Steamhouse reports 24.05% margin as management flags Q1 recovery
Management linked the recovery to customer revamps and higher utilisation, while its planned green-boiler expansion runs from 15 TPH to 105 TPH.
Filed 05 Oct 2026, 15:51 IST · after market close · Steamhouse India Ltd (STEAMHOUSE)
Key takeaways
- Steamhouse's consolidated operating margin of 24.05% was 10.12 percentage points above the median for 162 reported Commodities peers.
- Management said customer capacity revamps and improving utilisation made recovery visible in Q1FY27, alongside consolidated net profit of Rs 18.34 cr.
- The company said green boiler capacity is planned to increase sevenfold, from 15 TPH in FY26 to 105 TPH in FY27.
Price around the results
Margin stands above the Commodities peer set
Steamhouse reported a consolidated operating margin of 24.05%, 10.12 percentage points above the 13.93% median for 162 Commodities peers that had reported the same quarter. This places its operating performance well above the sector comparison available for Q1FY27.
Interest and depreciation narrowed profit conversion
Consolidated revenue of Rs 128.62 cr translated into operating profit of Rs 30.93 cr after Rs 97.69 cr of expenses. Interest of Rs 6.92 cr and depreciation of Rs 4.35 cr reduced profit before tax to Rs 21.91 cr; other income added Rs 2.25 cr, while the reported tax rate was 16.28%.
Management ties Q1 recovery to customer utilisation
Management said recovery was visible in Q1FY27 as customer capacity revamps progressed and utilisation levels improved. The company told analysts that higher capacity utilisation is expected to support operating leverage and further margin expansion. It also said upcoming plants are planned in Maharashtra and Gujarat, with additional nitrogen plants intended to serve industrial customer demand.
Results were filed after market close
Steamhouse filed the consolidated results after market close on 05 Oct 2026. The immediate post-results stock response is therefore not part of this update.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹129 cr |
| Other income | ₹2 cr |
| Expenses | ₹98 cr |
| Operating profit | ₹31 cr |
| Operating margin (%) | 24.05% |
| Interest | ₹7 cr |
| Depreciation | ₹4 cr |
| Profit before tax | ₹22 cr |
| Tax | ₹4 cr |
| Net profit | ₹18 cr |
| EPS (₹) | ₹0.81 |
Operating margin of 24.05% compares with a Commodities sector median of 13.93% across 162 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company says recovery was visible in Q1FY27 as customer capacity revamps and utilization improvements progressed.
Guidance & outlook
- Higher capacity utilization is expected to drive operating leverage and further margin expansion.
- Green boiler capacity is planned to increase sevenfold from 15 TPH in FY26 to 105 TPH in FY27.
Expansion
- Upcoming plants are planned in Maharashtra and Gujarat.
New initiatives
- Steamhouse plans to establish additional nitrogen plants to meet growing industrial customer demand.
Competition
- Steamhouse describes itself as India's only company supplying nitrogen through a dedicated pipeline network.
- Limited space and existing pipeline landing points make it hard for new entrants to build parallel networks.
Problems & risks
- The chemical and pharmaceutical sectors, which include most customers, experienced subdued performance over the past few years.
What to watch
- Whether consolidated operating margin holds above 24.05%.
- Progress on the planned increase in green boiler capacity from 15 TPH to 105 TPH.
- Whether revenue remains above Rs 128.62 cr as customer utilisation improves.