# Steamhouse India Limited: IPO analysis > Steamhouse India Limited (CIN U40300GJ2015PLC083493) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of 4,35,80,246 shares and an offer for sale of 75.31 lakh shares, priced at ₹77.00 to ₹81.00 per share. In FY26 it reported revenue of ₹492 Cr (+24.4% on FY25) and a net profit of ₹39 Cr. Promoters hold 0.8% before the IPO. Our fact-check of its claims found 4 medium or high concerns across 83 claims checked. - Page: https://ipo.innerkore.com/company/U40300GJ2015PLC083493/steamhouse-india-limited/ - CIN: U40300GJ2015PLC083493 - Last updated: 14 Sep 2026 ## Key facts - **Company:** Steamhouse India Limited - **CIN:** U40300GJ2015PLC083493 - **Filing stage:** Prospectus - **Latest SEBI filing:** 14 Sep 2026 - **Offer for sale:** 75,30,864 shares - **Price band:** ₹77.00 to ₹81.00 per share - **Final offer price:** ₹81.00 per share - **Bidding opens:** 9 Sep 2026 - **Bidding closes:** 11 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹492 Cr - **Revenue growth:** +24.4% - **Net profit FY26:** ₹39 Cr - **Revenue CAGR FY24 to FY26:** 29.8% - **Promoter holding (pre-IPO):** 0.8% - **Lead managers:** EQUIRUS CAPITAL LIMITED, Eclojboiv KNOWN AS EQUIRUS CAPITAL PRIVATE LIMITED - **Registrar:** Built Offer STEAMHOUSE INDIA LIMITED - **Fact-check flags:** 0 high, 4 medium, 6 low ## Key signals (read from the filing; not investment advice) - **Valuation** (concern): 57.9x P/E. At the top of the band, on FY26 profit; 13x book value. - **Growth** (looks fine): 29.8% a year. Sales FY24 to FY26; latest year +24.4%. - **Profitability** (look closer): 7.9% net margin. FY26; operating margin steady. - **Debt** (concern): 1.63x equity. ₹282 crore borrowed at the end of FY26. - **One-off income** (looks fine): 7% of profit. Other and one-off income is 7% of pre-tax profit. - **Where the money goes** (looks fine): 15% for sale. 85% is new shares issued by the company. 42% of the new money repays debt. - **Red flags** (look closer): 4 to review. 83 claims checked: 0 high, 4 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 292 | 395 | 492 | | Sales growth | – | 35.4% | 24.4% | | Operating profit | 68 | 69 | 83 | | Operating margin | 23.5% | 17.5% | 17.0% | | Net profit | 27 | 31 | 39 | | Net margin | 9.3% | 7.9% | 7.9% | | Net worth | 104 | 132 | 173 | | Borrowings | 203 | 223 | 282 | | Return on equity | 26.3% | 23.5% | 22.4% | ## Use of proceeds (fresh issue) - Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company: ₹180 crore - Funding capital expenditure requirements for augmenting infrastructure development of the Company towards: ₹76 crore - - capacity expansion of the Ankleshwar Facility (Phase 3): ₹38 crore - - capacity expansion of the Panoli Facility (Phase 2): ₹38 crore - Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at: ₹38 crore - - Dahej GIDC (Phase 2): ₹38 crore - General corporate purposes*: ₹23 crore ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): 5,82,06,517 Equity Shares of face value of ₹2 each, constituting 25.00% of the total paid-up Equity Share capital, were pledged by Vishal Sanwarprasad Budhia in favour of Axis Trustee Services Limited.. The search results indicate that Axis Trustee Services Limited is involved in matters related to the Embassy REIT, where an unitholder questioned the role of the trustee. Some results mention Axis Trustee Services Ltd in connection with disclosures and other financial entities. - **MEDIUM** (SubsidiaryPerformance): PR Ecoenergy Limited is a Gujarat-based company that manufactures steam systems, management services, heat systems, heaters, thermostats, and heating devices.. The search results refer to a company named 'PR Ecoenergy Limited' or 'Real Eco-Energy Ltd.', but they do not confirm or deny the specific claim about the company being Gujarat-based and manufacturing steam systems, management services, etc. The search results primarily point to different entities or sectors. - **MEDIUM** (SubsidiaryPerformance): Steamhouse India Limited is a Gujarat-based company engaged in the generation and centralized distribution of industrial gases, primarily steam and nitrogen, through an integrated pipeline network.. The search results confirm that Steamhouse India Limited is a listed company with recent market activity, including securing a significant EPC contract. However, the search results do not explicitly confirm or deny the specific operational description mentioned in the DRHP regarding the generation and centralized distribution of industrial gases through an integrated pipeline network. - **MEDIUM** (SubsidiaryPerformance): Numaligarh Refinery Limited (NRL), a subsidiary of Oil India Limited, is implementing an expansion to increase refining capacity from 3.0 MMTPA to 9.0 MMTPA.. The search results mention capacity expansion and performance of Numaligarh Refinery Limited (NRL) but do not explicitly state the specific target capacity increase from 3.0 MMTPA to 9.0 MMTPA as claimed in the DRHP. One result mentions a capacity expansion context, but the specific numbers are not confirmed. - **LOW** (SubsidiaryPerformance): The company was originally incorporated as ‘Ankleshwar Eco Energy Limited’ at Surat, Gujarat, as a public limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated June 10, 2015.. The search results corroborate the claim by stating that Steamhouse India was originally incorporated as 'Ankleshwar Eco Energy Limited' at Surat, Gujarat, as a public limited company on June 10, 2015. Some results also mention a subsequent name change to Steamhouse India Limited. - **LOW** (SubsidiaryPerformance): Linde India Limited is a subsidiary of Linde Plc and produces, supplies, and manages industrial, medical, and specialist gases.. Search results suggest that Linde India Limited is related to Linde plc, as one source states it is a member of Linde plc and that Linde owns India's largest air separation plant and operates numerous facilities. This corroborates the claim that Linde India Limited is a subsidiary or related entity of Linde Plc. - **LOW** (SubsidiaryPerformance): Detox India Private Limited operates in the environmental sector, providing waste management and remediation services.. Search results indicate that Detox India has an industry classified as Environmental Services (B2B), which aligns with the claim of providing waste management and remediation services. However, one result mentions an incident involving a chemical plant, which adds a different context to their operations. - **LOW** (LitigationStatus): The Board has approved the Prospectus for filing with the RoC, SEBI and the Stock Exchanges by way of a resolution dated September 11, 2026.. The search results confirm the existence of a Red Herring Prospectus and mention dates around September 2026 related to the company's IPO and availability of documents on SEBI and stock exchange websites. However, none of the provided snippets explicitly state that the Board approved the Prospectus on September 11, 2026. - **LOW** (PromoterBackground): The company approached Ambika Agarwal for details and confirmations regarding her connected entities, including Unimax Logistics LLP, and could not assure that complete disclosures relating to her and her connected entities were included in the Red Herring Prospectus.. The search results mention a connection between a purchasing dealer and M/s Unimax Pharma Chem, which is related to a logistics entity, but they do not directly confirm or deny the specific statement made by Steamhouse India Limited regarding the completeness of disclosures in the DRHP. - **LOW** (PromoterBackground): Shyam Bhadresh Kapadia has been associated with Laxmi Diamond Private Limited and Bigbloc Construction Limited prior to joining the Company.. The search results mention entities like Winsome Diamonds and Jewellery Limited and SHUBH LAXMI TRADERS PVT.LTD., which might be related to the association mentioned in the claim, but they do not explicitly confirm or deny the association of Shyam Bhadresh Kapadia with Laxmi Diamond Private Limited and Bigbloc Construction Limited prior to joining the company. - **NONE** (PromoterBackground): Equity Shares are being offered and sold outside the United States in 'offshore transactions' as defined in, and in reliance on, Regulation S and applicable laws of the jurisdictions where such offers and sales occur.. The provided search results do not contain any information that directly corroborates or contradicts the claim regarding equity shares being offered and sold outside the United States in 'offshore transactions' under Regulation S. The search results focus on various market news, IPO details, and regulatory concerns in India. - **NONE** (PromoterBackground): The Equity Shares offered have not been and will not be registered under the U.S. Securities Act, and unless registered, shall not be offered or sold within the United States.. The search results do not contain any information directly corroborating or contradicting the claim regarding the registration of equity shares under the U.S. Securities Act. The search results focus on general market news, IPO details, and regulatory concerns in India. ## Common questions ### How big is the Steamhouse India Limited IPO? Steamhouse India Limited's IPO comprises a fresh issue of 4,35,80,246 shares and an offer for sale of 75.31 lakh shares, according to its Prospectus. The price band was ₹77.00 to ₹81.00 per share and the final offer price was ₹81.00 per share. ### What are Steamhouse India Limited's revenue and profit? Steamhouse India Limited reported revenue from operations of ₹492 Cr in FY26, +24.4% versus FY25. Net profit was ₹39 Cr (FY25: ₹31 Cr). Revenue grew at a compound rate of 29.8% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Steamhouse India Limited? Promoters and the promoter group hold 0.8% of Steamhouse India Limited before the IPO. ### How will Steamhouse India Limited use the IPO money? The fresh-issue proceeds are earmarked for: Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company (₹180 Cr); Funding capital expenditure requirements for augmenting infrastructure development of the Company towards (₹76 Cr); - capacity expansion of the Ankleshwar Facility (Phase 3) (₹38 Cr); - capacity expansion of the Panoli Facility (Phase 2) (₹38 Cr); Funding capital expenditure in relation to the setting up of a manufacturing facility for generation of steam at (₹38 Cr); - Dahej GIDC (Phase 2) (₹38 Cr); General corporate purposes (₹23 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Steamhouse India Limited's Prospectus? We fact-checked 83 claims from the filing against the open web: 0 raised a high concern, 4 medium and 6 low. The most notable: The search results indicate that Axis Trustee Services Limited is involved in matters related to the Embassy REIT, where an unitholder questioned the role of… The search results refer to a company named 'PR Ecoenergy Limited' or 'Real Eco-Energy Ltd.', but they do not confirm or deny the specific claim about the… The search results confirm that Steamhouse India Limited is a listed company with recent market activity, including securing a significant EPC contract.… This is an automated screen, not a verdict; each finding links to its sources. ### What does Steamhouse India Limited do? The IPO of Steamhouse India Limited raises serious questions about its core business. While the documents claim manufacturing various heating and steam systems, related entities suggest a much broader, and perhaps less defined, trading focus. ### Who manages the Steamhouse India Limited IPO? Book running lead managers: EQUIRUS CAPITAL LIMITED, Eclojboiv KNOWN AS EQUIRUS CAPITAL PRIVATE LIMITED. Registrar to the offer: Built Offer STEAMHOUSE INDIA LIMITED. Shares are proposed to list on BSE and NSE. ### Where can I read the original Steamhouse India Limited IPO documents? All 3 filings for Steamhouse India Limited (DAP, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Steamhouse India Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789450736463.pdf) (Prospectus, filed 14 Sep 2026) - [Steamhouse India Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Steamhouse%20India%20Limited%20-%20AP_p.pdf) (Abridged prospectus (DAP), filed 4 Sep 2026) - [Steamhouse India Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788494159227.pdf) (Red Herring Prospectus, filed 4 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.