Steamhouse India Limited IPO

The company's operations are limited to providing steam and other industrial gases to customers in close proximity to its facilities. Further, the company's business and growth plans are dependent on its ability to find suitable land for the development of the company's steam and other industrial gas facilities which are in close proximity to the industrial clusters where its potential customers are located.

The company's top ten customers contributed 52.83% of its revenue from operations in the six months period ended September 30, 2025 and 53.95% of the company's revenue from operations in Fiscal 2025. We also derive a significant portion (more than 96.64% in the six months period ended September 30, 2025 and 88.01% in Fiscal 2025) of the company's revenue from operations from repeat orders. Loss of any of these customers or a reduction in purchases or repeat orders by any of them could adversely affect its business, results of operations, cash flows and financial condition.

The company's business and profitability are substantially dependent on the availability of coal for its steam production with purchases of coal contributing 77.97%, 76.19%, 92.01% and 95.91% of the company's total purchases for the six months period ended September 30, 2025, and for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively

The company has previously entered into related party transactions with Group Companies, which constituted 61.72%, and 70.41% of its revenue from operations in the six months ended September 30, 2025 and Fiscal 2025, respectively. The company may continue to enter into related party transactions with Group Companies in the future.

The company has previously entered into related party transactions, and the company may continue to do so in the future.

The company rely on its top ten suppliers for the company's material requirements which constituted 91.52%, 75.35%, 76.53%, and 79.43% of its overall purchases for the six months period ended September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. Any increase in the prices, availability and quality of materials or loss of these suppliers could adversely affect the company's reputation, business, results from operations, financial conditions and cash flows.

The success of its business depends on the continued demand for steam and industrial gas, and any change in this demand could materially and adversely affect the company's business, results of operations, cash flows and financial condition.

The company has in past been in violation of certain material approvals of the Gujarat Pollution Control Board such as operating a boiler before receiving the final approval from the regulatory authority. In the future, the company may incur increased costs, be subject to penalties, or have its approvals and permits revoked for non-compliance with the approvals of the Gujarat Pollution Control Board.

The company's Statutory Auditors have included in their examination report emphasis of matters that were included in the underlying auditor's reports on its financial statements for the six months period ended September 30, 2025.

The company requires various permits, licenses and approvals to operate its businesses, and the failures to obtain or retain such licenses or approvals in a timely manner or at all may adversely affect the company's business, results of operations, cash flows and financial condition.