Steamhouse India shifts to waste-based steam as shares climb 17%
Steamhouse India is switching gears from coal to waste-based steam production, aiming to recover margins after shutting down its coal trading business in April.
Since debuting on the stock market today, the company's shares are already up around 17% over its issue price, a promising start.
Vishal Budhia eyes margins above 20%
The team at Steamhouse is now targeting margins above 20%, down from 17% last year to around 16% in FY26.
Its waste-to-steam facility, running for the past year and a half, has already shown better results than coal.
With three more waste-based plants under construction and a recovering demand from chemical and pharmaceutical sectors, Chairman and Managing Director Vishal Budhia sounds optimistic:
This move should cut fuel costs and put the company on track for stronger growth.