| Metric | Value (₹ Cr) |
|---|---|
| Revenue | 128.62 |
| Total Income | 130.87 |
| Expenditure | 108.97 |
| PBT | 21.91 |
| Net Profit | 18.34 |
| OPM | — |
| NPM | 14.01% |
| EPS | 0.81 |
Detailed report is being prepared.
Industrial Steam: From IPO to Project Execution
Steamhouse India reports Q2 FY27 results one month after listing and securing a landmark ₹311 Cr EPC order. The print will show the operational beat of the steam business and early signals on execution readiness.
Steamhouse India operates a community boiler model – central steam plants piped to industrial clusters, avoiding capital duplication and customer boiler maintenance. It listed on Sep 17 at ₹81 IPO price (₹94.50 debut, ~₹113 current). Q2 FY27 results on Oct 5 arrive one week after the ₹311 Cr EPC and 25-year O&M contract award for a 300 TPH steam + 30 MW co-gen plant at Bulk Drug Park, Una, Himachal Pradesh – the company's first major project outside Gujarat and a proof point of the expansion thesis.
What to Expect
~₹125–135 Cr
Q2 represents 25% of FY26; operational plants in Gujarat clusters running steady
~45–50%
Recurring steam sales carry high incremental margins; structural to the model
Minimal
Una project funded by HBDPIL; IPO capital sits for capacity expansion prep
~₹5–10 Cr guidance
Pre-award O&M from existing plants; Una 25-year O&M starts execution phase
A strong quarter: Organic steam revenue tracking plan (~₹125+ Cr), EBITDA margin >48%, working capital in-line, and management guiding confidence on Una project timeline and capex roadmap. A weak quarter: Steam revenue miss (volume slippage in existing clusters or margin erosion), EBITDA <45% (unexpected cost inflation), or any delay announcement on Una project commencement.
Tracking Guidance
The IPO prospectus flagged full-year FY27 revenue guidance of ~₹560–580 Cr (stem and O&M blended) and EBITDA margin target of 45–48%. Q2 results (first reported after listing) will anchor investor expectations for H2 delivery. The Una award, announced Sep 24, is a material positive surprise relative to any pre-IPO guidance; if management flagged project wins as a strategic goal, this validates execution.
Street View
Since Last Quarter (IPO + Order Milestone)
Sep 09–11
Price band ₹75–81; final issue ₹81; 32x subscription oversubscribed
IPO Bidding
Sep 15
Retail + institutional allocation completed
IPO Allotment
Sep 17
Debut ₹94.50 (16.7% pop); capital raising ₹80–100 Cr (est.)
Listing (NSE/BSE)
Sep 17
Designated persons; re-opens 48 hrs post-result announcement
Trading window closed
Sep 24
Una Bulk Drug Park, HP – 24-mo EPC + 25-yr O&M; asset-light funded by client
₹311 Cr EPC Award
Sep 25–28
GRT, Irage, Marwadi, NK Securities trading at ₹97–102.49; routine hedge/rebalancing
Institutional activity (bulk deals)
The IPO was a major de-rating event – Steamhouse moved from private (embedded in promoter group) to public market scrutiny. The ₹311 Cr Una order, awarded within one week of listing, is a strategic validation: the company has replicated its model beyond its home state of Gujarat and secured long-term O&M revenue visibility. Bulk/block deals in the ₹97–102 range reflect normal post-listing institutional repositioning; no promoter/insider selling flagged.
What to Watch on Result Day
1 · Steam revenue and customer concentration
Q2 steam revenue in line with ~₹125–135 Cr expectation? How many active industrial customers in Gujarat clusters? Any large contract wins or losses in H1?
2 · EBITDA margin and cost structure
Confirm 45–50% margin. Coal cost inflation / hedging impact in Q2? Any improvement from scale or pricing power post-IPO?
3 · Una project timeline and capex roadmap
When does EPC execution begin? 24-month timeline → expect H2 FY27 or H1 FY28 start. IPO capex allocation for capacity expansion in existing clusters?
4 · Working capital and cash flow
Operating cash flow run-rate? IPO funds deployment plan (capex, debt paydown, M&A)? Asset-light model should show FCF positive.
5 · Order pipeline and guidance reaffirm
Any new EPC tenders or LOIs? FY27 revenue and EBITDA guidance confirmed? Management tone on replication and geographic expansion.
Steamhouse India reports Q2 FY27 as a freshly listed, operationally maturing company. The print will show the steady hum of the steam business in Gujarat – the cash machine – and a board-approved major expansion milestone in Himachal Pradesh. Expect management to emphasize asset-light execution, long-term O&M revenue certainty, and capital discipline. The market will listen for confirmation that the ₹311 Cr order is the first of a replicable pipeline and that cash flow remains robust. A beat on steam volumes or margin, coupled with aggressive capex guidance and a new EPC win, would trigger upside sentiment; a miss on either steam revenue or margin guidance could rerate the stock downward given the premium valuation. The Oct 5 board meeting will also approve H1 FY27 results – watch the consolidated statement for any cross-subsidiary or acquisition activity flagged for the coming year.