SFC Environmental Technologies IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

SFC Environmental Technologies

Price band

₹313 – ₹330

Lot size

45 shares

Min investment

₹14,850

Issue size

₹667.53 Cr

About the company

SFC Environmental Technologies Limited was incorporated in March 2005. It is an environmental technology company that designs, makes, supplies, installs and commissions systems for wastewater treatment, wastewater recycling and reuse, and solid waste treatment. The wastewater business is built on its own C-Tech technology, an advanced sequencing batch reactor (SBR) process used in sewage treatment plants and industrial effluent treatment. The company sells technology packages, equipment, automation systems, installation, commissioning and related services. As of 31 July 2026 it had commissioned 728 wastewater treatment installations, which treat 17,511.11 million litres of wastewater per day. The source page says it holds over 80% market share in SBR technology in India. It has also entered wastewater recycling and reuse using ultrafiltration, closed circuit reverse osmosis and membrane bioreactor technologies. It has an exclusive supply arrangement with DuPont for selected products in India. In solid waste, the company uses its own Organic Extraction (OREX) technology, which separates biodegradable organic matter from mixed municipal waste to support biogas generation. It runs two integrated solid waste treatment facilities in Goa with a combined capacity of up to 425 tonnes per day. Through a subsidiary, it has orders for compressed biogas plants in Assam and Odisha with a combined order value of Rs 501.70 crore (Rs 5,017 million). The company works across 23 states and five Union Territories. Its customers include engineering, procurement and construction companies, municipal bodies and government-owned entities. As of 31 August 2026 it had 264 employees, of whom 149 were engineers.

SFC Environmental Technologies makes wastewater treatment, recycling and solid waste treatment systems, and has commissioned 728 wastewater installations as of 31 July 2026. The source page says it holds over 80% market share in SBR technology in India.

IPO details

Issue price: ₹330
Price band: ₹313 – ₹330
Face value: ₹2
Lot size: 45
Min investment: ₹14,850
Issue size: ₹667.53 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 8060
NSE symbol: SFCTECH.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	45	₹14,850
Retail (Max)	13	585	₹1,93,050
S-HNI (Min)	14	630	₹2,07,900
B-HNI (Min)	68	3,060	₹10,09,800

Investor reservation

CATEGORY	RESERVED
QIB	1,01,14,102 shares (50.00% of the Offer)
NII	30,34,231 shares (15.00% of the Offer)
Retail	70,79,871 shares (35.00% of the Offer)

Objects of the issue

1Prepayment of all or a portion of certain outstanding borrowings availed by Company and wholly owned Subsidiary, namely Vasudha Waste Treatment Pvt.Ltd.42.23

2Funding working capital requirements74.92

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	1,224.56	1,323.43	999.47	904.94
Total Income	137.90	821.27	726.96	676.74
Profit After Tax	1.48	160.21	152.01	144.17
EBITDA	9.86	235.81	207.48	193.25
NET Worth	805.49	804.17	648.68	534.30
Reserves and Surplus	784.14	782.63	628.54	526.41
Total Borrowing	204.77	195.64	83.71	139.16

Key performance indicators

P/E Ratio

540.98

EPS (₹)

0.61

RoE

0.18%

RoCE

0.72%

RoNW

0.19%

PAT Margin

1.11%

EBITDA Margin

7.36%

Debt / Equity

0.25

NAV (₹)

86.23

✓ Strengths

• Total income grew from Rs 676.74 crore in FY2024 to Rs 821.27 crore in FY2026, and profit after tax from Rs 144.17 crore to Rs 160.21 crore.

• FY2026 EBITDA was Rs 235.81 crore, with an EBITDA margin of 29.34% and a PAT margin of 19.94% on the source page.

• Return on equity was 21.55% and return on net worth 21.25% in FY2026, on a net worth of Rs 804.17 crore.

• The company has commissioned 728 wastewater treatment installations as of 31 July 2026 and the source page says it has over 80% market share in SBR technology in India.

• Repeat customers gave 91.98% of revenue in FY2026, and the company has compressed biogas orders worth Rs 501.70 crore (Rs 5,017 million) in Assam and Odisha.

• At the upper band of Rs 330, the pre-issue P/E is 19.24 on a pre-issue EPS of Rs 17.15, based on FY2026 earnings.

• Debt to equity was 0.24 on 31 March 2026, with total borrowings of Rs 195.64 crore against a net worth of Rs 804.17 crore.

⚠ Risks

• The latest period is a stub. In the quarter ended 30 June 2026 total income was Rs 137.90 crore but profit after tax was only Rs 1.48 crore, against Rs 160.21 crore for the full FY2026. The KPIs stored on this page (ROE 0.18%, PAT margin 1.11%) are for that one quarter and are not annualised.

• The post-issue P/E is 540.98 at the upper band, based on a post-issue EPS of Rs 0.61 that the source annualises from the quarter ended 30 June 2026.

• Most of the issue is an offer for sale. Selling shareholders offer 1,56,82,750 shares worth Rs 517.53 crore of the Rs 668 crore issue, about 77%, and the company does not receive this money.

• Promoters Sandeep Sudhakar Asolkar with Priya Sandeep Asolkar, and Saketchandrasingh Pratapsingh Dhandoriya, are selling shares worth Rs 154.11 crore. Promoter and promoter group holding falls from 45.24% to 38.37% after the issue.

• Only Rs 117.15 crore of net proceeds is allocated to named objects: Rs 42.23 crore to repay borrowings of the company and its subsidiary Vasudha Waste Treatment Private Limited, and Rs 74.92 crore for working capital. The rest is for general corporate purposes.

• Total borrowings rose from Rs 83.71 crore on 31 March 2025 to Rs 195.64 crore on 31 March 2026 and Rs 204.77 crore on 30 June 2026.

• Revenue growth slowed to about 13% in FY2026 and profit after tax grew about 5%, so profit is growing slower than income.

• Repeat customers gave 91.98% of FY2026 revenue and customers include engineering, procurement and construction companies, municipal bodies and government-owned entities, so the business depends on a small set of buyer types.

Promoters & holding

Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar and Saketchandrasingh Pratapsingh Dhandoriya

Pre-issue promoter holding

45.24%

Post-issue promoter holding

38.37%

Promoters and the promoter group hold 45.24% before the issue and will hold 38.37% after it.

Data refreshed 09 Nov 2026, 02:00 pm IST. GMP is unofficial market sentiment, not investment advice.