Steamhouse India IPO 2025 – Complete Overview, Financials, and Business Model

Steamhouse India IPO – July 2025

📌 Company Overview

Steamhouse India Limited, part of the Sanjoo Group, is a pioneering industrial steam supplier based in Surat, Gujarat. Founded in 2015 (formerly Ankleshwar Eco Energy), the company popularized the "community boiler" concept—offering centralized steam supply via overhead pipelines to multiple industrial clients across hubs like Sachin, Vapi, Ankleshwar, Panoli, Jhagadia and Nandesari :contentReference[oaicite:0]{index=0}.

🚀 Business Model & Infrastructure

• Operates centralized boiler facilities and distributes steam/vapour at ~190 °C across networks exceeding 45 km in key industrial zones :contentReference[oaicite:1]{index=1}.
• Enjoys de‑facto monopolies in serviced industrial estates, offering cost-effective and environmentally cleaner steam compared to individual units.
• Serves 167+ clients, including chemical, agrochemical, pharmaceutical and textile plants :contentReference[oaicite:2]{index=2}.

📊 Financial Snapshot (FY 2024)

• □ Revenue: ₹291.7 cr.
• □ Net Profit: ₹25.97 cr.
• □ EBITDA: ₹70.14 cr (↑ from ₹58.79 cr in FY 2023) :contentReference[oaicite:3]{index=3}.
• Key financials reflect 10.9 % YoY drop in revenue and 22.6 % drop in profit—but net worth surged 79 % :contentReference[oaicite:4]{index=4}.

🏦 Debt & Credit Ratings

The company carries significant liabilities: total open charges were ₹676 cr as of March 2025 :contentReference[oaicite:5]{index=5}. Credit risk remains moderate—ICRA has a stable BBB/A3+ rating, citing pressure from slower FY24 earnings and increased debt levels, though strong volume growth and core positioning support its outlook :contentReference[oaicite:6]{index=6}.

📈 IPO Details

• Steamhouse filed a confidential draft red herring prospectus (DRHP) with SEBI for a mainboard IPO aiming to raise between ₹500 cr and ₹700 cr via book-building :contentReference[oaicite:7]{index=7}.
• No official dates or pricing bands released yet—company used pre‑filing route, which allows flexibility :contentReference[oaicite:8]{index=8}.
• Net proceeds will fund expansions in Gujarat (Piranaa, Vapi, Ankleshwar, Panoli, Nandesari etc.) and new facilities in AP, Telangana, Maharashtra, HP, MP, Rajasthan, UP, Haryana :contentReference[oaicite:9]{index=9}.

🌍 Growth Strategy

Steamhouse plans to scale operations via phased capacity additions, including 428 TPH boiler setups :contentReference[oaicite:10]{index=10}. The strategy focuses on monetizing the community boiler model across industrial zones, reducing per-client costs and environmental footprint. Future capex will involve debt financing, intensifying scrutiny on execution and ramp-up timelines :contentReference[oaicite:11]{index=11}.

💡 Investment Considerations

• Strengths: unique and scalable business model, strong client relationships, early-mover advantage.
• Risks: high capex, leveraged balance sheet, regulatory exposure (boiler safety & environment), cyclical end‑user demand.
• Growth hinges on successful scaling and effective capex management; IPO valuation and subscription metrics will be key triggers.

📝 Summary Outlook

Steamhouse’s IPO is coming at a pivotal moment—transitioning from a niche regional player to a larger industrial utility across India. While underpinned by solid operating fundamentals, investor confidence will depend on clarity around price band, valuation, capital structure, and execution of expansion plans. A well-priced issue with strong subscription would support Steamhouse’s growth vision and market confidence.

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Note: IPO filing is confidential—specific lot sizes, issue price, and opening/closing dates will be revealed only after SEBI approval and public RHP release.