Concall transcriptSep 2026
Sep 2026 · Earnings-call transcript · Submission of Transcript of Earnings Call on the Unaudited Financial Results for the quarter and half year ended September 30, 2026
Source: Bse
Steamhouse India Limited (STEAMHOUSE)
Micro CapChemicals stocks · Micro cap · NSE
Steamhouse India Limited pioneered the community boiler system in India, generating centralized steam and supplying it directly to industrial customers through dedicated pipelines. The asset-light, scalable model utilizes diverse fuel mixes and expands into industrial gases like nitrogen.
₹133.89
+7.56 · +5.98%
Market cap ₹3,655 Cr
Data qualityFresh enough for analysisQuote updated 04 Nov, 05:54 pm ISTDetails
Quote04 Nov, 05:54 pm IST
Base fundamentals02 Nov 2026 · screener
Latest result29 Oct, 04:25 pm IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 26.5 (n=46)
Technical timing lens
Trend score and candlestick chart
44Neutralsector -4.4pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 29
Sector 3M: -8.4% vs Nifty 500 -4.1%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
STEAMHOUSED candles · FIT view+30.6%Latest close ₹133.89 on 2026-11-04
Daily history is available from 2026-09-17; the requested 1Y window is partially covered.
Bar
+6.8%
RSI
58
MACD hist
-
52W pos
70%
2026-11-04O ₹125.40H ₹135.00L ₹123.50C ₹133.89Vol 16.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
STEAMHOUSENifty ChemicalsNifty 500
- STEAMHOUSE
- +30.6%
- Nifty 500
- +0.5%
- Nifty Chemicals
- -3.9%
- Vs Nifty 500
- +30.1 pp
Chart stats
4 Nov 2026- From 52W high
- -11.7%
- 52W range position
- 70%
- ATR (14)
- 6.8%
- Volume vs 20D
- 0.27x
- Avg traded value
- ₹69.1 Cr
- 20D price channel
- ₹117 - ₹151.7
₹151.7
₹91.6 - ₹151.7
₹9.1
Latest completed session
20-session average
66.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is not scored yet, price trend argues for patience, and result consistency is still building.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +2.5% · PAT +167.0% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model-97.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
pending—
Management reliability not computed yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 70/100Rev +2% YoY · PAT +167% YoY · margin expansion · operating leverage
Filed 29 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹128 Cr | +2.5% | -0.5% |
| EBITDA | ₹24.7 Cr | +73.3% | -20.2% |
| Operating margin | 19.3% | +788 bps | -477 bps |
| PAT | ₹7.8 Cr | +167.0% | -57.6% |
| PAT margin | 6.1% | +374 bps | -819 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 84.00
- P/B
- —
- EV/EBITDA
- 41.13
- Market Cap
- 3655.00Cr
Profitability
- ROE
- 25.30%
- ROCE
- 16.00%
- ROA
- 5.74%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 24.56%
- EPS 5Y
- 25.81%
- Revenue 3Y
- 24.56%
- EPS 3Y
- 25.81%
Balance Sheet
- Debt/Equity
- 1.94
- Interest Coverage
- 3.77×
- Altman Z
- 5.82
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 100.00 Cr
- EPS TTM
- 1.71
Shareholding
- Promoter Hold
- 77.96%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 128-0.5% vs prev
Net Profit
₹ CrLatest: 7.8-57.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 58.
- RSI(14) at 58 — falling, no extreme reading.
- 12% off 52W high · 46% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
-
RS percentile
Insufficient history
1M return
+17.3%
3M return
-
6M return
-
1Y return
-
RS 1D
-
RS 20D
-
Sector rank
#14
Industry rank
-
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
unavailable
200-DMA
unavailable
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
32 observations
03 Nov 2026Value 123.92-5.43%
RS vs Nifty 500124
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality16/20
Balance Sheet3/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 16/20 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Fair-value margin of safety is negative at -97.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
84.0
PB
—
EV/EBITDA
41.1
ROE
25.3%
ROCE
16.0%
FCF Yield
—
Debt/Equity
1.9
MoS
-97.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Debt/equity is 1.9, so downturn resilience matters.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-97.3%
Previous: -97.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
05 Nov 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
39.7
Growth-justified Value
₹67.85
-97.3% MoS
PEG
3.25
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PRASOLCHEM
Micro
Prasol Chemicals Limited
Chemicals & Petrochemicals
match 144
24
109.0
12.6%
-1937%
OVERVALUED
JYOTIRES
Micro
Jyoti Resins & Adhesives Limited
Chemicals & Petrochemicals
match 140
26
25148.0
0.1%
-73363%
OVERVALUED
RALLIS
Micro
Rallis India Limited
Agrochemicals
match 93
34
18.0
9.6%
-197%
WATCHLIST
NFL
Micro
National Fertilizers Limited
Fertilizers & Chemicals
match 92
38
7.9
7.5%
-41%
WATCHLIST
GHCL
Micro
GHCL Limited
Specialty Chemicals
match 91
74
6.4
13.0%
+58%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-11-04T04:41:11.186Z
Management commentary snapshot
H1 FY27 revenue rose 7.63% YoY to Rs 2,566.18 Mn with PAT up 99.56% YoY to Rs 261.13 Mn, supported by record steam sales volumes and higher operating leverage.
The operating model continues to deliver robust volume expansion and operating leverage, with H1 FY27 EBITDA margin expanding 759 bps YoY to 21.67%. Sequential Q2 volume and revenue moderation due to monsoon seasonality was anticipated, while green and coal-based capacity additions provide visible runways for growth.
Current business mix
Revenue from Steam
Latest issuer-disclosed distribution across 2 reported categories.
Steam generation & Distribution78.0%
Steam Purchase & Distribution22.0%
Growth engines
Community Boiler Expansion
POSITIVESecured 7.73 TPH of additional steam capacity through tie-ups with 7 new customers in Q2 FY27.
Nitrogen Business Scaling
POSITIVEAn additional 750 Nm3/hr PSA nitrogen plant will be installed at the existing Ankleshwar facility, commissioning by end of CY 2026.
Capacity and execution
Jhagadia Unit
PLANNEDJhargadia unit (30 TPH capacity, 14.80 TPH already contracted) scheduled for commissioning in November 2026.
Green Boiler Pipeline
PLANNEDGreen boiler capacity planned to scale via Nandesari Phase 2 (30 TPH), Vapi Phase 3 (17.5 TPH), and Pirana (30 TPH) across CY 2026-2027.
IPO-Funded Coal Boilers
PLANNEDCoal boiler capacity additions planned via Ankleshwar Phase 3, Panoli Phase 2, and Dahej GIDC Phase 2 (60 TPH each) by CY 2028.
Tailwinds
Government Support & Policies
Upcoming tenders and industrial policies like Viksit Gujarat Industrial Policy 2026 are expected to create opportunities for private participation.
Headwinds
Monsoon Seasonality
Heavy monsoon conditions during Q2 impacted operational efficiencies and caused a marginal sequential volume moderation.
Risk radar
High Finance Costs
UNDER_STRESSFinance costs increased to Rs 165.55 Mn in H1 FY27 from Rs 110.43 Mn in H1 FY26 due to debt utilization.
Negative Operating Cash Flow
UNDER_STRESSH1 FY27 net cash flow from operating activities was negative at Rs (576.86) Mn due to trade payable payments funded through debt and equity capital.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Year-over-year comparison accounts for structural business expansion and annual progress, while quarter-over-quarter comparison captures seasonal monsoon impacts and sequential utilization shifts.
Sector KPIs management disclosed
Steam Volumes
POSITIVESteam sold reached 607,458.63 Ton in H1 FY27, up 14.35% YoY; Q2 FY27 steam sold grew 12.06% YoY to 301,642.26 Ton but declined 1.36% QoQ due to monsoon seasonality.
Realizations & Spreads
POSITIVEEBITDA per ton increased 44.93% YoY to Rs 915.54 in H1 FY27 (H1 FY26: Rs 631.71); Q2 FY27 EBITDA per ton stood at Rs 818.32, up 54.72% YoY.
Capacity Utilization
POSITIVECapacity utilization improved to 41.91% in H1 FY27 compared to 37.03% in H1 FY26.
Management forward view
Core Demand Resilience
Management highlighted that repeat customers contributed 99.48% of revenues in H1 FY27, underlining sustained underlying fundamentals.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization | 41.91% in H1 FY27 | Ramp-up trajectory toward unlocking operational leverage. |
| Green Boiler Scaling | Green capacity expansion to 105 TPH in FY27 | On-schedule commissioning of upcoming green and coal boiler pipelines. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
Trust profile pending
Trust asks a simple question: can investors rely on management behaviour and financial delivery? Trust Lite uses promoter alignment, cash conversion, leverage, and result consistency. Full transcript-based claim matching appears after enough documents are ingested.
Continue researching Steamhouse India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcript
Earnings-call transcript · Steamhouse India Limited has informed the Exchange about Transcript
Source: Nse
Investor presentationOct 2026
Oct 2026 · PPT
Source: Bse
Concall transcriptOct 2026
Oct 2026 · Transcript
Source: Bse
Investor presentationOct 2026
Oct 2026 · PPT
Source: Bse
AnnouncementOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Oct - Scheduled 23 October 2026 investors and analysts plant visit cancelled due to exigencies.
Source: Bse
Investor presentation
Investor presentation · Submission of Investor Presentation pursuant to the Regulation 30 of SEBI LODR Regulation 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Oct - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, as amended from time to time, read with Para A of Schedule III thereto, We …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Oct - Pursuant to Regulation 30(6) of the SEBI (LODR) Regulations, 2015 ('the Listing Regulations') read with Part A of Schedule III of the Listing ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, as amended from time to time, read with Para A of Schedule III thereto, We …
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Oct - Submission of Newspaper advertisement clippings pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Oct - Steamhouse reported Q2 FY27 PAT up 167% and plans a 750 Nm3/hr PSA nitrogen plant by CY2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.