Newly Listed Steamhouse India Stock Hits 10% Upper Circuit Following Strong Q1 FY27 Operational Performance
This Small-Cap Stock, engaged in generating and distributing industrial steam and nitrogen through centralized utility systems, serving pharmaceutical, chemical, textile, tyre, dye, polymer, and other industries across India, hit a 10 percent upper circuit after the company reported June quarterly results with an 80 percent YoY increase in net profit.
With a market capitalization of Rs. 3,274.03 crores, the shares of Steamhouse India Limited hit a 10 percent upper circuit of Rs. 118.45 per share on Tuesday, up from its previous closing price of Rs. 107.70 per share.
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Q1 FY27 Result Walkthrough
Looking at the quarterly results of Steamhouse India Limited, the company’s consolidated revenue from operations increased by 13.35 percent YOY, from Rs. 113.48 crore in Q1 FY26 to Rs. 128.62 crore in Q1 FY27, and decreased by 7.10 percent QoQ from Rs. 138.46 crore in Q4 FY26.
In Q1 FY27, Steamhouse India Limited's consolidated net profit increased by 80.25 percent YOY, reaching Rs. 18.34 crore compared to Rs. 10.18 crore during the same period last year. As compared to Q4 FY26, the net profit has increased by 30.12 percent, from Rs. 14.10 crore.
The basic earnings per share increased by 75.56 percent and stood at Rs. 0.79 as against Rs. 0.45 recorded in the same quarter in the previous year, FY2026.
Operating Performance
Steamhouse India Limited reported a strong improvement in profitability in Q1 FY27. EBITDA increased to Rs. 30.93 crore, compared with Rs. 19.32 crore in Q1 FY26, registering a 60.08 percent year-on-year growth. EBITDA also grew by 17.11 percent quarter-on-quarter from Rs. 26.41 crore in Q4 FY26.
Along with this growth, the EBITDA margin improved to 24.05 percent in Q1 FY27 from 17.03 percent in Q1 FY26, showing better operating efficiency and stronger margins. The PAT margin also improved significantly to 14.26 percent from 8.97 percent in the previous year. On a quarterly basis, the PAT margin increased from 10.18 percent in Q4 FY26 to 14.26 percent, reflecting a strong improvement in overall profitability and earnings performance.
Revenue Breakup (Q1 FY27)
Steamhouse India Limited’s revenue is primarily driven by generation and distribution of steam, which contributed 73.7 percent of total revenue. Purchase and distribution of steam accounted for another 22.2 percent. Other activities contributed 4.0 percent. Overall, the revenue mix remains strongly focused on the core steam-generation and distribution business.
Business Highlights (Q1 FY27)
Steamhouse has secured a major Rs. 311 crore EPC order for a 300 TPH community boiler project at Bulk Drug Park in Una, Himachal Pradesh. The project also includes long-term operations and maintenance (O&M), which can provide recurring revenue opportunities for the company. This order strengthens Steamhouse’s position in the industrial steam and boiler segment.
The company is also expanding its focus on clean and sustainable energy through a 3.04 MW AC ground-mounted solar project at Ankleshwar. At the same time, Steamhouse is significantly increasing its green boiler capacity, which is expected to rise from 15 TPH in FY26 to 105 TPH in FY27. The company has also submitted an EOI for a proposed 400 TPD Waste-to-Steam project with Surat Municipal Corporation and is expanding its nitrogen business through pipeline infrastructure.
Margin Expansion and Growth Outlook
Steamhouse India Limited is focusing on sustainable growth by developing waste-to-energy solutions and expanding its decarbonization initiatives. These efforts aim to reduce environmental impact while creating new business opportunities and supporting long-term profitability. The company is also working toward a greener industrial future through cleaner and more sustainable operations.
Going forward, the company expects strong EBITDA growth of 30-35 percent CAGR over the next three years. Growth will be supported by capacity expansion, better operational efficiency, technology adoption, innovation, and new market opportunities, helping strengthen its competitive position.
Installed Capacity
Steamhouse India Limited has a strong operating base with 345 TPH of installed steam capacity across seven boilers, 2.19 million TPA of annual installed capacity, and an extensive 60.2 km pipeline network covering around 60.15 km.
Company Overview
Steamhouse India Limited is an Indian industrial utility company specializing in the generation and centralized distribution of industrial gases, primarily steam and nitrogen, through dedicated pipeline networks. Incorporated in 2015 and headquartered in Surat, Gujarat, the company pioneered community boiler systems in India, enabling industries to source steam without maintaining individual captive boilers.
Annual Performance of FY26
Steamhouse India Limited’s revenue has increased from Rs. 395 crore in FY25 to Rs. 492 crore in FY26, which has grown by 24.56 percent. The net profit has also grown by 25.81 percent from Rs. 31 crore in FY25 to Rs. 39 crore in FY26.
In terms of return ratios, the company's ROCE and ROE stand at 16.0 percent and 25.3 percent, respectively. Steamhouse India Limited has an earnings per share (EPS) of Rs. 1.71, and its debt-to-equity ratio is 1.94x.