SFC Environmental Technologies Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹313 - ₹330
- Lot size
- 45 shares
- Issue amount
- ₹667.53 cr
- Total subscription
- 9.47×
- Opens
- 27 Oct 2026
- Closes
- 29 Oct 2026
- Allotment
- 30 Oct 2026
- Listing
- 3 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 2,02,28,204 shares
- Face value
- ₹2 per share
- Minimum investment
- ₹14,085
- Fresh issue
- ₹150 cr
- Offer for sale
- ₹517.53 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,850
- Issue type
- Bookbuilding IPO
- Shares before issue
- 9,34,11,270
- Shares after issue
- 9,79,56,724
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 45 | ₹14,850 |
| sHNI | 14 | 630 | ₹2,07,900 |
| bHNI | 68 | 3,060 | ₹10,09,800 |
Share reservation
Subscription & GMP
Subscription by category
Reported 29 Oct 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,57,330 | 2,64,045 |
| HNIs(10L +) | 3,211 | 9,328 |
| HNIs (2-10L) | 1,605 | 14,860 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 133.51 | 2,511.54 |
| RETAIL | 233.64 | 632.51 |
| HNIs 2+ | 33.38 | 314.95 |
| HNIs 10+ | 66.75 | 967.4 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 0.16 | 16.52 | 15.42 | 15.16 |
| ROE | 0.18 | 21.55 | 24.84 | 29.8 |
| ROCE | 0.72 | 22.21 | 29.29 | 28.56 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 19.24 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| SFC Environmental Technologies Limited | 0 | 0 | 2.00 | 69.44 | 24.36 | 15.42 |
| Thermax Limited | 58.13 | 0 | 2.00 | 438.17 | 13.53 | 56.33 |
| Praj Industries Limited | 34.57 | 0 | 2.00 | 75.17 | 16.48 | 11.91 |
| Ion Exchange (India) Limited | 24.61 | 0 | 1.00 | 82.36 | 18.67 | 17.53 |
Company information
Company profile
Incorporated in 2005, SFC Environmental Technologies Limited is a B2B company providing advanced engineering and technology solutions for wastewater and solid waste management, specializing in design, manufacturing, supply, installation supervision, commissioning, and O&M services for large-scale industrial and municipal projects. The company offers proprietary solutions such as C-Tech Cyclic Activated Sludge Technology for wastewater treatment and OREX technology for solid waste treatment, enabling efficient separation and processing of waste with low lifecycle cost and high operational efficiency; its systems collectively treat over 14,800 MLD of wastewater through approximately 600+ installations, giving it a strong leadership position in the SBR-based wastewater treatment segment in India. Its operations span wastewater treatment, wastewater recycling and reuse, and solid waste treatment, serving major infrastructure and engineering clients such as Ramky Infrastructure, GVPR Engineers, Vishvaraj Environment, and other EPC and environmental solution providers, with a reported strong market share in its core technology segment and a wide presence across industrial and municipal projects.
Strengths
- Leadership in Wastewater Treatment: The Company was India’s first provider of Sequencing Batch Reactor (SBR) technology through C-Tech. As of March 31, 2025, it held over 80% market share in SBR technology, with 639 installations treating 15,209.45 MLD of wastewater.
- Technology-Driven Vertical Integration: The Company manufactures key components in-house, including diffusers, decanters and turbo blowers, and has established exclusive partnerships. These capabilities help reduce third-party dependence and improve supply chain control.
- Strong Presence in Solid Waste Treatment: The Company is among the market leaders in municipal solid waste treatment, operating solid waste treatment facilities in Goa with a combined capacity of 350 TPD. It has also secured compressed biogas orders worth ₹5,017.00 million.
Risk factors
- Dependence on Key Technologies: The Company relies on technologies such as C-Tech and OREX for its operations and revenue generation. Failure to innovate, upgrade or adapt to technological advancements could weaken its competitiveness and adversely affect operating performance.
- Customer Concentration Risk: The top 10 customers contributed 61.37%, 59.18% and 58.62% of revenue from operations in FY2025, FY2024 and FY2023, respectively. Since the Company does not have long-term contracts with these customers, any reduction or discontinuation of orders could negatively impact revenue and business performance.
- Increasing Working Capital Requirements: Working capital as a percentage of revenue from operations increased from 27.77% in FY2023 to 63.51% in FY2025. Higher working capital needs may require additional funding, potentially putting pressure on profitability and cash flows.
Promoters
Sandeep Sudhakar Asolkar
Priya Sandeep Asolkar
Saketchandrasingh Pratapsingh Dhandoriya
Registrar & documents
Lead manager
IIFL Capital Services Limited, Jm Financial Limited, Nuvama Wealth Management Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
The Ambience Court, Hi-Tech Business Park, 21st Floor, Sector 19-D, Plot No. 2, Vashi, Navi Mumbai, Maharashtra, 400705
+912244822717
[email protected]Company website ↗Understanding SFCTECH IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.