Steamhouse India Limited

• Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company
• 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)
• Funding capital expenditure in relation to setting up of a new manufacturing facility for generation of steam in Dahej GIDC (Phase 2)
• 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.(Geographic Concentration)

• Our business is dependent on the successful installation and operation of pipelines through industrial estates to connect our facilities to our customers, and we also must be able to secure rights of way for these pipelines. 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)

• Any failure by us to secure suitable sites may materially impact the development of a steam or other industrial gas project, and if this occurs across a number of our proposed project locations, our business and prospects could be materially and adversely affected. We have already experienced such risks in certain locations.(Land Acquisition)

• Our top ten customers contributed 47.87% of our revenue from operations in Fiscal 2026. 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 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 agreements with four of our top ten customers expiring in Fiscal 2027 and one expiring in Fiscal 2029, and 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.(Customer Concentration)

• 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.(Commodity Price Volatility)

• The fixed cost component has a reserved escalation clause.(Contractual Risk)

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.

• Steamhouse India Limited - Prospectus14 Sept 2026