Q1 FY27 — 6 Oct 2026
STEAMHOUSE Q2 FY27
This was Steamhouse's first call since listing, and it covered Q1 FY27 (April-June 2026); the requested 'Q2 FY27' label does not match the transcript. Record steam volume of 305,816 tons (+16.7% YoY) and the exit from low-margin coal trading lifted EBITDA 60.08% to ₹30.93 crores and EBITDA margin 702 bps to 24.05%, on revenue of ₹128.62 crores (+13.35%). The company is classified under Chemicals, but it is really a community-boiler steam utility whose demand tracks Gujarat's chemical and pharma clusters, and management says those industries have recovered. The growth case depends on raising utilization from 41.40% toward 60-65% and taking capacity from 345 TPH to about 705 TPH by Q1 FY29, plus the asset-light 300 TPH Una mandate and a small nitrogen business. The main watch items are a monsoon-hit Q2, gross debt of ₹359.48 crores awaiting IPO-funded repayment, continuing related-party steam purchases, and hedged full-year guidance.
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