SFC Environmental Technologies
GMP is unofficial and unregulated (not verified by SEBI, NSE or BSE) and does not predict the listing price. Do not apply on the basis of GMP.
- Price band
- ₹ 313 – 330
- Issue size
- ₹ 667.53 Cr.
- Min. investment
- ₹ 14,850
- Listing date
- 3 Nov 2026
- Issue type
- Fresh capital cum OFS
- Lot size
- 45 shares
- P/E
- 540.98
- RoNW
- 0.19%
- RoCE
- 0.72%
- Debt / Equity
- 0.25
- PAT margin
- 1.11%
- EBITDA margin
- 7.36%
- RoE
- 0.18%
- EPS
- ₹ 0.61
- NAV
- ₹ 86.23
- Promoter stake
- 41.18%
About
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.
Timeline
- doneOpens27 Oct
- nextCloses29 Oct
- to comeAllotment30 Oct
- to comeRefunds2 Nov
- to comeDemat credit2 Nov
- to comeListing3 Nov
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 32 on 24 Oct 2026
- Lowest
- ₹ 13 on 28 Oct 2026
- First quoted
- ₹ 31 on 21 Oct 2026
Subscription
How many times each investor group bid for its share, as of 28 Oct 2026, 06:00 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| 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 |
Company overview
Financials
| Assets | 1,224.56 | 1,323.43 | 999.47 | 904.94 |
| Total Income | 137.9 | 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 | 534.3 |
| Reserves and Surplus | 784.14 | 782.63 | 628.54 | 526.41 |
| Total Borrowing | 204.77 | 195.64 | 83.71 | 139.16 |
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 48.18% to 41.18% 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.
What the money is for
| 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 |
| Funding working capital requirements | 74.92 |
| General Corporate Purposes | — |
Promoters
- Sandeep Sudhakar Asolkar
- Priya Sandeep Asolkar
- Prachiti Sandeep Asolkar
- Saketchandrasingh Pratapsingh Dhandoriya
Anchor investors
17 anchors put in ₹ 200.25 Cr., including 14 mutual funds.
| SBI INFRASTRUCTURE FUND | 11,36,340 | 37.5 | 18.73% |
| NIPPON INDIA SMALL CAP FUND | 8,28,585 | 27.34 | 13.65% |
| NIPPON INDIA POWER & INFRA FUND | 3,07,755 | 10.16 | 5.07% |
| ICICI PRUDENTIAL MANUFACTURING FUND | 7,88,715 | 26.03 | 13% |
| ICICI PRUDENTIAL REGULAR SAVINGS FUND | 2,07,585 | 6.85 | 3.42% |
| ICICI PRUDENTIAL QUANT FUND | 41,535 | 1.37 | 0.68% |
| QSIF EQUITY EX-TOP 100 LONG-SHORT FUND | 5,18,940 | 17.13 | 8.55% |
| QSIF HYBRID LONG-SHORT FUND | 5,18,895 | 17.12 | 8.55% |
| GOVERNMENT PENSION FUND GLOBAL | 2,04,660 | 6.75 | 3.37% |
| EDELWEISS RECENTLY LISTED IPO FUND | 1,51,560 | 5 | 2.5% |
| EDELWEISS EQUITY SAVINGS FUND | 1,51,515 | 5 | 2.5% |
| SUNDARAM SMALL CAP FUND | 3,03,075 | 10 | 4.99% |
| BANK OF INDIA MANUFACTURING & INFRASTRUCTURE FUND | 2,12,130 | 7 | 3.5% |
| BANK OF INDIA BUSINESS CYCLE FUND | 90,945 | 3 | 1.5% |
| TRUST MF SMALL CAP FUND | 1,51,575 | 5 | 2.5% |
| EDELWEISS LIFE INSURANCE CO.LTD. | 3,03,075 | 10 | 4.99% |
| SOCIETE GENERALE-ODI | 1,51,575 | 5 | 2.5% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- JM Financial Ltd., Nuvama Wealth Management Ltd., IIFL Capital Services Limited
- Red herring prospectus (RHP)
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.