Board Meeting Details
The Board of Directors meeting was held on October 29, 2026, commencing at 03:10 PM IST and concluding at 04:15 PM IST.
Financial Results - Standalone (Quarter Ended September 30, 2026)
- Revenue from Operations: ₹1,279.97 million
- Other Income: ₹14.94 million
- Total Income: ₹1,294.91 million
- Total Expenses: ₹1,173.70 million
- Profit Before Tax: ₹121.21 million
- Tax Expense: ₹43.49 million (Current Tax: ₹13.74 million, Deferred Tax: ₹29.75 million)
- Profit After Tax: ₹77.72 million
- Other Comprehensive Income: -₹0.47 million
- Total Comprehensive Income: ₹77.25 million
- Basic EPS: ₹0.33 (not annualized)
- Diluted EPS: ₹0.33 (not annualized)
Financial Results - Standalone (Half Year Ended September 30, 2026)
- Revenue from Operations: ₹2,566.18 million
- Other Income: ₹37.47 million
- Total Income: ₹2,603.65 million
- Total Expenses: ₹2,263.36 million
- Profit Before Tax: ₹340.29 million
- Tax Expense: ₹79.15 million (Current Tax: ₹37.12 million, Deferred Tax: ₹42.03 million)
- Profit After Tax: ₹261.14 million
- Other Comprehensive Income: -₹0.09 million
- Total Comprehensive Income: ₹261.05 million
- Basic EPS: ₹1.12 (not annualized)
- Diluted EPS: ₹1.12 (not annualized)
Balance Sheet Changes (Standalone)
- Share Capital increased from ₹451.95 million to ₹552.81 million
- Other Equity increased from ₹1,275.85 million to ₹5,216.80 million
- Total Assets increased from ₹6,794.60 million to ₹9,784.72 million
- Property, Plant & Equipment: ₹3,193.94 million (vs ₹2,847.03 million)
- Capital Work-in-Progress: ₹2,041.73 million (vs ₹1,579.35 million)
- Other Bank Balances: ₹1,758.45 million (vs ₹103.32 million)
- Borrowings: ₹2,672.42 million (Non-current: ₹1,197.48 million, Current: ₹1,474.94 million)
Cash Flow Statement (Standalone)
- Net cash used in operating activities: ₹576.87 million
- Net cash used in investing activities: ₹2,846.43 million
- Net cash from financing activities: ₹3,505.48 million
- Net decrease in cash equivalents: ₹77.52 million
IPO Details
The company completed its Initial Public Offer (IPO) of 51,111,110 equity shares of face value ₹2 each, aggregating to ₹4,140.00 million. The issue comprised 7,530,864 equity shares offered for sale and 43,580,246 equity shares as fresh issue. Shares were listed on NSE and BSE on September 17, 2026.
IPO Proceeds Utilization
Net proceeds: ₹3,225.06 million
- Repayment of borrowings: ₹1,418.95 million utilized (₹381.05 million unutilized)
- Ankleshwar Facility expansion: ₹0 utilized (₹379.77 million unutilized)
- Panoli Facility expansion: ₹5.00 million utilized (₹374.76 million unutilized)
- Dahej GIDC facility: ₹0 utilized (₹381.74 million unutilized)
- General corporate purposes: ₹270.75 million utilized (₹13.04 million unutilized)
Total utilized: ₹1,694.70 million; Unutilized: ₹1,530.36 million
New Contract Award
During the quarter, the company was awarded an Engineering, Procurement, Construction (EPC), commissioning and comprehensive Operation & Maintenance Mandate by Himachal Pradesh Bulk Drug park Infrastructure Limited for a 300 TPH common steam plant and co-generation Power Plant with indicative co-generation capacity of 30 MW, along with associated steam distribution network at Bulk Drug Park, Una, Himachal Pradesh.
Consolidated Results
Consolidated results include Steamhouse Welfare Foundation (wholly-owned subsidiary). The subsidiary contributed total assets of ₹0.05 million, revenues of ₹1.13 million (quarter) and ₹3.60 million (half year), and minimal impact on profitability.
- Q2 Consolidated PAT: ₹77.71 million
- H1 Consolidated PAT: ₹261.13 million
- Consolidated financial position and cash flows are substantially similar to standalone results
Auditor Review
The financial results were subject to limited review by the statutory auditors, Natvarlal Vepari & Co., who issued an unmodified review conclusion.
Segment Information
The company operates in a single reportable segment - generation and centralized distribution of industrial gases (steam and nitrogen) within India.