continuous pipeline supply, billed fortnightly (or monthly) to consumers, with prices variable and linked to coal prices.
The company also earns revenue from Build-Operate-Transfer (BOT) projects — constructing steam infrastructure for clients, operating it during the contract period, and transferring ownership afterward.
Key revenue streams include sale of goods (steam), rendering of services (BOT construction using percentage-of-completion method), late payment charges, and interest income.
As of March 31, 2025 (Consolidated), the company's gross PP&E stands at Rs. 2,445.67 Cr, with Boilers at Rs. 768.74 Cr, Pipeline at Rs. 196.97 Cr, Plant & Machinery at Rs. 208.37 Cr, and Buildings at Rs. 63.91 Cr.
The company operates an asset-heavy model centered on boiler plants and steam pipeline infrastructure to serve industrial consumers on a continuous basis.
Customer base consists of industrial consumers who require steam for their manufacturing/processing operations, with pricing mutually agreed and adjusted in line with coal price movements.
Industry Snapshot
Steamhouse India Limited pioneered the community boiler system in India in 2014, offering steam as a service.
Steamhouse is the only company in India known to supply nitrogen through a shared off-site production and pipeline distribution model.
India's nitrogen demand increased from 4.1 million tons in FY2020 to 5.1 million tons in FY2026 with a CAGR of 3.6%, projected to reach 6.3 million tons by FY2031.
The National Manufacturing Mission (NMM) targets increasing manufacturing's GDP share to 25% by 2035 and generating 143 million jobs.
Production Linked Incentive (PLI) schemes cover 14 strategic sectors with cumulative investment over INR 2.40 lakh crore as of March 2026.
Key demand drivers for industrial gases include rapid industrialization, infrastructure development, and government incentives under schemes like PLI.
Litigation
Environmental violations - show cause notice under Water (Prevention and Control of Pollution) Act, 1974, Air (Prevention and Control of Pollution) Act, 1981, Hazardous Waste Rules 2008
Stamp duty assessment order - amalgamation of Nandesari Eco Energy Limited, Sarigam Eco Energy Limited and Vapi Eco Energy Limited
Stamp duty assessment order - GIDC leasehold properties at Vapi, Sarigam and Nandesari
Provisional assessment bill under Electricity Act, 2003/2004
Criminal proceedings - FIR for theft of imported coal under IPC sections 34, 120B, 406, 408
Signal Flags (3 flags)
Red flagMaterial litigation flagged in RHP (5 items)
Environmental violations - show cause notice under Water (Pr; Stamp duty assessment order - amalgamation of Nandesari Eco (Source: AI-read of full RHP)
CautionBorrowings rising
Borrowings climbed from Rs202.71 Cr to Rs281.62 Cr over the restated years. (Restated financials)
CautionMargin compression
EBITDA margin compressed from 23% to 17%. (Restated financials)
What supports the issue:
85% of the raise is fresh capital for the company
Full-RHP deep read found no company-specific litigation or regulatory action
Strong PAT growth of +42%
All intelligence outputs are data-based observations for education, not recommendations. Methodology: see the Data Methodology page.
Should You Invest in Steamhouse India IPO? DostIpo Verdict
Score covers 50/100; remaining pillars pending data (not penalised)
DostIpo is not SEBI-registered. This is an automated, data-based signal for education only. Read the RHP risk factors and consult a SEBI-registered adviser; whether to invest is entirely your decision.
Frequently Asked Questions
When does the Steamhouse India IPO open and close?
The IPO opens on 09 Sep 2026 and closes on 11 Sep 2026.
When is the Steamhouse India IPO allotment?
The allotment date is 15 Sep 2026 (official registrar/exchange date; minor delays are possible).
What is the Steamhouse India IPO GMP?
Estimated grey market premium is ₹0. GMP is unofficial and not a listing-price guarantee.
When will Steamhouse India IPO list on the exchange?
Listing is scheduled for 17 Sep 2026 on BSE, NSE. The listing price is set by market demand on debut day, GMP is only an unofficial hint.
Who is the registrar for Steamhouse India IPO?
Kfin Technologies Ltd. is managing the issue. Allotment status can be checked on its official portal using PAN, application number or DP/client ID once the basis of allotment is finalised.
How can I apply for Steamhouse India IPO?
You can apply through any UPI-enabled broking app (Zerodha, Groww, Upstox, Angel One etc.) or via ASBA through your bank's net-banking. One lot is the minimum application; retail applications are capped at ₹2 lakh.
What does subscription status mean in an IPO?
Subscription shows how many times the shares on offer were bid for. A figure above 1x means the category is oversubscribed. Higher retail and QIB demand generally signals stronger conviction, though it also means lottery-based allotment.
Is Steamhouse India IPO good for the long term?
That depends on valuation, sector outlook and the company's financials after listing, not on day-one moves. Read the RHP's risk factors and financial statements, and consider consulting a SEBI-registered adviser. DostIpo's verdict reflects short-horizon signals only.
What happens if the IPO is oversubscribed?
In the retail category, allotment happens by computerised lottery, many applicants get nothing. QIB and NII portions are allotted pro-rata. Unblocked funds are released within the ASBA/UPI timeline if you receive no shares.
Disclaimer: DostIpo is an informational and educational platform and is not a SEBI-registered investment adviser or research analyst. Nothing on this page, including GMP estimates, subscription data, scores or the verdict, is investment advice, a recommendation or a solicitation to buy or sell any security. GMP is an unofficial grey-market signal. Investments in the securities market are subject to market risks; read all offer documents (RHP/DRHP) carefully and consult a SEBI-registered adviser before investing.