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SFC Environmental Technologies IPO: price band, dates, financials, valuation and risks
SFC Environmental Technologies Limited, a Navi Mumbai company that designs and supplies wastewater treatment, wastewater recycling and solid waste treatment systems, is raising about ₹668 cr at a price band of ₹313 to ₹330: a fresh issue of ₹150 cr and an Offer for Sale of about ₹518 cr by nine selling shareholders.
Last updated 5 Nov 2026. Sources: RHP and broker notes.
IPO means initial public offering. RHP is the Red Herring Prospectus, the offer document filed before the issue opens. UPI is the Unified Payments Interface. BSE is BSE Limited and NSE is the National Stock Exchange of India. FY26 means the financial year ended 31 March 2026. EBITDA is earnings before interest, tax, depreciation and amortisation.
Key dates
| Anchor investor bidding | Mon, 26 Oct 2026 |
|---|---|
| Issue opens | Tue, 27 Oct 2026 |
| Issue closes | Thu, 29 Oct 2026 (UPI mandate confirmation cut-off 5:00 pm) |
| Basis of allotment | Fri, 30 Oct 2026 (expected) |
| Refunds and credit of shares to demat accounts | On or about Mon, 2 Nov 2026 (expected) |
| Listing | Tue, 3 Nov 2026 on BSE and NSE |
Issue details and application size
| Price band | ₹313 to ₹330 per share (face value ₹2) |
|---|---|
| Lot size | 45 shares |
| Minimum application at upper band | 45 × ₹330 = ₹14,850 |
| Total issue size | about ₹668 cr (2,02,28,204 shares at the upper band) |
| Fresh issue | ₹150 cr (about 45,45,454 shares at the upper band); proceeds go to the company |
| Offer for Sale and sellers | About ₹518 cr (1,56,82,750 shares) by nine selling shareholders, including promoters Saketchandrasingh Pratapsingh Dhandoriya (37,36,000 shares) and Sandeep Sudhakar Asolkar jointly with Priya Sandeep Asolkar (9,34,000 shares). The other sellers are Sarvesh Kumar Garg (35,65,000), Sandeep Sambhaji Parab, Rajesh Kesavan Nambisan and Kumaraguru Madurakavi (21,36,000 each), Veera Venkata Satyanarayana Yannamani (9,33,000), Jayshree Harit Shah jointly with Harit Pragji Shah (70,000) and Hardik Suresh Matalia (36,750). Proceeds go to the sellers, not to the company |
| Anchor portion | Up to 60,68,461 shares (about ₹200 cr at the upper band), which is 60% of the institutional portion |
| Quota of the offer | Qualified institutional buyers up to 50%, non-institutional investors at least 15%, retail investors at least 35%. There is no employee reservation |
| Book running lead managers | IIFL Capital Services Limited, JM Financial Limited and Nuvama Wealth Management Limited |
| Registrar | MUFG Intime India Private Limited |
About the company
SFC Environmental Technologies Limited was incorporated on 29 March 2005 at Mumbai, Maharashtra, as SFC Environmental Technologies Private Limited and became a public limited company in August 2024. Its registered office is in Vashi, Navi Mumbai.
The company works in three areas: wastewater treatment, wastewater recycling and reuse, and solid waste treatment. Its proprietary C-Tech technology, based on the sequencing batch reactor (SBR) process, had 728 wastewater treatment installations at 31 July 2026 and, citing an industry report, over 80% share of India’s SBR wastewater technology. It makes key equipment such as decanters and diffusers in-house at plants in the Pune district, runs two integrated municipal solid waste plants in Goa, and has orders worth about ₹502 cr for two compressed biogas plants in Assam and Odisha through a subsidiary. Customers are mostly engineering contractors and infrastructure firms executing government-funded projects, plus the Goa Waste Management Corporation. The order book was about ₹1,570 cr at 30 June 2026.
Financial snapshot (year ended 31 March 2026)
| Revenue from operations | ₹804 cr |
|---|---|
| Profit after tax | ₹160.2 cr (restated, consolidated) |
| EBITDA margin | 29.3% (operating EBITDA excluding other income, divided by revenue from operations) |
| Debt to equity | 0.24 times gross borrowings to equity at 31 March 2026 (0.05 times after deducting cash, the RHP headline ratio) |
FY26 means the financial year ended 31 March 2026. Revenue was ₹657 cr in FY24 and ₹698 cr in FY25, and profit after tax was ₹144.2 cr and ₹152.0 cr. In the April to June 2026 quarter revenue was ₹134 cr and profit after tax ₹1.5 cr, as the business is seasonal and earns most of its profit in the second half of the year. Return on net worth was 21.25% in FY26.
Valuation versus peers
At the upper band of ₹330 the market capitalisation is about ₹3,233 cr (9,79,56,724 shares after the issue). On the FY26 earnings per share of ₹16.52 before the issue, the price to earnings ratio is about 20.0 times; on post-issue shares and FY26 profit after tax of ₹160.2 cr it is about 20.2 times. The RHP peer table lists three much larger listed companies: Thermax at 52.01 times, Ion Exchange (India) at 31.34 times and Praj Industries at 220.77 times, so the median is 52.01 times. The RHP average of 101.38 times is pulled up by Praj, whose profit is very small, and the RHP leaves SFC’s own multiple blank, so the ratios for SFC are calculated here.
Strengths
The RHP describes a technology-led leader in sewage treatment, with the C-Tech SBR process in 728 installations and over 80% share of India’s SBR segment according to an industry report. The company makes core equipment in-house and has added solid waste treatment (the OREX technology and two Goa plants) and compressed biogas orders. Repeat customers gave 91.98% of FY26 revenue, the order book of about ₹1,570 cr is roughly twice FY26 revenue, and the EBITDA margin has stayed near 29 to 30% for three years with low net debt. Brokers also point to the promoters’ long experience and the margin gap with listed peers.
Key risks
The business depends on one technology (SBR), which is about 28 to 30% of installed treatment capacity and could be displaced. About 92% of wastewater treatment revenue and all solid waste revenue are linked to government-funded projects, and the top 10 customers gave 64.44% of FY26 revenue. Operating cash flow was negative in FY26 and trade receivable days rose from 197 in FY24 to 282 in FY26 and 443 at 30 June 2026, so working capital is heavy. The solid waste and biogas projects are capital intensive, and the RHP discloses legal proceedings and some untraceable corporate records. About 77.5% of the issue is an Offer for Sale, so the company receives only ₹150 cr.
Use of proceeds
The company receives only the fresh issue of ₹150 cr; it receives nothing from the Offer for Sale. Of this, ₹42.23 cr will prepay certain borrowings of the company and its subsidiary Vasudha Waste Treatment Private Limited, and ₹74.92 cr will fund working capital in FY27. The balance is for general corporate purposes, capped at 25% of the gross fresh issue.
Anchor investors
The company raised about ₹200 cr from anchor investors on 26 Oct 2026 by allotting 60,68,460 shares at ₹330 per share, the upper end of the price band. Eight domestic mutual funds, through 14 schemes, took 54,09,150 shares (about ₹178.5 cr). The remaining 6,59,310 shares (about ₹21.8 cr) went to other institutions, including Government Pension Fund Global, Societe Generale (ODI) and Edelweiss Life Insurance Company; the split of this part between foreign portfolio investors, insurers and others has not been published, and this section will be refreshed when it is. Under the SEBI rules, half of the anchor shares are locked in for 30 days and the rest for 90 days from the date of allotment, so with allotment expected on 30 Oct 2026 the lock-ins would end around 29 Nov 2026 and 28 Jan 2027 (expected dates).
Frequently asked questions
What is the SFC Environmental Technologies IPO price band and lot size?
The price band is ₹313 to ₹330 per share and one lot is 45 shares, so the minimum application at the upper band is ₹14,850.
Is the SFC Environmental Technologies IPO a fresh issue or an Offer for Sale?
It is both. The fresh issue is ₹150 cr, which goes to the company, and the Offer for Sale is about ₹518 cr (1,56,82,750 shares) by nine selling shareholders, including two promoters, who receive that money.
When does the SFC Environmental Technologies IPO open, close and list?
Anchor bidding was on 26 Oct 2026 and the issue is open from 27 to 29 Oct 2026. Allotment is expected on 30 Oct 2026 and listing on BSE and NSE on 3 Nov 2026.
Who are the lead managers and registrar?
IIFL Capital Services, JM Financial and Nuvama Wealth Management are the book running lead managers. The registrar is MUFG Intime India Private Limited.
What is the valuation compared with peers?
At the upper band the market capitalisation is about ₹3,233 cr, or about 20.0 times FY26 earnings per share before the issue. The median price to earnings ratio of the three larger listed peers in the RHP is 52.01 times.
How much will the promoters hold after the IPO?
The promoters hold 42.84% before the issue (48.19% with the promoter group). After the fresh issue and the sale of 46,70,000 shares by two promoters they would hold about 36.09% (about 41.18% with the promoter group), calculated from the RHP share counts at the upper band.
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