Details of the EPC and O&M Mandate
The mandate awarded by Himachal Pradesh Bulk Drug Park Infrastructure Limited encompasses the Engineering, Procurement, and Construction (EPC), commissioning, and comprehensive Operation and Maintenance (O&M) of a Common Steam Plant and Co-generation Power Plant. Located at the Bulk Drug Park in Una, Himachal Pradesh, the project features a 300 TPH steam plant and an indicative 30 MW power capacity, supported by an associated steam distribution network. The EPC phase is set for completion within 24 months from the project's commencement.
Following commissioning, Steamhouse India will manage the facilities for a 25-year O&M period, ensuring long-term utility stability for the industrial park.
Client Profile and Project Framework
- The project is awarded by Himachal Pradesh Bulk Drug Park Infrastructure Limited, a state-backed entity.
- The contract is part of a strategic initiative to develop a world-class bulk drug manufacturing hub in Una.
- The commercial framework includes an initial subsidised period followed by a revenue-sharing mechanism.
- Revenue sharing is specifically envisaged to run from April 2032 through March 2052.
- Project funding is provided by the awarding entity as per the applicable contractual framework.
Business Impact and Capacity Expansion
This project represents a strategic geographic expansion for Steamhouse India, moving its community steam generation model beyond Gujarat into Northern India. Currently, the company operates approximately 345 TPH of steam capacity, with another 360 TPH under construction. The addition of the 300 TPH Una project is expected to bring the company's total potential generation and distribution platform to approximately 1,005 TPH.
The 25-year O&M contract provides a predictable, long-term revenue stream and establishes the company as a key utility provider for the pharmaceutical sector in Himachal Pradesh.
Financial Performance and Market Context
Steamhouse India has demonstrated consistent growth, reporting an annual revenue of ₹491.51 crore with a year-on-year growth rate of 24.2%. The company's net profit also rose by 24% to ₹38.64 crore in the same period. Operating within the industrial gases and utilities sector, the company maintains a robust return on equity (ROE) of 22.36%.
The stock has seen a 40.38% change over the past year, currently trading near its 52-week high. With a promoter holding of nearly 78% and zero pledged shares, the company maintains a stable ownership structure as it embarks on this capital-intensive expansion.
