Steamhouse India LimitedPower & UtilitiesSTEAMHOUSE
Q1 FY27 concall · earnings callSteamhouse India Limited
Q1 FY27 delivered record steam sales of 3,05,816 tons with revenue growth and significantly faster EBITDA and PAT growth from higher utilization and operating leverage, alongside a capacity expansion pipeline toward approximately 705 tons per hour.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Steam sales volume | 3,05,816 tons | +16.7% YoY | |
| Revenue from operations | ₹128.62 Cr | +13.35% YoY | |
| EBITDA | ₹30.93 Cr | +60.08% YoY | |
| EBITDA margin | 24.05% | +702 basis points YoY | |
| Profit after tax | ₹18.34 Cr | +80.25% YoY | |
| EBITDA per ton | INR1,011 | +37.17% YoY | |
| Capacity utilization | 41.40% | from 36.06% in Q1 FY2026 |
TL;DR
- Recorded steam sales of 3,05,816 tons, representing year-on-year growth of 16.7% and 11.52% sequentially.
- Revenue from operations increased by 13.35% to INR1,286.21 million, with revenue from steam up 46.07% to INR123.37 crores as coal trading was stopped.
- EBITDA grew by 60.08% to INR309.32 million with margin at 24.05%, and PAT increased by 80.25% to INR183.42 million with margin at 14.26%.
- Capacity utilization improved to 41.40% from 36.06% in Q1 FY2026, leaving headroom with around 70% of 345 tons per hour capacity tied up.
- Expansion pipeline toward approximately 705 tons per hour plus 300 tons per hour asset-light EPC project at Bulk Drug Park Una valued at approximately INR311 crores inclusive of GST.
Said on the call
“We believe our steam-as-a-service model represents a structural shift from traditional captive boiler ownership to outsourced steam solutions.”
From the Q&A
| Topic | What management said |
|---|---|
| Seasonality and Q1 volume growth | Management said there is no major demand seasonality but monsoons are challenging due to wet fuel and cluster shutdowns; Q1 volume improvement came from revival in chemical and pharma demand from repeat customers. |
| Contracted capacity and fuel pass-through | Management said around 70% of the 345 tons per hour installed capacity is tied up, agreements typically run 1 year to 10 years with non-exit clauses, and fuel pass-through is predominantly monthly. |
| Customer value proposition | Management said 25% to 35% cost efficiency versus self-generation for customers on expensive fuels or intermittent consumption, with no direct competitor in most operating geographies. |
| Capex and capacity timeline | Management guided around INR60-odd crores balance capex for four under-construction projects and another INR170 crores in next 15 months to 18 months for IPO and Tarapur projects to reach approximately 705 tons per hour. |
| Pipeline network and losses | Management said total laid pipeline is above 60 kilometers, farthest customer 7.5-8 kilometers, with approximately 1 bar pressure drop, 4 degrees to 5 degrees temperature drop and 3% to 7% steam loss depending on season. |
| Industrial gases expansion | Management said nitrogen is currently supplied via 350 Nm3 per hour PSA plant at Ankleshwar and it is evaluating air separation units and build-own-operate partnerships, with added pipes costing 10% to 20% of existing infrastructure. |
| Una EPC project | Management said the 300 tons per hour Bulk Drug Park Una project value is approximately INR311 crores inclusive of GST, structured asset-light with cost funded by Himachal Pradesh Bulk Drug Park Infrastructure Limited plus 9% revenue share recoverable from end consumers. |
| Own versus traded steam | Management said Q1 steam revenue mix was 73.7% own generation and 22.2% traded steam, with future growth expected mainly from own generation while Dahej SEZ and Haldia trading agreements continue. |
Guidance
- Four under-construction projects at Jhagadia, Vapi, Nandesari and AMC Pirana targeted to go live in current financial year
- 60 tons per hour capacity at Tarapur expected to go live in Q4-FY2028 and IPO-funded facilities at Dahej GIDC, Ankleshwar and Panoli expected to go live in Q1-FY2029
- Target optimum capacity utilization of 60% to 65%, with newer boilers expected in the range of 50% in initial months of commissioning
- Expect working capital cycle between 35 to 40 days going forward
- Expect finance costs to moderate during FY27 as IPO proceeds are used to repay high-cost borrowings
- Expect EBITDA per ton of INR1,000 to be maintained on annual steam generation and distribution basis, with Q2 seasonally impacted on account of monsoon
Source
Summary written from the transcript filed by Steamhouse India Limited for the call held on 6 Oct 2026; published 10 Oct 2026, 16:04 IST.
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