SFC Environmental Technologies IPO
SFC Environmental Technologies shares listed on BSE and NSE on 3 November 2026 after an IPO priced at ₹313 to ₹330, an issue of ₹667.53 crore.
- Minimum investment
- ₹14,8501 lot of 45 shares, at the upper price
- Price band
- ₹313 to ₹330
- Lot size
- 45 shares
- Issue size
- ₹667.53 croreFresh issue and offer for sale
- Bidding
- 27 Oct to 29 Oct
- Listing
- 3 NovBSE, NSE
Dates
SFC Environmental Technologies IPO dates
RHP cover page and Terms of the Offer- 26 OctAnchor bidding
- 27 OctBidding opens
- 29 OctBidding closes, UPI by 5 pm
- 30 OctAllotment (expected)
- 2 NovRefunds and demat credit (expected)
- 3 NovListing
- Today6 Nov
Dates after closing are the indicative timetable in the RHP and can move by a day or two.
Read before you apply
SFC Environmental Technologies IPO review: read before you apply
Worth checking
- SeriousProfits are not turning into cash
Cash from operations was negative in FY24 (minus ₹11.7 crore), FY26 (minus ₹25.8 crore) and April to June 2026 (minus ₹21.3 crore), despite profit of ₹160 crore in FY26 (p. 96).
- SeriousMoney takes a long time to come in
Trade receivables were ₹660 crore in March 2026, about 300 days of sales (our calculation). Standalone receivable days rose from 197 in FY24 to 282 in FY26 (Risk factor 11).
- Heavy reliance on government-funded work
About 92% of wastewater revenue and all solid waste revenue comes directly or indirectly from government projects. Top 10 customers were 64% of FY26 revenue (Risk factors 2 and 3).
- Past World Bank debarment
Austrian subsidiary SFC Umwelttechnik was on the World Bank debarment list from 2016 to 2018 over fraudulent practices in two Vietnam projects, and faces a €5.6 million claim in Portugal (Risk factors 4 and 13).
- Core business has barely grown
Wastewater treatment revenue grew 1.7% a year from FY24 to FY26. Growth came from solid waste projects (p. 518).
- Very uneven quarters
Revenue in April to June 2026 was ₹134 crore and profit ₹1.5 crore, against ₹804 crore and ₹160 crore for FY26. The RHP says the business is seasonal (Risk factor 44).
Strengths
- Market leader in its niche
Over 80% market share in SBR technology for sewage plants in India, with 724 installations treating 17,465 million litres a day (F&S report in the RHP).
- High margins
Operating EBITDA margin has stayed around 29% to 30% for three years.
- Large order book
₹1,570 crore in June 2026, about twice FY26 revenue.
- Low net debt
Net debt to equity was 0.05 in March 2026, and part of the fresh issue repays loans.
- Repeat business
Repeat customers gave 92% of FY26 revenue.
What SFC Environmental Technologies does
SFC Environmental Technologies designs and supplies the core technology and equipment for sewage and effluent treatment plants, mainly its C-Tech sequencing batch reactor system. Private EPC contractors build the plants for cities and government bodies, and SFC supplies the process, equipment and supervision.
It also runs municipal solid waste plants in Goa that turn waste into biogas, power and compost, and is building compressed biogas plants for a government oil company in Assam and Odisha. It has recently started wastewater recycling with membranes supplied under an exclusive deal with DuPont. Founded in 2005, it is based in Navi Mumbai.
Listing and subscription
SFC Environmental Technologies IPO subscription status
NSE issue details (year archive), final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹330
- Listing price
- ₹355.1
- Gain at open
- +7.6%
- Day close
- ₹426.1
Subscription
- Total
- 9.47x
- Retail
- 2.71x
- Updated
- 29 Oct 2026, 5:00 pm IST
- QIB50% of offer18.81x
- NII15% of offer12.81x
- Big NII14.49x
- Small NII9.44x
- Retail35% of offer2.71x
- Total9.47x
As of 29 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
SFC Environmental Technologies IPO price band, lot size and issue size
RHP, The Offer (p. 90)| Price band | ₹313 to ₹330 |
| Lot size | 45 shares |
| Issue size | ₹667.53 crore at the upper price |
| Fresh issue | ₹150 crore |
| Offer for sale | ₹517.53 crore by promoters Sandeep Asolkar and Saketchandrasingh Dhandoriya, and six other shareholders |
| Face value | ₹2 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
Up to 60% of the QIB portion can go to anchor investors. NII is split one-third for ₹2 to 10 lakh bids and two-thirds for bids above ₹10 lakh.
What the company will do with the money
RHP, Objects of the Offer (p. 168)| Object of the issue | ₹ crore |
|---|---|
| Repay loans of the company and its subsidiary Vasudha Waste Treatment | 42.23 |
| Working capital | 74.92 |
| General corporate purposes (up to 25% of the fresh issue) |
Minimum and maximum investment
Our calculation: at ₹330 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 45 | ₹14,850 |
| Retail (max) | 13 | 585 | ₹1,93,050 |
| Small NII (min) | 14 | 630 | ₹2,07,900 |
| Small NII (max) | 67 | 3,015 | ₹9,94,950 |
| Big NII (min) | 68 | 3,060 | ₹10,09,800 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer PriceSet to the upper end of the band, ₹330. Change it to see what you would be paying for.
- Market cap
- ₹3,233 cr
- P/E (FY26)
- 20.0x
- Price to book
- 4.0x
- Market cap to sales
- 4.0x
- Peer average P/E
- 101.38x
Based on FY26 EPS of ₹16.52, 9.80 crore shares, net worth of ₹805.49 crore (June 2026) and revenue of ₹803.63 crore. Shares after the IPO: 9,34,11,270 existing shares plus about 45.45 lakh new shares from the ₹150 crore fresh issue at the upper price of ₹330 (our calculation). At a lower price, slightly more new shares are issued.
Financials
SFC Environmental Technologies financials
RHP, Summary Financial Information (p. 92), ₹ croreRevenue and profit
Revenue vs money still to be collected
Revenue grew 10.6% a year from FY24 to FY26 and profit after tax 5.4% a year (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 657.50 | 697.86+6.1% | 803.63+15.2% | 133.94 |
| Other income | 19.07 | 29.11 | 17.64 | 3.95 |
| Operating EBITDA | 193.25 | 207.48 | 235.81 | 9.86 |
| Operating EBITDA margin | 29.4% | 29.7% | 29.3% | 7.4% |
| Profit after tax | 144.17 | 152.01+5.4% | 160.21+5.4% | 1.48 |
| PAT margin | 21.9% | 21.8% | 19.9% | 1.1% |
| EPS (₹) | 15.16 | 15.42 | 16.52 | 0.16 |
| Net worth (owners) | 534.30 | 648.68 | 804.17 | 805.49 |
| Total assets | 904.94 | 999.47 | 1,323.43 | 1,224.56 |
| Total borrowings | 139.16 | 83.71 | 195.64 | 204.77 |
| Trade receivables | 394.51 | 487.37 | 660.17 | 511.11 |
| Cash from operations | -11.69 | 65.51 | -25.80 | -21.34 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. Borrowings and receivables add the current and non-current amounts (our calculation). EPS reflects the 2-for-1 bonus and share split of 2024.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 186). Peer prices as of 16 Oct 2026.The listed peers are much larger engineering companies with different business mixes.
| Company | Revenue (₹ crore) | EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|---|
| SFC Environmental | 803.63 | 16.52 | At issue price | 21.25% | 86.09 |
| Thermax | 10,694.15 | 63.94 | 52.01x | 13.74% | 492.55 |
| Praj Industries | 3,167.88 | 1.30 | 220.77x | 1.77% | 71.22 |
| Ion Exchange (India) | 2,914.84 | 12.03 | 31.34x | 11.20% | 91.30 |
The peer average P/E of 101.38x is from the RHP (p. 185). It is pulled up by Praj Industries at 220.77x; the other two peers are at 52.01x and 31.34x.
Key performance indicatorsReturn on equity, Return on capital employed, Net debt to equity and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Return on equity | 29.8% | 24.8% | 21.6% | 0.2%* |
| Return on capital employed | 28.6% | 29.3% | 22.2% | 0.7%* |
| Net debt to equity | -0.09 | -0.08 | 0.05 | 0.08 |
| Cash conversion cycle (days) | 156 | 232 | 242 | 411 |
| Top 10 customers, share of revenue | 59.2% | 61.4% | 64.4% | 79.2% |
| Order book (₹ crore) | 785.23 | 560.39 | 1,574.52 | 1,570.07 |
| Treatment installations (cumulative) | 577 | 639 | 705 | 724 |
*Not annualised. Negative net debt means cash was more than borrowings.
RHP, Basis for Offer Price (p. 188)
Company
About SFC Environmental Technologies
Business
RHP, Our Business and MD&A (p. 298, p. 518)Three segments: wastewater treatment (technology and equipment for sewage plants), wastewater recycling and reuse (ultrafiltration, reverse osmosis and membrane bioreactors), and solid waste treatment (integrated waste plants and biogas). The group has subsidiaries in India and abroad, including an Austrian engineering arm.
Revenue by segment, FY26
- Installations
- 724
- Repeat revenue FY26
- 92%
- Order book, Jun 2026
- ₹1,570 crore
- Goa waste capacity
- 425 TPD
Key risks
RHP, Risk Factors (p. 28), 85 listed- Technology dependenceThe business rests on its C-Tech and OREX technologies. Failure or obsolescence would hit revenue.
- Government spendingMost revenue depends on government-funded sewage and waste projects and policy priorities.
- Customer concentrationTop 10 customers gave 64% of FY26 revenue, mostly without long-term contracts.
- Working capital strainLong receivable cycles have led to negative operating cash flow in three of the last four periods.
- Goa concession may endThe North Goa waste plant concession is extended only up to August 2027 or until a new operator takes over.
- Legal cases abroadThe Austrian subsidiary faces about ₹67 crore of claims in Portugal and Austria.
- Orders can be delayedOrder book projects can be delayed, modified or cancelled.
These are the 7 that matter most for a retail investor, in our reading. The RHP lists all 85.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingPost-IPO holding depends on the final price, because the number of fresh shares is not yet fixed.
Promoters: Sandeep Asolkar (Chairman and Managing Director), Priya Asolkar, Prachiti Asolkar and Saketchandrasingh Dhandoriya. The promoter group owns 48.18% before the IPO. Post-IPO holding depends on the final price, because the number of fresh shares is not yet fixed.
| Shareholder | Before IPO | Selling in OFS | Avg cost per share |
|---|---|---|---|
| Sandeep Asolkar (jointly with Priya Asolkar) | 19.36% | 9,34,000 | ₹36.72 |
| Sandeep Asolkar | 14.45% | Nil | ₹0.44 |
| Saketchandrasingh Dhandoriya | 9.03% | 37,36,000 | ₹36.72 |
| Asolkar Tradecraft (promoter group) | 5.33% | Nil | |
| Sarvesh Kumar Garg | 5.92% | 35,65,000 | ₹36.72 |
| Kumaraguru Madurakavi | 4.92% | 21,36,000 | ₹36.72 |
| Rajesh Kesavan Nambisan | 4.92% | 21,36,000 | ₹36.72 |
| Sandeep Sambhaji Parab | 4.92% | 21,36,000 | ₹36.72 |
| Veera Venkata Satyanarayana Yannamani | 2.30% | 9,33,000 | ₹36.72 |
Two smaller shareholders sell another 1,06,750 shares between them. Holdings are as on 16 Oct 2026.
RHP, Capital Structure (p. 163) and cover page
IndustryIndia water and wastewater market FY26: ₹29,200 crore
- India water and wastewater market FY26
- ₹29,200 crore
- FY25
- ₹26,800 crore
- Expected by FY31
- ₹45,500 crore
- Expected growth
- 9.3% a year
Frost and Sullivan report in the RHP, paid for by the company (p. 229)
LitigationAgainst the company: criminal: 1 · Against the company: tax: 14 · Against promoters: criminal and tax: 5
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal | 1 | |
| Against the company: tax | 14 | ₹5.80 crore |
| Against promoters: criminal and tax | 5 | ₹4.28 crore |
| Against subsidiaries: criminal | 2 | |
| Against subsidiaries: regulatory | 10 | |
| Against subsidiaries: tax and civil | 7 | ₹69.30 crore in all |
Most of the subsidiary amount is the Portuguese municipality's damages claim and two former directors' claims against SFC Umwelttechnik in Austria. Goa pollution and waste authorities have also issued show cause notices to two subsidiaries.
RHP, Risk Factors summary of litigation (p. 37) and Outstanding Litigation (p. 553)
Company detailsLegal name, registered office, CIN and website
| Legal name | SFC Environmental Technologies Limited |
| Incorporated | 2005, Mumbai |
| Chairman and MD | Sandeep Sudhakar Asolkar |
| Registered office | Vashi, Navi Mumbai, Maharashtra |
| CIN | U37003MH2005PLC152235 |
| Website | sfcenvironment.com |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
SFC Environmental Technologies IPO allotment status
Out from 30 Oct 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select SFC Environmental Technologies LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
SFC Environmental Technologies IPO FAQs
When does the SFC Environmental Technologies IPO open and close?
The SFC Environmental Technologies IPO opens on Tuesday, 27 October 2026 and closes on Thursday, 29 October 2026. Anchor bidding is on 26 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the SFC Environmental Technologies IPO price band and lot size?
The price band is ₹313 to ₹330 per share. The lot size is 45 shares, so the minimum bid is 45 shares, or ₹14,850 at the upper price.
What is the SFC Environmental Technologies IPO size?
The SFC Environmental Technologies IPO is of ₹667.53 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoters Sandeep Asolkar and Saketchandrasingh Dhandoriya, and six other shareholders.
What is the SFC Environmental Technologies IPO allotment date?
Allotment is (expected) on Friday, 30 October 2026. Refunds and demat credit are expected on 2 November 2026.
What is the SFC Environmental Technologies IPO listing date?
SFC Environmental Technologies shares are due to list on BSE and NSE on Tuesday, 3 November 2026.
Who is the registrar of the SFC Environmental Technologies IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does SFC Environmental Technologies do?
SFC Environmental Technologies supplies technology and equipment for sewage and wastewater treatment plants, mainly its C-Tech system, and runs municipal solid waste and biogas plants. It has over 700 installations in India.
How much of the SFC Environmental IPO goes to the company?
The fresh issue of ₹150 crore goes to the company. Money from the offer for sale of 1,56,82,750 shares goes to the selling shareholders.
What will SFC Environmental do with the IPO money?
₹42.23 crore is for repaying loans, ₹74.92 crore for working capital, and the rest for general corporate purposes.
What were SFC Environmental's revenue and profit in FY26?
Consolidated revenue from operations was ₹803.63 crore and profit after tax was ₹160.21 crore in FY26.
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