Detailed analysis of recently-listed Steamhouse India covering business model, financials, valuations and outlook post-IPO

Mon 12 Oct 2026

Revenue growth

292 crore rupees to 492 crore rupees

EBITDA margin change

23 percent to 17 percent

Other equity growth

58 crore rupees to 128 crore rupees

Book value

173 crore rupees

Cash flow from operations

21 crore rupees to 100 crore rupees

Heard on business television between 11:35:22 - 11:38:22 IST.

• Company is into generation and distribution of steam to industrial clients including chemical and pharma firms like Aether Industries and Anupam Rasayan, operates seven community boilers (six owned, one leased) in Gujarat, expanding into Himachal Pradesh and Tarapur, Maharashtra.
• Revenue grew from 292 crore to 492 crore rupees; margins fell from 23% to 17% due to lower-margin coal trading business, which has since been shut down, raising questions on future growth drivers.
• Balance sheet improved with other equity more than doubling from 58 to 128 crore rupees and book value rising to 173 crore rupees; cash flow from operations rose from 21 crore to about 100 crore rupees, though heavy investment of 100-120 crore rupees annually continues.
• Return ratios declined sharply, with ROE falling from 40-50% to 22% and ROCE from 20% to 16%, given a thumbs down rating.
• Stock listed at 94 rupees (16% gain over 81 rupee issue price) and has since risen 35% to 127 rupees; trading at a rich 73 times EV/EBITDA and 93 times P/E, expensive versus peers like Lende India; company guides 30-35% CAGR growth over three years but capacity utilization is only 41%.

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