Financial Performance Summary

Revenue and Profitability Metrics (₹ Million):

| Metric | Q1 FY27 | Q1 FY26 | YoY Change | Q4 FY26 | QoQ Change |

| Revenue from Operations | 1,286.21 | 1,134.76 | +13.35% | 1,384.56 | -7.10% |

| EBITDA | 309.32 | 193.23 | +60.08% | 264.13 | +17.11% |

| EBITDA Margin | 24.05% | 17.03% | +702 bps | 19.08% | +497 bps |

| Profit After Tax (PAT) | 183.42 | 101.76 | +80.25% | 140.96 | +30.12% |

| PAT Margin | 14.26% | 8.97% | +529 bps | 10.18% | +408 bps |

Operational Performance Drivers

  • Revenue Growth: Revenue growth of 13.35% YoY was primarily driven by a 46.07% YoY increase in steam sales
  • EBITDA Performance: EBITDA growth of 60.08% YoY was attributed to optimal utilization of waste-to-energy boilers and operating leverage from higher steam sales
  • Volume Growth: Steam supply volumes demonstrated healthy growth on both quarter-on-quarter (QoQ) 11.52% and year-on-year (YoY) 16.70% basis during Q1 FY27
  • Margin Stability: The company maintained steam margins through its pass-through mechanism, wherein changes in coal costs are passed on to customers as per the terms of Steam Supply Agreements

Business Highlights and Expansion Projects

  • 300 TPH Community Boiler Project: Awarded ₹311 crore (inclusive of GST) EPC mandate for a 300 TPH community boiler facility at Bulk Drug Park, Una, Himachal Pradesh. The project includes long-term O&M, creating opportunity for recurring revenues
  • Solar Expansion: Strengthening green energy portfolio with a 3.04 MW AC ground-mounted solar project at Ankleshwar
  • Green Boiler Capacity Expansion: Green boiler capacity expected to expand seven-fold from 15 TPH in FY26 to 105 TPH in FY27
  • Waste-to-Steam Project: Submitted Expression of Interest (EOI) for a proposed 400 TPD Waste-to-Steam project with Surat Municipal Corporation
  • Nitrogen Business: Continuing expansion of nitrogen business through pipeline infrastructure

Management Commentary

Mr. Vishal S. Budhia, Promoter, Chairman and Managing Director, commented:

  • Q1 FY27 emerged as a landmark quarter delivering the strongest performance in the Company's journey
  • Operational performance remained resilient despite challenging macroeconomic and geopolitical environment
  • Geopolitical uncertainties resulted in inflationary pressures, including increase in coal prices
  • Government continues to support growth of community boiler ecosystem through favourable policies and initiatives
  • Various tenders being floated for development of community boiler projects
  • Viksit Gujarat Industrial Policy 2026 provides enabling ecosystem for industrial infrastructure development
  • Company continues to explore new growth opportunities across geographies and business segments
  • Focus remains on expanding community boiler footprint, participating in upcoming tenders, adding new projects, and strengthening nitrogen business

Company Background

Steamhouse India Limited is a pioneer in the Community Boiler System in India, engaged in centralized steam generation and pipeline distribution for industrial customers. The Company enables industries to access reliable steam supply while focusing on their core manufacturing operations. With strong presence across industrial clusters in Gujarat, the company has built an integrated network of community boiler facilities and dedicated pipelines.