Q1 FY27 Financial Performance
– Steam sold reached 305,816 tons.
– Steam volume grew 16.7% YoY.
– Steam volume increased 11.52% QoQ.
– Revenue stood at ₹128.62 Cr.
– Revenue grew 13.35% YoY.
– EBITDA reached ₹30.93 Cr.
– EBITDA grew 60.08% YoY.
– EBITDA margin improved to 24.05%.
– PAT reached ₹18.34 Cr.
– PAT grew 80.25% YoY.
Steam Business
– Steam sales revenue reached ₹123.37 Cr.
– Steam sales grew 46.07% YoY.
– Coal sales revenue was nil in Q1 FY27.
– Q1 FY26 coal sales were ₹28.26 Cr.
– Higher steam sales offset the coal revenue decline.
EBITDA Improvement
– EBITDA per ton increased 37.17%.
– EBITDA per ton reached ₹1,011.
– Earlier EBITDA per ton was ₹737.
– Higher utilization improved operating leverage.
– Waste-to-energy boilers supported efficiency.
– Clean EBITDA rose 65.43% YoY.
– Clean EBITDA reached ₹29.22 Cr.
– Clean EBITDA reflects underlying operating performance.
Major EPC Order
– Company received a ₹311 Cr EPC mandate.
– Project involves a 300 TPH community boiler.
– Project is located at Bulk Drug Park, Una.
– Long-term O&M is included.
– O&M can provide recurring revenue potential.
Green Energy Expansion
– Company is expanding its green-energy portfolio.
– 3.04 MW AC solar project planned.
– Project is ground-mounted at Ankleshwar.
– Green boiler capacity is expanding significantly.
– Capacity targets 105 TPH in FY27.
– FY26 capacity stood at 15 TPH.
– This represents ~7x capacity expansion.
New Growth Opportunities
– EOI submitted for a 400 TPD project.
– Proposed project is Waste-to-Steam based.
– Surat Municipal Corporation is the project authority.
– Community boiler footprint remains a growth focus.
– Company plans participation in upcoming tenders.
Nitrogen Business
– Nitrogen business expansion continues.
– Pipeline infrastructure supports the expansion.
– Management plans further geographic expansion.
– New projects will support business diversification.
Management Commentary
– Q1 FY27 was described as a landmark quarter.
– Management highlighted resilient operational performance.
– Steam volumes remained strong despite macro challenges.
– Higher coal costs were managed through pass-through.
– Fuel-cost increases can be passed to customers.
– Government policies support community boiler opportunities.
– Viksit Gujarat Industrial Policy 2026 may support infrastructure.
– Management plans further tender participation.
Strategic Roadmap
– Company is developing a diversified fuel mix.
– Waste-to-energy remains a key growth area.
– Decarbonization remains a strategic focus.
– Sustainable energy solutions are being prioritized.
– Technology and innovation remain key priorities.
– Company targets 30–35% EBITDA CAGR over three years.
KEY TAKEAWAY
Steamhouse India delivered strong Q1 FY27 growth, led by higher steam volumes, operating leverage and waste-to-energy utilization. The ₹311 Cr EPC order, 7x green-boiler expansion, solar project and waste-to-steam opportunities provide multiple growth avenues, while management targets 30–35% EBITDA CAGR over the next three years.
