Steamhouse India Ltd

NSE: STEAMHOUSE · BSE: 544914 · Community steam / "steam-as-a-service" utility, Gujarat · Report date 6 Oct 2026

₹491.5 crFY26 Revenue (+24.4%)

₹38.6 crFY26 PAT (+24.0%)

17.0%FY26 EBITDA margin (Q1 FY27 24.05%)

22.4% / 16.1%FY26 RoE / RoCE (pre-IPO equity)

₹18.3 crQ1 FY27 PAT (+80% YoY)

₹400.3 crBorrowings 31-Jul-26 (pre-IPO)

Market data

Item	Value	Note
CMP	₹118.42 (NSE) / ₹118.45 (BSE)	6 Oct 2026, 10% upper circuit after Q1 FY27 Fact
Shares outstanding	276,406,311	232,826,065 pre-offer + 43,580,246 fresh
Market cap	≈ ₹3,273 cr	₹2,976 cr at prior close ₹107.70 Est.
Issue price / listing open / day-1 close	₹81 / ₹94.50 / ₹102.55	BSE open ₹93.00, close ₹102.20
Return since issue	+46.2%	+25.3% vs listing open; +62.2% vs ₹73 pre-IPO
Post-listing high / low	₹118.42 / ₹91.60	3 weeks of trading; no 52-week history
P/E TTM / FY26	~70x / ~85x	TTM PAT ₹468.05 mn; FY26 EPS ₹1.40 on post-issue shares Est.
EV/EBITDA TTM / FY26	~35x / ~40x	Pro-forma EV ≈ ₹33,410 mn Est.
P/B (pro-forma book ₹20.8/sh)	~5.7x	Not the 11.2x on pre-issue NAV
Dividend yield / buyback	0% / none	Never paid
Index membership	None	Listed 17 Sep 2026
Credit rating	[ICRA]BBB+ (Stable) / A2	Upgraded 28 Sep 2026 from BBB/A3+

Company overview

Field	Detail
Incorporated	10 Jun 2015, Surat, as Ankleshwar Eco Energy Ltd; renamed 28 Sep 2021. CIN U40300GJ2015PLC083493
Headquarters	Surat, Gujarat. All operating assets are in Gujarat
Promoter	Vishal Sanwarprasad Budhia (CMD), 2nd generation of the Sanjoo textile group, Surat. Promoter & group 77.96% post-IPO
Sector	Industrial utilities: community boilers, steam distribution by pipeline, pipeline nitrogen
Assets	7 boilers / 345 TPH (6 owned, 1 leased); 1 N₂ plant 350 Nm³/hr; 60,151 m pipeline; 2 purchased-steam networks
Employees	229 staff + 276 contract labour (31 Jul 2026); attrition 34.29% FY26
Customers	202 (FY26); repeat revenue 90.72%
Auditor	Natvarlal Vepari & Co, Surat (unmodified opinions FY24–26)
BRLM / Registrar	Equirus Capital (sole) / KFin Technologies
IPO	₹414 cr: ₹353 cr fresh + ₹61 cr OFS; ~32x subscribed (ex-anchor)

What the company does

Steamhouse builds large coal-fired (and one waste-fired) AFBC boilers inside GIDC industrial estates and sells superheated steam to chemical, pharma, dye, textile and tyre factories through its own overhead pipelines. Customers avoid owning boilers, land, boiler staff and pollution compliance, and pay a two-part tariff: a fixed charge that escalates 3–10% a year plus a variable charge linked to coal. It also resells steam bought from others (Sachin, Dahej), pipes nitrogen at Ankleshwar, and in FY25–26 traded coal, mainly to group company Sanjoo Dyeing. Coal trading stopped on 1 Apr 2026. Capacity is planned to double to 705 TPH, and a ₹311 cr EPC + 25-year O&M contract at the Una Bulk Drug Park (Himachal Pradesh) was won in Sep 2026.

Quick verdict scorecard

Business

Medium

Real cluster moat; 41.5% utilisation; captive-boiler fallback

Management

Weak

Sanjoo entanglement, contingent pledge, credibility gaps

Financial

Weak

Negative FCF every year; improving after IPO deleveraging

Valuation

Expensive

~70x TTM P/E, ~35x EV/EBITDA

Overall

Negative at ₹118

Good model, wrong price; revisit after Q2/Q3

Data as of 6 Oct 2026 (CMP 10:22 am NSE). Financials: RHP 3 Sep 2026 restated FY24–26 (FY24 standalone; FY25–26 consolidated) and Q1 FY27 unaudited results of 5 Oct 2026. ₹ mn unless stated; ₹1 cr = ₹10 mn.

Analyst Notes

My read before the data. Analyst View throughout unless labelled.

The model is better than I expected. Steamhouse is a genuinely interesting utility-like business. It sells steam as a service from 345 TPH of community boilers through 60 km of its own pipe into dense Gujarat chemical estates. The tariff passes coal through and adds a 3–10% annual fixed-charge escalator. 90.7% of revenue is repeat. Once a trunk line is laid under a GIDC right-of-use and customers have given up a landing point, a second network is hard to build. F&S (paid for by the company) puts community-boiler efficiency at 80–83% against 50–65% for captive boilers. That is a real cluster moat, even though it rests on 10-year rights of use and contracts, not on regulation.

The price already assumes it all goes right. At ₹118.42 the stock is up 46% from the ₹81 issue in 13 sessions. That is about 70x TTM PAT (₹46.8 cr), about 85x FY26, about 35x TTM EV/EBITDA and about 5.7x pro-forma book, with no dividend. The market is valuing a coal-fired, 17–24% margin steam utility like an industrial-gas compounder (Linde India ~95–99x, Ellenbarrie ~45x), even though those companies run 34–36% margins with no net debt. Utility and IPP comparables (KPI Green 12.5x, GIPCL 6.7x) would value it at a fraction of today's price.

Headline growth was inflated by coal trading to a promoter-group company. Revenue compounded 29.8% from FY24 to FY26 (₹291.7 cr → ₹491.5 cr). Coal trading went from ₹0.19 mn to ₹1,323 mn, mostly sold to Sanjoo Dyeing, and explains about 66% of that increase. Total steam revenue grew only 9.6% and 8.2% in those two years. Coal trading stopped on 1 Apr 2026 (RHP p.551; p.318 says the opposite, so I flag it). The Q1 FY27 margin jump of +702 bp to 24.05% is therefore mostly mix. Strip coal out of Q1 FY26 and the like-for-like gain is about +140 bp. To be fair, the real operating numbers are good: volume +16.7%, EBITDA per tonne +37% to ₹1,011, and absolute EBITDA +60%. The +25% rise in realisation per tonne may partly be Sachin steam now carrying the fuel value that used to be booked as coal sales. Q2 will tell.

Capital intensity is the uncomfortable part. Fleet utilisation is 41.5%: Sarigam 12%, Panoli 7%, Vapi Ph1 29% and falling. Yet the plan is to double capacity to 705 TPH. Free cash flow after interest was negative every year: −₹98 cr, −₹61 cr and −₹60 cr for FY24–26 Est.. Capex plus leases of ₹385 cr over three years compares with ₹229 cr of OCF, and FY25–26 OCF was helped by coal payables. Borrowings rose ₹118.7 cr in the four months before the IPO, from ₹281.6 cr to ₹400.3 cr (RHP headline). That included ₹128.7 cr of 11.25–12.75% loans for working capital and "payment to creditors", none of it for capex. Projects under construction show overruns of +17% to +106%. One more sensitivity: FY26 EBITDA includes ₹131.65 mn of Pirana construction revenue, which is legitimate Ind AS 115 Appendix D service-concession accounting. Excluding it, FY26 EBITDA is about ₹703 mn (+1.5% YoY), an upper-bound adjustment Est..

Governance is the real discount. Sanjoo Dyeing plays several roles at once:

largest customer (₹902 mn, 18.4% of revenue)
steam supplier (₹311 mn)
revolving lender (₹1,108 mn borrowed in FY26)
owner of the Sachin boilers Steamhouse operates
assignor of the trademark
aircraft lessor through its US affiliate (US$240k a year)

Total RPTs equal 74.3% of FY26 revenue, 99.3% of them with group companies. About 60% of that is the loan round-trip; commercial flows are about 25% of revenue. The promoter's 76% pledge is nil today, but there is a contingent re-pledge obligation if the NCDs are not repaid on time. The 75% promoter covenant leaves room for the promoter to sell only about 8.2 mn shares (~3.0%), or for the company to issue about 10.9 mn new shares. The IPO was priced about 59.5% below a ₹200 private placement made in Mar 2024 at the same face value, and the RHP gives no explanation. Two of that round's allottees have names close to top suppliers Unverified: name similarity only.

Projection credibility is weak. ICRA's 2023 rationale reflected FY24 revenue of ₹625–675 cr. Actual FY24 revenue was ₹291.7 cr, down 11%. Capacity plans of 683 TPH (2023) and 428 TPH (2024) compare with 345 TPH today. The Q1 release credits "operating leverage" and does not mention the coal exit.

The positives are real.

The ₹311 cr Una order (300 TPH plus ~30 MW, 24-month EPC, then 25-year O&M) is the first project outside Gujarat. That is about ₹264 cr ex-GST, roughly ₹130 cr a year of EPC revenue.
ICRA upgraded the rating to BBB+/A2 on 28 Sep 2026.
The 2026 gas shock (PNG ₹79–90/SCM, so gas steam costs about ₹4.0–6.5/kg against about ₹1.4–1.7/kg for coal steam) makes community coal steam more competitive.
Pro-forma net debt/equity falls to about 0.12x.

The near-term overhang is significant. 50% of the anchor book (76.7 lakh shares, 2.77%) unlocks on 14 Oct and the rest around 14 Dec. The ₹73 pre-IPO block (68.5 lakh, 2.48%) unlocks around 24 Dec if the AIF carve-out applies, otherwise around mid-Mar 2027. Q2 FY27 results are due by 14 Nov. My stance: I would not chase this at ₹118. On demonstrated run-rate earnings (annualised Q1 PAT ₹73.4 cr) it trades at about 45x. I would want either a price closer to 35x run-rate (roughly ₹90–95 Est.) or two more quarters showing ex-coal margins of 22% or more, plus commissioning of the 90 TPH promised for CY2026.

The numbers behind the thesis

Point	Number	Source / label
Coal trading share of FY26 revenue	26.9% (₹1,323.27 mn)	RHP p.326 Fact
Share of FY24→26 revenue increase from coal	~66%	Est.
Steam revenue growth FY25 / FY26	+9.6% / +8.2%	RHP p.530
Q1 FY27 margin gain, headline vs like-for-like	+702 bp / ~+140 bp	Est.
EBITDA per tonne, Q1 FY27 vs Q1 FY26	₹1,011 vs ₹737 (+37%)	Company
FY26 utilisation	41.51%	RHP p.212
FCF after interest FY24 / FY25 / FY26	−979 / −606 / −603 ₹ mn	Est.
Borrowings Mar-26 → Jul-26	₹2,816 → ₹4,003 mn (+₹1,187 mn)	RHP p.543+
Total RPT / FY26 revenue	74.3% (99.3% with group)	RHP RF4
Promoter headroom to 75% covenant	Sell 8.2 mn sh / issue 10.9 mn sh	Est.
IPO discount to Mar-2024 placement	−59.5% (₹81 vs ₹200)	RHP p.102–105
ICRA-reflected FY24 revenue vs actual	₹625–675 cr vs ₹291.7 cr	ICRA Jul 2023
P/E TTM / EV/EBITDA TTM	~70x / ~35x	Est.

What would change my mind: (1) Q2 and Q3 FY27 EBITDA margin of 22% or more with no coal trading; (2) Nandesari Ph2, Jhagadia and Vapi Ph3 commissioned by Dec 2026; (3) monitoring-agency report showing the Ascertis and Axis NCDs repaid, so the re-pledge falls away; (4) Sanjoo loan flows shrinking in post-listing RPT disclosures; (5) a price reset.

Business Deep-Dive

Source: RHP "Our Business" pp.305–339 unless stated.

Operating snapshot

Metric	FY24	FY25	FY26	Q1 FY27
Revenue from operations (₹ mn)	2,917.10	3,951.06	4,915.11	1,286.21
YoY growth	NA	+35.44%	+24.40%	+13.35%
EBITDA (₹ mn)	684.06	693.16	834.89	309.32
EBITDA margin	23.45%	17.54%	16.99%	24.05%
PAT (₹ mn)	271.86	311.61	386.39	183.42
Steam + gas volume sold (t)	821,801	961,858	1,066,773	305,816
Distribution capacity (t/yr)	1,916,645	2,110,060	2,569,784	–
Capacity utilisation	42.88%	45.58%	41.51%	41.4% (36.1% Q1 FY26)
Revenue per tonne of steam (₹)	3,521.13	3,294.91	3,208.02	~4,034 Est.
Customers	125	173	202	167 active*
Pipeline (m)	41,539	47,526	57,041	60,151 (31-Jul-26)

*Q1 count from secondary reports of the company release; not comparable with the full-year count. ICRA's "₹479 cr, +20%" FY26 figure is sale of products excluding ₹131.65 mn Pirana service revenue.

Products and services

#	Offering	How it works	FY26 ₹ mn	%
1	Own-generated steam (core)	Superheated steam (~45 bar) from 6 AFBC coal boilers + 1 WTE boiler, piped to customer valves; metered by flow meters/SCADA; billed periodically; 7–15 day credit; security deposits	2,562.55	52.14%
2	Purchased & distributed steam	Sachin GIDC: steam bought from Sanjoo Dyeing (Steamhouse runs its boilers under a 3-year O&M from 1 Apr 2025). Dahej GIDC Ph1: bought from Kilburn Chemicals (TiO₂ maker), monthly volumes. Signed, not live: Dahej SEZ and Haldia (5-year SPAs, Apr 2026)	869.97	17.70%
3	Coal trading	Indonesian coal resold on invoice, mainly to Sanjoo Dyeing at "prevailing market price". Discontinued 1 Apr 2026 (p.551); no coal sales in FY27 so far	1,323.27	26.92%
4	Nitrogen	PSA plant at Ankleshwar Plot 303/C, 350 Nm³/hr, COD 1 Feb 2025; one customer on invoice. F&S claim: India's only pipeline N₂ supplier (uncorroborated)	5.77	0.12%
5	Others	₹21.90 mn flow meters, scrap, components + ₹131.65 mn Pirana construction revenue (Ind AS 115 Appendix D service concession with AMC)	153.56	3.12%
	Total		4,915.11	100%

How it is made: the AFBC process

Fuel feed: coal, biomass or waste crushed to size; hydrated lime sprinkled to cut SOx.
Combustion: in a fluidised bed of sand or ash; limestone or dolomite captures SO₂ as CaSO₄.
Fluidisation: forced-draft and primary-air fans.
Heat transfer: to water tubes, including an in-bed evaporator.
Evaporation: of DM/RO-treated water.
Distribution: steam drum → superheater → header → pipeline.
Ash handling: dense-phase pneumatic system; ESP before the stack; fly ash disposed of under GPCB norms.

Boilers have an expected life of 25 years. Monitoring covers CEMS (SPM, SOx, NOx), drone pipeline surveys and third-party IoT analytics (custom API plus SQL on AWS). Efficiency levers:

bulk coal buying
patented bed-material recycling
VFDs on fans and pumps
a back-pressure turbine at Nandesari (co-generation)
a 3.04 MW AC solar plant at Jiyor, Narmada (11.64 acres, 25-year lease; wheeling agreement 29 May 2026)

Utility charges were ₹138.09 mn (2.81% of revenue) in FY26. Water charges were ₹53.48 mn, down from ₹86.49 mn in FY24. Boilers are bought from OEMs; the IPO quotation is Thermax Babcock & Wilcox, ₹93.10 mn per 60 TPH boiler island (11 Aug 2026). Pipeline uses CS seamless IBR pipe, rock-wool insulation and aluminium cladding, at about ₹29.4 mn/km Est.; networks run 3–20 km and rights of use typically last 10 years. Gross block was ₹3,264.24 mn and ROU assets ₹786.99 mn (Mar-26). The workforce is 229 (159 facility operations, 4 sales, 6 aviation) plus 276 contract labourers.

F&S economics: captive vs community boiler (RHP p.300)

Parameter	Captive	Community
Capex	₹25–30 lakh/TPH (low pressure)	₹25–30 cr per 60 TPH at 45 bar (≈₹42–50 lakh/TPH; IPO island ≈₹48.5 lakh/TPH Est.)
Area	1,500–2,500 m² for 6–10 TPH	3,000 m² for 60 TPH
Manpower	10 for up to 10 TPH	40 for up to 60 TPH
Efficiency	50–65% (50–55% if >10 yrs old)	80–83%
Variable steam cost	₹1.8–6.0/kg (6–8 bar)	₹1.50–2.25/kg at 45 bar (≈₹0.9–1.3/kg low-pressure equivalent)
Particulates	150–500 mg/Nm³	10–50 mg/Nm³
Fossil-fuel saving	n/a	"up to 25–30%" (p.260)

Facilities (31 Jul 2026)

Facility	Address	Capacity	Started	Fuel	Tenure / lessor	Contract labour
Ankleshwar Ph1+Ph2	Plot 302, Ankleshwar GIDC (9,660 m²)	2×60 = 120 TPH	FY2019 / FY2023	Indonesian coal	Sub-lease from Advaitya Dye Chem, 1 Jan 2023 – 31 Dec 2030	86
Ankleshwar nitrogen	Plot 303/C	350 Nm³/hr	1 Feb 2025	Power	Leave & licence (Vardayini Chemicals), to May 2027	–
Vapi Ph1	Plot 1801/P/1, 3rd Phase, Vapi GIDC	60 TPH	2017	Coal	Leave & licence (Swastik Infrastructure), to Oct 2029	41
Vapi WTE	Same plot	15 TPH	1 Feb 2025	Plastic, chindi, paper, agro-waste, RDF	Same	incl.
Sarigam	Plot 2801, Sarigam GIDC, Valsad	60 TPH	Feb 2023	Coal	Leave & licence (Annex Industries), to Oct 2029; GIDC subletting application filed	45
Nandesari	Plot 128/3, Nandesari GIDC, Vadodara (6,000 m²)	30 TPH + back-pressure turbine	Sep 2023	Coal	Registered lease (Aadarsh Colour Intermediates) to 28 Oct 2028	58
Panoli	Plots 510–512, Panoli GIDC (4,725 m²)	60 TPH	5 Jun 2025	Imported coal	Deed of assignment (R.P. Chemicals), 99 yrs to 2121	46
Sachin GIDC, Surat	Plot 8108/1 (Sanjoo's plot)	Purchased steam from Sanjoo-owned boilers run by Steamhouse	O&M from 1 Apr 2025 (3 yrs)	Coal, bought by Sanjoo	Related party; GIDC transferred pipeline ROU 28 Dec 2023; past subletting breach penalised on Sanjoo	–
Dahej GIDC Ph1	Dahej	Purchased steam from Kilburn	Mar 2024 (planned Oct 2023)	–	Pipeline ROU only	–
Total own boilers		345 TPH = 2,185,920 TPA	Installed capacity = 330 days × 24 h × 80%. Which boiler is leased: Not Available (RHP pp.306, 320–321)

Plant-level production and utilisation (RHP pp.321–323; certified by Dr P.J. Gandhi, Chartered Engineer)

Plant	TPH	FY24 t / util.	FY25 t / util.	FY26 t / util.
Vapi Ph1	60	164,898.73 / 43.38%	154,739.57 / 40.70%	110,921.32 / 29.18%
Vapi WTE	15	–	6,354.52 / 40.12% (2 months)	73,700.92 / 77.55%
Ankleshwar Ph1+2	120	419,797.98 / 55.21%	421,068.66 / 55.38%	398,652.64 / 52.43%
Sarigam	60	12,396.15 / 3.26%	50,267.32 / 13.22%	46,095.47 / 12.13%
Nandesari	30	18,470.12 / 16.66% (7 months)	66,983.01 / 35.24%	100,478.99 / 52.86%
Panoli	60	–	–	22,864.38 / 7.22% (from Jun-25)
Own generation total Est.	345	615,563	699,413	752,713
Volume sold less own generation (mostly Sachin purchased steam) Est.		~206,000	~262,000	~314,000
Blended company KPI (incl. Sachin; excl. Dahej Ph1)		42.88%	45.58%	41.51%

FY26 utilisation by plant (%)

Reading Analyst View. Vapi Ph1 has declined three years running while the co-located WTE boiler ramped up, so cheaper waste-fired steam appears to be cannibalising coal steam on the same network. Sarigam has been stuck at 12–13% for two years, which points to stranded capacity. Company explanation (p.323): the chemical and agro downturn since 2024 (~1.5 kg steam per kg of chemical), new plants take time to ramp, and new customers need ROU approval before connection. KPI note 8 lists Sachin but not Dahej GIDC Ph1 in "volume sold", and production is not the same as sales, so the residual is indicative only. Customers per plant and pipeline km per cluster: Not Available.

Other property: vacant land at Gabheni (Surat), Hasot (Bharuch) and Dahej SEZ Plot Z/85/2/A/1, plus 3 parcels at Jiyor (solar). The company says the vacant parcels have no immediate use. Also a 2-year leave & licence at Global Textile Plot 81, Palsana Road, and an 11-month lease on the registered office. Aviation: DGCA NSOP permit 21 Oct 2025 – 20 Oct 2030. A 6-seat single-engine aircraft is leased from Sanjoo Dyeing Inc (USA) at US$240,000 a year plus all operating costs; 6 aviation staff.

Licences, compliance, IP and awards

Area	Status
Quality certifications (ISO 9001/14001/45001)	Not Available — none disclosed in RHP, website or web search
Material licences	GIDC lease/subletting permissions; GPCB/MPCB CTE and CCA (Water and Air Acts) plus Hazardous Waste authorisation; boiler certificates under s.9 Boilers Act 1923 (provisional for Panoli; new Boilers Act 2025); GIDC pipeline ROU (~10 yrs); factory licences; IEC AANCA6244Q; GST (Gujarat, Maharashtra, Dahej SEZ); DGCA NSOP
Fire NOCs	Pending at all 5 operating sites: Ankleshwar, Vapi, Nandesari and Sarigam applied 25 Mar 2025; Panoli 26 Jun 2025
Ran before final consent	Panoli ran from 5 Jun 2025 (final CCA 23 Jun 2025); nitrogen trial supply before consent (dates inconsistent: 2023 vs 2025, likely an RHP typo)
Closure notices	"Closure notice from state pollution control board for some of our units" (p.30). Details Not Available
GPCB show-cause (Vapi)	15 May 2025: haphazard plastic-waste storage, exhaust leaks, non-working screw conveyor. Reply 19 May; inspection 25 Jun; compliance report 8 Jul 2025; pending
Other breaches	GIDC subletting breach at Sachin; MIDC Tarapur late-construction premium ₹14.78 mn paid; stamp-duty orders ₹8.25 + ₹27.52 mn under appeal; DGVCL ₹11.12 mn in Gujarat HC
Patent	202321026338, granted 24 Mar 2026: "System for recovery and charging of bed material in AFBC"
Trademarks	6 registered, incl. word mark "COMMUNITY BOILER" (classes 11, 39) and a logo assigned by Sanjoo Dyeing (deed 14 Nov 2022); 8 pending, 3 objected
Awards	Divya Bhaskar "Best Innovative Business"; Times Business Awards Surat 2023; SGCCI/GPCB CER award 2024; Dahej Industrial Expo Nov 2025
Exports	Nil. 100% of revenue domestic; 100% of gas revenue from Gujarat. Upcoming non-Gujarat: Haldia (WB), Tarapur (MH), Una (HP)

Segment Analysis

One reportable segment under Ind AS, India only (p.530). No segment EBITDA is disclosed; the margin splits below are analyst estimates.

Revenue mix FY24–FY26 (₹ mn)

Own steamPurchased steamCoal tradingN₂ + others (incl. Pirana)

Revenue by offering: 3 years + latest quarter

₹ mn	FY24	FY25	FY26	FY26 YoY	Q1 FY26	Q1 FY27	Q1 YoY
Own-generated steam	2,893.66	2,392.86	2,562.55	+7.1%	n.d.	n.d.
Purchased & distributed steam	0.02	778.91	869.97	+11.7%	n.d.	n.d.
Total steam	2,893.67	3,171.78	3,432.52	+8.22%	~844.6	1,233.7	+46.07%
Coal trading	0.19	762.45	1,323.27	+73.55%	282.6	0	−100%
Nitrogen	–	0.90	5.77	6.4x	n.d.	n.d.
Others / services (FY26 incl. ₹131.65 Pirana)	23.24	15.93	153.56	9.6x	~7.6	~52.5
Total	2,917.10	3,951.06	4,915.11	+24.40%	1,134.76	1,286.21	+13.35%

Q1 FY26 steam = 1,233.7 / 1.4607 Est.; Q1 "others" is the residual. Sources: RHP pp.306, 503, 530, 533, 538; Q1 release coverage.

Why the mix moved. From FY22 to FY24 Steamhouse ran Sanjoo's Sachin boilers under leave & licence, so Sachin counted as own generation (FY24 rent to Sanjoo about ₹328 mn). From FY25 this became an O&M contract. Sanjoo generates the steam and Steamhouse buys it (purchased steam) and sold Sanjoo the coal (coal trading). Own-generation revenue fell by about ₹500 mn in FY25 as a result. Like-for-like steam growth is only about 8–10% a year. Analyst View The +25% Q1 FY27 jump in realisation is consistent with Sachin steam now carrying the fuel value; the company has not confirmed this.

Estimated gross margin by business Est.

₹ mn	FY24	FY25	FY26
Own generation (steam + N₂) revenue	2,893.66	2,393.76	2,568.32
Cost of materials consumed	1,774.61	1,528.08	1,598.57
Own-generation gross margin	1,119.05 (38.7%)	865.68 (36.2%)	969.75 (37.8%)
Traded revenue (purchased steam + coal)	0.21	1,541.36	2,193.24
Stock-in-trade purchases ± inventory change	21.62	1,310.30	1,956.41
Traded gross margin	n.m.	231.06 (15.0%)	236.83 (10.8%)
Reported EBITDA	684.06	693.16	834.89
EBITDA / revenue ex-coal (coal at ~nil EBITDA)	23.5%	21.7%	23.2%

FY26 fuel cost per tonne of own steam: 1,598.57 / 752,713 t ≈ ₹2,124/t (₹2.1/kg), within F&S's ₹1.5–2.25/kg band.

Revenue by customer sector (RHP pp.311, 534)

Sector ₹ mn	FY24	%	FY25	%	FY26	%	FY26 YoY
Pharmaceuticals	1,161.57	39.82	1,054.24	26.68	904.98	18.41	−14.2%
Chemicals	835.71	28.65	970.97	24.57	1,278.07	26.00	+31.6%
Textiles (mostly Sanjoo coal)	215.94	7.40	750.68	19.00	1,090.00	22.18	+45.2%
Agrochemicals	415.93	14.26	459.42	11.63	507.42	10.32	+10.4%
Tyres (single customer)	–	–	222.05	5.62	240.14	4.89	+8.1%
Dyes & pigments	69.67	2.39	146.81	3.72	181.17	3.69	+23.4%
Polymers	48.82	1.67	104.78	2.65	121.67	2.47	+16.1%
Paints	18.14	0.62	18.17	0.46	22.00	0.45	+21.1%
Coal traders	–	–	82.52	2.09	280.22	5.70	3.4x
Others (recyclers, ETP, industrial)	151.32	5.19	141.42	3.58	289.43	5.89	+104.7%
Total	2,917.10		3,951.06		4,915.11

FY26 sales to Sanjoo Dyeing (a textile processor) were ₹902.44 mn of the ₹1,090 mn textiles line, so the MD&A's "45% rise in steam sales to textiles" (p.534) does not square Analyst View.

Fastest growing: asset-light purchased steam (+11.7%, plus 2 new 5-year SPAs); the WTE boiler (utilisation 40% → 78%); nitrogen (6.4x, but tiny). Q1 FY27 steam +46%, partly reclassification.

Under pressure: coal trading (exited); pharma customer revenue −14.2%; realisation −6.4% (FY25) and −2.6% (FY26) on lower-priced new customers at Panoli and Dahej; Vapi Ph1 and Sarigam utilisation. Chemicals + agro share 42.91% → 36.33%, which the company blames on the sector downturn (p.323).

Management focus: green boiler capacity from 15 to 105 TPH in FY27 (WTE + Nandesari Ph2 + Vapi Ph3 + Pirana); asset-light purchased steam (Dahej SEZ, Haldia); a carbon-black waste-gas heat-recovery agreement with an unnamed producer (p.317); EPC + O&M for parks (Una); nitrogen growth; future gases (hydrogen, instrument air, CO₂) and high-pressure boiler O&M services (p.315). Management reportedly guided Q2 to be sequentially weaker and a 30–35% EBITDA CAGR over 3 years Unverified: Sahi/Multibagg, not in a primary source.

Financials: P&L

Restated FY24 (standalone) and FY25–26 (consolidated; only subsidiary is a Section 8 CSR company, impact <0.1%). FY22–23 from Screener/DRHP coverage, not restated. No stub period in the RHP.

Five-year P&L (₹ mn)

Line	FY22*	FY23*	FY24	FY25	FY26
Revenue from operations	1,840	3,155–3,160	2,917.10	3,951.06	4,915.11
YoY	–	~+72%	~−8% (ICRA: −11%)	+35.4%	+24.4%
Other income	n.a.	n.a.	14.46	34.23	34.64
Cost of materials consumed	n.a.	n.a.	1,774.61	1,528.08	1,598.57
Purchase of stock-in-trade (coal + purchased steam)	n.a.	n.a.	21.62	1,321.70	1,945.01
Change in inventories			–	(11.40)	11.40
COGS	n.a.	n.a.	1,796.23	2,838.38	3,554.98
Gross profit Est.	n.a.	n.a.	1,120.87	1,112.68	1,360.13
Gross margin			38.4%	28.2%	27.7%
Employee benefits			78.99	97.84	134.78
Other expenses			357.82	321.68	390.45
EBITDA (excl. other income)	240	579	684.06	693.16	834.89
EBITDA margin	~13%	18.4%	23.45%	17.54%	16.99%
D&A and impairment			78.70	115.94 (incl. 8.16 CWIP)	139.86
EBIT (PBT + finance cost)			619.82	611.45	729.67
EBIT margin			21.2%	15.5%	14.8%
Finance costs			186.78	221.80	217.30
PBT (no exceptionals)			433.04	389.65	512.37
PBT margin			14.8%	9.9%	10.4%
Current / deferred / prior-year tax			88.37 / 62.19 / 10.61	60.17 / 13.75 / 4.12	72.81 / 34.41 / 18.75
Effective tax rate			37.2%	20.0%	24.6%
PAT	130	332–334	271.86	311.61	386.39
PAT margin (on total income, company basis)	~7%	~10.6%	9.27%	7.82%	7.81%
EPS ₹ (FV ₹2)			1.21	1.38	1.71
Weighted diluted shares			225,008,028	226,024,921	226,219,771

*FY22–23 from Screener and scanx, converted from ₹ cr; gross profit, EBIT and PBT Not Available. Five-year CAGR FY22–26: revenue ~28%, PAT ~31% Est.. FY24 PAT (₹27.2 cr) was below FY23 (~₹33 cr), and ICRA's Oct 2024 downgrade cited this. Ties: expenses sum to ₹2,498.52 / 3,595.63 / 4,437.37 mn; EBITDA recomputes to the RHP KPI.

EBITDA margin: headline vs excluding coal trading Est.

HeadlineEx-coal trading

Quarterly results (unlisted until 17 Sep 2026; no other quarters published)

₹ mn	Q1 FY26	Q2+Q3 FY26 Est.	Q4 FY26	Q1 FY27	YoY	QoQ
Revenue	1,134.76	2,395.79	1,384.56	1,286.21	+13.35%	−7.10%
EBITDA	193.23	377.53	264.13	309.32	+60.08%	+17.11%
EBITDA margin	17.03%	15.76%	19.08%	24.05%	+702 bp	+497 bp
PAT	101.76	143.67	140.96	183.42	+80.25%	+30.12%
PAT margin	8.97%	6.0%	10.18%	14.26%	+529 bp	+408 bp
EPS ₹	0.45	—	0.62	0.79*
Coal trading revenue	282.6	n.d.	n.d.	0
Steam volume (t)	262,053			305,816	+16.70%	+11.52%

*Some coverage shows ₹0.81 (pre-IPO weighted share count). Q2 FY26, Q3 FY26 and Q2–Q4 FY25 individually: Not Available. Q1 FY27 finance cost, D&A, tax and other income: Not Available (searched Angel One, Kotak Neo, Multibagg, Whalesbook, Screener). Whether Q1 FY27 includes any Pirana construction revenue: Not Available.

Growth decomposition and one-time items

Organic only. No acquisitions. The 2021–22 NSV amalgamation merged wholly-owned SPVs.
Volume vs price. FY26 volume +10.9%; realisation −2.6%, tracking lower coal (India non-coking import price ₹8,614 → ₹7,865 → ₹7,308/t). Q1 FY27: volume +16.7%, steam ₹ +46%, so realisation up about 25%.
Coal trading: ₹0.19 mn → ₹762.45 mn → ₹1,323.27 mn → nil.
Pirana construction revenue, ₹131.65 mn (FY26 only; nil in FY24–25). This is a service concession arrangement (BOT) under Appendix D to Ind AS 115, bifurcated model (Note 48). Construction revenue is recognised alongside a service-concession intangible (₹65.83 mn in intangibles under development) and/or receivable. This is standard concession accounting: non-cash and non-recurring by nature. Its margin depends on the matching construction cost, which cannot be isolated from the extracted tables. Sensitivity: excluding it, FY26 EBITDA is ≈ ₹703 mn (+1.5% YoY) Est., upper-bound adjustment. This is a sensitivity, not a finding of impropriety. Grant cap ₹347.5 mn; concession 10 + 5 years.
Other income is 0.7% of total income (6.8% of FY26 PBT). FY25 included a ₹14.71 mn gain on sale of land at Gabheni.
FY25 debenture redemption premium of ₹27.60 mn was charged to securities premium, not P&L; FY25 PBT would be about 7% lower if expensed Est..

FY26 finance cost breakdown (p.473)

Item	₹ mn
Interest	110.46
LC commission	43.36
Lease interest	41.08
Interest on income tax	8.64
Forex loss	5.68
Loss on remeasurement of borrowings	2.71
MSME late-payment interest (FY25: 2.68)	0.50
Total finance cost	217.30

Earnings quality: does profit become cash?

Ratio	FY24	FY25	FY26
OCF / PAT	0.77x	3.44x	2.60x
OCF / EBITDA	31%	155%	120%
(OCF − interest) / PAT	0.09x	2.73x	2.04x

Reading. FY24 was weak: a coal inventory build (+₹379 mn) absorbed cash. FY25–26 look strong, but that strength was borrowed. Coal moved to credit terms: trade payables +₹416 mn in FY25 and +₹156 mn in FY26, creditor days 74 → 100. Coal trading has ended, so these payables should unwind. The ₹1,287 mn of "creditor payment" loans in May–Jun 2026 fits that pattern. Capital creditors (₹357 mn) sit in other current liabilities; if any of that movement runs through OCF, OCF is overstated Flag. Interest sits in financing, so headline OCF is pre-interest.

Accounting items to note

#	Item	Detail
1	FY24 restatement (Note 50)	Audited PAT ₹259.67 mn → ₹271.86 mn (+₹12.20 mn); D&A ₹90.01 → ₹78.70 mn; ROU ₹337.30 → ₹370.75 mn ("material error and reclassification"); opening retained earnings cut ₹6.13 mn for prior-period errors. No audit qualification
2	Debenture redemption premium	₹27.60 mn (FY25) to securities premium. This likely explains the ₹27.6 mn securities-premium gap noted by the street desk Est.
3	Capitalisation	FY26 term-loan processing fees capitalised; idle-unit lease rentals moved to CWIP ₹3.36 / 3.71 / 23.48 mn; total borrowing cost capitalised Not Available
4	Pirana service concession	Ind AS 115 Appendix D bifurcated accounting; construction cost not isolable from the extracted tables; ≈₹703 mn EBITDA ex-Pirana is a sensitivity only
5	Consolidation change	Section 8 subsidiary consolidated from FY25 on an ICAI EAC opinion; immaterial
6	Cash vs profit	Payables-driven OCF; FCF negative; capital creditors in OCL
7	Liquidity signals	Interest on income tax ₹11.12 / 10.23 / 8.64 mn; MSME interest ₹2.68 mn (FY25), ₹0.51 mn unpaid at FY26; statutory dues paid late 6 / 7 / 3 times
8	Lease cash-flow gross-up	"Net proceeds of lease liabilities" shown as financing inflows (+72.43 / +215.10 / +51.67 mn), with ROU acquisitions in investing
9	Policies	No changes in accounting policies FY24–26 (p.529)

Financials: Balance Sheet, Cash Flow & Ratios

Balance sheet (₹ mn, 31 Mar; RHP pp.398–399)

Line	FY22*	FY23*	FY24	FY25	FY26
Property, plant & equipment	600	1,380	1,715.30	2,137.19	2,847.03
Right-of-use assets			370.75	733.52	786.99
CWIP	450	440	644.15	1,154.99	1,579.35
Intangibles / under development (Pirana SCA)			5.26 / –	5.80 / –	5.43 / 65.83
Goodwill	–	–	–	–	–
Other non-current financial assets			61.41	117.92	112.59
Other non-current assets (capital advances 230.31 / 134.70 / 172.22)			231.00	136.98	176.02
Total non-current assets			3,027.97	4,286.40	5,573.24
Inventories (coal 445.18 / 442.16 / 390.49)			462.27	461.02	412.84
Trade receivables (ECL 0.04 / 4.75 / 4.75)			230.24	302.47	392.83
Cash & equivalents			12.63	21.77	1.79
Other bank balances			184.86	55.01	103.32
Loans / other current financial assets			– / 17.02	2.00 / 17.27	0.05 / 91.78
Other current assets			288.08	290.73	218.64
Total current assets			1,195.10	1,150.28	1,221.26
Total assets	1,480	2,470	4,223.06	5,436.68	6,794.50
Equity share capital			451.95	451.95	451.95
Other equity			583.49	872.49	1,275.74
Total equity	240	570	1,035.45	1,324.45	1,727.69
KPI net worth (SEBI definition)			1,027.09	1,310.00	1,637.58
Non-current borrowings			980.34	988.87	991.25
Current borrowings (incl. maturities, OD, LC)			1,046.72	1,240.60	1,824.97
Total borrowings	560†	1,260†	2,027.06	2,229.47	2,816.22
Lease liabilities			270.28	485.37	537.05
Customer security deposits			156.42	110.83	157.71
Deferred tax liability			120.65	134.42	169.15
Trade payables (goods 296.81 / 715.76 / 882.06)			364.81	780.36	932.34
Other current liabilities (capital creditors 113.18 / 252.13 / 357.11)			141.63	292.92	357.57
Current tax liabilities			88.37	60.17	72.81
Total current liabilities			1,785.63	2,501.66	3,365.99
Total liabilities			3,187.62	4,112.23	5,066.81

*Screener, not restated, converted from ₹ cr. †Screener definition, likely including leases. KPI net worth is ₹90.1 mn below total equity; the ₹20.85 mn share-based payment reserve explains part of the gap Flag. CWIP ageing FY26: <1 yr ₹714.23 mn; 1–2 yrs ₹682.56 mn; 2–3 yrs ₹141.20 mn; >3 yrs ₹41.36 mn, so ₹865 mn (55%) is over a year old. CWIP additions ₹734.62 / 879.52 / 948.31 mn; transfers ₹526.62 / 360.51 / 523.95 mn. Receivables over 1 year: ₹9.25 mn.

Cash flow (₹ mn; RHP pp.403–404)

Line	FY24	FY25	FY26	3-yr total
PBT	433.04	389.65	512.37	1,335.06
+ D&A and impairment	78.70	115.94	139.86	334.50
+ Finance charges	186.79	221.79	217.30	625.88
+ Other non-cash	13.09	(5.47)	15.67	23.29
Operating profit before WC	711.61	721.91	885.20	2,318.72
Inventories	(379.09)	1.25	48.17
Receivables	(52.65)	(77.09)	(96.27)
Trade payables & other liabilities	148.92	416.12	155.53
Other current liabilities	11.58	104.50	86.31
Other WC items	(121.87)	(3.22)	4.52
Working-capital change	(393.11)	441.56	198.26	246.71
Taxes paid	(108.34)	(92.49)	(78.85)	(279.68)
OCF (pre-interest)	210.16	1,070.98	1,004.61	2,285.75
Capex (PPE, CWIP, intangibles, advances)	(853.88)	(1,055.36)	(1,300.00)	(3,209.24)
ROU acquisitions	(148.11)	(399.77)	(90.48)	(638.36)
FCF (OCF − capex − ROU) Est.	(791.83)	(384.15)	(385.87)	(1,561.85)
Interest paid	(186.79)	(221.79)	(217.30)	(625.88)
FCF after interest Est.	(978.62)	(605.94)	(603.17)	(2,187.73)
CFI total / CFF total	(1,259.08) / 1,037.23	(1,229.94) / 123.47	(1,445.71) / 480.40
Equity raised	195.35	–	–
Net change in cash / closing cash net of OD	(11.70) / (163.51)	(35.49) / (199.00)	39.30 / (159.70)
FCF yield at ₹3,273 cr (pre / post interest)			−1.2% / −1.8%

FY22–23 per Screener (₹ cr): OCF 27 / 46; CFI −26 / −90; FCF +5 / −36. Lease additions ₹145.38 / 297.90 / 153.94 mn; lease payments ₹72.95 / 86.48 / 100.51 mn (p.441).

OCF vs capex+ROU vs FCF after interest (₹ mn)

OCFCapex + ROUFCF after interest

Borrowings (₹ mn)

Post-repayment bar is pro-forma before new capex debt Est.

Working capital

Days	FY22*	FY23*	FY24	FY25	FY26
Debtor days (revenue)	35	22	28.8	27.9	29.2
Inventory days (COGS)	7	13	93.9	59.3	42.4
Creditor days (COGS)	74	35	74.1	100.3	95.7
Cash conversion cycle	−32	1	48.6	−13.1	−24.2
Inventory / receivables / payables turnover (Note 39)			6.59x / 13.82x / 7.48x	6.15x / 14.83x / 4.95x	8.14x / 13.76x / 3.94x
Net working capital, Note 39 (₹ mn)			(590.53)	(1,351.38)	(2,144.74)

*Screener method. The negative CCC comes from supplier credit on coal and is not structural; expect it to normalise now that coal trading has stopped Analyst View. The RHP risk factor uses other definitions: payables 69 days and NWC −₹424.92 mn (see conflicts table).

Ratios

Ratio	FY24	FY25	FY26	Basis
RoE: PAT / closing equity (KPI)	26.26%	23.53%	22.36%	p.511
RoE: PAT / average equity	34%	26%	25%	Note 39
RoNW (SEBI net worth)	26.47%	23.79%	23.60%	p.210
RoCE: EBIT / (equity + borrowings)	20.24%	17.20%	16.06%	p.512
RoCE incl. leases	18%	14%	14%	Note 39
Debt / equity (borrowings)	1.96x	1.68x	1.63x	Est.
Debt / equity incl. leases	2.22x	2.05x	1.94x	Note 39
Net debt / equity (KPI)	1.77x	1.63x	1.57x	p.512
Net debt / EBITDA (excl. / incl. leases)	2.67x / 3.07x	3.11x / 3.81x	3.25x / 3.89x	Est.
ICRA debt / OPBDITA (trigger >2.5x)	–	3.9x	4.0x	ICRA
EBITDA / finance cost	3.66x	3.13x	3.84x	Est.
EBIT / finance cost	3.32x	2.76x	3.36x	Est.
DSCR	1.25x	1.20x	1.32x	Note 39
Current ratio	0.67x	0.46x	0.36x	Note 39
Asset turnover (revenue / total assets)	0.69x	0.73x	0.72x	Est.
Revenue / (PPE + ROU)	1.40x	1.38x	1.35x	Est.

Pro-forma post-IPO Est.. Start from Jul-26 like-for-like debt ₹3,778 mn plus leases ₹537 mn. Deduct the ₹3,530 mn gross fresh issue and Mar-26 cash of ₹105 mn. That gives net debt including leases of about ₹680 mn. Pro-forma equity ≈ ₹1,728 + ₹500 + ₹3,530 = ₹5,758 mn (before offer expenses of ~₹357.5 mn per the final prospectus). Net debt/equity ≈ 0.12x including leases (~0.02x excluding). RoE on the enlarged equity falls to about 6.5% on FY26 PAT (~8% TTM) until new plants ramp up.

Borrowing mix (₹ mn; Notes 19 and 22)

Facility	FY24	FY25	FY26
Term loans from banks	208.99	588.58	520.16
NBFC loans	77.96	92.75	157.82
NCDs (Ascertis, ex-BPEA)	676.95	300.33	306.08
Vehicle loans	4.22	7.21	7.19
Unsecured body corporate (NC)	12.21	–	–
Non-current total	980.34	988.87	991.25
Letters of credit	326.89	374.24	644.64
Bank overdraft	176.14	220.78	161.49
WC loans	200.00	200.00	200.00
Credit cards, bill discounting, purchase finance	3.15	152.41	227.56
Body corporates on demand (Sanjoo group)	–	–	54.88
Current maturities of LT debt	340.54	293.17	536.39
Total borrowings	2,027.06	2,229.47	2,816.22

FY26: WC/trade-linked ₹1,288.59 mn (46%), term ₹1,527.63 mn (54%). Rates are almost all floating (₹2,809.04 mn variable vs ₹7.19 mn fixed); +100 bp = ₹28.09 mn of PBT. Rates: banks/NCD 7.85–16.08%; NBFC 6.72–14.25%; LC commission 0.55–0.75%. Maturities: ₹1,824.97 mn (65%) within 12 months. Lease undiscounted cash flows: ₹112.23 mn (<1 yr), ₹375.31 mn (1–5 yrs), ₹272.33 mn (>5 yrs). Tenors: TL 12–96 months; NCDs 48–60 months at 10.00–12.75% coupons.

Position at 31 Jul 2026 (RHP Financial Indebtedness)

₹ mn	Sanctioned	Outstanding
WC facilities / WC loan	250.20 / 200.00	126.22 / 200.00
Term loans	2,946.45	2,046.88
NCDs (Ascertis ₹1,700 mn programme; Axis ₹750 mn)	2,450.00	791.35
Vehicle	18.35	11.07
Secured fund-based	5,865.00	3,175.52
LC / BG (LC sub-limit of BG)	410.00 / 423.01	319.39 / 225.42
Unsecured: cards, OD vs securities, bill discounting, Sanjoo loan ₹68.08 mn	293.50	282.66
Total (RHP headline)	6,991.51	4,002.99

Headline: ₹4,002.99 mn at 31 Jul 2026, against ₹2,816.22 mn at 31 Mar 2026, an increase of ≈ ₹1,187 mn (₹118.7 cr) in four months. Like-for-like sub-analysis (fund-based ₹3,458.18 mn + LCs ₹319.39 mn, excluding BGs) gives ≈ ₹3,778 mn, +₹962 mn. Three facilities taken in May–Jun 2026 total ₹1,287.10 mn at 11.25–12.75%, all for WC, creditors or GCP; none is for capex. No defaults or overdues reported (p.554).

Key lenders and the IPO repayment pool (₹1,800 mn of ₹3,210.21 mn eligible)

Lender	Facility	O/s 31-Jul-26 ₹ mn	Rate	Purpose
Axis Structured Credit AIF-III + Bennett Coleman (Axis Trustee)	NCD sanctioned 750; Tranche I ₹500 mn on 27 May 2026	495.26	12.75%	Pipeline, LT WC, vendors, GCP
Tata Capital	TL 500 (27 Jun 2026)	399.07	11.25%	GCP
Aditya Birla Capital	TL 400 (27 Jun 2026)	392.77	11.50%	LT WC / creditors
Ascertis Credit (ex-BPEA)	NCD (₹1,700 mn, 2023)	296.09	IRR 16.08%	Vapi WTE capex
SBM Bank	TL 300 (BPEA takeover, 14 Oct 2024) + TL 150	213.36 + 139.69	10.25–10.30%	Refinance / capex
Bajaj Finance	ST revolving 200; TL 100; NCD 100	200.00 / 85.39 / 61.58	9.80–9.90%	RM / capex / GCP
Federal Bank	Equipment TL 260 (Pirana); solar TL 130	189.19 / 125.83	7.85–7.95%	Capex
Yes Bank	TL 295.7 (Nandesari-2); dropline OD	183.42 / 16.94	8.26%	Capex / WC
HDFC Bank	TLs 250 / 90 / 75; vehicle	120.43 / 22.68 / 20.28; ~10	8.45–9.11%	Capex / ABFL takeover
Axis Bank	OD 90	87.03	7.75%	Raw materials
Ambium Finserve, Axis Finance, Oxyzo, Bandhan, Daimler	Various	55.56 / 37.63 / 34.90 / 22.03 / 1.07	6.72–14.25% (Oxyzo 14.25%; Ambium 13.25%)	Coal WC etc.

Security: pari passu charge on current and movable fixed assets. Mortgages over Sachin Plot 291 (owned by Sanjoo Prints), Sachin Plot 8108/1 (owned by Sanjoo Dyeing), Panoli Plots 510–512 and Tarapur E-136. Exclusive charge on Jhagadia land (Yes Bank). Personal guarantees from Vishal, Ritu and Sanwarprasad Budhia. Corporate guarantees from Sanjoo Dyeing & Printing Mills, Sanjoo Prints and Sanjoo Filaments. Covenants (pp.555–556): promoter group ≥75% fully diluted; debt capped beyond a permitted ₹1,500 mn; no dividends while dues are unpaid; coal trading capped; capex limited to identified projects; a two-notch downgrade is an event of default; trustee consent needed for board changes, RPT loans and any change in nature of business.

Credit rating history

Date	Agency	Action	Rating	Notes
3 Jul 2023	ICRA	Assigned	BBB+ (Stable) / A2	₹183 cr rated (TL ₹110 cr, LC ₹31 cr). FY23 revenue ₹329.5 cr (+80%), ROCE 61%
30 Oct 2024	ICRA	Downgraded	BBB (Stable) / A3+	Weaker FY24; interest cover 6.5x → 3.9x; debt/OPBDIT 2.2x → 3.3x
28 Sep 2026	ICRA	Upgraded	BBB+ (Stable) / A2	₹284.4 cr limits (TL ₹163.5 cr, WC ₹37.9 cr, non-fund ₹83 cr); after ₹353 cr IPO + ₹50 cr pre-IPO; trigger debt/OPBDITA >2.5x; FY26 OPBDITA 17.0%, interest cover 3.9x, debt/TNW 2.9x; liquidity "Adequate"

No rating found from CRISIL, CARE, India Ratings, Acuité, Infomerics or Brickwork. Both NCDs are unrated. CRISIL Ratings is the IPO monitoring agency (p.97).

Equity dilution and share-count history

Date	Event	Shares	Price ₹	Cumulative	Notes
10 Jun 2015	MoA subscription (FV ₹10)	50,000	10	50,000	VSB 18,000; Sanwarprasad 17,000; Ritu 14,960; 4 others 10 each
11 Mar 2016	Private placement	1,530,000	10	1,580,000	To Sanjoo Dyeing
13 Apr 2016	Private placement	700,000	10	2,280,000	To Sanjoo Prints
13 Jun 2016	Private placement	720,000	10	3,000,000	Sanjoo Prints, Budhias
Mar 2021	Group cos sell 2.73 mn sh to VSB	–	10	3,000,000
Apr 2021	NSV amalgamation (Nandesari, Sarigam, Vapi Eco Energy)	–	–	–	RD order 5 Aug 2022
30 Sep 2022	Split ₹10 → ₹2			15,000,000
1 Nov 2022	Bonus 4:1	60,000,000	–	75,000,000
5 Oct 2023	Bonus 2:1	150,000,000	–	225,000,000	₹300 mn from retained earnings
28 Mar 2024	Private placement (51 allottees)	976,750	200	225,976,750	₹195.35 mn; no split/bonus since
28 Oct / 8 Nov 2024	Secondary to promoter group	25,000 + 25,000	220	–	₹5.5 mn each
24 Jun 2026	Pre-IPO placement	6,849,315	73	232,826,065	₹499.99 mn: Singularity LVF III, Singularity Equity Fund I, Niveshaay Sambhav
Sep 2026	IPO fresh issue	43,580,246	81	276,406,311	₹353 cr; OFS 7,530,864 sh (₹61 cr) by VSB at avg cost ₹0.04

ESOP Plan 2024: pool 1,129,884; 618,622 granted; 401,645 outstanding at ₹2 exercise (0.15% of equity); granted 18 Jan 2025 at ₹86 fair value; vesting at the later of 12 months from grant or 9 months after listing; cost ₹4.96 mn (FY25), ₹15.89 mn (FY26). No warrants, convertibles, QIP, preference shares or buyback.

Contingent liabilities (₹ mn)

Item	FY24	FY25	FY26
GST	–	0.37	10.67
Income tax	0.32	0.01	–
Stamp duty (Superintendent of Stamps)	–	8.68	35.77
Bank guarantees	44.04	67.57	75.33
Total (7% of FY26 equity)	44.36	76.62	121.77

Capital commitments: ₹1,308 / 1,050 / 700 mn (FY24/25/26).

Key balance-sheet risks: current ratio 0.36x; 65% of debt due within 12 months (pre-IPO); floating-rate exposure; 55% of CWIP over a year old; coal-payables unwind; contingent re-pledge if NCDs are not repaid; ₹1,800 mn repayment covers only 56% of the ₹3,210 mn eligible pool.

Management, Promoters & Governance

Governance verdict

#	Issue	Severity	Evidence
1	Heavy RPT dependence: total RPT = 74.3% of FY26 revenue (₹3,651.36 mn), 99.3% with group companies. Sanjoo Dyeing is customer, supplier, lender and Sachin boiler owner	High	RHP p.26, 88–90, 488
2	Promoter pledge: nil today, with a contingent re-pledge obligation over 176.95 mn shares (76% of pre-offer equity) if the NCDs are not repaid on time	High	p.111, 367, 387
3	RHP contradicts itself on conflicts: p.391 "not in same line" vs RF43 (Sanjoo entities generate and supply steam; SDPMPL industrial-gas revenue ₹295.45 mn FY26) vs p.568 carve-out. Non-competes only from 1 Apr 2025	High	p.54, 391, 568
4	Aviation via related party: MoA object added 19 Dec 2024; NSOP 21 Oct 2025; aircraft from Sanjoo Dyeing INC (Delaware) at US$240k/yr plus costs; RHP admits "no experience"	High	p.33, 40, 357
5	Promoter-group member Ambika Agarwal refused disclosure; SEBI rejected the exemption on 6 Oct 2025	Medium	p.39, 392
6	Board independence weak: IDs exactly 50%; ID Sonthalia sits with VSB on Sachin Infra Environment Ltd and chairs Audit, SRC and CSR	Medium	p.104, 368–374
7	FY24 restatement; ICRA downgrade Oct 2024	Medium	p.495–496
8	Regulatory breaches (GPCB, GIDC, MIDC, stamp duty, Fire NOCs, undisclosed closure notice)	Medium	p.29–36, 557–565
9	Down-round: ₹200 (Mar 2024) → ₹73 / ₹81 (2026), no RHP explanation	Info	p.104–118, 215–217

Promoter shareholding at RHP date

Holder	Shares	% pre-offer	% post-IPO
Vishal Sanwarprasad Budhia	202,500,000	86.97%	70.54% (194,969,136 after OFS)
Ritu Budhia	300	neg.	neg.
VSB Business Trust	8,010,425	3.44%	2.90%
Budhia Business Trust	6,387,000	2.74%	2.31%
VB Business Trust	4,263,000	1.83%	1.54%
Promoter group (Kumaresh 900,750; Kamal Agarwal 900,750; Sangeeta Parasrampuria 50,000; Pushpadevi 750; Sanwarprasad 100)	1,852,350	0.80%	0.67%
Promoter & group	223,013,075 → 215,482,211	95.79%	77.96%

75% NCD covenant: both framings. The promoter group holds 215.48 mn of 276.41 mn shares (77.96%). The promoter can sell ≈ 8.2 mn shares (215.48 − 0.75 × 276.41 = 8.18 mn, ~3.0% of equity) before breaching 75%. The company can issue ≈ 10.9 mn new shares (215.48 / 0.75 − 276.41) before dilution breaches 75%. Est.

Promoter and family profiles

Vishal S. Budhia (CMD, promoter selling shareholder). Born 10 Sep 1976; DIN 00017705. "Attended" a B.Sc course at South Gujarat University; graduation not stated. Second generation of the Sanjoo Group (Surat textiles); founded Steamhouse in 2015. Director since incorporation; MD since 15 Mar 2021; Chairman since 9 Jun 2023; re-appointed MD 15 Mar 2026 – 14 Mar 2031. Other boards: Sanjoo Filaments, SDPMPL, Sanjoo Prints, Aerohouse Aviation (ex-Steamhouse Green), Steam House Enviro, Sachin Infra Environment Ltd (public), Steamhouse Care Foundation, Steamhouse Welfare Foundation, Sanjoo Dyeing INC (USA). Pay: FY26 ₹5.40 mn + ₹2.85 mn reimbursement (FY25 ₹0.84 mn; FY24 nil); from 1 Apr 2026 ₹0.10 mn/month basic plus perquisites. Personally guarantees about ₹6,779 mn of sanctioned facilities for nil consideration. Built his stake at ₹10/share (2015–21), then via split and bonuses; gifted 10.65 mn shares to trusts on 30 Nov 2023. Not a wilful defaulter or fugitive; no criminal or regulatory matters against him.

Ritu Budhia (promoter, spouse). Born 21 Aug 1977; B.Com (Mumbai). Ran "Green Energy" (dissolved 17 Dec 2024). Left Brickcrest Infrasol (ex-Sanjoo Solaris, ex-Steamhouse Pvt Ltd; real estate) on 3 Mar 2025. Trustee of all three trusts. Trusts (deeds 8 Aug 2023; VSB and Ritu sole trustees; beneficiaries Ritu and daughters Khushi and Zheel; office at the family residence, 98 Subhash Nagar, Surat): estate-planning vehicles that are economically family holdings. Promoter-group persons: daughters Khushi and Zheel (₹0.36 mn salary each in FY26); parents; brother Budhia Kumaresh; sister Kamal Agarwal; in-laws including Sangeeta Parasrampuria (Ritu's sister) and Ambika Agarwal, who refused information (including on Unimax Logistics LLP).

Board of directors (6; no changes in 3 years)

Name (DIN)	Role	Since	Background	Other boards	FY26 pay
Vishal S. Budhia (00017705)	Chairman & MD	10 Jun 2015	Promoter	Sanjoo entities, Aerohouse, Steam House Enviro, Sachin Infra Environment	₹5.40 mn
Yadav Lalankumar Dayanand (07893781)	ED	21 Aug 2018	"No formal education"; ex-SDPMPL; original MoA subscriber; lodged the coal-theft FIR	SDPMPL, Sanjoo Filaments, Sanjoo Prints, Steam House Enviro, Aerohouse	₹0.70 mn; 2,940 options
Ramprakash B. Sharma (00048703)	ED	24 Jul 2020	B.Com (attended), ACS; ex-Shilpa Dyeing; 22 yrs	None	₹2.06 mn; 9,000 options
Richa Manoj Goyal (00159889)	ID; chairs NRC	19 Aug 2022 (to Aug 2027)	B.Com, LLB, FCS; trademark agent; 24 yrs	5 listed: Acutaas, Bikaji, Ganesh Consumer, Skipper, Waaree Energies	₹1.00 mn
Vinay O. Sonthalia (01080238)	ID; chairs Audit, SRC, CSR	30 Sep 2022 (to Sep 2027)	MBA (IIFT); Surat textile businessman	Shri Tormal Prints, Sneha Fashions, Sachin Infra Environment (with VSB), SIEL Foundation	₹1.30 mn
Rathod Baldevsinh Y. (07924008)	ID; chairs Risk	23 Feb 2023 (to Feb 2028)	B.Sc Microbiology; retired senior environment scientist, GPCB; 37 yrs	None	₹0.80 mn

Committees: Audit (Sonthalia, Goyal, VSB); NRC (Goyal, Sonthalia, Rathod); SRC (Sonthalia, Sharma, Yadav); Risk (Rathod, VSB, Yadav); CSR (Sonthalia, VSB, Yadav); IPO Committee. Sitting fee ₹50,000 per meeting; borrowing limit ₹8,000 mn. Concerns: no finance or audit specialist; "Kirti Vinay Sonthalia" received 2,500 shares in the ₹200 round (no relationship to the ID disclosed); a former GPCB official on the board while the company has GPCB breaches; EDs are low-paid Sanjoo-group staff.

KMP and senior management (no separate CEO)

Name	Role	Since	Qualification / prior	FY26 pay	ESOPs
Vaibhav Gattani	CFO	21 Jun 2022	B.Com (attended), cleared CA final; ex-Axis Bank, Federal Bank, Kotak, AU SFB, YES Bank (3 are current lenders)	₹6.37 mn	286,000 (~46% of grants)
Shyam B. Kapadia	CS & Compliance (FCS 13082)	14 Jul 2022	B.Com, LLB; ex-Laxmi Diamond, Bigbloc	₹1.31 mn	7,650
Suchi Goenka	Chief Project Officer	3 Jul 2015	B.Com; ex-SDPMPL; holds 450,000 shares	₹2.40 mn	15,750
Chatniwala Mehulkumar B.	Deputy COO (promoted 16 Jul 2024)	23 Jan 2023	BE Mech; ex-Hindalco, GHCL, Nirma, Baroda Rayon, Gujarat Glass	₹1.78 mn	9,600

Exit: Himmat Singh Chauhan (Head – Project & Design, joined 1 Feb 2024) retired on 18 May 2026; his 11,100 options lapsed. A 131,250-option grant to Abhishek Rathi appears to have lapsed. Attrition: 22.74% / 37.83% / 34.29% (FY24/25/26). No key-man insurance. The CFO's options are worth ~₹23 mn at ₹81 against ~₹0.6 mn exercise cost Est..

Shareholding trend

Holder	Aug 2024	Aug 2025 / Dec 2025	28 Aug 2026 (pre-offer)	16 Sep 2026 (post-allotment)
Promoter & group	~98.7%	~98.7% / 98.68%	95.79%	77.96%
FII / FPI	–	–	–	1.58%
DII (AIFs etc.)	–	–	2.94% (pre-IPO AIFs)	7.73% (Choice) / 8.00–8.01% (Screener/IndMoney)
Mutual funds	–	–	–	0.27%
Insurance	–	–	–	0.01%
Non-institutions (incl. bodies corporate)	~1.3%	~1.3%	1.27%	12.46%
Shareholders	n.a.	n.a.	68	99,785

A 4-quarter listed trend does not exist yet (listed 17 Sep 2026). The 30 Sep SHP is due by ~21 Oct 2026. Tie: 215,482,211 + 26,505,272 + 34,418,828 = 276,406,311.

Notable holders (16 Sep 2026)

Investor	%	Shares	Entry
Vishal S. Budhia	70.54%	194,969,136	Avg cost ₹0.04
Singularity Large Value Fund III (Madhusudan Kela)	3.61%	9,991,910	4,794,520 at ₹73 + 5,197,390 anchor at ₹81
VSB Business Trust	2.90%	8,010,425	Gift Nov 2023
Budhia Business Trust	2.31%	6,387,000	Gift
Chartered Finance & Leasing (NBFC)	1.88%	5,197,390	Anchor ₹81
VB Business Trust	1.54%	4,263,000	Gift
Niveshaay Sambhav Fund	1.20%	3,310,681	1,369,863 at ₹73 + 1,851,642 anchor; ~89k from book (not tied)
Abakkus Emerging Opp. I (Sunil Singhania)	~0.45%	~1.23 mn	Anchor
Emerge Capital Opp. Scheme / Kotak Manufacture in India Fund	~0.45%	~1.23 mn	Anchor (identity unresolved)
Singularity Equity Fund I	0.25%	684,932	₹73
31 Degrees North Fund I	~0.22%	~0.62 mn	Anchor
Suchi Goenka / Rahul V. Agarwal / Gitadevi V. Agrawal	<0.2% each	450,000 / 413,734 / 382,500	Mostly bonus shares

Lock-ins

Block	Shares	Unlock
Anchor 50%	7,666,666 (2.77%)	14 Oct 2026 (sources range 13–15 Oct)
Anchor balance	7,666,666 (2.77%)	~14 Dec 2026 (sources 12–14 Dec)
Pre-IPO ₹73 block	6,849,315 (2.48%)	~24 Dec 2026 if Cat I/II AIF carve-out applies; otherwise ~mid-Mar 2027
Other pre-issue non-promoter (incl. ₹200 allottees)	9,812,990 incl. pre-IPO (3.55%)	~Mar 2027
Promoter above 20% minimum	~160 mn	~Sep 2027 (1 yr) per RHP; narrative desk reads ~Mar 2027 under ICDR
Minimum promoter contribution (20%)	~55.3 mn	~Sep 2029 (3 yrs) per RHP; narrative desk reads ~Mar 2028 (18 months)

The 28 Mar 2024 ₹200 placement: full allottee list (RHP p.104–105)

Facts. 976,750 shares at ₹200 (FV ₹2), ₹195.35 mn, 51 allottees. No split or bonus since, so the IPO at ₹81 was ~59.5% below and the ₹73 pre-IPO ~63.5% below. At ₹200 the company was valued at about ₹4,520 cr (~166x FY24 PAT), against ₹1,886 cr pre-money at the IPO Est.. The RHP gives no price rationale; the p.217 justification is blank ("[●]"); RF47 covers only the ₹73 issue. The ₹4.41 primary WACA ties exactly to the ₹200 and ₹73 issues, confirming the ₹200 price. No allottee is named as promoter group or related party. Two allottees' names resemble top-10 suppliers: Swastik Polyprints Pvt Ltd vs supplier Swastik Poly Prints (₹304.05 mn FY26 purchases) and Saraogi Viniyog Pvt Ltd vs supplier Saraogi Udyog (₹301.79 mn). Unverified: name similarity only; the RHP does not confirm identity. Two allottees (Vrinda Binay Agarwal, Lalit Radhakisan Agarwal) exited at ₹220 in Oct–Nov 2024 to Sangeeta Parasrampuria (promoter group, Ritu Budhia's sister). Questions: why did 2024 investors pay ₹200, who are they, and are they holding at a loss?

#	Allottee	Shares	#	Allottee	Shares
1	Gaurang Rajesh Agarwal	10,000	27	Shah Krunal Shirish	17,500
2	Atulkumar Hastimal Mehta	25,000	28	Rashi Nishant Shah	5,000
3	Anilkumar H. Patel (jt. Rita A. Patel)	55,000	29	Radhika Jatin Narang	5,000
4	Aaditya Bajaj	12,500	30	Kinjal Nimitkumar Sheth	10,000
5	Komal Rajivkumar Batra	25,000	31	Sanjay Kedarmal Sudrania	50,000
6	Vinay Yudhisthir Batra	25,000	32	Ankit Jugal Kishore Jalan	3,750
7	Samarth Rajivbhai Batra	25,000	33	Shrikant Goenka	12,500
8	Sahil Yudhisthir Batra	25,000	34	Ranjana Devi Agarwal	5,000
9	Rajivkumar Narayandas Batra	50,000	35	Tarun D Agrawal	1,500
10	Abhishek Yudhishter Batra (holds 75,000 now)	25,000	36	Sudarshan Taparia	25,000
11	Mehta Wealth Ltd	12,500	37	Salony Rathi Jhawar	50,000
12	Ronak Pravinbhai Butani	2,500	38	Kirti Vinay Sonthalia	2,500
13	Santosh Devi Agarwal	15,000	39	Minu V Agarwal	5,000
14	Bharat Agrawal	5,000	40	Anju Modi	5,000
15	Punitkumar V. Agarwal (Shivani Brothers)	12,500	41	Vrinda Binay Agarwal (exited ₹220)	25,000
16	Vishal Sanghai	12,500	42	Swastik Polyprints Pvt Ltd [Unverified link]	50,000
17	Gaurav Singhvi	12,500	43	Vedika Vinay Khemka	25,000
18	Sonam Jain	12,500	44	Suman Sumit Saraogi	12,500
19	Rahul Vijaykumar Agrawal (holds 413,734)	80,000	45	Lalit Radhakisan Agarwal (exited ₹220)	25,000
20	Sweta Agarwal	1,500	46	Taj Vincom Pvt Ltd	25,000
21	Mamta Rahul Sharma	25,000	47	Anoop B Agarwal	10,000
22	Tanmaya Murarilal Agrawal	50,000	48	Ashish V Singhal	12,500
23	Saraogi Viniyog Pvt Ltd [Unverified link]	25,000	49	Nishil Ramesh Shah	10,000
24	Sweta S. Dalal (jt. Samish D. Dalal)	2,500	50	Sanket Rameshchandra Shah	5,000
25	Kajal Rameshcandra Sanghvi	10,000	51	Shaileshkumar Ishwarlal Patel	12,500
26	Nehal Bhavesh Jain	10,000		Total	976,750

"Vishal Sanghai" shares the surname of Ritu Budhia's parental family; no relationship is disclosed. Rahul Agrawal and Sweta Agarwal were existing holders (bought from Ritu at ₹51, FV ₹10, in 2022–23). Other allottees' current holdings are not disclosed.

Promoter pledge and encumbrance

Date / status	Pledgee	Shares	%	Secured debt
Historical (from ~Sep 2023)	Catalyst Trusteeship	118,741,293	51.00%	Ascertis (ex-BPEA) unrated NCDs up to ₹1,700 mn; trust deed 16 Sep 2023; IRR 16.08%; ₹296.09 mn o/s
Historical (from ~May 2026)	Axis Trustee	58,206,517	25.00%	₹750 mn unrated NCDs (Axis Structured Credit AIF-III, Bennett Coleman); deed 22 May 2026; 12.75%; ~₹495 mn o/s
Release	Catalyst email 20 Aug 2026; Axis letter 25 Aug 2026	–	–	Conditional: shares "shall be required to be repledged" if debt is not repaid within agreed timelines (not disclosed)
Today (RHP date)	–	nil	0%	Nil today, but contingent re-pledge obligation
Post-listing	–	No Reg 31(1) encumbrance disclosure found (6 Oct 2026)

Related-party transactions (₹ mn; RHP p.88–90, Note 46)

Counterparty	Nature	FY26	FY25	FY24
SDPMPL	Sales (mainly coal)	902.44 (18.36%)	656.02 (16.60%)	55.18
SDPMPL	Purchase (steam)	311.24	328.49	57.00
SDPMPL	Loan obtained / repaid	1,107.87 / 1,083.80	795.84 / 800.16	365.71 / 366.36
SDPMPL	Interest expense	16.70	4.32	5.08
SDPMPL	Rent (Sachin) / fixed assets bought	– / –	– / 63.36	38.35 / –
Sanjoo Prints	Loan obtained / repaid / interest	94.83 / 82.22 / 3.52	61.18 / 62.13 / 0.95	–
Sanjoo Prints	Sales / purchase	8.64 / –	– / –	74.17 / 52.34
Sanjoo Prints	Fixed assets / rent	– / 1.24	4.22 / 1.24	2.29 / 20.14
Sanjoo Filaments	Loan obtained / repaid	–	–	0.02 / 0.02
Sanjoo Dyeing INC (USA)	Aircraft rent	12.06	3.87	–
VSB	Loan obtained / repaid	–	1.03 / 1.03	27.02 / 27.02
VSB	Salary / reimbursement	5.40 / 2.85	0.84	–
Khushi / Zheel Budhia	Salary	0.36 / 0.36	0.06 / 0.06	0.19 / –
Steamhouse Welfare Foundation	CSR	4.28	2.25	0.96
Gattani / Kapadia	Salary	6.37 / 1.31	4.80 / 1.01	4.30 / 0.78
Sharma / Yadav	Remuneration	2.06 / 0.70	1.80 / 0.59	1.68 / 0.50
Goyal / Sonthalia / Rathod	Sitting fees	1.00 / 1.30 / 0.80	0.60 / 0.70 / 0.35	0.55 / 0.80 / 0.55
Total RPT (B)		3,651.36	2,796.90	1,101.01
RPT with group companies (A)		3,624.56	2,781.79	1,036.66
A / B		99.27%	99.46%	94.16%
B / revenue		74.29%	70.79%	37.74%
A / revenue		73.74%	70.41%	35.54%

Wording. "Total RPT = 74.3% of FY26 revenue; 99.3% of it with group companies." This is gross RPT volume (sales + purchases + loans). It does not mean 74% of revenue comes from related parties. Composition: ~60% of RPT is the Sanjoo Dyeing loan round-trip (₹1,108 mn borrowed / ₹1,084 mn repaid in FY26). Commercial flows (sales ₹902.44 mn + purchases ₹311.24 mn ≈ ₹1,214 mn) are ~25% of revenue. Mar-26 balances: SDPMPL creditor 78.37, debtor 7.26, deposit 15.00, loan 39.11; Sanjoo Prints creditor 4.22, loan 15.77. Supplier-table mismatches: SDPMPL FY25 329.08 / FY24 65.60; Sanjoo Prints FY24 58.81 (not reconciled). Other: political contribution line ~₹1.29 mn (not tied); CARO FY25 on-demand loans to others ₹20 mn (₹2 mn outstanding).

The Sachin / SDPMPL loop. Steamhouse sourced SDPMPL steam (FY22), then took Plot 8108/1 on leave & licence (FY22–24) without GIDC subletting permission; the plot was also its registered office until Feb 2024. GIDC transferred the ROU on 28 Dec 2023; Steamhouse self-disclosed on 23 Jul 2024; GIDC penalised SDPMPL. Agreements: steam purchase 1 Apr 2024; 3-year O&M 1 Apr 2025 – 31 Mar 2028; non-competes 1 Apr 2025. SDPMPL's FY25 industrial-gas revenue (₹328.48 mn) equals Steamhouse's purchase from it, so SDPMPL's steam revenue is essentially sales to Steamhouse Est.. Coal sales to SDPMPL ceased 1 Apr 2026 per p.551 (p.318 contradicts).

Personal guarantees by VSB (nil consideration, ₹ mn)

Lender	Facilities	Lender	Facilities
HDFC Bank	TL 75, 90, 250; WC 5 + 5	ICICI Bank	50
Axis Bank	WC 310 + 90	Ascertis NCDs	1,700 (+51% pledge)
Axis Finance	TL 188	Profectus Capital	30
Bajaj Finance	200, 100, 100	Siemens Financial	30
Yes Bank	100, 100, TL 295.70	Ambium Finserve	100
Federal Bank	260, 70, 130	Axis NCDs	750 (+25% pledge)
SBM Bank	300, 150	Tata Capital	500
Bandhan Bank	400	Aditya Birla Capital	400
Total ≈ ₹6,779 mn (overlapping sub-limits)		Actual borrowings ₹4,002.99 mn (31 Jul 2026)

Auditor, subsidiaries and group map

Auditor: Natvarlal Vepari & Co, Surat (FRN 123626W; peer review 016970); partner Urvesh B. Jhaveri (M.No. 115773). Unmodified opinions FY24–26, with no EoM (including IFC). Audit fee ₹1.76 mn (FY25, FY26). IPO engagement letter 19 Dec 2024. FY25 accounts approved late, on 23 Sep 2025. Original appointment date Not Available. The same firm signed both the original and restated FY24 accounts. Subsidiary: Steamhouse Welfare Foundation (Section 8; incorporated 14 Nov 2022; ₹0.1 mn capital; CSR conduit). No JVs, associates, cross-holdings or M&A apart from the 2022 merger of three wholly-owned SPVs.

Entity	Business	Relationship	Flag
SDPMPL (CIN U17110GJ1993PTC020236)	Textile processing; owns Sachin boiler and plot	Customer, supplier, lender, O&M counterparty, trademark assignor, corporate guarantor	High
Sanjoo Prints	Textiles; steam per RF43	Earlier customer/supplier; loans; non-compete; Plot 291 mortgage	Medium
Sanjoo Filaments	Textiles	Minor loans; guarantor	Low
Sanjoo Dyeing INC (Delaware)	Aircraft lessor	Aircraft charter US$240k/yr	High
Aerohouse Aviation (ex-Steamhouse Green)	Aviation (by name)	VSB and Yadav are directors	Watch
Steam House Enviro Pvt Ltd	Not disclosed; registered at Plot 8108/1	VSB and Yadav directors	Watch
Brickcrest Infrasol	Real estate	Ritu exited Mar 2025	Low
Sachin Infra Environment Ltd	Not disclosed	VSB and ID Sonthalia both directors	Independence
Unimax Logistics LLP	Unknown	Information withheld (Ambika Agarwal)	Disclosure gap

Other group entities: Sanjoo Sarees, Sanjoo Estate Developers, Kiara Denims, Kiara Mills, Kiara Trendz, Steamhouse Care Foundation, VSB HUF, Kumaresh S. Budhia HUF, Sanwarprasad R. Budhia HUF, RAVV Ventures LLP, Shree Ambika Textile, Saket Seva Foundation, Vedanta Leisure LLP. Insider/SAST: no promoter or director trades in the 6 months before the RHP; none since listing; trading window closed 6 Oct 2026.

Supply Chain

↑ Upstream: what Steamhouse depends on

Coal is the main fuel: "primarily imported Indonesian coal", GCV 3,217–5,204 kcal/kg. Coal purchases were ₹2,001.50 mn (92.01% of purchases, FY24), ₹2,160.50 mn (76.19%, FY25) and ₹2,609.77 mn (77.29%, FY26). Non-fossil fuels (plastic waste, chindi, paper-mill waste, agro-waste, RDF) come from Gujarat vendors; waste transport to Vapi cost ₹16.78 mn in FY26. Other inputs: bed material, limestone/dolomite, hydrated lime, water-treatment chemicals, domestic pipe, grid power plus co-gen, and GIDC water plus tankers.

Buying: (1) from Indian importers after customs clearance; (2) high-seas purchases; (3) direct CIF imports. Prices are linked to international coal (one passage on p.505 says "domestic", an inconsistency). Payment in INR with indirect USD exposure, unhedged. No long-term contracts; purchase orders only. Suppliers impose MOQs, lead times, advances and quotas. Advances to suppliers ₹198.35 / 174.47 / 9.11 mn. Inventory ₹412.84 mn (31 days) at Mar-26, down from 58 days. A 2023 FIR covers theft of 119 t of imported coal at port by the company's supervisors.

Purchases by origin ₹ mn	FY24	FY25	FY26
Indian suppliers	1,703.89 (78.33%)	2,728.95 (96.24%)	3,376.74 (100%)
High-seas	359.30 (16.52%)	106.60 (3.76%)	–
Direct import	112.13 (5.15%)	–	–
Total	2,175.32	2,835.54	3,376.74
Of which Gujarat-based	1,700.86 (78.19%)	2,728.56 (96.23%)	3,376.03 (99.98%)

Analyst View Booked imports fell to zero, but economic dependence on Indonesia is still ~100%; customs risk has moved to Indian traders.

Supplier concentration	FY24	FY25	FY26
Largest	Saraogi Udyog ₹380.24 mn (17.48%)	Maheshwari Logistics ₹331.64 mn (11.70%)	Maheshwari Logistics ₹711.81 mn (21.08%)
Top 3	920.18 (42.30%)	973.77 (34.34%)	1,392.21 (41.23%)
Top 10	1,664.74 (76.53%)	2,136.66 (75.35%)	2,759.18 (81.71%)

Named top-10 suppliers	Year	₹ mn	Note
Maheshwari Logistics Ltd	FY26	711.81	Coal importer; FY24 249.87
Sanjoo Dyeing (related party)	FY26	311.24	Steam; 9.22% of purchases
Swastik Poly Prints	FY26	304.05	FY25 313.05; Surat textile processor; name resembles ₹200 allottee [Unverified]
Saraogi Udyog	FY26	301.79	FY24 largest; name resembles ₹200 allottee [Unverified]
Rawalwasia Textile Industries	FY26	113.33	Textile processor; what it supplies is undisclosed
Gandhar Coals & Mines	FY26	111.25	FY24 290.07
Four unnamed	FY26	344.23 / 336.17 / 125.17 / 100.14
Ganpati Energy	FY25	133.04
Shree Hajarimal Dyeing & Printing	FY25 / FY24	131.17 / 248.30	Textile processor
Sanjoo Prints (related party)	FY24	58.81

Apart from Sanjoo Dyeing and Sanjoo Prints, the RHP says no top-10 supplier is a related party (p.27). Several "suppliers" are Surat textile processors, probably coal resellers or waste suppliers; this needs diligence Analyst View.

Capex supply chain (IPO quotations; no orders placed)	Vendor
Boilers	Thermax Babcock & Wilcox Energy Solutions (₹93.10 mn / 60 TPH island)
ESP / Turbine / Fans	Unicon / Ncon Turbo Tech / Usha Die Casting
Coal & ash handling	Rashmi Steel, Mecgale Pneumatics
RO/DM / VFDs / Transformer	Shri Sai Enterprises / ABB / Surat Transformers
Pipe / insulation	Tulsi Engineers / Hi-Tec Rock Fibre
Civil & erection / consultant	D.R. Construction, SR Engineering Work / Greenways Associates
Purchased-steam suppliers	Sanjoo Dyeing (Sachin), Kilburn Chemicals (Dahej Ph1), unnamed chemical cos (Dahej SEZ, Haldia), unnamed carbon-black producer (waste-gas heat recovery, p.317)

↓ Downstream: who depends on Steamhouse

Concentration ₹ mn	FY24	FY25	FY26
Largest customer	314.19 (10.77%), Customer 1	656.03 (16.60%), Sanjoo Dyeing	902.44 (18.36%), Sanjoo Dyeing
Top 3	833.92 (28.59%)	1,117.92 (28.29%)	1,396.11 (28.40%)
Top 5 Est.	1,238.70 (42.46%)	1,520.64 (38.49%)	1,754.87 (35.70%)
Top 10	1,744.12 (59.79%)	2,131.67 (53.95%)	2,352.91 (47.87%)
Top 10 excl. related parties Est.	1,669.95 (57.25%)	1,475.64 (37.35%)	1,450.47 (29.51%)
Largest unrelated Est.	314.19 (10.77%)	233.53 (5.91%)	253.53 (5.16%)
Repeat-customer revenue	91.49%	88.01%	90.72%
Customers / repeat	125 / 74	173 / 120	202 / 154

Named customers: FY26 Sanjoo Dyeing ₹902.44 mn and Globe Enviro Care ₹100.65 mn (2.05%). FY25 Aether Industries ₹164.61 mn (4.17%) and Globe ₹106.87 mn. FY24 Aether ₹211.75 mn (7.26%), Globe ₹110.82 mn and Sanjoo Prints ₹74.17 mn. Others: Anupam Rasayan, Gujarat Polysol, Devanshi Dyestuff, K. Patel Chemo Pharma, K. Patel Dye Chem, Mahavir Synthesis, Mangalam Intermediaries, Orgo Chem, Subhasri Pigments. ICRA adds Lupin, Cadila Pharmaceuticals and MRF. Tyres revenue is a single customer. 4 of the top 10 have been customers for more than 5 years; 6 for more than 3.

End uses: reaction heating, distillation, drying, sterilisation, dyeing, curing. End products: agro/specialty intermediates, APIs, dyes and pigments, polymers, tyres, dyed fabric, effluent treatment; nitrogen for inerting and blanketing. Steam cost as a share of customer revenue (F&S): chemicals 11–13%, pharma 6–8%, textiles 2.5–4%, tyres 1–1.5%.

Contract structure

Term	Disclosure
Tenor	12 months to 10 years. Top-10 FY26 customers on 2–7 year agreements: 4 expire in FY27, 1 in FY29; 4 of the top 10 have no agreement
Price formula	Fixed charge with 3–10% annual escalation + variable charge linked to coal; possible pass-through lag
Take-or-pay	Partial: higher of consumption or contractual obligation, but the company "may choose to not enforce". Contracts after 30 Jun 2025 add customer minimum offtake and a Steamhouse minimum-supply guarantee (shortfall compensated at invoice price)
Termination	6–12 months' notice (ICRA). 30 agreements terminated in FY24–26. Invoice customers can stop at will
Credit	7–15 days; deposits. Bad debts ₹10.87 / 0.06 / nil mn; late-payment interest earned ₹15.18 mn (FY26)
Coal/FX pass-through	"Substantially passed on" (p.549), but p.29 "cannot assure"
Supplier-side	Dahej SEZ SPA: 12% a year on the seller's capex if Steamhouse is not ready; Haldia: 5-year SPA, one buyer on a 6-month initial term; Kilburn: monthly volumes; Sanjoo: 3-year O&M
Pirana (AMC)	10-year work order to 30 Apr 2035 (+5); land + ₹347.50 mn grant; royalty = higher of ₹1.75 mn/month or 3% of revenue; LDs ₹0.10 mn/day (COD due 30 Apr 2025; extension to Jun 2027 sought; none levied); assets transfer to AMC at end

Value-chain map

Upstream

Indonesian thermal coal → ports (45–50 km) → Indian importers (Maheshwari, Gandhar, Saraogi, Ganpati)
Local waste fuels (plastic, chindi, RDF, agro)
Boiler OEMs (Thermax B&W), ESP, pipe, insulation
GIDC/MIDC land and ROU; GPCB/IBR permits; grid power; water

Steamhouse (midstream)

345 TPH AFBC (80–83% efficiency) + 15 TPH WTE + 350 Nm³/h N₂ + bought-in steam (Sanjoo, Kilburn; Dahej SEZ, Haldia coming) → SCADA-metered pipelines (60 km) → customer valve
FY26 ₹/t ~3,208; own-gen GM ~38%; traded GM ~11% Est.

Downstream

Specialty/agro chemicals (Anupam, Aether, Gujarat Polysol); pharma APIs (K. Patel Chemo, Lupin, Cadila); dyes and pigments; textile processing (Sachin); tyres (MRF); ETP (Globe Enviro)
End products: APIs, agrochemicals, pigments, dyed fabric, tyres

Where pricing power sits Analyst View. Coal suppliers: little long-run power, because coal passes through; residual risks are lag, advances, MOQs and USD/INR. Regulators and landlords (GIDC, MIDC, GPCB, IBR, AMC): real gatekeepers, since ROU, consents and land tenures expiring 2028–2030 are the chokepoints. The same gates protect incumbents. Steamhouse: local and moderate power. It can defend margin against fuel inflation but cannot yet raise real prices (realisation −9% FY24–26); upside comes from utilisation and waste fuel. Purchased-steam partners capture margin (traded GM 11–15%). Government park SPVs (Una, Pirana) set cost-plus, IRR-capped or royalty terms.

Competitive Position

Most industry data is from Frost & Sullivan's report (25 Aug 2026), commissioned and paid for by the company (RF70). Treat "pioneer", "exclusive network" and "only company" as marketing until corroborated.

Market size

Metric	Value	Label
India process-steam demand FY26	~203,472 TPH (≈1,628 mn t/yr at 8,000 h)	Fact, p.245
Projected FY31	318,853 TPH; 9.4% CAGR	Fact, p.294 (top-down)
11 major industries, end FY25	~150,000 TPH (~80%)	Fact
"Steam-as-a-service TAM" FY26	~₹3,66,250 cr at ₹2–2.5/kg: the value of all process steam, not the outsourceable part	Fact / Est.
F&S penetration case	3% of demand in 5 yrs ("~10x" installed; 55–60% CAGR)	Fact, p.301
Realistic addressable	3% × 318,853 ≈ 9,566 TPH ≈ ₹24,600 cr/yr by FY31	Est.
Demand mix (volume)	Pharma 25%, textiles 18%, food 17%, paper 5%, distillery 5%, dairy 4%, urea 2%, wood 2%, chemicals 2%, tyre 1%, others 19%	Fact
Steam cost % of customer revenue	Pharma 6–8; textiles 2.5–4; chemicals 11–13; urea 15–18; paper 5–7; wood 7–8; tyre 1–1.5	Fact
Process-boiler OEMs	Thermax, Cheema, Forbes Marshall, Industrial Boilers, Thermodyne	Fact

Market position

Indicator	Value
Share of India process steam	345 / 203,472 TPH = 0.17% Est.
Implied community-boiler base	~957 TPH (9,566 / 10) Est.
Share of community-boiler niche	~36% Est.
Ranking	Appears to be the largest dedicated multi-cluster community-steam operator in Gujarat; no third-party ranking (searched ICRA, CPCB, press). Gujarat had ~3 community boilers serving 90 units in 2020 (DTE)
Nearest dedicated rival	PR Ecoenergy, Panoli: 90 TPH biomass "green steam", 32 contracted customers
Cluster economics, ₹/kg and EBITDA/t	FY24 3.52 / ₹832; FY25 3.30 / ₹721; FY26 3.22 / ₹783; Q1 FY27 n.a. / ₹1,011

Fuel economics: coal vs gas Est.

Fuel	Price	₹/kg steam
PNG (8,500 kcal/SCM, 90% eff.)	₹49/SCM (pre-mid-2026)	~4.0
PNG after Hormuz disruption	₹79/SCM (peaked ₹90; ~900 Morbi units halted 30–45 days)	~6.5
Imported coal (4,200 kcal, 80%)	₹7,308/t FY26 avg	~1.4
Imported coal	₹9,000/t landed (assumed)	~1.7

At 2026 prices gas does not compete economically with coal-fired community steam; the gas shock is a near-term tailwind. The real substitution threat is regulatory (forced exit from coal). Indonesian GAR 4,200 coal is up ~29% in five months to US$76.45/t FOB (11 Sep 2026); a 1–5% export duty from 2026 and export centralisation via Danantara are coming. India imported 246.37 MT of coal in FY26 (180.04 MT non-coking; ~42% Indonesian). Non-coking price ₹4,308/t (FY21), ₹12,650/t peak (FY23), ₹7,308/t (FY26).

RHP peer set (p.211–213)

KPI FY24 / FY25 / FY26	Steamhouse	Linde India	Ellenbarrie
Revenue ₹ mn	2,917 / 3,951 / 4,915	27,687 / 24,854 / 25,306	2,695 / 3,125 / 3,416
Revenue growth	NA / 35.44% / 24.40%	NA / (10.23%) / 1.82%	NA / 15.96% / 9.31%
EBITDA margin	23.45 / 17.54 / 16.99%	25.37 / 30.78 / 35.92%	22.83 / 35.12 / 34.02%
PAT ₹ mn	272 / 312 / 386	4,341 / 4,548 / 5,490	453 / 833 / 1,044
RoE	26.26 / 23.53 / 22.36%	12.52 / 11.91 / 12.87%	11.05 / 16.88 / 10.68%
Net debt / equity	1.77 / 1.63 / 1.57	(0.28) / (0.04) / (0.03)	0.42 / 0.49 / 0.11
P/E (31 Aug 2026) / EPS / NAV	NA / ₹1.71 / ₹7.25	99.17x / ₹64.37 / ₹500.27	42.74x / ₹7.54 / ₹69.33

Industry P/E high 99.17x, low 42.74x, average 70.96x. Steamhouse weighted EPS ₹1.52; weighted RoNW 24.14%. Analyst View These are air-separation gas companies; nitrogen was 0.12% of Steamhouse revenue. Calling steam an "industrial gas" imports a ~71x multiple. IPO Watch called the comparison "an eyewash".

Analyst peer set (FY26; prices 6 Oct 2026)

Company	Revenue ₹ cr	Growth	EBITDA %	PAT %	RoE	Mcap ₹ cr	P/E	EV/EBITDA	Moat
Steamhouse	491.5	24.4%	17.0% (23.2% ex-coal)	7.9%	22.4%	3,273	~85x FY26 / ~70x TTM	~40x FY26 / ~35x TTM	Local pipelines + ROU; weak contracts
Linde India	2,530.6	1.8%	35.9%	21.7%	12.9%	52,166	95.0x	57.2x	Global parent tech; tonnage ASU
Ellenbarrie	341.6	9.3%	34.0%	30.6%	10.7%	4,836	46.3x	42.5x	Merchant gas, ASU assets
Thermax (cons.)	10,774	3.7%	9.6%	6.7%	13.0%	38,268	53.2x	37.4x	Boiler tech leader; owns TOESL
KPI Green Energy	2,696	55.4%	35.5%	18.9%	16.8%	6,374	12.5x	≤12.1x	Gujarat C&I captive solar
GIPCL	1,491	18.7%	36.1%	27.0%	10.5%	2,701	6.7x	≤11.7x	State utility, PPAs
Median of 5 peers							46.3x	37.4x

Steamhouse multiples use the house basis (Tab 12). The market desk's alternative bases (42.3x / 37.1x on pre-IPO EV; 37.5x / 32.9x pro forma) are logged in Tab 14. Gujarat Energy (ex-Gujarat Gas, ~₹22,000 cr) is excluded because post-GSPC-merger figures are not comparable.

Unlisted direct competitors

Company	Year	Revenue	Growth	EBITDA %	PAT %	RoE	ND/E
PR Ecoenergy (Panoli)	FY24	₹624.27 mn	(1.62%)	21.42%	11.6%	20.55%	1.06x
Detox India (Ankleshwar WTE)	FY25	₹1,161.54 mn	(27.0%)	(5.3%)	(68.8%)	NM	NM
TOESL (Thermax)	FY25	₹560 cr	23%	10.4%	6.4%	14.3%	0.42x

Competitors and threats

Threat	Where	Nature	Level
Customers' own captive boilers	Every cluster	Most customers keep boilers (p.44); valve-off at will	High
PR Ecoenergy (ICRA BBB-, later upgraded)	Panoli	Biomass steam, own pipeline, first mover; Steamhouse Panoli at 7.2% while IPO funds Panoli Ph2	High at Panoli
Detox India	Ankleshwar, Surat	RDF common boiler; FY25 loss ₹798.86 mn; fatal blast 4 Dec 2024 (4 killed)	Low
Thermax / TOESL	Pan-India	Onsite BOO, 10-year contracts; parent AA+	Medium
Linde, Ellenbarrie, Inox Air	Nitrogen	May build pipelines (p.44)	Low for steam
By-product steam sellers	Dahej, Haldia	Could sell directly after 5-year terms	Medium
Gujarat Energy PNG	All GIDCs	Gas steam ₹4.0–6.5/kg	Low (High if mandated)
Promoter-group companies	Sachin	Own steam assets; non-competes	Governance
Subsidy/tender-led entrants	New parks	Viksit Gujarat 40% capital subsidy up to ₹30 cr	Medium

Strengths and weaknesses by peer

Versus	Strengths	Weaknesses
Captive boilers	Frees capex/space; 80–83% efficiency; central pollution control; helps with ETS/CCTS	Customer fallback; offtake not enforced; price sensitivity
PR Ecoenergy	Scale (345 vs ~90 TPH); listed equity	Late at Panoli; biomass beats coal on ESG
Detox	Profitable; no incidents FY24–26	Detox controls waste feedstock
Thermax/TOESL	Cluster model serves many SMEs	Weaker balance sheet, tech and brand; one state
Linde/Ellenbarrie	Pipeline N₂ novelty; faster growth	Half the margins; far higher leverage
KPI Green/GIPCL	Higher RoE; asset-light option	No PPA cash flows; fuel risk; 2–7 yr vs 25-yr contracts

Porter's five forces Analyst View

Force	Rating	Rationale
Rivalry	Medium	Usually one operator per cluster; Panoli shows two can coexist
New entrants	Medium	Capex, consents, ROU, landings vs 40% subsidy, tenders, no exclusivity
Buyer power	High	Captive fallback; top-10 47.9%; 4 without contract; 30 terminations
Supplier power	Medium–High	Coal 77% of purchases; top-10 suppliers 81.7%; no contracts; Indonesian policy; 12% SPA penalty
Substitutes	Medium (rising)	PNG uneconomic now; regulatory coal curbs; electrification and hydrogen long-dated

Moat durability: moderate where Steamhouse owns the trunk line (Ankleshwar, Nandesari, Vapi); weak in contested clusters (Panoli, Sarigam) and in time-limited concessions (Pirana 10 yrs; Una 25-yr O&M). There is no steam tariff regulator (unlike PNGRB or SERCs), so no regulated return and no statutory exclusivity. The industry is fragmented nationally but forms local monopolies or duopolies once a trunk line exists. Policy drivers: Viksit Gujarat Industrial Policy 2026 (40% subsidy for common boilers, available to entrants too); CPCB community-boiler guidelines (draft 2023); Bulk Drug Parks and BHAVYA-Rasayan (₹30.30 bn FY27–31); PM MITRA Navsari (1,142 acres; ₹4.96 bn); Gujarat PM ETS rollout (Vapi, Ankleshwar, Bharuch, Vadodara, Morbi); CCTS (490 obligated entities; textiles −2% FY26, −2.5% FY27); Labour Codes (21 Nov 2025); Boilers Act 2025; PLIs (indirect).

Risks & Red Flags

Risk register

#	Risk	Category	Severity	Explanation	Mitigant
1	Customer reversion to captive boilers	Business	High	Most customers keep boilers; invoice customers can stop; 30 terminations; offtake not enforced	Cost/efficiency edge; ETS; post-Jun-2025 minimum offtake; deposits
2	Concentration and renewals	Business	High	Top-10 47.87% (largest 18.36%, related party); 4 top-10 contracts expire FY27; 4 have none; ex-Sanjoo top-10 29.5%	125 → 202 customers; 90.72% repeat
3	Under-utilisation while doubling capacity	Execution	High	41.51% blended; Vapi Ph1 29%, Sarigam 12%, Panoli 7%; 345 → 705 TPH + Una; mostly fixed costs; CWIP ₹1,579 mn	Tie-ups 6–22 TPH (Jhagadia), 6–15 TPH (Vapi Ph3); Nandesari ramp
4	Incumbent rival at Panoli	Business	High	PR Ecoenergy first mover; IPO funds Panoli Ph2; no exclusivity	Scale; O&M know-how
5	Coal price and import	Macro	Med	Coal 77% of purchases; GAR 4,200 +29% to $76.45/t; Indonesian duty; advances and MOQs	Coal-linked tariff (with lag); port-proximate
6	Indirect FX	Macro	Low	INR purchases from USD importers; unhedged	Pass-through
7	Regulatory coal curbs	Regulatory	Med (High 5–10y)	NCR-style approved-fuel regime (CAQM ban 1 Jan 2023); ETS; CCTS; biomass/gas at 2–4x fuel cost	AFBC fuel flexibility; 3 non-fossil projects
8	Pollution-board compliance and closures	Regulatory	High	GPCB show-cause; ran before consent; undisclosed closure notices; Fire NOCs pending at 5 sites	Compliance reports filed; no penalty yet
9	ROU expiry or termination	Regulatory	Med	~10-year rights, terminable for breach; Vapi/Ankleshwar renewals from late 2020s	No terminations to date
10	Land and lease tenure	Execution	Med	Vapi and Sarigam to Oct 2029; N₂ plot May 2027; Nandesari Oct 2028; Dahej Ph2 licence expires Mar/Apr 2027; Ankleshwar sub-lease to Dec 2030	99-year leases at Panoli and Jhagadia
11	Cluster concentration in South/Central Gujarat	Business	High	100% of gas revenue from Gujarat; one coastal chemical belt	Una, Tarapur, Haldia FY27–29
12	Related-party dependence (Sanjoo)	Governance	High	Total RPT 74.3% of revenue (99.3% group); ~60% loan round-trip, ~25% of revenue commercial; Sanjoo owns Sachin assets (O&M to 31 Mar 2028)	Audit committee; non-competes; coal nil in Q1 FY27
13	Contingent re-pledge obligation	Governance	High	Pledge nil today; 76% must be re-pledged if NCDs not repaid on agreed timeline; covenants restrict dividends, coal trading and debt	₹1,800 mn IPO repayment
14	Aviation diversification	Governance	Med	Aircraft from Sanjoo Dyeing Inc at US$240k/yr plus costs; 6 staff; "no experience"	Small in rupees
15	Incomplete promoter-group disclosure	Governance	Med	Ambika Agarwal refused; SEBI denied exemption	Disclosed
16	Unexplained ₹200 → ₹73/₹81 reset	Governance	Med	No price rationale; two allottee names resemble top suppliers [Unverified: name similarity only]	Transaction history disclosed
17	Promoter control; low-cost OFS	Governance	Low	77.96%; OFS cost ₹0.04	Lock-ins
18	Time and cost overruns	Execution	High	Jhagadia +106%, Vapi Ph3 +37%, Nandesari Ph2 +17%; past delays ~5–27 months; IPO capex orders (₹1,141.27 mn) not placed	Monitoring agency
19	Pirana concession	Execution	Med	COD due 30 Apr 2025; LDs up to ₹0.1 mn/day (~₹52 mn if fully enforced Est.); extension to Jun 2027 requested; royalty	AMC funds half the capex; no penalty raised
20	Purchased-steam contracts	Execution	Med	Dahej SEZ 12% capex penalty; Haldia one buyer on a 6-month term	Low capex
21	Una EPC + O&M	Execution	Med	New EPC line; 24 months subject to conditions precedent; EPC done ~2028 but revenue share only from Apr 2032 (3–4 yr O&M-only gap); ICRA 675 vs RHP 705 TPH	Cost-plus; client-funded
22	Leverage and refinancing	Financial	Med	Borrowings ₹4,002.99 mn at 31 Jul 2026 (₹2,816 mn Mar-26; ₹1,825 mn current); ND/E 1.57x; lender consents needed	₹1,800 mn prepayment; ICRA upgrade
23	Working capital leans on suppliers	Financial	Med	Payables ₹932.34 mn; 8 creditors hold ₹690.11 mn; purchase finance ₹167.88 mn; cards ₹59.69 mn	7–15 day customer credit
24	Litigation and contingents	Financial	Low	₹121.77 mn; commitments ₹700 mn	Appeals
25	Process-safety accident	ESG	Med	High-pressure lines; peer fatality; under-construction plants uninsured	Cover 126.7% of net block
26	Key person and talent	Governance	Med	Founder-led; attrition 34%; 4 sales staff; no key-man cover	EDs, CFO
27	End-market cyclicality	Macro	Med	Chemicals/agro weak since 2024 (China, US tariffs)	Sector mix
28	Metering, theft, misconduct	Business	Low	2 meter incidents; 119 t coal theft FIR	SCADA
29	Technology obsolescence	Business	Low	Electrification, heat pumps, hydrogen in 2030s	Fuel-flexible AFBC
30	Post-IPO supply overhang	Financial	Med	Anchor unlocks 14 Oct and ~14 Dec; pre-IPO ~24 Dec or ~Mar 2027; upper circuit at ~70x TTM	DII 8%
31	Reliance on commissioned data	Governance	Low	F&S paid by issuer	Cross-checks
32	Revenue quality / mix opacity	Financial	Med	Coal ₹0.19 → ₹1,323 mn → nil; Q1 steam ₹ +46% on +16.7% volume unexplained; Pirana construction revenue (Ind AS 115 App. D) in FY26	Track EBITDA/t, segment disclosure

Red-flag checklist

Flag	Status	Evidence
Rising debt	Yes, pre-IPO	₹2,027 → 2,229 → 2,816 mn (FY24–26) → ₹4,003 mn (Jul-26); partly reversed by ₹1,800 mn repayment
Margin deterioration	Optical, mostly mix	23.5 → 17.5 → 17.0%; ex-coal 23.5 / 21.7 / 23.2%; Q1 FY27 24.05%
Auditor concerns	None found	Unmodified; small regional firm; FY24 restated
Related-party intensity	High	Total RPT 74.3% of revenue (~60% loans); multi-role Sanjoo; aircraft
Promoter pledge	Nil today; contingent	Re-pledge obligation over 76% if NCDs not repaid
Promoter selling	Small	OFS ₹610 mn at ₹0.04 cost
Dilution	Yes	6.85 mn at ₹73; 43.58 mn at ₹81
Customer loss	Moderate	30 terminations; 4 top-10 expiries in FY27
Litigation / tax	Low	₹121.77 mn; undisclosed closure notices
Commodity / currency / rate	Medium	Coal lag; unhedged; floating rates
Key-person	Medium	No key-man cover
Execution	High	Overruns; Pirana delay; orders not placed
Regulatory hygiene	High	Operate first, regularise later

Litigation and regulatory detail (materiality ₹16.16 mn)

Matter	Amount	Status
GPCB show-cause, Vapi (15 May 2025)	–	Compliance report 8 Jul 2025; pending
Stamp duty Order 1 (15 Oct 2025)	₹8.25 mn (₹3.80 duty + ₹4.45 penalty)	25% deposited; HC SCAs withdrawn 14 Nov 2025; CCRA appeal 522; reserved
Stamp duty Order 2 (15 Oct 2025)	₹27.52 mn (₹4.41 duty + ₹23.11 penalty)	CCRA appeal 523; reserved
DGVCL assessment (21 Jun 2023)	₹10.59 mn provisional; ₹11.12 mn deposited	Set aside 6 Aug 2024; HC stayed refund 23 Jan 2025
Coal-theft FIR (18 Oct 2023)	119.09 t (~₹0.9 mn)	Pending
Tax	2 direct + 3 indirect cases (₹10.67 mn); Directors 2 direct cases (RF15 says 1 + 1)	Pending
SEBI / MCA / exchange	None	No search or seizure disclosed

ESG: primary fuel is imported coal; non-fossil capacity 15 of 345 TPH (90 of 360 planned); 3.04 MW solar; Nandesari co-gen. "Green" only relative to dirty captive boilers; possible ESG-fund exclusion. Vapi and Ankleshwar CEPI scores of 88.09 and 88.50 are 2010-era data. Water ₹53.48 mn (1.21% of expenses).

Monitorables

FY27 plant-level utilisation (Panoli, Sarigam, Vapi Ph1) and new connections.
Commissioning of Nandesari Ph2, Jhagadia and Vapi Ph3 by CY2026, and cost to complete.
Renewal of the 4 top-10 contracts expiring in FY27.
Sanjoo arrangements after the coal exit: steam purchase, O&M, inter-corporate loans.
Repayment of the Ascertis and Axis NCDs, so the re-pledge lapses.
GPCB closure-notice units; Fire NOC grants.
Pirana extension and any LD claim.
Una conditions precedent; reconcile 675 vs 705 TPH.
Indonesian HBA and export duty; tariff resets.
Gujarat ETS rollout to Vapi and Ankleshwar.
Anchor and pre-IPO unlocks.

Results Highlights & Guidance

No earnings-call transcripts exist. The company listed on 17 Sep 2026; the only post-listing disclosure is the Q1 FY27 result (5 Oct 2026, release SHIL/OCT/05/03/2026-27, unaudited) with no call. Management's voice below comes from the RHP, the 28 Sep 2026 order press release and the Q1 release. The credibility test uses ICRA rationales (2023, 2024, 2026) and RHP statements. This gap reflects call history only; it is not a thin-disclosure exemption from the depth standard.

Q1 FY27 (Apr–Jun 2026)

₹ cr	Q1 FY27	Q1 FY26	YoY	Q4 FY26	QoQ
Revenue	128.62	113.48	+13.35%	138.46	−7.10%
EBITDA	30.93	19.32	+60.08%	26.41	+17.11%
EBITDA margin	24.05%	17.03%	+702 bp	19.08%	+497 bp
PAT	18.34	10.18	+80.25%	14.10	+30.12%
PAT margin	14.26%	8.97%	+529 bp	10.18%	+408 bp
Steam revenue	123.37	~84.5	+46.07%
Coal trading	0	28.26	−100%
EBITDA per tonne (₹)	1,011.45	737.35	+37%
Like-for-like margin (ex-coal) Est.	24.05%	~22.7%	~+140 bp

Decomposition. (1) Coal trading stopped (p.551) because Sanjoo now buys coal directly. (2) Realisation per tonne rose ~25% on 16.7% volume growth. (3) ICRA's OPBDITA margins were 23.5% (FY24, pre-coal), 17.6% (FY25) and 17.0% (FY26): the margin fell as coal trading was added, and Q1's 24.05% is essentially a return to the pre-coal level. (4) WTE utilisation (77.6% in FY26) adds a smaller increment. (5) Run-rate: annualised EBITDA ~₹124 cr and PAT ~₹73 cr, against FY26's ₹83.5 cr and ₹38.6 cr.

Management in its own words

"Q1 FY27 emerged as a landmark quarter for Steamhouse India" (described as the "strongest to date").
Drivers: "better utilisation of waste-to-energy boilers, higher steam sales, and cost stability"; operating leverage.
"We were able to maintain our steam margins through our pass-through mechanism, wherein changes in coal costs are passed on to customers" (CMD Vishal Budhia).
"Favourable policy support for the community boiler ecosystem" (Viksit Gujarat Industrial Policy 2026).
Forward items: green capacity 15 → 105 TPH in FY27; 3.04 MW solar; EoI for a 400 TPD Surat Municipal Corporation waste-to-steam project; nitrogen growth. No numeric guidance.
Una (28 Sep): "The Una Steam Project marks an important milestone… a ₹311 crore EPC opportunity and a 25-year O&M mandate creates a long-term platform"; platform of 345 + 360 + 300 = 1,005 TPH (mixes owned and operated capacity).
RHP: "Customer offtake levels have been lower than expected"; operations "adversely impacted by this downward trend in the chemical and agrochemical industrial sectors" (p.323).

Guidance vs actuals: credibility check

When / who	Guided or expected	What happened	Verdict
ICRA 3 Jul 2023	FY24 revenue ₹625–675 cr; 405 TPH commissioning; 683 TPH on ₹136 cr capex	FY24 ₹291.7 cr (−11%); own capacity 285 TPH (FY25), 345 (FY26); "significantly lower than expectations due to decline in realisations"	Large miss (~55%)
ICRA 30 Oct 2024	FY25 "healthy growth" on 428 TPH; coverage better from FY26	FY25 ₹395.1 cr (+35%), ~₹76 cr coal; 285 TPH; FY26 cover 3.9x (better), debt/OPBDITA 4.0x (worse)	Met via coal; capacity below
RHP Sep 2026	Nandesari Ph2, Jhagadia, Vapi Ph3 live in CY2026	Still 345 TPH at 31 Jul; none announced by 6 Oct	Open
RHP cost table	Proposed ₹394.26 / 150.00 / 400.00 mn	Funding ties to ₹462.81 / 308.48 / 549.22 mn	Overruns +17 / +106 / +37%
Q1 FY27 release	Green 105 TPH in FY27	RHP dates Pirana to CY2027	Tension
RHP (Apr 2026 SPAs)	Dahej SEZ, Haldia within 12 months	Not started	Open
UDRHP-I Dec 2025	"New facility in Dahej SEZ"	RHP object is Dahej GIDC Ph2; SEZ became a purchase contract	Re-scoped, unexplained
RHP strategy "improve debt profile"	Deleverage	Borrowings ₹281.6 → ₹400.3 cr (Mar–Jul 2026)	Contradiction
Utilisation	Panoli live Jun 2025; Sarigam Feb 2023	FY26 Panoli 7.2%, Sarigam 12.1%, Vapi Ph1 29.2%	Capacity ahead of demand
Capacity target	RHP 705 TPH	ICRA 675 TPH by FY29 on ₹323 cr capex	Minor gap
Customer concentration	RHP top-10 47.87%	ICRA "~30%" (Lupin, Cadila, MRF)	Inconsistent definitions

Capacity comparisons may use different bases (ICRA may have included purchased or O&M steam), so the revenue miss is the firmer evidence. Themes: plans consistently over-promise and guide on capacity, not offtake; coal trading distorted revenue quality; debt before equity (16% NCDs, 11–12.75% bridges); constant new ventures (nitrogen, WTE, Pirana PPP, Tarapur, Haldia, Una). Tone over time: 2023 expansive; 2024 chastened; RHP careful and legalistic; post-listing promotional (the Q1 release does not mention the coal exit).

Street and media tone

Person / outlet	Stance	What they said or did
Madhusudan Kela (Singularity)	Bull (action)	₹40 cr pre-IPO at ₹73 + ₹42.1 cr anchor; ~3.86% combined; no public quote
Arvind Kothari / Niveshaay	Bull (action)	₹10 cr pre-IPO + ₹15 cr anchor; amplified on X by @vsvicky_
Sunil Singhania (Abakkus)	Mild bull	₹10 cr anchor
Shivani Nyati (Swastika)	Long-term bull / tactical caution	Listing gain a "good exit" for short-term holders at ~57.8x
SBICAP / Ventura	Bull	Chemical revival; D/E to ~0.2x; customers 125 → 202; OCF ₹100 cr
Mehul Shah, CA (@mehulshahca)	Curious	"Community boilers… 167+ industrial clients through dedicated pipelines… Steam as a Ser[vice]"
IPO Watch	Bear on price	"Greedily priced"; peers "an eyewash"
Capital Market	Bear	Avoid
Whalesbook / PTI	Cautious	"Aggressive valuation… sensitive to any potential misses"
Multibagg	Bull	Q1 "first quarter of a higher profitability base"
Zee Business	Positive	"Bumper listing!"

Forums: ValuePickr, Reddit, Morningstar, Moneycontrol and StockTwits have no threads (Not Available). X themes: the steam-as-a-service narrative, smart-money tracking, GMP chatter. The holder base is dominated by single-lot allottees (~99.7k holders, ~293 shares each Est.), which fuels momentum and quick profit-taking.

Street debates: bull vs bear

Bull thesis	Bear thesis
Utility-like annuity: long contracts, 90.72% repeat revenue, high switching cost once a captive boiler is scrapped	Valuation: 58x at issue; now ~85x FY26 and ~70x TTM; P/B 11x at issue, ~5.7x now
First mover; "only pipeline nitrogen supplier" (F&S); ₹3.66 lakh cr TAM (F&S)	Margin compression 23.45% → 16.99%; RoE 58.8% (FY23) → 22.4% (FY26)
Deleveraging: ₹180 cr repayment; D/E 1.57x → ~0.2x (SBICAP)	Leverage and liquidity today: current ratio 0.36x; ₹400.3 cr borrowings pre-IPO
Q1 proves operating leverage: 24% margin, PAT +80%, EBITDA/t +37%	Q1 margin flattered by the coal exit; like-for-like ~+140 bp; one quarter is not proof
Una diversifies geography	100% Gujarat; top-10 customers 47.9%; coal 77% of purchases; top-10 suppliers 81.7%
Smart money (Kela ×2, Niveshaay ×2, Abakkus)	No MFs, insurers or FPIs in the anchor book; 34% to a little-known NBFC
41.5% utilisation = operating-leverage headroom	Low utilisation = capital inefficiency
2024 HNIs paid ₹200, so ₹81 was cheap	Why did the 2024 valuation collapse? Possibly fundamentals (RoE and margin slide)

Sentiment shift (Apr–Oct 2026)

Apr–Jun: near-unknown, confidential filing (an early report said ₹500–700 cr; final ₹414 cr).
Late Jun: Kela / Niveshaay pre-IPO at ₹73 puts it on smart-money radars.
5–7 Sep: price band set; GMP ₹0, so sentiment is lukewarm.
8 Sep: the anchor book flips GMP to ₹18–24.
11 Sep: QIB/NII surge takes subscription to ~32x.
17 Sep: lists in line with the faded GMP (+16.7%), closes +26.6%.
Post-listing: Una order and Q1 drive a re-rating to +46% and a 10% upper circuit. Net shift: from "fairly priced niche IPO" to "momentum compounder with earnings support", which raises the bar for Q2 just as the first anchor unlock arrives.

Growth, Outlook & Valuation

Order book and revenue visibility

There is no conventional order book. Steam is sold under 1–10 year agreements terminable on 6–12 months' notice. Indicators: repeat revenue 90.72%; ~300 TPH contracted against 345 TPH installed (~87%; contracted capacity, not offtake; ICRA Sep 2026); tie-ups of 6–22 TPH (Jhagadia) and 6–15 TPH (probably Vapi Ph3); none yet for Nandesari Ph2, Pirana or Tarapur.

Date	Order	Value	Client	Terms
24 Sep 2026 (PR 28 Sep)	300 TPH common steam + ~30 MW co-gen + network, Bulk Drug Park, Una (HP)	₹311 cr incl. GST (~₹264 cr ex-GST)	HP Bulk Drug Park Infrastructure Ltd (state SPV)	24-month EPC; 25-yr O&M at cost plus markup; revenue share Apr 2032 – Mar 2052; IRR-linked tariffs; client-funded capex. ~₹130 cr/yr EPC revenue Est.; ~54% of FY26 revenue ex-GST (media "63%" is GST-inclusive). Timing gap: EPC completes ~2028, revenue share starts Apr 2032, so O&M terms set economics for 3–4 years
Apr 2026	Dahej SEZ purchase-and-distribute	n.d.	Unnamed chemical co	5 years; 12% capex penalty
Apr 2026	Haldia (WB) purchase-and-distribute	n.d.	Unnamed chemical co	5 years; first non-Gujarat operation
Earlier (AMC tender)	Pirana 30 TPH waste-to-steam (300 TPD, 5-acre landfill)	₹69.5 cr incl. ₹34.75 cr AMC grant	Ahmedabad Municipal Corp	10 yrs; royalty ≥₹17.5 lakh/month or 3%; CY2027
Not dated	Carbon-black waste-gas heat recovery	n.d.	Unnamed producer	Agreement disclosed in RHP (p.317)
Oct 2026	EoI, 400 TPD waste-to-steam	n.a.	Surat Municipal Corp	EoI only

Expansion pipeline: 345 → 705 TPH (+ Una 300 TPH operated)

Project	TPH	Fuel	Funding ₹ mn	Cost: proposed / revised or spent	Target	Notes
Nandesari Ph2	30	RDF, agro-waste	Yes Bank 295.70 + internal 167.11	394.26 / 462.81 (+17%)	CY2026 (was Sep 2025)	CTE in hand
Jhagadia (new cluster)	30	Coal	Siemens lease 56.00 + internal 252.48	150.00 / 308.48 (+106%)	CY2026	17,165 m², 99-yr to 2107; second-hand P&M; tie-up 6–22 TPH
Vapi Ph3	30	Coal, agro, RDF, LDO	SBM 300.00 + internal 249.22	400.00 / 549.22 (+37%)	CY2026	Plot A2/14; L&L to Nov 2029; tie-up 6–15 TPH; p.507 shows 594.22
Pirana (MSW-to-steam)	30	Plastic, chindi	AMC 347.50 + Federal 260.00 + internal 87.50	695.00 / 114.93 spent	CY2027	Concession; LD exposure
Tarapur (MH)	60	Coal	Debt 337.50 + internal 112.50	450.00 / 138.24 spent	CY2027	MIDC E-136, 95-yr; NOC 6 Apr 2026
Ankleshwar Ph3	60	Coal, diesel	IPO 379.77	379.77	CY2028	Civil not started; CTE Jun 2025; land to Dec 2030
Panoli Ph2	60	Imported coal	IPO 379.76	379.76	CY2028	99-yr plot; Panoli Ph1 at 7.2%
Dahej GIDC Ph2	60	Imported coal	IPO 381.74 + 7.22 internal	403.40	May 2028	Licence 25 Mar 2025 (2 yrs → 99-yr); ₹14.44 mn land premium unfunded
Total under construction	360					705 TPH = 4,466,880 TPA
Una (operated, not owned)	300	n.d.	Client SPV	₹311 cr contract	~Sep–Oct 2028	EPC + O&M

Past projects: Nandesari Ph1 (Mar → Sep 2023, ₹358.90 mn vs ₹150 mn loan sanction, +139%); Dahej Ph1 (Oct 2023 → Mar 2024, ₹105.80 mn); Panoli (2023 → Jun 2025, ₹343.70 mn vs ₹230 mn sanction, +49%). Sanction bases overstate the overruns. Capex estimates are by Dr P.J. Gandhi (3 Sep 2026), not appraised; quotations valid to ~30 Apr 2027. Dahej Ph2 schedule: civil Oct 2026; boiler erection Mar–Jul 2027; hydro test Aug 2027.

Objects of the issue

Object	₹ cr	FY27	FY28	FY29
Repay / prepay borrowings	180.00	180.00	–	–
Ankleshwar Ph3	37.977	16.046	21.931	–
Panoli Ph2	37.976	16.045	21.931	–
Dahej GIDC Ph2	38.174	16.065	21.059	1.050
Net proceeds for named objects	294.13	228.16	64.92	1.05
General corporate purposes	23.13	Final prospectus (RHP "[•]")
Offer expenses (fresh share)	35.75	Final prospectus
Gross fresh issue	353.00	+ ₹49.99 cr pre-IPO to GCP; monitoring agency CRISIL Ratings

IPO timeline

Milestone	Date	Detail
Board / shareholders approve	17 / 18 Jun 2025	Re-approved 27 Aug 2026
Confidential pre-filing	30 Jun 2025	ICDR Ch. IIA; Equirus (BRLM), KFin
Exchange in-principle	10 Sep 2025
SEBI final observation	14 Oct 2025	SEBI/HO/CFD/RAC-DIL2/P/OW/2025/26720/1. Issue opened ~10.9 months later: within validity (clean)
UDRHP-I	9 Dec 2025	₹425 cr: ₹345 fresh + ₹80 OFS; pre-IPO up to ₹15 cr
Monitoring agency agreement	31 Dec 2025	Amended 21 and 31 Aug 2026
Pre-IPO placement	24 Jun 2026	₹49.99 cr at ₹73
Capex objects approved / restated audit	18 Aug 2026
RHP	3 Sep 2026	₹414 cr: ₹353 fresh + ₹61 OFS (promoter sold 24% less than at UDRHP)
Anchor	8 Sep 2026	₹124.20 cr
Issue	9–11 Sep 2026	Band ₹77–81; lot 185; priced at ₹81
Allotment / refunds / demat	15 / 16 / 16 Sep
Listing	17 Sep 2026	Open ₹94.50 NSE / ₹93.00 BSE; close ₹102.55 / ₹102.20

Subscription (~32x ex-anchor)

Category	Offered	Bid	Times (Chittorgarh category / final)	Applications
QIB ex-anchor	1,02,22,222	47,10,44,040	46.08x / 46.19x	62
bNII (>₹10 lakh)	51,11,112	23,05,05,375	45.10x / 45.23x	17,677
sNII	25,55,555	12,55,23,240	49.12x / 49.33x	47,459
Retail	1,78,88,889	31,17,33,325	17.43x / 17.78x	15,52,952
Total ex-anchor	3,57,77,778	1,13,88,05,980	31.83x / 32.07x	16,18,150
Incl. anchor (not market convention)	5,11,11,110	1,15,47,56,680	22.59x

Day-wise: 0.44x, 2.32x, ~32x (back-ended; QIB 0.00x on day 1). Other prints: 30.02x (Kotak Neo), 30.49x (PTI/Rupeezy), 31.58x (5paisa 5:06 pm snapshot).

Anchor book (8 Sep 2026)

Anchor	Shares	₹ cr	%
Singularity Large Value Fund III (also pre-IPO)	51,97,390	42.10	33.90
Chartered Finance & Leasing (NBFC, Mumbai, 1994)	51,97,390	42.10	33.90
Niveshaay Sambhav Fund (also pre-IPO)	18,51,642	15.00	12.08
Abakkus Emerging Opportunities Fund I	12,34,875	10.00	8.05
Emerge Capital Opportunities Scheme or Kotak Manufacture in India Fund (unresolved)	12,34,690	10.00	8.05
31 Degrees North Fund I	6,17,345	5.00	4.03

No domestic MF or insurer anchored (or 8% if the Kotak version is right; settled ~10 Oct by MF disclosures). MFs hold 0.27% via the QIB book.

Post-listing price path (NSE)

Close ₹, 17 Sep – 6 Oct 2026 (dashed: ₹81 issue)

Date	Open	High	Low	Close	Vol mn	Context
17-Sep	94.50	103.95	91.60	102.55	81.14	Listing (+26.6% vs issue)
18-Sep	100.70	106.00	95.01	97.98	23.97	Profit-taking
21-Sep	98.60	107.48	97.51	105.05	15.81
22-Sep	107.75	113.04	106.65	112.02	21.13
23-Sep	112.31	113.55	109.55	110.73	7.27
24-Sep	108.75	115.63	106.89	113.71	9.35	Una order disclosed
25-Sep	116.70	117.60	109.40	110.81	8.43	Gap-up faded
28-Sep	111.00	111.65	106.85	107.57	3.25	Order PR; ICRA upgrade
29-Sep	107.52	114.00	106.00	110.86	4.48
30-Sep	111.40	113.85	110.30	110.94	3.55
01-Oct	111.25	111.94	103.11	106.51	4.24
05-Oct	109.10	110.71	105.85	107.66	2.98	Q1 results (evening)
06-Oct	115.00	118.42	112.38	118.42	11.93	10% upper circuit

Grey market premium vs listing

Date (2026)	GMP ₹	Implied ₹	Event
5–7 Sep	0	81	Price band; no bid
8 Sep	18	99	Anchor day
9 Sep	18–20	99–101	Opens; 0.44x
10 Sep	20 → 23	101–104	2.32x
11–13 Sep	21	102	Closes ~32x
14 Sep	24 (peak)	105
15 Sep	19.5	100.5	Allotment
16–17 Sep	13.5–14	94.5–95	Pre-listing
17 Sep listing	+13.50 actual	94.50	Close ₹102.55

Broker coverage (IPO notes; no target prices)

House	Rating	Argument
SBICAP Securities	Subscribe	Chemical revival; rev/EBITDA/PAT CAGR 29.8/10.5/19.2%; D/E 1.6 → ~0.2x; 57.9x at ₹81
Ventura	Subscribe	Customers 125 → 202; OCF ₹100.46 cr; 100% Gujarat
Swastika Investmart	Subscribe LT; partial exit at listing	"Infrastructure-like utility"; ~57.8x "little room for error"
Kantilal Chhaganlal, SMIFS, GEPL, BP Equities, Mangal Keshav	Apply	Note text Not Available
SMC Global + one unnamed	Neutral	Not Available
Capital Market	Avoid	Likely valuation
Anand Rathi	Info only	~45–47x "steep"; concentration
IPO Watch / Malik Times	Lukewarm / mixed	"Greedily priced"; P/BV 11.17x
Tally (Chittorgarh)	8 Subscribe / 2 Neutral / 1 Avoid (~73% positive). No post-listing initiations; Equirus blackout may end late Oct 2026. Target prices low/median/high: Not Available

Valuation at ₹118.42 (house basis)

Metric	Value	Basis
Market cap	₹32,732 mn (₹3,273 cr)	276,406,311 shares
Mcap at ₹81 / ₹102.55	₹2,239 / ₹2,835 cr
P/E TTM (PAT ₹468.05 mn)	~70x	FY26 − Q1 FY26 + Q1 FY27
P/E FY26 (EPS ₹1.40 post-issue)	~85x
P/E annualised Q1 FY27 (₹73.4 cr)	~45x
P/E at issue (FY26)	57.9x	Chittorgarh 57.86x
EV (mcap + pro-forma net debt incl. leases ₹680 mn)	~₹33,410 mn	Before offer expenses
EV/EBITDA TTM (₹950.98 mn) / FY26	~35x / ~40x
P/B (pro-forma ₹5,758 mn; ₹20.8/sh)	~5.7x	Street ~5.8x net of issue costs
Dividend yield / buyback	0% / none
3-year average multiples	Not Available	Under one month of history
Peer reference	RHP avg 70.96x; peer median 46.3x P/E, 37.4x EV/EBITDA	Utilities 7–13x

Scenario view Analyst View. A utility multiple (12–25x TTM) implies a fraction of ₹118. Only an "industrial-gas compounder" multiple (45–95x) supports today's price. The market is pricing a ~3x capacity build (to ~1,005 TPH including Una) at today's or better returns. Bull: the Q1 run-rate (annualised PAT ₹73.4 cr) holds and grows with the 90 TPH commissioning. ₹118.42 × 276.41 mn ≈ ₹3,273 cr, so at 45x the stock needs ~₹73 cr of PAT, i.e. today's run-rate sustained Est.. Upside needs growth beyond that. Base: ex-coal margins of 22–24%, slippage on commissioning, multiple compresses toward 45–50x TTM as unlocks hit. Bear: Q2 margin reverts to ~20%, overruns, a re-pledge scare. No consensus estimates for FY27/FY28 exist.

Catalyst calendar

Date	Event	Detail
~10 Oct 2026	Sep MF portfolio disclosures	Settles the Kotak/Emerge anchor question
14 Oct 2026	Anchor 50% unlock	76,66,666 sh (2.77%), ~₹91 cr
By ~21 Oct	30 Sep SHP	First quarter-end pattern
Late Oct+	First initiations	Target prices
By 14 Nov	Q2 FY27 results	Does 24% hold without coal?
Quarterly	Monitoring-agency report	₹180 cr repayment; NCDs with re-pledge clause
~14 Dec 2026	Anchor balance unlock	2.77%
~24 Dec 2026 (alt.)	Pre-IPO unlock if AIF carve-out applies	68,49,315 sh (2.48%) at ₹73 cost; ~8% free in December
By 31 Dec 2026	CY2026 commissioning	Nandesari Ph2, Jhagadia, Vapi Ph3 (90 TPH)
~Feb 2027	Q3 FY27
~15 Mar 2027	6-month lock-in ends	Pre-issue public (3.55%) and promoter excess per some readings
25 Mar 2027	Dahej licence expiry	Extension needed
By 31 Mar 2027	105 TPH green target	Needs Pirana
~Jun 2027+	ESOP vesting	401,645 at ₹2
By ~Sep 2027	Dahej SEZ, Haldia start	First non-Gujarat revenue
CY2027	Pirana, Tarapur
CY2028	Ankleshwar Ph3, Panoli Ph2, Dahej Ph2 (May)	180 TPH from IPO money
~Sep–Oct 2028	Una EPC completion

Tailwinds: gas-price shock; Viksit Gujarat subsidy; CPCB guidelines; Bulk Drug Parks and BHAVYA-Rasayan; PM MITRA; Gujarat ETS; deleveraging (~₹20–25 cr/yr interest saving Est.); ICRA upgrade.

Long-term drivers to verify: utilisation from 41% toward 60%+; WTE economics (78% utilisation); asset-light purchased steam; EPC/O&M platform; carbon-black heat recovery; hydrogen, instrument air and CO₂ options.

Final Verdict

Business Quality

Medium

Real cluster moat; 41.5% utilisation; captive-boiler fallback

Management Quality

Weak

Sanjoo entanglement, contingent pledge, credibility gaps

Financial Quality

Weak

Negative FCF every year; improving after IPO deleveraging

Valuation

Expensive

~70x TTM P/E, ~35x EV/EBITDA

Overall View

Negative at ₹118

Good model, wrong price; revisit after Q2/Q3

Bull case

Q1 is a new base. Volume +16.7%, EBITDA/t +37%, absolute EBITDA +60%; with 59% spare capacity, operating leverage could be large as Gujarat chemicals recover.
Platform optionality. 360 TPH under construction, Una's ₹311 cr EPC + 25-yr O&M, Dahej SEZ/Haldia, Surat and Pirana waste-to-steam, ICRA upgrade, and post-IPO ND/E ~0.12x.
Structural tailwinds. Gas shock makes coal community steam cheapest (₹1.4–1.7 vs ₹4.0–6.5/kg); ETS, CCTS and the 40% Gujarat subsidy push SMEs to outsource; smart money (Kela, Niveshaay) re-upped at a higher price.

Bear case

Quality of growth. ~66% of FY24–26 growth was related-party coal trading; like-for-like steam growth is 8–10%; the Q1 margin jump is mostly mix (~+140 bp underlying); realisation may be reclassification.
Capital and execution. Negative FCF every year; ₹118.7 cr of pre-IPO debt for creditors; overruns of +17% to +106%; doubling capacity at 41.5% utilisation; weak record against ICRA-reflected projections.
Governance and supply. Total RPT 74.3% of revenue; contingent re-pledge; tight 75% covenant (8.2 mn share sale / 10.9 mn share issue headroom); unexplained ₹200 round; anchor and pre-IPO unlocks into a 70x stock.

Base case (12–18 months) Analyst View. Steam volumes grow mid-teens; ex-coal EBITDA margin settles at 22–24%. Headline FY27 revenue growth is muted versus FY26 because the ₹1,323 mn of FY26 coal revenue disappears (Q1 was still +13% as steam realisation rose), while EBITDA grows faster (25–35%). One or two of the three CY2026 plants slip into 2027. Una adds EPC revenue at lower margins from H2 FY27. The ₹1,800 mn repayment proceeds, but the re-pledge risk lingers until both NCDs are fully cleared. With anchor and pre-IPO supply, the multiple compresses toward 45–50x TTM. Earnings growth offsets part of that, so the stock is range-bound to lower from ₹118.

5 things to remember

Coal trading (26.9% of FY26 revenue, mostly to Sanjoo) ended on 1 Apr 2026: FY27 revenue optics fall and margin optics rise.
Utilisation is 41.5%, the single biggest lever and risk.
Borrowings were ₹400.3 cr at 31 Jul 2026 (+₹118.7 cr in 4 months); IPO repays ₹180 cr.
Pledge is nil today, with a contingent re-pledge obligation over 76% tied to NCD repayment.
At ₹118.42: ~70x TTM P/E, ~35x EV/EBITDA, ~5.7x P/B; IPO priced ~59.5% below the 2024 ₹200 round.

5 questions before investing

What is Q2 FY27 EBITDA margin and EBITDA/t with zero coal, and how much of the +25% realisation is Sachin fuel reclassification?
When exactly will the Ascertis and Axis NCDs be repaid, and what are the re-pledge timelines?
Who were the ₹200 allottees, why did they pay ₹200, and are Swastik Polyprints and Saraogi Viniyog connected to the similarly named suppliers?
Will Sanjoo loan flows, the aircraft lease and Sachin O&M be wound down or put on arm's-length terms after listing?
Which units received pollution-board closure notices, and when will Nandesari Ph2, Jhagadia and Vapi Ph3 be commissioned and at what final cost?

Final opinion: Steamhouse has a genuinely interesting, utility-like steam-as-a-service model with real cluster moats and coal pass-through. But at ~70x TTM after a 46% run, the price assumes flawless execution from a company with inflated historical growth, negative free cash flow, heavy promoter-group entanglement and a weak projection record. Avoid at ₹118; revisit after two clean ex-coal quarters, delivered CY2026 commissioning and NCD repayment, or at materially lower prices.

Sources

Merged and de-duplicated from all input files (financials, business, governance, narrative, market, street-sentiment, lead-analyst rulings). All web sources accessed 6 Oct 2026 unless noted.

Data conflicts resolved

#	Item	Competing values	Resolution used in report
1	Borrowings 31 Jul 2026	₹4,002.99 mn (RHP headline) vs ₹3,778 mn like-for-like (financials)	Headline ₹4,003 mn, +₹1,187 mn (₹118.7 cr) vs Mar-26; like-for-like +₹962 mn and ₹1,287 mn of new facilities shown as sub-analysis
2	Listing price	Brief ₹102.55 vs open ₹94.50 NSE / ₹93.00 BSE	Open ₹94.50 / ₹93.00; close ₹102.55 / ₹102.20
3	Subscription	31.8x, 32.07x, 31.58x, 30.49x, 30.02x, 22.6x	~32x ex-anchor; 22.6x includes anchors in the denominator
4	RPT %	74.29% (total RPT / revenue) vs 73.74% (group RPT / revenue)	"Total RPT = 74.3% of FY26 revenue; 99.3% with group companies"; not "74% of revenue from related parties"
5	RPT composition	Headline vs loan-heavy	~60% loan round-trip; commercial ~25% of revenue, shown alongside
6	Pirana construction revenue	Financials flagged "above spend / no matching cost"	Legitimate Ind AS 115 Appendix D accounting; ≈₹703 mn EBITDA ex-Pirana as an upper-bound sensitivity only; not a red flag
7	Covenant headroom	"~8 mn shares" vs "~3 pp"	Both: promoter can sell ≈8.2 mn; company can issue ≈10.9 mn
8	₹200 placement supplier link	Market file: "two of the company's own top suppliers"	[Unverified] name similarity only
9	Promoter pledge	"76% pledged" (market)	Nil today; contingent re-pledge obligation
10	SEBI letter validity	Possible issue	Clean: 14 Oct 2025 letter, opened 9 Sep 2026 (~10.9 months)
11	Coal trading cessation	p.551 (ceased 1 Apr 2026) vs p.318–319 ("expects to continue"); governance "not confirmed"	p.551 adopted (consistent with Q1 nil coal); contradiction flagged
12	Q1 margin gain	+702 bp vs ~+140 bp	Both shown; headline mostly mix
13	Capacity target	RHP 705 TPH vs ICRA 675 TPH by FY29	RHP 705; ICRA noted
14	Fifth anchor	Emerge Capital vs Kotak Manufacture in India Fund	Unresolved; both shown
15	Market cap	₹3,273 / 3,262 / 3,274 / 2,976 / 2,834.55 cr	₹3,273 cr at ₹118.42 × 276.41 mn; others use ₹118, Screener rounding, ₹107.70 prior close, or the listing close
16	P/E	84.4x / 84.6x / 85x FY26; 69.7x / 70x TTM	~85x FY26; ~70x TTM
17	EV/EBITDA	35x / 40x (pro-forma EV) vs 42.3x / 37.1x (pre-IPO EV) vs 37.5x / 32.9x (alt. pro forma)	House: ~35x TTM / ~40x FY26
18	P/B	5.7x / 5.8x vs 11.2x (pre-issue NAV) vs 13.68x	~5.7x pro-forma
19	₹200 allottee count	51 (RHP list) vs "about 60"	51
20	Anchor unlock dates	13 / 14 / 15 Oct; 12 / 13 / 14 Dec	14 Oct and ~14 Dec
21	Pre-IPO lock-in	~mid-Mar 2027 vs ~24 Dec 2026	Both scenarios (AIF carve-out unconfirmed)
22	Vapi Ph3 cost	₹549.22 mn (p.324, p.38) vs ₹594.22 mn (p.507)	₹549.22 (ties to funding)
23	Net working capital / creditor days	−₹2,144.74 mn (Note 39) vs −₹424.92 mn; 95.7 vs 69 days	Different definitions; both cited
24	ICRA vs RHP	Top-10 ~30% vs 47.87%; FY26 growth +20% vs +24.4%	RHP used; ICRA growth excludes Pirana; concentration basis differs
25	DII holding	7.73% vs 8.00% / 8.01%	7.73% excl. MF and insurance; both shown
26	Dahej Ph2 licence	2 yrs → 99-yr (p.179) vs 3 yrs → 30-yr (p.325)	p.179 used; inconsistency flagged
27	Dahej Ph2 cost	₹40.34 cr vs ₹38.174 cr	₹1.444 cr land premium unfunded
28	Q1 FY27 EPS	₹0.79 vs ₹0.81	₹0.79; ₹0.81 on pre-IPO weighted shares
29	Una vs revenue	63% vs ~54%	63% is GST-inclusive; ~54% ex-GST
30	Kotak Neo EBITDA	"₹309 crore"	Typo for ₹30.9 cr
31	Chittorgarh share counts	OFS 75,308,640	Rejected (10x); 7,530,864
32	Paterson issue size	"₹429 cr / 28.95%"	₹414 cr / 30.0%
33	Sanjoo purchase tables	FY25 328.49 vs 329.08; FY24 57.00 vs 65.60; Prints 52.34 vs 58.81	RPT table used; not reconciled
34	Anchor shares / applications	15,333,332 vs 15,333,333; 16,18,150 vs 16,57,586	Both noted; immaterial
35	Securities-premium gap	₹27.6 mn untied (street desk)	Likely the FY25 ₹27.60 mn debenture redemption premium [Est.]
36	Promoter excess lock-in	~Sep 2027 (RHP) vs ~Mar 2027 (ICDR read)	Both shown
37	Minimum promoter contribution lock-in	~Sep 2029 (3 yrs, RHP) vs ~Mar 2028 (18 months, narrative)	Both shown; RHP primary
38	Monitoring agency	"To be appointed / name Not Available" (governance) vs CRISIL Ratings (financials, RHP p.97)	CRISIL Ratings
39	Listing-day mcap (PTI)	₹2,689.71 cr	Not tied
40	Brief inputs	BRIEF.md listing/subscription; _part2 / _p2 drafts	Superseded / ignored

Primary filings and company

Steamhouse India Ltd RHP dated 3 Sep 2026 — SEBI PDF https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788494159227.pdf · filing page https://www.sebi.gov.in/filings/public-issues/sep-2026/steamhouse-india-limited-rhp_104262.html · company copy https://steamhouse.in/wp-content/uploads/2026/09/Red-Herring-Prospectus.pdf (pages cited inline)

Abridged Prospectus, 3 Sep 2026 — https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Steamhouse%20India%20Limited%20-%20AP_p.pdf

BSE filing, Q1 FY27 press release (5 Oct 2026) — https://www.bseindia.com/xml-data/corpfiling/AttachLive/cdacb5de-bb4b-4daa-83a5-29cbabe72ba2.pdf (403 direct; read via r.jina.ai)

FY25 Annual Report — https://steamhouse.in/wp-content/uploads/2025/11/STEAMHOUSE-INDIA-LIMITED-ANNUAL-REPORT-2024-25.pdf · Company website https://steamhouse.in/

Credit ratings

ICRA 3 Jul 2023 (initial) — https://www.icra.in/Rating/ShowRationalReportFilePdf/120791

ICRA 30 Oct 2024 (downgrade) — https://www.icra.in/Rating/GetRationalReportFilePdf?id=130920 (also /ShowRationalReportFilePdf/130920)

ICRA 28 Sep 2026 (upgrade) — https://www.icra.in/Rating/GetRationalReportFilePdf?id=145921 (also /ShowRationalReportFilePdf/145921)

ICRA bank facilities — https://www.icra.in/Rating/BankFacilities?CompanyId=29956&CompanyName=Steamhouse+India+Limited

ICRA PR Ecoenergy — https://www.icra.in/Rating/ShowRationalReportFilePdf/128855 · https://www.icra.in/Rating/ShowRationalReportFilePdf/136140 · CRISIL TOESL (Oct 2025) — https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ThermaxOnsiteEnergySolutionsLimited_October%2028_%202025_RR_380501.html

Discarded: ICRA id 139630 (Asian Solvochem, not Steamhouse)

IPO, subscription, GMP, listing, prices

Chittorgarh — https://www.chittorgarh.com/ipo/steamhouse-india-ipo/2514/ · subscription https://www.chittorgarh.com/ipo_subscription/steamhouse-india-ipo/2514/

5paisa — https://www.5paisa.com/blog/steamhouse-india-ipo-subscription-status · Groww day 3 — https://groww.in/blog/steamhouse-india-ipo-day-3-subscription-status-timeline-and-key-issue-details · Groww listing — https://groww.in/blog/steamhouse-india-shares-list-at-17-premium-on-nse

Kotak Neo IPO — https://www.kotakneo.com/ipo/steamhouse-india-ltd-ipo/ · listing https://www.kotakneo.com/news/ipos/steamhouse-india-shares-list-at-a-premium/ · Rupeezy https://rupeezy.in/ipo/steamhouse-india-ipo · IPO Premium https://www.ipopremium.in/view/ipo/1337/steamhouse-india-ltd

BusinessToday UDRHP (9 Dec 2025) — https://www.businesstoday.in/markets/ipo-corner/story/steamhouse-india-files-updated-drhp-to-raise-rs-425-crore-via-ipo-details-here-505790-2025-12-09 · Upstox UDRHP — https://upstox.com/news/market-news/ipo/steamhouse-india-files-updated-drhp-with-sebi-for-425-crore-ipo-what-we-know-so-far/article-185920/ · Upstox day 2 — https://upstox.com/news/market-news/ipo/steamhouse-india-ipo-fully-subscribed-on-day-2-retail-investors-lead-here-s-what-you-need-to-know/article-200112/

ScanX DRHP coverage — https://scanx.trade/stock-market-news/ipo/steamhouse-india-ipo-drhp-294-13-crore-fresh-issue-revenue-cagr-29-80/50050979

Angel One listing — https://www.angelone.in/news/ipos/steamhouse-india-share-price-stock-lists-at-94-50-with-a-16-67-premium-on-nse · HDFC Sky/PTI listing — https://hdfcsky.com/news/steamhouse-india-shares-surge-nearly-17-pc-in-market-debut-trade · Whalesbook listing — https://www.whalesbook.com/news/English/ipo/Steamhouse-India-Lists-At-16percent-Premium-IPO-Subscribed-30-Times/6aab7eaded7f8e81734e6c41 · Zee Business — https://www.zeebiz.com/markets/stocks/news-bumper-listing-steamhouse-india-shares-debut-17-higher-on-nse-check-listing-gains-402340

Investing.com historical — https://in.investing.com/equities/steamhouse-india-historical-data · Multibagg IPO summary — https://www.multibagg.ai/market-pulse/articles/ipo/steamhouse-india-ltd-ipo-price-band-issue-structure-subscription-listing-cmu8684f20013y6pi2bbvesaj

GMP: investorgain — https://www.investorgain.com/gmp/steamhouse-india-ipo/1823/ · IIFL — https://www.indiainfoline.com/news/ipo/steamhouse-india-ipo-gmp-today-gmp-holds-at-20-issue-subscribed-0-80x · ipoji — https://www.ipoji.com/ipo/steamhouse-india-ipo · inkl day 3 — https://www.inkl.com/news/steamhouse-ipo-day-3-subscription-hit-8-36x-gmp-signals-28-listing-gain

Anchors, pre-IPO, shareholding

Paterson Capital — https://patersoncapital.com/steamhouse-india-ipo-anchor-sifs-lead-29-uptake-at-%E2%82%B9124-crore/ · Blunt Times — https://theblunttimes.in/steamhouse-india-raises-rs-124-20-crore-from-anchor-investors/71807/ · CareerAhead — https://careeraheadonline.com/madhu-kela-fund-backs-steamhouse-india-ipo-raises-rs-124-crore · The Ken — https://the-ken.com/long_and_short/nbfcs-find-a-lucrative-business-and-its-not-lending/

Business Today pre-IPO (25 Jun 2026) — https://www.businesstoday.in/markets/ipo-corner/story/ipo-bound-steamhouse-raises-rs-50-crore-from-madhusudhan-kela-others-check-details-539199-2026-06-25 · IPO Central — https://ipocentral.in/steamhouse-india-pre-ipo-madhusudan-kelas-backing/

Chartered Finance & Leasing — https://www.thecompanycheck.com/company/chartered-finance-leasing-ltd/U65999MH1994PLC416802 · https://www.ipoplatform.com/anchor-investor/chartered-finance-and-leasing-limited/117 · Niveshaay https://niveshaay.com/ · Tracxn https://tracxn.com/d/companies/niveshaay/__5GNHgZjOG_QJuPJqiZuoq4-VwN7-Her2lNl5QnNp5Yg

Dhwaja SHP (16 Sep 2026) — https://www.dhwaja.com/company-information/shareholding-pattern/steamhouse-india-ltd · Choice — https://choiceindia.com/stocks/steamhouse-india-ltd-shareholding-pattern · IIFL shareholding — https://www.indiainfoline.com/company/steamhouse-india-ltd/share-holding · Screener — https://www.screener.in/company/STEAMHOUSE/

Results, orders and news

Angel One Q1 — https://www.angelone.in/news/stocks/steamhouse-india-share-price-hits-10-upper-circuit-after-q1-fy27-earnings-results-total-revenue-up-13-35-yoy · Kotak Neo Q1 — https://www.kotakneo.com/news/stocks/steamhouse-india-shares-hit-upper-circuit-after-significant-q1-fy27-results/ · Multibagg Q1 — https://www.multibagg.ai/market-pulse/articles/q1-fy27-1984557333

Sahi Q1 — https://www.sahi.com/news/steamhouse-india-reports-q1-net-profit-of-183m-rupees-against-102m-yoy · https://www.sahi.com/news/steamhouse-india-reports-q1-net-profit-of-183-million-versus-102-million-yoy

Whalesbook Q1 — https://www.whalesbook.com/corporate-news/English/industrial-goodsservices/Steamhouse-India-Q1-Profit-Jumps-to-Rs-1834-Crore-IPO-Completed/6ac37c1161666c732ba47542 · https://www.whalesbook.com/corporate-news/English/industrial-goodsservices/Steamhouse-India-Reports-80percent-Jump-in-Q1-Profit-to-Rs-183-Million/6ac37a2461666c732ba47250

Analytics Insight — https://www.analyticsinsight.net/news/steamhouse-india-shares-hit-10-upper-limit-after-profit-jumps-80 · Sharescart — https://www.sharescart.com/company/steamhouse-india/ · IndMoney — https://www.indmoney.com/stocks/steamhouse-india-ltd-share-price · Chola — https://www.cholasecurities.com/corporateinfo-new/steamhouse-india-ltd/96065

Una order: Business Standard — https://www.business-standard.com/amp/markets/capital-market-news/steamhouse-india-wins-rs-311-cr-project-from-bulk-drug-park-una-himachal-pradesh-126092500261_1.html · HDFC Sky — https://hdfcsky.com/news/steamhouse-india-wins-rs311-crore-steam-plant-contract · Discovery Alert — https://discoveryalert.com/news/steamhouse-india-epc-contract-una-park-september-2026/ · inkl — https://www.inkl.com/news/steamhouse-india-wins-rs-311-crore-epc-mandate-for-300-tph-steam-project-in-himachal-pradesh · PNN Digital (28 Sep) — https://pnndigital.com/business/steamhouse-india-limited-secures-rs-311-crore-epc-mandate-for-300-tph-steam-project-at-bulk-drug-park-una/ · Sahi — https://www.sahi.com/news/steamhouse-india-secures-311-crore-epc-deal-for-himachal-pradesh-facility · Multibagg — https://www.multibagg.ai/market-pulse/articles/steamhouse-himachal-epc-order-cmufwwkil00022iqo18dlo0ii · Daily Excelsior — https://www.dailyexcelsior.com/steamhouse-india-wins-rs-311-cr-epc-mandate-for-300-tph-steam-project-in-himachal/ · Construction World — https://www.constructionworld.in/policy-updates-and-economic-news/steamhouse-india-bags-rs.-3.11-bn-epc-contract-in-himachal-pradesh/97966

Pirana: Outlook Business — https://www.outlookbusiness.com/news/ahmedabad-to-set-up-indias-first-wastetosteam-plant-news-417373 · Construction World — https://www.constructionworld.in/urban-infrastructure/wastewater-and-sewage-treatment/ahmedabad-to-establish-waste-to-steam-plant-at-pirana/52959 · Multibagg pollution/Fire NOC — https://www.multibagg.ai/market-pulse/articles/steamhouse-pollution-notice-fire-nocs-rhp-cmu8t7u7r00ggy6piytxxs1o4

Broker notes and reviews

Business Standard "analysts rate subscribe" (9 Sep 2026; snippet) — https://www.business-standard.com/markets/ipo/steamhouse-ipo-analysts-rate-subscribe-on-capacity-expansion-cash-flows-126090900273_1.html · TradingView — https://www.tradingview.com/news/moodys:4a11af0aa3291:0-steamhouse-india-ipo-day-1-rs-414-crore-public-issue-opens-for-subscription-gmp-signals-22-listing-pop-apply-or-not/

IPO Watch — https://ipowatch.in/steamhouse-india-ipo-review/ · Malik Times — https://maliktimes.in/steamhouse-india-ipo-review-rating-apply-or-avoid/ · Anand Rathi — https://anandrathi.com/ipo/steamhouse-india-ltd-ipo-details · Samco — https://www.samco.in/knowledge-center/articles/steamhouse-india-limited-ipo-date-price-gmp-review-details/ · Substack — https://deathgamersolo.substack.com/p/steamhouse-india-limited-ipo-analysis

Governance and registries

Zauba Brickcrest — https://www.zaubacorp.com/BRICKCREST-INFRASOL-PRIVATE-LIMITED-U68100GJ2012PTC070810 · Zauba SDPMPL — https://www.zaubacorp.com/SANJOO-DYEING-AND-PRINTING-MILLS-PRIVATE-LIMITED-U17110GJ1993PTC020236 · thecompanycheck — https://www.thecompanycheck.com/company/steamhouse-india-limited/U40300GJ2015PLC083493 · Indian Textile Journal — https://indiantextilejournal.com/steam-house-aims-to-become-fossil-free-in-next-10-years/

Industry, peers and competitors

Screener: Linde https://www.screener.in/company/LINDEINDIA/consolidated/ · Ellenbarrie https://www.screener.in/company/ELLEN/ · Thermax https://www.screener.in/company/THERMAX/consolidated/ · KPI Green https://www.screener.in/company/KPIGREEN/consolidated/ · GIPCL https://www.screener.in/company/GIPCL/ · Value Research Ellenbarrie https://www.valueresearchonline.com/stocks/41915/ellenbarrie-industrial-gases-ltd/

Business Standard Gujarat Energy — https://www.business-standard.com/markets/gujarat-energy-ltd-share-price-43934.html · Whalesbook Gujarat Energy FY26 — https://www.whalesbook.com/corporate-news/English/energy/Gujarat-Gas-Renamed-Gujarat-Energy-Reports-FY26-Results-with-Dividend/6a1abc81de28c5c0a9121b12 · PR Ecoenergy https://prtl.in/about.php · Detox Group https://detoxgroup.in/services/common-utility-boiler/ · ChemAnalyst Detox blast https://www.chemanalyst.com/NewsAndDeals/NewsDetails/deadly-explosion-at-detox-india-pvt-ltd-in-gujarat-four-workers-killed-in-massive-blast-31912

Policy and regulation

Down To Earth — https://www.downtoearth.org.in/pollution/community-boilers-for-clusters-of-small-scale-enterprises-way-forward-in-curbing-industrial-pollution-90355 · CPCB guidelines — https://cpcb.gov.in/openpdffile.php?id=TGF0ZXN0RmlsZS80MDdfMTcwOTYzNjMzNV9tZWRpYXBob3RvMjc4OTEucGRm · RMPS https://rmpsco.com/viksit-gujarat-industrial-policy-2026-a-practical-overview/ · SDS Fin https://www.sdsfin.in/viksit-gujarat-industrial-policy/ · The Secretariat https://thesecretariat.in/article/gujarat-set-to-roll-out-ets-statewide-after-surat-ahmedabad-success · ICAP https://icapcarbonaction.com/en/ets/indian-carbon-credit-trading-scheme · PIB CCTS https://www.pib.gov.in/PressReleasePage.aspx?PRID=2217239&reg=3&lang=1 · PIB CAQM https://www.pib.gov.in/PressReleaseIframePage.aspx?PRID=1892190&reg=48&lang=2 · CEPI https://en.wikipedia.org/wiki/Comprehensive_Environment_Pollution_Index

Coal and gas markets

Discovery Alert — https://discoveryalert.com.au/asia-thermal-coal-imports-rebound-india-lng-price-shock/ · The Coal Hub — https://thecoalhub.com/indonesia-thermal-coal-bullish-into-h2-2026-as-el-nino-tightens-supply.html · Jakarta Globe — https://jakartaglobe.id/business/indonesia-coal-export-tax-coming-in-2026-profit-impact-small-minister-says · ASEAN Briefing — https://www.aseanbriefing.com/news/indonesia-coal-2026-how-export-controls-and-policy-shape-investment-returns/ · Vibes of India (10 Aug 2026) — https://www.vibesofindia.com/morbi-ceramic-exports-fall-70-percent-gas-freight-crisis/ · Goodreturns — https://www.goodreturns.in/png-price-in-gujarat-s12.html

Social

X @mehulshahca — https://x.com/mehulshahca/status/2097702888319660505 · X @vsvicky_ — https://x.com/vsvicky_/status/2097960436549509429 (both 402; snippets via search)

Searched, no result (6 Oct 2026)

ValuePickr, Reddit, Morningstar forums, Moneycontrol forum/StockTwits; Trendlyne bulk/block deals (404); "Steamhouse target price / initiate coverage"; post-listing Reg 31 / SAST / PIT; 30 Sep SHP; GPCB closure-notice details; independent community-boiler share study; PR Ecoenergy FY25–26 financials; ISO certifications; auditor appointment year; MCA identity match for the ₹200 allottees; UDRHP object-wise amounts.

Data-availability note. pdftotext scrambled many RHP tables; input desks re-mapped and tied figures to subtotals, and residual mapping uncertainties are flagged inline. No concall transcripts exist. Not Available items are marked as such rather than estimated. Depth: a newly listed mainboard name with three restated years; the full granularity of all inputs is carried over.