Steamhouse IPO

Incorporated in June 2015 and headquartered in Surat, Steamhouse India is an industrial steam and gas supplier serving customers located in major industrial clusters across Gujarat.

The company operates an extensive pipeline network connecting its facilities directly to customers. As of November 15, 2025, it operated and maintained 56,236 metres of pipeline, while its facilities had a combined steam capacity of 345 tonnes per hour, equivalent to approximately 2.19 million tonnes per annum.

The company has a presence across key industrial hubs including Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari. Its business model involves setting up steam-generation facilities close to industrial customers and supplying steam through dedicated pipeline infrastructure, providing customers with an energy-efficient alternative to operating individual steam-generation systems.

Steamhouse India also entered the industrial nitrogen market, commencing nitrogen production and supply on February 1, 2025, with its first project at Ankleshwar. Nitrogen operations generated ₹0.90 million in FY25, which increased to ₹3.01 million during the six months ended September 30, 2025.

Its customer base includes companies such as Aether Industries, Anupam Rasayan India, Globe Enviro Care, Gujarat Polysol Chemicals, Devanshi Dyestuff, K. Patel Chemo Pharma, K. Patel Dye Chem Industries, Mahavir Synthesis, Mangalam Intermediaries, Orgo Chem Gujarat and Subhasri Pigments.

As of September 30, 2025, the company had 213 employees and engaged 292 contract labourers across its operating locations.

Energy-efficient industrial solution: Steamhouse provides centralised steam-generation and pipeline-based supply, allowing industrial customers to outsource steam production rather than maintain their own steam-generation infrastructure.

High entry barriers: The business requires significant investment in boilers, pipelines, land and supporting infrastructure. The need to establish facilities close to industrial clusters can make it difficult for new competitors to replicate the company's network.

Strategic location of facilities: Its facilities are positioned near major industrial clusters, enabling the company to supply steam and industrial gases to nearby customers through its pipeline network.

Limited geographical reach: The company can primarily serve customers located close to its steam and gas facilities because its products are supplied through dedicated pipeline networks. Therefore, expansion depends heavily on finding suitable land close to industrial clusters.

High customer concentration: The company's top 10 customers accounted for 53.95% of revenue in FY25 and 52.83% during the six months ended September 30, 2025. The loss of even a few major customers, lower purchases or termination of repeat orders could significantly impact revenue and profitability.

Dependence on repeat orders: More than 96.64% of revenue in H1 FY26 and 88.01% in FY25 came from repeat orders. Any reduction in purchases or discontinuation of repeat orders could adversely affect the company's financial performance.