Q1 FY27 earnings call transcript: steam capacity to rise from 345 to 705 tons per hour; new Una EPC mandate

Transcript of Steamhouse India's maiden earnings call on Q1 FY27 (quarter ended June 30, 2026).

Sat 10 Oct 2026

Steam Distribution Capacity

rising from 345 to approximately 705 tons per hour

Una EPC Project Value

about INR311 crores inclusive of GST

Nitrogen Plant Capacity

350 Nm3 per hour started at Ankleshwar

What the transcript covers

Steamhouse India has shared the transcript of its maiden earnings call, held on October 6, 2026, on its unaudited financial results (standalone and consolidated) for the quarter ended June 30, 2026. The management on the call was Chairman and Managing Director Vishal S. Budhia and Chief Financial Officer Vaibhav Gattani. The company noted it was in a silent period pending the announcement of its results for the quarter ended September 30, 2026, and that the discussion was limited to information already in the public domain. Management described the quarter as a strong one for the company despite a challenging macroeconomic environment.

The business model in brief

• Steamhouse runs community boiler facilities and sells steam and nitrogen to industries such as chemicals, pharmaceuticals, textiles, plywood, food processing and tyres.
• It operates through three verticals: generation and distribution of steam; purchase and distribution of steam; and generation, separation and distribution of nitrogen.
• Customers outsource their steam requirement instead of investing in their own captive boilers.
• Steam supply agreements have fixed and variable components, the variable part linked to the coal price, which allows fuel cost changes to be passed through. Newer contracts increasingly include minimum guaranteed off-take commitments.
• The company serves 21 customers and says 90.7% of FY26 revenue came from repeat customers, with more than 60 kilometers of steam pipeline across industrial clusters in Gujarat.

Expansion pipeline

• Four projects are under execution: Jhagadia, Vapi, Nandesari and AMC (Ahmedabad Municipal Corporation) Pirana.
• Three projects are planned through IPO proceeds: Ankleshwar, Panoli and Dahej.
• A further project is planned at Tarapur, outside Gujarat.
• Management said these initiatives are expected to increase steam distribution capacity from 345 tons per hour currently to approximately 705 tons per hour capacity.

Entry into Himachal Pradesh

• The company has been awarded the EPC mandate for setting up a 300 tons per hour community boiler facility at the Bulk Drug Park, Una, Himachal Pradesh.
• Project value is approximately INR311 crores inclusive of GST, and the project includes long-term operations and maintenance.
• Management described it as an asset-light opportunity, with the project cost funded by Himachal Pradesh Bulk Drug Park Infrastructure Limited.

Nitrogen and fuel mix

• Nitrogen generation and pipeline distribution has commenced at Ankleshwar through a PSA-based plant with a capacity of 350 Nm3 per hour.
• Management intends to gradually scale this business by adding new nitrogen where commercially viable and to expand into industrial gases such as hydrogen and oxygen.
• The company is also increasing the use of waste-to-energy solutions in its fuel mix wherever commercially viable.

What investors can track

• Conversion of the planned projects into operating capacity, and utilisation levels achieved on existing assets.
• Progress on the Una EPC mandate and any further mandates outside Gujarat.
• Scale-up of the nitrogen business.
• Capital subsidies from the Government of Gujarat for eligible projects, which management described as a tailwind for expansion.

Nature of the call

Management's remarks on future capacity, projects and new verticals are forward-looking statements based on current beliefs, opinions and expectations, and are not a guarantee of future performance. The call was limited to information already in the public domain.

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