SFC ENVIRONMENTAL TECHNOLOGIES IPO
SFC ENVIRONMENTAL TECHNOLOGIES is a MAINBOARD IPO with a current status of OPEN. The price band is 313 - 330. The issue opens on 27 OCT and closes on 29 OCT. The listing date is 03 NOV.
Price Band
313 - 330
Unofficial GMP
₹15
Lot Size
45 shares
Minimum Investment
₹14,850
SFC ENVIRONMENTAL TECHNOLOGIES IPO GMP
The latest available GMP is ₹15. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹345.00
Estimated Gain
+4.5%
SFC ENVIRONMENTAL TECHNOLOGIES IPO GMP History
32
25 OCT
20
26 OCT
15
27 OCT
SFC ENVIRONMENTAL TECHNOLOGIES IPO Details
- IPO Type
- MAINBOARD
- Status
- OPEN
- Price Band
- 313 - 330
- Issue Size
- ₹667.53 Cr
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹150.00 Cr
- Offer for Sale
- ₹517.53 Cr
- Face Value
- 2 Per Equity Share
- Lot Size
- 45
- Minimum Investment
- 14,850
- Exchange
- BSE , NSE
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead Managers
- JM Financial Lt
SFC ENVIRONMENTAL TECHNOLOGIES IPO Dates
- Open Date
- 27 OCT
- Close Date
- 29 OCT
- Allotment Date
- 30 OCT
- Refund Date
- 02 NOV
- Demat Credit Date
- 02 NOV
- Listing Date
- 03 NOV
SFC ENVIRONMENTAL TECHNOLOGIES IPO Subscription
- QIB
- --
- NII / HNI
- --
- Retail
- --
- Employee
- --
- Total Subscription
- --
SFC ENVIRONMENTAL TECHNOLOGIES IPO Financials
Revenue
FY2026
₹804.00 Cr
+15.19% vs FY2025
PAT
FY2026
₹160.00 Cr
+5.26% vs FY2025
Total Assets
FY2026
₹1,323.00 Cr
+32.43% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 657 | 698 | 804 |
| Net Profit | 144 | 152 | 160 |
| Total Assets | 905 | 999 | 1,323 |
SFC ENVIRONMENTAL TECHNOLOGIES IPO Valuation
- Market Cap (Post IPO)
- ₹3232.57 Cr.
- EPS
- 17.15
- P/E Ratio
- 19.24
- ROE
- 0.18%
- ROCE
- 0.72%
- RONW
- 0.19%
- Debt / Equity
- 0.25%
- PAT Margin
- 1.11%
- EBITDA Margin
- 29.34% Price to Book Value
SFC ENVIRONMENTAL TECHNOLOGIES Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| THERMAX Ltd. | 10,694.15 | -- | 63.94 | 52.01x | -- | 13.74% | -- |
| PRAJ INDUSTRIES Ltd. | 3,167.88 | -- | 1.30 | 220.77x | -- | 1.77% | -- |
| ION EXCHSNGE (INDIA) Ltd. | 2,914.84 | -- | 12.03 | 31.34x | -- | 11.20% | -- |
SFC ENVIRONMENTAL TECHNOLOGIES IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 1 | 45 | ₹14,850 |
| Retail Maximum | 13 | 585 | ₹1,93,050 |
| Small HNI | 14 | 630 | ₹2,07,900 |
| Big HNI | 68 | 3,060 | ₹10,09,800 |
SFC ENVIRONMENTAL TECHNOLOGIES IPO Reservation
- QIB
- 50%
- NII / HNI
- 15%
- Retail
- 35%
SFC ENVIRONMENTAL TECHNOLOGIES Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 48.18%
- Post-IPO Promoter Holding
- 41.18%
SFC ENVIRONMENTAL TECHNOLOGIES Company Overview
1. **Company Profile:** SFC Environmental Technologies Limited provides environmental technologies and engineering solutions for wastewater treatment, wastewater recycling and reuse, and solid waste treatment. 2. **Established in 2005:** The company was incorporated on 29 March 2005 as SFC Environmental Technologies Private Limited and subsequently converted into a public limited company in 2024. 3. **Core Technology:** Its proprietary C-Tech technology is used for biological wastewater treatment, particularly through the sequencing batch reactor (SBR) process. 4. **Wastewater Treatment:** The company provides technology, engineering, equipment manufacturing, supply and supervision of installation and commissioning for wastewater treatment plants. 5. **Water Recycling and Reuse:** It offers solutions to treat wastewater so that it can be recycled and reused for suitable applications. 6. **Solid Waste Treatment:** The company has expanded into solid waste treatment, including projects involving waste processing and waste-to-resource solutions. 7. **Products and Equipment:** Its offerings include decanters, diffusers, air blowers, fibre disc filters, solar sludge-drying systems and automated control and monitoring solutions. 8. **Installation Track Record:** As of 31 July 2026, the company reported 728 commissioned wastewater-treatment installations. 9. **Market Position:** According to the industry report cited in its IPO disclosures, the company held more than 80% of India's SBR technology market. This figure relates specifically to SBR technology, not the entire wastewater-treatment industry. 10. **Geographical Reach:** The company reported installations across 23 states and five Union Territories in India as of July 2026. 11. **Order Book:** Its reported order book stood at approximately ₹1,574.5 crore as of 31 March 2026, providing visibility into future project execution, subject to contract terms and timely delivery. 12. **FY2024 Financial Performance:** Total income was approximately ₹676.74 crore, and profit after tax (PAT) was approximately ₹144.17 crore. 13. **FY2025 Financial Performance:** Total income increased to approximately ₹726.96 crore, while PAT rose to approximately ₹152.01 crore. 14. **FY2026 Financial Performance:** Total income increased to approximately ₹821.27 crore, and PAT rose to approximately ₹160.21 crore, based on the reported restated consolidated financial figures. 15. **FY2026 Operating Profitability:** EBITDA was approximately ₹235.81 crore, with an EBITDA margin of around 29.3%. 16. **IPO Structure:** The IPO comprises a fresh issue of approximately ₹150 crore and an offer for sale (OFS) of approximately ₹517.53 crore. 17. **Price Band:** ₹313–₹330 per equity share, with a face value of ₹2 per share. 18. **Total Issue Size:** Approximately ₹667.53 crore at the upper end of the price band. 19. **IPO Schedule:** The issue is scheduled to open on 27 October 2026 and close on 29 October 2026. The tentative listing date is 3 November 2026. 20. **Primary Growth Areas:** Wastewater recycling and solid waste treatment are important expansion areas alongside the company's established sewage-treatment business.
SFC ENVIRONMENTAL TECHNOLOGIES Business Model
1. **Wastewater Treatment:** Provides engineering and technology solutions for treating municipal and industrial wastewater. 2. **Sewage Treatment Plants:** Supplies technology and equipment used in sewage treatment plants (STPs). 3. **C-Tech Technology:** Uses its proprietary C-Tech process for biological treatment of sewage and effluents. 4. **Sequencing Batch Reactor Systems:** Provides SBR-based treatment solutions in which biological treatment stages are carried out sequentially in a reactor. 5. **Industrial Effluent Treatment:** Offers solutions for treating wastewater generated by industrial processes, subject to the requirements of individual projects. 6. **Wastewater Recycling:** Develops systems that enable treated wastewater to be reused for suitable industrial, municipal or other applications. 7. **Water Reuse Solutions:** Supports water conservation by helping customers recover usable water from wastewater streams. 8. **Solid Waste Treatment:** Provides technologies and engineering services for handling and processing solid waste. 9. **Waste-to-Resource Projects:** Participates in projects intended to recover useful resources from waste, including projects related to waste processing and biogas. 10. **Equipment Manufacturing and Supply:** Supplies equipment required for wastewater treatment and associated environmental infrastructure. 11. **Decanters and Diffusers:** Provides components used in treatment processes for separating solids and supporting aeration. 12. **Air Blowers and Filtration:** Supplies air blowers and filtration-related equipment used in wastewater-treatment systems. 13. **Solar Sludge Drying:** Offers solar sludge-drying systems designed to reduce moisture content and facilitate sludge handling. 14. **Automation and Monitoring:** Provides control systems and monitoring solutions to support plant operation and process management. 15. **Engineering and Design:** Undertakes project engineering and develops technical solutions based on client and site requirements. 16. **Installation and Commissioning:** Supervises the installation and commissioning of treatment equipment and systems. 17. **Operation and Maintenance:** Provides operation and maintenance-related services for eligible projects and facilities. 18. **Government and Municipal Projects:** Participates in projects associated with municipal bodies, public-sector entities and government-led infrastructure programmes. 19. **Private-Sector Customers:** Also serves private-sector customers requiring wastewater treatment, recycling and environmental management solutions. 20. **Revenue Model:** Generates income through project execution, equipment and technology supply, engineering services and related activities. 21. **Project-Based Business:** Revenue recognition and cash collections can vary according to project milestones, customer approvals and payment schedules. 22. **Expansion Strategy:** The company's wastewater recycling and solid waste treatment activities provide opportunities to broaden its business beyond conventional sewage-treatment projects.
SFC ENVIRONMENTAL TECHNOLOGIES Objects of the Issue
1. **Total IPO Size:** The issue is approximately ₹667.53 crore at the upper end of the price band. 2. **Fresh Issue:** Approximately ₹150 crore will be raised through the issuance of new equity shares. 3. **Offer for Sale:** Approximately ₹517.53 crore is attributable to the OFS component at the upper end of the price band. 4. **Debt Repayment:** Approximately ₹42.23 crore of the fresh-issue proceeds is proposed to be used for prepayment of all or part of certain outstanding borrowings of the company and its wholly owned subsidiary, Vasudha Waste Treatment Private Limited. 5. **Lower Finance Costs:** Debt prepayment may reduce interest expenses and improve financial flexibility, depending on the amount repaid and the terms of the relevant borrowings. 6. **Working Capital:** Approximately ₹74.92 crore is earmarked for the company's working-capital requirements. 7. **Project Execution Funding:** Working capital is important for purchasing equipment and materials, meeting project expenses and managing the gap between expenditure and customer collections. 8. **Business Operations:** The proposed working-capital allocation is intended to support ongoing operations and project requirements. 9. **General Corporate Purposes:** The remaining permitted proceeds, after accounting for the specified objectives and applicable limits, are intended for general corporate purposes. 10. **OFS Proceeds:** The OFS component allows existing shareholders to sell shares. Those proceeds go to the selling shareholders rather than directly to the company. 11. **Primary Capital Benefit:** Only the fresh-issue component provides new capital to the company. 12. **Investor Consideration:** The largest stated use of fresh proceeds is working capital, making receivables, payment cycles and operating cash flow important factors for investors to monitor.
SFC ENVIRONMENTAL TECHNOLOGIES Strengths
1. **Specialised Technology:** The company's C-Tech technology and SBR expertise differentiate its wastewater-treatment offering. 2. **Strong Niche Market Position:** The company reported more than 80% market share in India's SBR technology segment, according to its cited industry report. 3. **Established Operating History:** Operations dating back to 2005 provide a long track record in environmental engineering. 4. **Large Installation Base:** A reported 728 wastewater-treatment installations as of July 2026 demonstrate substantial execution experience. 5. **Wide Geographical Presence:** Installations across 23 states and five Union Territories provide exposure to projects in multiple regions. 6. **Strong Order Book:** The reported ₹1,574.5 crore order book as of March 2026 offers potential revenue visibility, although execution and collections remain uncertain. 7. **Revenue Growth:** Reported total income increased from approximately ₹676.74 crore in FY2024 to ₹821.27 crore in FY2026. 8. **Consistent Profitability:** Reported PAT rose from approximately ₹144.17 crore in FY2024 to ₹160.21 crore in FY2026. 9. **Healthy EBITDA Margin:** The reported FY2026 EBITDA margin of around 29.3% indicates solid operating profitability in that financial year. 10. **Environmental Sector Exposure:** Wastewater treatment and recycling address needs related to urbanisation, industrial activity, water scarcity and environmental compliance. 11. **Growing Recycling Opportunity:** Wastewater recycling and reuse can benefit from demand for alternative water sources and more efficient water management. 12. **Expansion into Solid Waste:** Solid waste treatment provides an additional growth avenue beyond the established wastewater-treatment business. 13. **Integrated Service Offering:** Technology, engineering, equipment supply and commissioning services allow the company to serve multiple stages of project execution. 14. **Repeat Customers:** Repeat customers contributed approximately 92% of FY2026 revenue, according to recent analysis of company disclosures, indicating established customer relationships. 15. **Potential Debt Reduction:** The proposed use of ₹42.23 crore for debt repayment could improve the company's financing position if implemented as planned. 16. **Infrastructure and Sustainability Demand:** Municipal and industrial investment in treatment infrastructure may support long-term demand for environmental solutions. 17. **Product and Service Range:** Equipment and engineering services complement the core treatment technologies and may create opportunities to serve different project requirements.
SFC ENVIRONMENTAL TECHNOLOGIES Risks
1. **Government Customer Concentration:** Government entities and government tenders accounted for approximately 92% of FY2026 revenue, according to recent analysis. Delays in public spending or tender awards could affect performance. 2. **Customer Concentration:** The top 10 customers contributed approximately 64% of FY2026 revenue. Losing major customers or experiencing delays in their projects could materially affect revenue. 3. **Working-Capital Pressure:** Infrastructure projects often require spending before the company receives customer payments, potentially putting pressure on cash flow. 4. **Negative Operating Cash Flow:** Operating cash flow was reported at approximately negative ₹25.8 crore in FY2026 despite positive accounting profit, highlighting a gap between earnings and cash generation. 5. **Long Collection Cycle:** The reported cash conversion cycle increased to approximately 242 days in FY2026, which may increase the need for external funding. 6. **Receivables Risk:** Delayed collection of customer dues can constrain the company's ability to finance new projects and meet operating expenses. 7. **Borrowing Increase:** Reported consolidated borrowings increased substantially in FY2026. The company may remain exposed to interest costs and refinancing requirements even after the proposed debt repayment. 8. **Project Execution Risk:** Construction delays, cost overruns, technical issues and missed milestones can affect profitability and customer relationships. 9. **Tender Dependence:** Government and municipal contracts may involve competitive bidding, eligibility requirements, administrative delays and changing procurement priorities. 10. **Order-Book Conversion:** A large order book does not guarantee revenue or profit. Orders may be delayed, amended or cancelled, and some projects may generate lower-than-expected margins. 11. **Sewage-Treatment Concentration:** A substantial part of the business is linked to wastewater and sewage treatment. Slower growth in this segment could affect overall performance. 12. **Solid-Waste Execution Risk:** Expansion into solid waste treatment may involve unfamiliar technologies, execution challenges and different operating economics. 13. **Technology and Supplier Dependence:** Certain equipment and technologies, including membranes, blowers and filtration components, may depend on external suppliers. Supply disruption or higher import costs could affect execution. 14. **Limited Formal R&D:** Recent analysis has highlighted the absence of a formal research-and-development programme. Continued competitiveness may depend on maintaining and improving existing technologies and supplier relationships. 15. **Competitive Pressure:** The company competes with environmental engineering firms and water-treatment providers, including larger diversified companies such as Thermax, Praj Industries and Ion Exchange. 16. **Regulatory Risk:** Changes in environmental standards, water-treatment regulations, tender rules and government policy could affect project requirements and compliance costs. 17. **Margin Pressure:** Rising equipment, material, labour or subcontracting costs may reduce project margins, particularly where contracts do not allow cost adjustments. 18. **Quarterly Earnings Volatility:** Revenue and profit may vary significantly between quarters due to project milestones, seasonal construction patterns and the timing of customer approvals. 19. **Fresh-Issue and OFS Mix:** Most of the overall IPO value is an OFS, so the selling shareholders receive the majority of the proceeds. The company itself receives only the fresh-issue proceeds, before applicable expenses. 20. **Valuation Risk:** At ₹330 per share, the reported valuation is approximately 20 times FY2026 earnings using the post-issue share count. Investors should consider growth, cash conversion, debt and customer concentration when assessing whether the valuation is justified. 21. **Environmental and Performance Risk:** Failure of a treatment system to meet contractual or regulatory standards could lead to remedial expenses, disputes or reputational damage. 22. **Investment Risk:** Listing gains are not guaranteed. The share price may fall below the issue price, and investors should assess the final RHP, financial statements and risk factors before applying.
SFC ENVIRONMENTAL TECHNOLOGIES Frequently Asked Questions
What is the SFC ENVIRONMENTAL TECHNOLOGIES IPO price band?
The SFC ENVIRONMENTAL TECHNOLOGIES IPO price band is 313 - 330.
What is the latest SFC ENVIRONMENTAL TECHNOLOGIES IPO GMP?
The latest available SFC ENVIRONMENTAL TECHNOLOGIES IPO GMP in the IPOWEB database is ₹15. GMP is unofficial and does not guarantee a listing gain.
When does the SFC ENVIRONMENTAL TECHNOLOGIES IPO open and close?
The SFC ENVIRONMENTAL TECHNOLOGIES IPO opens on 27 OCT and closes on 29 OCT.
When is the SFC ENVIRONMENTAL TECHNOLOGIES IPO allotment date?
The SFC ENVIRONMENTAL TECHNOLOGIES IPO allotment date is 30 OCT.
When is the SFC ENVIRONMENTAL TECHNOLOGIES IPO listing date?
The SFC ENVIRONMENTAL TECHNOLOGIES IPO listing date is 03 NOV.