SFC Environmental Technologies IPO
Bookbuilding IPO | ₹668.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Oct 27, 2026
IPO Close
Thu, Oct 29, 2026
Price Band
₹313.00 to ₹330.00
Market Cap (Pre-IPO)
₹3,232.57 Cr
IPO Details
| IPO Date | Oct 27, 2026 to Oct 29, 2026 |
| Listing Date | Tentative: Nov 03, 2026 |
| Face Value | ₹2.00 per share |
| Price Band | ₹313.00 to ₹330.00 |
| Lot Size | 45 Shares (Minimum: ₹14,850.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹668.00 Crores |
| Total Shares Offered | 20,228,204 shares |
| Fresh Issue | 4,545,454 shares |
| Offer For Sale | 15,682,750 shares |
SFC Environmental Technologies IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
SFC Environmental Technologies IPO Lot Size
Investors can bid for a minimum of 45 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,850 |
| Retail (Max) | 13 | 585 | ₹193,050 |
| S-HNI (Min) | 14 | 630 | ₹207,900 |
| S-HNI (Max) | 67 | 3,015 | ₹994,950 |
| B-HNI (Min) | 68 | 3,060 | ₹1,009,800 |
SFC Environmental Technologies Financial Information (Restated Consolidated)
SFC Environmental Technologies Ltd.'s revenue increased by 13% and profit after tax (PAT) rose by 5% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 | 526.41 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 21.55% |
| ROCE (Return on Capital Employed) | 22.21% |
| Debt/Equity | 0.24 |
| RoNW (Return on Net Worth) | 21.25% |
| PAT Margin (Profit After Tax Margin) | 19.94% |
| EBITDA Margin | 29.34% |
| Price to Book Value | 3.83 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 17.15 | 0.61 |
| P/E (x) | 19.24 | 540.98 |
Company Overview
SFC Environmental Technologies Limited – Company Overview
- Incorporated in March 2005, SFC Environmental Technologies Limited is an environmental technology company providing technology, design, engineering, manufacturing, supply, installation and commissioning solutions for wastewater treatment (WWT), wastewater recycling and reuse (WRR), and solid waste treatment (SWT).
- Wastewater Treatment: The Company's wastewater treatment business primarily uses its proprietary C-Tech technology, an advanced sequencing batch reactor (SBR) process for sewage treatment plants and industrial effluent treatment. Its solutions include technology packages, equipment, automation systems, installation, commissioning and related services.
- As of July 31, 2026, the Company had commissioned 728 wastewater treatment installations, with its technologies facilitating the treatment of 17,511.11 million litres of wastewater per day.
- Wastewater Recycling and Reuse: The Company has expanded into wastewater recycling and reuse through ultrafiltration (UF), closed circuit reverse osmosis (CCRO) and membrane bioreactor (MBR) technologies, supported by an exclusive supply arrangement with DuPont for selected products in India.
- Solid Waste Treatment: The Company's solid waste treatment business uses its proprietary Organic Extraction (OREX) technology, designed to separate biodegradable organic matter from mixed municipal waste to support biogas generation and resource recovery.
- The Company provides end-to-end solid waste treatment solutions covering design, engineering, construction, equipment supply, commissioning, operations and maintenance. It operates two integrated solid waste treatment facilities in Goa with an aggregate treatment capacity of up to 425 tonnes per day.
- Through its subsidiary, the Company has secured orders for compressed biogas plants in Assam and Odisha, with a cumulative order value of ₹5,017 million. It has also expanded into projects involving agricultural waste and biomass.
- The Company operates across 23 states and five Union Territories in India, serving engineering, procurement and construction companies, municipal bodies and government-owned entities through technology supply, engineering solutions, project execution, and operations and maintenance services.
- The Company's growth strategy includes expanding its wastewater recycling and reuse capabilities and pursuing opportunities in solid waste treatment, compressed biogas and waste-to-energy projects.
- As of August 31, 2026, the Company had 264 employees, including 149 engineers, supported by teams across design and engineering, electrical and instrumentation, erection and commissioning, manufacturing, proposals, sales, finance and other functions.
Company Strengths
- Technology-Driven Market Leadership: Strong position in wastewater treatment, supported by proprietary C-Tech technology and over 80% market share in SBR technology in India.
- Integrated Technology and Engineering Capabilities: Comprehensive solutions across design, engineering, equipment supply, installation, commissioning and operations and maintenance.
- Established Presence in Wastewater Recycling and Reuse: Expansion into UF, CCRO and MBR technologies, supported by an exclusive supply arrangement with DuPont for selected products in India.
- Proprietary Solid Waste Treatment Technology: OREX technology enables organic waste separation, biogas generation and recovery of recyclable resources.
- Strong Order Book and Repeat Business: High repeat-customer revenue, contributing 91.98% of revenue in Fiscal 2026, alongside significant orders in wastewater recycling and compressed biogas projects.
- Diversified Growth Opportunities: Presence across wastewater treatment, wastewater recycling and reuse, solid waste treatment, compressed biogas and waste-to-energy projects.
Use of Proceeds
| 1) | Prepayment of all or a portion of certain outstanding borrowings availed by Company and wholly owned Subsidiary, namely Vasudha Waste Treatment Pvt.Ltd. | 42.23 |
| 2) | Funding working capital requirements | 74.92 |
| 3) | General Corporate Purposes | |
| Total | 117.15 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
SFC Environmental Technologies IPO Peer Comparison
SFC Environmental Technologies peer comparison with similar listed entities. (As on March 31, 2026)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| SFC Environmental Technologies Limited | 16.52 | 16.52 | 86.09 | - | 21.25 | - | Consolidated |
| Thermax Ltd. | 63.95 | 63.94 | 492.55 | 52.01 | 13.74 | 6.76 | Consolidated |
| Praj Industries Ltd. | 1.30 | 1.30 | 71.22 | 220.77 | 1.77 | 4.04 | Consolidated |
| Ion Exchange India Ltd. | 12.03 | 12.03 | 91.30 | 31.34 | 11.20 | 4.14 | Consolidated |
Quick Info
| Sector | environmental technology, waste management, and water treatment |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹3,232.57 Cr |
Important Dates
| IPO Open | Oct 27, 2026 |
| IPO Close | Oct 29, 2026 |
| Allotment Date | Oct 30, 2026 |
| Credit to Demat | Nov 02, 2026 |
| Listing Date | Tentative: Nov 03, 2026 |
Lead Manager(s)
IIFL Capital Services Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹667.53 crores.
- Issue Structure: The issue is a combination of a fresh issue of 45.45 lakh shares aggregating to ₹150.00 crores and an offer for sale of 1.57 crore shares aggregating to ₹517.53 crores.
- IPO Dates: The issue opens for subscription on October 27, 2026 and closes on October 29, 2026.
- Allotment Date: The allotment is expected to be finalized on October 30, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on November 3, 2026.
- Retail Investment Requirement: Minimum 1 lot (45 shares) amounting to approximately ₹14,850 at the upper price band.
- Issue Price Band: ₹313 to ₹330 per equity share.
- Lot Size: 45 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.