SFC Environmental Technologies IPO
IPO Listing Details
- Listing Date
03 Nov 2026
- Listing Price
₹354.05
- Listing Change
7.29%
- Last Traded Price
₹426.10
SFC Environmental Technologies IPO Details
-
Open Date
27 Oct 2026
-
Close Date
29 Oct 2026
- IPO Price Range
₹ 313 to ₹330
- IPO Size
₹ 667.53 Cr
SFC Environmental Technologies IPO Timeline
SFC Environmental Technologies IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 27-Oct-2026 | 0.00 | 0.09 | 0.16 | 0.10 |
| 28-Oct-2026 | 0.08 | 0.37 | 0.34 | 0.27 |
| 29-Oct-2026 | 18.81 | 12.79 | 2.67 | 9.45 |
Last Updated: 29 October 2026 5:05 PM by 5paisa
SFC Environmental Technologies Limited is an environmental technology company providing engineering solutions for wastewater treatment, wastewater recycling and reuse, and solid waste treatment. Its operations include design, technology development, manufacturing, equipment supply, and supervision of installation and commissioning. The company serves municipal authorities, infrastructure developers, engineering contractors and industrial customers.
Its wastewater treatment business uses proprietary C-Tech technology, based on the sequencing batch reactor (SBR) process. The company also provides tertiary treatment solutions through ultrafiltration, reverse osmosis and membrane-based technologies. In solid waste management, its OREX technology separates organic material from mixed municipal waste for further processing and resource recovery.
As of July 31, 2026, SFC Environmental Technologies had completed 728 wastewater treatment installations, with an aggregate treatment capacity of approximately 17,511.11 million litres per day. The company also operates integrated solid waste treatment facilities in Goa and has expanded its technology portfolio through international operations, including a German subsidiary specialising in solar sludge drying systems.
Established in: 2005
Managing Director: Sandeep Sudhakar Asolkar
Peers:
| Metric | SFC Environmental Technologies | Thermax | Praj Industries | Ion Exchange (India) |
|---|---|---|---|---|
| Face Value | 2.00 | 2.00 | 2.00 | 1.00 |
| Revenue | 803.63 | 10694.15 | 3167.88 | 2914.84 |
| Basic EPS | 16.52 | 63.94 | 1.30 | 12.03 |
| P/E Ratio | – | 52.01 | 220.77 | 31.34 |
| RoNW (%) | 21.25 | 13.74 | 1.77 | 11.20 |
| NAV Per Share | 86.09 | 492.55 | 71.22 | 91.30 |
SFC Environmental Technologies Objectives
The company proposes to utilise the net proceeds from the fresh issue towards the following objectives:
1. Prepayment or repayment of certain outstanding borrowings availed by the company and its wholly owned subsidiary, Vasudha Waste Treatment Private Limited.
2. Funding working capital requirements.
3. General corporate purposes.
Approximately ₹42.23 crore is earmarked for repayment or prepayment of borrowings, while ₹74.92 crore is proposed for working capital requirements.
The company will not receive any proceeds from the Offer for Sale, which will accrue to the selling shareholders after applicable expenses.
SFC Environmental Technologies IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹667.53 Cr |
| Offer For Sale | ₹517.53 Cr |
| Fresh Issue | ₹150.00 Cr |
SFC Environmental Technologies IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 45 | 14085 |
| Retail (Max) | 13 | 585 | 193050 |
| S-HNI (Min) | 14 | 630 | 197190 |
| S-HNI (Max) | 67 | 3015 | 994950 |
| HNI (Min) | 68 | 3060 | 957780 |
SFC Environmental Technologies IPO Reservation Table
| Category | Subscription (x) | Shares Offered* | Shares Bid For | Total Amt* (₹ Cr.) |
|---|---|---|---|---|
| QIB (Ex Anchor) | 18.81 | 40,45,642 | 7,61,07,240 | 2,511.539 |
| NII | 12.79 | 30,34,231 | 3,88,04,490 | 1,280.548 |
| bNII (> ₹10L) | 14.49 | 20,22,820 | 2,93,15,070 | 967.397 |
| sNII (< ₹10L) | 9.38 | 10,11,410 | 94,89,420 | 313.151 |
| Retail | 2.67 | 70,79,871 | 1,88,96,040 | 623.569 |
| Total ** | 9.45 | 1,41,59,744 | 13,38,07,770 | 4,415.656 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 657.50 | 697.86 | 803.63 |
| EBITDA | 193.25 | 207.48 | 235.81 |
| PAT | 144.17 | 152.01 | 160.21 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 904.94 | 999.47 | 1323.43 |
| Share Capital | 6.23 | 18.68 | 18.68 |
| Total Liabilities | 343.80 | 336.71 | 499.52 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | -11.69 | 65.51 | -25.80 |
| Net Cash Generated From / (Used In) Investing Activities | -77.15 | 70.83 | -66.47 |
| Net Cash Generated From / (Used In) Financing Activities | 72.14 | -106.53 | 92.45 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -16.71 | 29.81 | 0.19 |
Strengths
1. Proprietary C-Tech wastewater treatment technology supports the company's position in sewage and industrial wastewater treatment projects.
2. Completed 728 wastewater treatment installations as of July 31, 2026, demonstrating an established execution record.
3. Operations across wastewater treatment, recycling, reuse and solid waste management provide exposure to multiple environmental infrastructure segments.
4. Repeat customers accounted for approximately 91.98% of FY26 revenue, reflecting established customer relationships.
5. EBITDA increased from ₹193.25 crore in FY24 to ₹235.81 crore in FY26, alongside revenue growth.
Weaknesses
1. Significant exposure to municipal, infrastructure and government-linked projects creates dependence on project execution schedules and customer payments.
2. Working capital requirements can increase as projects progress, particularly where receivables and contractual payments are delayed.
3. Borrowings rose from ₹83.71 crore in FY25 to ₹195.64 crore in FY26.
4. PAT margins declined between FY24 and FY26 despite growth in absolute profitability.
5. The company's reliance on repeat customers creates potential revenue concentration if established customers reduce project spending.
Opportunities
1. Investment in sewage treatment infrastructure could increase demand for the company's wastewater treatment technologies.
2. Rising requirements for wastewater recycling and reuse create opportunities for tertiary treatment and membrane-based solutions.
3. Municipal solid waste processing and compressed biogas projects offer opportunities to expand beyond conventional wastewater treatment.
4. The company's German subsidiary provides access to solar sludge drying technology and international engineering capabilities.
5. Stricter wastewater discharge and environmental compliance requirements could support demand for advanced treatment systems.
Threats
1. Competition from domestic and international environmental engineering companies may affect project pricing and margins.
2. Delays in government approvals, tender finalisation or municipal payments could affect project execution and cash flows.
3. Changes in environmental regulations or technical standards may require additional investment in product development and compliance.
4. Cost inflation in equipment, components, energy and engineering services could affect project profitability.
5. Technology changes and alternative treatment processes may increase competition in wastewater treatment and solid waste management.
1. Established wastewater treatment operations: The company had completed 728 wastewater treatment installations as of July 31, 2026, providing an established operating track record.
2. Revenue and profitability growth: Revenue increased to ₹803.63 crore in FY26 from ₹657.50 crore in FY24, while PAT rose to ₹160.21 crore.
3. Exposure to environmental infrastructure: Its wastewater treatment, recycling and solid waste operations serve municipal and industrial requirements.
4. Technology-focused business portfolio: Proprietary C-Tech and OREX technologies support applications across wastewater and municipal solid waste treatment.
5. Use of fresh issue proceeds: The proposed debt repayment and working capital allocations are intended to support the company's financial and operating requirements.
India's wastewater treatment and environmental infrastructure sector is influenced by urbanisation, industrial activity, water scarcity and stricter pollution-control requirements. Municipal corporations and industrial operators require treatment systems that can meet discharge standards while improving water recovery and operational efficiency.
Government programmes supporting sanitation, sewerage infrastructure and water management provide an important source of demand for wastewater treatment projects. Industrial users are also adopting recycling and reuse solutions to reduce freshwater consumption and comply with environmental requirements.
SFC Environmental Technologies operates across wastewater treatment, wastewater recycling and reuse, and solid waste management. Its C-Tech technology addresses sewage and industrial wastewater treatment, while its membrane-based systems support applications requiring higher-quality treated water.
The company also participates in municipal solid waste processing through its OREX technology. Its expansion into compressed biogas-related projects and solar sludge drying systems creates opportunities to serve additional waste-management applications.
As of August 2026, its reported order book included approximately ₹641 crore in wastewater treatment, ₹561 crore in wastewater recycling and reuse, and ₹454.50 crore in solid waste treatment. Conversion of these orders into revenue will depend on contractual milestones, execution schedules and customer requirements.
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FAQs
SFC Environmental Technologies IPO opens on 27 October 2026 and closes on 29 October 2026.
The size of the SFC Environmental Technologies IPO is approximately ₹667.53 crore, comprising a fresh issue of ₹150 crore and an Offer for Sale of ₹517.53 crore.
The price band of SFC Environmental Technologies IPO is fixed at ₹313 to ₹330 per equity share.
To apply for the SFC Environmental Technologies IPO, follow these steps:
1. Log in to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the SFC Environmental Technologies IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum lot size for SFC Environmental Technologies IPO is 45 shares, requiring an investment of ₹14,085 at the floor price of ₹313 per share.
The basis of allotment for the SFC Environmental Technologies IPO is expected to be finalised on 30 October 2026.
The SFC Environmental Technologies IPO is tentatively scheduled to list on BSE and NSE on 3 November 2026.
IIFL Capital Services Limited, JM Financial Limited and Nuvama Wealth Management Limited are the book-running lead managers for the SFC Environmental Technologies IPO.
The company proposes to utilise the net proceeds from the fresh issue for:
1. Prepayment or repayment of certain outstanding borrowings of the company and its wholly owned subsidiary, Vasudha Waste Treatment Private Limited.
2. Funding working capital requirements.
3. General corporate purposes.