🚫 Avoid
Listed
Other Chemical Products
Steamhouse India Limited IPO
₹414 Cr · Fresh Issue & OFS · Other Chemical Products
Price Band
₹77 – ₹81
Lot: 1200 shares (₹97,200)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹414 Cr
Fresh Issue & OFS
Market Cap
₹2238.89 Cr
At upper band
P/E Ratio
57.9x
P/S: 4.6x
Listing Date
17 Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
09 Sep 2026
✓
Closes
11 Sep 2026
✓
Allotment
14 Sep 2026
✓
Refund
15 Sep 2026
✓
Listing
17 Sep 2026
IPO India Hub: Avoid
Conviction
3/10
The company trades at 57.9x P/E, or 2.23× the chemicals sector midpoint of 26×, well above the 2.0× threshold for Avoid. While revenue growth of 29.9% CAGR is strong, the 7.8% net margin and debt-to-equity of 1.57× do not justify the premium valuation, and ROCE of 16% is modest for the price paid.
Listing Performance
Issue Price
₹81
Allotment price
Listing Price
₹93
+14.81% on listing day
Current Price (CMP)
₹143.6
+77.3% vs issue
Listed On
17 Sep 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong revenue growth trajectory
The company has delivered 29.9% revenue CAGR over two years, growing from ₹293.2 Cr to ₹495.0 Cr, indicating solid market traction in specialty chemicals. Capacity expansion plans (Phase 3 at Ankleshwar) are funded from IPO proceeds, positioning the company for continued scale.
✓ Strength
Promoter commitment and SME liquidity
Promoter holding remains elevated at 77.96% post-issue, signaling confidence. The 32.07× subscription and SME listing provide liquidity access for retail investors at a lower entry threshold than Mainboard.
⚠ Risk
Valuation significantly exceeds sector norms
At 57.9x P/E, the company trades at 2.23× the chemicals sector midpoint (26×), breaching the 2.0× Avoid threshold. This premium is not justified by net margins of 7.8%, which fall well short of the 15% threshold needed to support elevated multiples.
⚠ Risk
Modest profitability and return metrics
Net profit margin of 7.8% is thin for a specialty chemicals player, and ROCE of 16% is below cost of capital expectations. PAT CAGR of 19.2% lags revenue growth, indicating margin compression despite scale.
₹ Valuation
Premium valuation with weak margin support
The 57.9x P/E translates to a P/S of 4.6×, pricing in significant future margin expansion that has not yet materialized. Chemicals peers typically trade at 20–32× P/E; this IPO demands a 77% premium with only 7.8% net margins to show for it.
👁 Watch
Monitor Phase 3 capex execution and margins
Track whether the ₹75.9 Cr capacity expansion delivers the margin uplift required to justify current valuation. Any delay or margin deterioration post-listing will expose downside risk.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Steamhouse India Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹491.51 Cr
Net Profit
₹38.64 Cr
Industry
Other Chemical Products
Issue Type
Fresh Issue & OFS
Promoters
VISHAL SANWARPRASAD BUDHIA, RITU BUDHIA, VSB BUSINESS TRUST, BUDHIA BUSINESS TRUST AND VB BUSINESS TRUST
Lead Managers
Equirus Capital
Quick Actions
Frequently Asked Questions
Avoid. The company trades at 57.9x P/E, or 2.23× the chemicals sector midpoint of 26×, well above the 2.0× threshold for Avoid. While revenue growth of 29.9% CAGR is strong, the 7.8% net margin and debt-to-equity of 1.57× do not justify the premium valuation, and ROCE of 16% is modest for the price paid.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹81, the minimum investment per retail application is ₹97,200. You can apply for up to 13 lots (₹1,263,600) under the retail category (up to ₹2 lakh).
The IPO opens on 09 Sep 2026. It closes on 11 Sep 2026. Allotment is expected on 14 Sep 2026. Refunds initiate on 15 Sep 2026. Listing on BSE and NSE is on 17 Sep 2026.
The lead managers for the IPO are Equirus Capital. Check the SEBI filing for the registrar details.
The IPO listed on 17 Sep 2026 at ₹93 against an issue price of ₹81 (+14.81% on listing day). The current market price (CMP) is approximately ₹143.6 (+77.3% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 11 Sep 2026. The minimum investment is ₹97,200 for one lot (1200 shares). The company trades at 57.9x P/E, or 2.23× the chemicals sector midpoint of 26×, well above the 2.0× threshold for Avoid. While revenue growth of 29.9% CAGR is strong, the 7.8% net margin and debt-to-equity of 1.57× do not justify the premium valuation, and ROCE of 16% is modest for the price paid.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 11 Sep 2026. The IPO is priced at a P/E of 57.9x. Market cap at issue price is ₹2238.89 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹81 each, costing ₹97,200 per application. The issue closes on 11 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Steamhouse India Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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