SFC Environmental Technologies IPO
SFCTECH · BSE, NSE · Mainboard · environmental-technology
Overview
Updated 2 hr agoSFC Environmental Technologies is a technology-driven company specializing in wastewater and solid waste treatment solutions. The company holds a significant market share in sequencing batch reactor (SBR) technology in India and provides integrated waste management services.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 45 | ₹14,850 |
| Retail (max) | 13 | 585 | ₹1,93,050 |
| sNII (min) | 14 | 630 | ₹2,07,900 |
| bNII (min) | 68 | 3,060 | ₹10,09,800 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Grey market premium
Unofficial| Date | GMP | GMP % | Implied price |
|---|---|---|---|
| 04-Nov-2026 | +₹15 | +4.5% | ₹345 |
| 03-Nov-2026 | +₹15 | +4.5% | ₹345 |
| 02-Nov-2026 | +₹22 | +6.7% | ₹352 |
| 01-Nov-2026 | +₹25 | +7.6% | ₹355 |
| 31-Oct-2026 | +₹22 | +6.5% | ₹352 |
GMP is an unofficial, unregulated, community-tracked quote. It is not an exchange price and not a forecast. See how often it has been right →
Listing performance
Latest price updated 5 hr ago.
Grey market vs reality: the last GMP before listing was +₹15 (+4.5%). It listed at +29.1%, off by 24.6 points.
Issue details
| Status | Listed |
| Exchange | BSE, NSE |
| Segment | Mainboard |
| Sector | environmental-technology |
| Price band | ₹313–330 |
| Final issue price | ₹330.00 |
| Face value | ₹2 per share |
| Lot size | 45 shares |
| Minimum investment | ₹14,850 |
| Issue size | ₹668 Cr |
| Fresh issue | ₹150 Cr |
| Offer for sale | ₹518 Cr |
| P/E at upper band | 20.0x |
| Registrar | MUFG Intime India Private Limited |
| NSE symbol | SFCTECH |
| ISIN | INE0PKN01028 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
SFC Environmental Technologies provides comprehensive environmental solutions, primarily focusing on wastewater treatment (WWT), wastewater recycling and reuse (WRR), and solid waste treatment (SWT). The company utilizes proprietary technologies such as C-Tech for wastewater and OREX for solid waste management. With a strong emphasis on vertical integration, the company manufactures key components in-house and maintains a significant presence in the Indian market through numerous installations. Its business model involves collaborating with EPC players and government entities to execute infrastructure projects, supported by a robust order book and a track record of repeat business from established clients.
Objects of the issue — how the money will be used
- Prepayment of certain outstanding borrowings (₹42.23 Cr)
- Funding working capital requirements (₹74.92 Cr)
- General corporate purposes
Key strengths
- Market leadership in SBR technology for wastewater treatment in India
- Vertical integration through in-house manufacturing of key components
- Strong track record in the solid waste treatment segment
- High proportion of repeat business from established customers
- Strong order book providing revenue visibility
- Experienced management team with deep industry expertise
Key risks
- High dependence on government-funded projects and tenders
- Significant working capital requirements and long cash conversion cycles
- Dependence on a limited number of top customers
- Risks associated with technological obsolescence and innovation
- Potential for regulatory or legal proceedings due to missing corporate records
- Involvement in ongoing legal proceedings
- Exposure to trade restrictions and anti-bribery compliance risks
Promoters
Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, Saketchandrasingh Pratapsingh Dhandoriya
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 657.50 | -- | 144.17 | 904.94 | 534.30 | 1,391.57 |
| FY25 | 697.86 | -- | 152.01 | 999.47 | 648.68 | 837.07 |
| FY26 | 803.63 | -- | 160.21 | 1,323.43 | 804.17 | 1,956.36 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| SFC Environmental Technologies this issue | 803.6 | 16.52 | 20.0x | 21.25 | 86.09 |
| Thermax Limited | 10,694.2 | 63.95 | 52.0 | 13.74 | 492.55 |
| Praj Industries Limited | 3,167.9 | 1.30 | 220.8 | 1.77 | 71.22 |
| Ion Exchange (India) Limited | 2,914.8 | 12.03 | 31.3 | 11.20 | 91.30 |
This issue is priced at 20.0x P/E against a peer median of 52.0x: a discount of 62%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.