Steamhouse India Limited

• Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company₹180 Cr
• Funding capital expenditure requirements for augmenting infrastructure development of our Company towards (i) capacity expansion of the Ankleshwar Facility (Phase 3) and (ii) capacity expansion of the Panoli Facility (Phase 2)₹76.0 Cr
• Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam in Dahej GIDC (Phase 2)₹38.2 Cr
• General corporate purposes

Except as stated in this section, as on the date of this Red Herring Prospectus, there are no outstanding (i) criminal proceedings (including matters which are at FIR stage even if no cognizance has been taken by any court or any other judicial authority) (ii) actions (including all penalties and show cause notices) taken by regulatory or statutory authorities (including any judicial, quasi-judicial, administrative or enforcement authorities); (iii) claims related to any direct or indirect taxes in a consolidated manner; (iv) other pending litigation as determined to be material by our Board as per the Materiality Policy, in each case involving our Company, our Subsidiary, our Promoters or our Directors ("Relevant Parties"); (v) litigations involving our Group Companies which have a material impact on our Company; and vi) disciplinary actions (including a penalty) imposed by SEBI or any of the stock exchanges against our Promoters in the five financial years preceding this Red Herring Prospectus, including any outstanding action.

• Our operations are limited to providing steam and other industrial gases to customers in close proximity to our facilities, which means that our customer base for each facility is limited geographically. Our business and growth plans are dependent on our ability to find suitable land for the development of our steam and other industrial gas facilities in close proximity to industrial clusters where potential customers are located. We must also secure rights of way for pipelines. There is a geographical space limitation regarding the installation of new pipelines in established industrial clusters. Any failure to secure suitable sites may materially impact the development of a steam or other industrial gas project.(Land and Site Acquisition)

• Our top ten customers contributed 47.87% of our revenue from operations in Fiscal 2026. We also derive a significant portion (90.72% in Fiscal 2026) of our 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 our business, results of operations, cash flows and financial condition.(Customer Concentration)

• We have a history of high customer retention since Fiscal 2024. Over the years, we have been able to attract and service new customers and broaden our customer base. Many of our customers have entered into long-term contracts with us. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, our revenues from repeat customers accounted for 90.72%, 88.01% and 91.49% of our revenues from operations, respectively. Further, of our top 10 largest customers by revenue from operations in Fiscal 2026, we have had a relationship spanning over five years with four (4) customers.(Customer Retention)

• Our agreements with our top ten customers in Fiscal 2026 are between two years and seven years. We have agreements with four of these customers expiring in Fiscal 2027 and one expiring in Fiscal 2029. We do not have any agreements with four of our top ten customers in Fiscal 2026 and business is carried out with them on a purchase order basis. We may not be able to reprocure purchase orders from these existing customers whose agreements are expiring in the near-term future.(Contract Expiration)

• Our operations are dependent on the successful installation and operation of pipelines through industrial estates to connect our facilities to our customers. If our rights of way for our pipelines are terminated by the regulator, our business, results of operations, cash flows and financial condition could be adversely affected.(Regulatory and Pipeline Rights)

• Our steam prices have two components: variable cost and fixed cost. If coal prices increase, the variable cost component of the steam prices goes up and if the coal prices decline, the variable cost component of the steam prices goes down. The fixed cost component has a reserved escalation.(Cost Fluctuations)

• In respect of the Tarapur property as per our land agreement with the Maharashtra Industrial Development Corporation (MIDC), we were required to construct on the land within a specified time. As of the date of this Red Herring Prospectus, we have not constructed a project there. MIDC has issued a letter requesting us to pay an additional premium of ₹14.78 million in order to continue using the property. We requested a waiver from this additional premium due to justifiable delays, which we did not receive. Thereafter, we paid the penalty of ₹14.78 million and completed the required construction. On April 6, 2026, MIDC issued us a no objection certificate for our proposed industrial building as per our plants at the Tarapur property.(Land Disputes and Delays)

• We typically enter into contracts for supply of industrial gases with our customers for a duration of between 12 months and 10 years.(Contract Duration)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.