Steamhouse India Limited · NSE:STEAMHOUSE
Steamhouse India — Q2 FY27 Earnings Presentation
46 slides from Steamhouse India's earnings presentation, Oct 29, 2026
Slide 1: Exchange filing cover letter
STEAMHOUSE INDIA LIMITED October 29, 2026 Ref. No.: SHIL/OCT/29/04/2026-27 To To Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 0
Slide 2: Steamhouse India Limited Investor Presentation Q2 & H1 FY27
STEAMHOUSE INDIA LIMITED INVESTOR PRESENTATION Q2 & H1 FY27 1
Slide 3: Disclaimer
Disclaimer This presentation may contain forward-looking statements regarding the business strategy, growth prospects, future developments, and financial and operational performance of Steamhouse India Limited (“the Company”). Such statements are based on management’s current expectations, estimates
Slide 4: Business Performance & Outlook
Business Performance & Outlook Operational Update Despite the seasonal moderation typically associated with the monsoon period in second quarter, the Company delivered a strong year-on-year performance, underscoring the resilience of its business and the strength of its underlying fundamentals. The
Slide 5: Table of Contents
Table of Contents 01 Company Overview 02 Q2 & H1FY27 Highlights 03 Business Overview 04 Industry Overview 05 Historical Financials & Annexures 4
Slide 6: Company Overview
Overview m ISIS es =e VAIZ TSA INT TNT
Slide 7: Pioneer of the Community Boiler System in India
Pioneer of the Community Boiler System in India Company Overview Key Highlights Community boiler pioneer Asset Base Pioneered the Community Boiler System in India 345 TPH 7 62.06 Km Centralized Steam, Seamlessly Delivered Installed steam Boilers (6 owned, 1 Pipeline network Steam generated at commun
Slide 8: Q2 & H1 FY27 Highlights
HIGHLIGHTS Q2 &H1 FY27 Vi S ere rue soon 07
Slide 9: Key Highlights – Q2 FY27
Key Highlights – Q2 FY27 Revenue from Steam Sold Revenue EBITDA / Ton EBITDA PAT operations 301,642.26 xx Ton Ton ₹1,279.97 ₹xx MnMn ₹818.32/Ton ₹xx/Ton ₹246.84 ₹xx MnMn ₹77.71 ₹xx MnMn +12.06% xx% Y-o-Y YoY increase +2.45% xx% Y-o-Y YoY increase +54.72% xx% Y-o-Y YoY increase xx% margin +73.38%YoY|
Slide 10: Key Highlights – H1 FY27
Key Highlights – H1 FY27 Revenue from Steam Sold EBITDA / Ton EBITDA PAT operations 607,458.63 Ton ₹2,566.18 Mn ₹915.54/Ton ₹556.15 Mn ₹261.13 Mn +14.35% YoY +7.63% YoY +44.93% YoY +65.72% YoY | 21.67% margin +99.56% YoY |10.18% margin Operational Highlights ₹ Mn H1 FY27 H1 FY26 YoY Growth • H1 FY27
Slide 11: Financial Performance – Q2 FY27
Financial Performance – Q2 FY27 Steam Sold (Ton) Revenue From Steam (₹ Mn) 12.06% (1.36)% 43.62% (0.69)% 3,01,642 3,05,816 3,01,642 853 1,225 1,234 1,225 2,69,185 Q2 FY26 Q2 FY27 Q1 FY27 Q2 FY27 Q2 FY26 Q2 FY27 Q1 FY27 Q2 FY27 EBITDA Per Ton (₹) 54.72% (19.09%) 1,011 818 818 529 Q2FY26 Q2FY27 Q1 FY2
Slide 12: Financial Performance H1 FY27
Financial Performance H1 FY27 Steam Sold (Ton) Revenue From Steam (₹ Mn) 14.35% 44.84% 6,07,459 2,459 1,698 5,31,240 H1FY26 H1FY27 H1FY26 H1FY27 EBITDA Per Ton (₹) 44.93% 916 632 H1 FY26 H1 FY27 11
Slide 13: Financial Performance Q2 FY27
Financial Performance Q2 FY27 Revenue from Operations (₹ Mn) EBITDA (₹ Mn) & EBITDA Margin (%) 2.45% (0.49)% Margin 11.39% 19.28% 24.05% 19.28% 73.38% (20.20)% 8 55 52 55 388 309 247 247 1,225 1,234 1,225 142 853 Q2 FY26 Q2 FY27 Q1 FY27 Q2 FY27 Q2 FY26 Q2 FY27 Q1 FY27 Q2 FY27 Revenue from Steam Reve
Slide 14: Financial Performance H1 FY27
Financial Performance H1 FY27 Revenue from Operations (₹ Mn) EBITDA (₹ Mn) & EBITDA Margin (%) 7.63% Margin 14.08% 21.67% 65.72% 15 107 556 671 336 2,459 1,698 H1 FY26 H1 FY27 H1 FY26 H1 FY27 Revenue from Others* Revenue from Coal Revenue from Steam PAT (₹ Mn) & PAT Margin (%) Margin 5.49% 10.18% 99
Slide 15: Improving Utilization Across Core Business Capacities
Improving Utilization Across Core Business Capacities With rising demand, higher capacity utilization is expected to drive operating leverage, supporting further margin expansion. Capacity Utilization 42.41 41.91 35.28 37.03 Z Z Capacity Utilization % (Y-o-Y) Capacity Utilization % (Y-o-Y) H1 FY26 H
Slide 16: Financial Performance Consolidated Q2 FY27
Financial Performance Consolidated Particulars (In ₹ Mn) Q2 FY27 Q2 FY26 Y-o-Y Q1 FY27 Q-o-Q Revenue from Operations 1,279.97 1,249.41 2.45% 1,286.21 (0.49)% Cost of Materials Consumed 690.82 497.76 38.79% 586.08 17.87% Purchase of Stock in Trade 183.92 481.98 (61.84)% 219.91 (16.37)% Changes in Inv
Slide 17: Financial Performance Consolidated H1 FY27
Financial Performance Consolidated Particulars (In ₹ Mn) H1 FY27 H1 FY26 Y-o-Y Revenue from Operations 2,566.18 2,384.17 7.63% Cost of Materials Consumed 1276.90 966.64 32.10% Purchase of Stock in Trade 403.83 911.80 (55.71)% Changes in Inventories of Finished Goods, Work-in-Progress and Stock- - (8
Slide 18: Balance Sheet Consolidated
Balance Sheet Consolidated ASSETS H1 FY27 FY26 EQUITY AND LIABILITIES H1 FY27 FY26 Non-Current Assets Equity Share Capital 552.81 451.95 Property, Plant and Equipment 3,193.94 2,847.03 Other Equity 5,216.68 1,275.74 Rights-of-Use Assets 758.64 786.99 Total Equity 5,769.49 1,727.69 1,579.35 Non-Curre
Slide 19: Cash Flow Highlights
Cash Flow Highlights Particulars (In ₹ Mn) H1 FY27 H1 FY26 Cash generated from operations (472.55) 728.07 Income taxes paid (104.31) (5.18) Net cash generated from / (utilized in) operations (576.86)* 722.89 Net cash generated from / (utilized in) investing activities (2,846.42) (620.28) Net cash ge
Slide 20: Debt Profile
Debt Profile Particulars (In ₹ Mn) FY 2026 H1 FY 2027 1,515.41 Term Loan 1,563.24 Working Capital 1,174.01 1,023.37 Others 1,26.80 85.81 Gross Debt 2,816.22 2,672.42 Cash & Cash Equivalents 105.11 1,763.10 Net Debt 2,711.11 909.32 19
Slide 21: Experienced Promoter and Senior Management Team
Experienced Promoter and Senior Management Team With strong industry expertise and extensive product knowledge Vishal S. Budhia Promoter, Chairman and Managing Director • A distinguished industrialist and entrepreneur with experience over 30 years in the field of management with eleven years’ specia
Slide 22: Business Overview
OVERVIEW a a i | M TURAN xX 1 2
Slide 23: Integrated Business Model
Integrated Business Model Steam Generation & Steam Purchase & Nitrogen Separation & Distribution Distribution Distribution Centralized community boiler Sourcing surplus steam from Supplying nitrogen through facilities generating steam and industrial units and distributing it pipeline infrastructure
Slide 24: The Journey so Far
Steamhouse India Limited – The Journey so Far 2017 2018 2022 2023 2024 2025 Established our Expanded the facilities to Further Expanded the Commenced steam Expanded the facility to first facility in Ankleshwar Gujarat expansion of the operations to Sarigam aggregation and distribution Panoli with in
Slide 25: Why Community Boilers Win
Why Community Boilers Win Parameter Community Captive Boiler efficiency 80-83% 50-65% ₹* 1.80-2.00 for ~45 Bar superheated steam; INR 0.9–1.3 for equivalent variable cost ₹* 4.5 – ₹ 6.0 for generating low pressure steam up to 40 Variable cost for steam generation for generating low-pressure steam. B
Slide 26: Industrial Gases
Industrial Gases India’s Only Company Supplying Nitrogen Through a Dedicated Pipeline Network • India's only company supplying nitrogen through a dedicated pipeline network, enabling reliable and uninterrupted gas supply to industrial customers PSA-Based Nitrogen Generation Plant • Currently, we ope
Slide 27: Scalable Growth Through Asset-Light Operations
Scalable Growth Through Asset-Light Operations Existing Projects Planned Projects 40%+ Return on capital employed Sachin GIDC Dahej SEZ Began its journey with the Five-year Steam Purchase • Scalable Business Model With Sachin facility in 2014, while Agreement signed in April Efficient Capital Alloca
Slide 28: End-to-End Project Life Cycle
End-to-End Project Life Cycle From industrial cluster identification to reliable steam supply Survey & feasibility Land identification Letter of intent Identify industrial clusters, Identify strategically Secure customer interest assess steam demand and located land to serve through LOIs and assess
Slide 29: Key Investment Highlights
Key Investment Highlights Strategically located near customer clusters and Gujarat ports to minimise pipeline length and enhance delivery efficiency. Track-record of implementing ecofriendly solutions High entry barriers driven by capital-intensive and promoting sustainable development infrastructur
Slide 30: Strong Customer Retention Driving Recurring Revenue Growth
Strong Customer Retention Driving Recurring Revenue Growth Revenue as percentage from repeat customers (%) Revenue From Repeat Customer in (In ₹ Mn) 99.48 3,235 92.03 94.07 88.79 2,817 2,663 2,448 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 Revenues from repeat customers are
Slide 31: Operational Capacity: 345 TPH
Operational Capacity: 345 TPH Unit Capacity Fuel Vapi Boiler 1 60 TPH Coal + Agro waste 75 TPH WTE boiler 15 TPH Green (waste-based) Unit Capacity Fuel Ankleshwar Boiler 1 60 TPH Coal + Agro waste 120 TPH Boiler 2 60 TPH Coal + Agro waste Sarigam Unit Capacity Fuel 60 TPH Boiler 1 60 TPH Coal Nandes
Slide 32: Scaling Up: The Next Leg of Growth
Scaling Up: The Next Leg of Growth Unit Capacity Commissioning Fuel Jhagadia 30 TPH Boiler 1 November 2026 Coal 14.80 TPH Already Contracted Unit Capacity Commissioning Fuel 30 TPH Green (MSW+RDF + agro Nandesari Phase 2 CY 2026 17.5TPH Already Contracted waste) Green boilers* 90 TPH, waste-based 30
Slide 33: Strategic Shift Towards Green Boilers
Strategic Shift Towards Green Boilers Green boiler capacity to increase 7x from 15 TPH in FY26 to 105 TPH in FY27, reinforcing Steamhouse's commitment towards cleaner industrial steam solutions Capacity (TPH) Total 285 v 345 v 465 v 525 Capacity 80% 77% 96% 95% 420 360 330 270 20% 23% 5% 105 105 4%
Slide 34: Industry Overview
INDUSTRY OVERVIEW 33
Slide 35: Key Sectors Where Steam-as-a-Service Is Used
Key Sectors Where Steam-as-a-Service Is Used INDUSTRY Size in Mn Key Applications & Production Hubs Pharma 12.9% FY26 FY26 5,200 Uses: Raw-material heating, drying, sterilisation CAGR FY29 FY29 9,533 Hubs: Telangana, AP, Maharashtra, Gujarat Textiles 6.5% FY26 13,829 Uses: Fabric dyeing, finishing,
Slide 36: Market Potential – Total Steam Consumption in India
Market Potential – Total Steam Consumption in India Clusters wise steam consumption 186,000 TPH ₹ 36,62,500 Mn The figures show that even at Rs. 500cr of revenue, Steamhouse has less Total process steam demand Addressable market potential (FY2026) than 0.2% market share of the steam pie. By catering
Slide 37: Adoption Curve – Why Now
Adoption Curve – Why Now How long to become a rocket - and what flips it? How long to become a rocket - and what flips it? Flat for decades, then a sudden J - the curve snaps the moment a shared utility beats going-it-alone on cost. Each new market has inflected faster than the last. Penetration / m
Slide 38: Historical Financials & Annexures
Historical Financials & Annexures 37
Slide 39: Financial Performance
Financial Performance Revenue from Operations (₹ Mn) EBITDA (₹ Mn) & EBITDA Margin (%) PAT (₹ Mn) & PAT Margin (%) EBITDA EBITDA Margin PAT PAT Margin (%) 4,915 3,951 835 386 684 693 312 2,917 272 2,566 556 261 23.45% 21.67% 10.18% 9.27% 7.82% 17.54% 16.99% 7.81% FY24 FY25 FY26 H1FY27 FY24 FY25 FY26
Slide 40: Steamhouse India Signs MoU with Haryana Government
Steamhouse India Signs MoU with Haryana Government Exploring ₹500 Crore Industrial Infrastructure Opportunities MoU Signed with HEPC Framework for cooperation with Haryana Enterprises Promotion Centre (HEPC), Government of Haryana Proposed Investment: ₹500 Crore Explore industrial infrastructure opp
Slide 41: Shri Giriraj Singh Ji
Shri Giriraj Singh Ji Union Minister of Textiles, Government of India Visited Steamhouse India Limited and held discussions on the Community Boiler System, while exploring opportunities for the utilization of textile waste as a sustainable fuel for steam generation 39
Slide 42: Technology in Community Boilers
Technology in Community Boilers Steamhouse India, a leader in community boiler industry, has elevated its community boiler monitoring and assessment system through the application of state-of-the-art technologies Technology Innovation in Community boilers Emerging Technologies for Community Boilers
Slide 43: Safety at the Core of Operations
Safety at the Core of Operations Personal Protective Equipment Emergency Preparedness (PPE): Employees and workers are provided with First aid kits are available at operational essential safety gear, including helmets, locations to support timely response safety jackets, protective eyewear, and duri
Slide 44: CSR Corporate Social Responsibility Initiatives
CSR Corporate Social Responsibility Initiatives Committed towards creating a positive social impact through initiatives focused on education, environment, sports, and cultural development. EDUCATION ENVIRONMENT Initiative: Promoting environmental Supporting initiatives focused on sustainability and
Slide 45: Strategic Roadmap & Growth Outlook
Strategic Roadmap & Growth Outlook Moving Towards Sustainability Decarbonization Margin Expansion Technology Building a diversified and Driving a greener Targeting sustained EBITDA Leveraging technology, sustainable fuel mix by industrial future through growth of 30–35% CAGR innovation, and market i
Slide 46: Thank You
Thank Steamhouse India Ltd - Investor Relations Adfactors PR – Investor Relations YOU Vaibhav Gattani | Chief Financial Officer Tejpal Singh |tejpal.singh@adfactorspr.com Dipti Seksaria | finance.analyst@steamhouse.in Sharmin Vatcha | sharmin.vatcha@adfactorspr.com Ishika Bhandari | finance.relation