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 the 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₹23.1 Cr

Except as stated in this section, as on the date of this 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 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 also must be able to secure rights of way for our pipelines. There is a geographical space limitation regarding the installation and placement of new pipelines to distribute industrial gases in established industrial clusters in India. 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, including at the Tarapur property where we were required to construct on the land within a specified time but did not, leading to a request for an additional premium of ₹14.78 million and a subsequent penalty payment.(Land and Site Acquisition)

• Our top ten customers contributed 47.87% of our revenue from operations in Fiscal 2026. 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. We expect that we will continue to be reliant on our top 10 customers for a large portion of our revenue for the foreseeable future. We rely on contracts and purchase orders to govern the price, volume and other terms of sales for our steam. We may not be able to reprocure purchase orders from existing customers whose agreements are expiring in the near-term future.(Customer Concentration)

• Our agreements with our top ten customers in Fiscal 2026 are between two years and seven years. Agreements with four of these customers are expiring in Fiscal 2027 and one is 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 year on year which is designed to cover inflation (other than coal prices).(Cost Structure)

• Our business is concentrated with our top 10 customers. The table below sets forth our revenue from operations of our largest customer, top three customers and top 10 customers and their respective contributions to our revenue from operations for the years indicated. The largest customer, Sanjoo Dyeing & Printing Mills Private Limited, contributed 18.36% of revenue from operations in Fiscal 2026.(Customer Concentration)

• We served 202 customers during Fiscal 2026, 173 customers during Fiscal 2025 and 125 customers during Fiscal 2024. Our revenues from repeat customers accounted for 90.72%, 88.01% and 91.49% of our revenues from operations, respectively. Many of our customers have entered into long-term contracts with us. We have a history of high customer retention since Fiscal 2024.(Customer Retention)

• Our financial or fiscal year ends on March 31st of each calendar year. References to a 'Fiscal' or a 'fiscal year' are to the 12-month period ended March 31st of the relevant year. Unless otherwise stated, industry and market data used in this section has been obtained or derived from the report titled 'Industry Report on Community Industrial Gases Generation & Distribution in India', dated August 25, 2026 ('F&S Report'), prepared and issued by Frost & Sullivan.(Reporting and Data Sources)

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 - RHP04 Sept 2026