SFC Environmental Technologies IPO

Last updated: October 27, 2026 at 10:45 am IST

SFC Environmental Technologies IPO Price Range is ₹313 - ₹330, with a minimum investment of ₹14,850 for 45 shares per lot.

Subscription Rate

0.07x

as on 27 Oct 2026, 02:17PM IST

Minimum Investment

₹14,850

/ 45 shares

IPO Status

Live

Price Band

₹313 - ₹330

Bidding Dates

Oct 27, 2026 - Oct 29, 2026

Issue Size

₹667.53 Cr

Lot Size

45 shares

Min Investment

₹14,850

Listing Exchange

BSE

IPO Doc

RHP PDF

SFC Environmental Technologies IPO Application Timeline

Open Date27 Oct 2026

Close Date29 Oct 2026

Allotment Date30 Oct 2026

Listing Date3 Nov 2026

Objectives of IPO

The SFC Environmental Technologies’ ₹667.53 crore IPO includes a fresh issue of shares worth ₹150 crore and an offer for sale (OFS) of up to ₹517.53 crore. The money raised through the OFS will go to the shareholders selling their shares. Some of the key selling shareholders are promoters Sandeep Sudhakar Asolkar and Saketchandrasingh Pratapsingh Dhandoriya, along with individual shareholders Sarvesh Kumar Garg, Sandeep Sambhaji Parab, and Rajesh Kesavan Nambisan. The fresh issue proceeds will be used for the following purposes.
The company plans to use ₹42.23 crore to repay certain term loans taken from Axis Bank. These loans were used to buy office premises in Navi Mumbai and, through its wholly owned subsidiary Vasudha Waste Treatment Private Limited, set up a municipal solid waste processing facility at Cacora in South Goa. As of July 31, 2026, the company and its subsidiaries had total outstanding debt of ₹253.10 crore. Repaying these loans will help reduce interest costs, bring down debt, and improve the company's financial position.
The company will allocate ₹74.92 crore to meet its operating expenses in FY27. Treating wastewater and processing city waste requires significant upfront spending on raw materials, equipment, and project execution, often well before customers make their payments. As of March 31, 2026, the company had ₹431.23 crore in trade receivables, which is money owed by customers for completed work or services. The funds will help it manage these long payment cycles, maintain steady cash flow, and support its growing project pipeline.
The remaining fresh issue proceeds will be used for general business needs. This could include supporting business expansion, strengthening marketing efforts, upgrading equipment and facilities, and covering unexpected expenses.

Financial Performance of SFC Environmental Technologies

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹657.50	₹697.86	₹803.63
Total Assets	₹904.94	₹999.47	₹1,323.43
Total Profit	₹144.17	₹152.01	₹160.21

The company delivered steady revenue growth over the three-year period. Operating revenue rose from ₹657.50 crore in FY24 to ₹803.63 crore in FY26, growing at a compound annual growth rate (CAGR) of 10.6%. Growth picked up sharply in Q1 FY27, with revenue jumping 97.6% year-on-year to ₹133.94 crore from ₹67.79 crore in Q1 FY26. Total assets also increased from ₹904.94 crore in FY24 to ₹1,323.43 crore in FY26, before standing at ₹1,224.56 crore in Q1 FY27. Net profit grew more slowly, at an annual rate of 5.4%, from ₹144.17 crore in FY24 to ₹160.21 crore in FY26. In Q1 FY27, the company reported a profit of ₹1.48 crore against a loss of ₹28 lakh in Q1 FY26.

Operating profitability remained fairly stable, with EBITDA margins staying between 29.34% and 29.73% from FY24 to FY26. However, the net profit margin, which shows how much profit the company keeps from every rupee of revenue, declined from 21.93% in FY24 to 19.94% in FY26. Debt levels also moved up and down considerably. Borrowings fell from ₹139.16 crore in FY24 to ₹83.71 crore in FY25, but then climbed to ₹195.64 crore in FY26 and rose another 203.1% year-on-year to ₹204.77 crore in Q1 FY27.

Strengths and Risks

Strengths

The company holds over 80% market share in India’s sequencing batch reactor (SBR) sewage treatment segment. With 728 completed water treatment installations handling 17,511.11 million litres of wastewater per day (MLD), its strong track record helps build customer trust and makes it harder for competitors to win municipal sewage projects.
As of August 31, 2026, the company had an order book worth ₹1,656.64 crore, which is over 2x its FY26 revenue. This pipeline of pending projects gives it better visibility into future business and supports growth across wastewater treatment, water recycling, and solid waste management in the coming years.
Repeat customers contributed 91.98% of its FY26 revenue, rising to 97.41% in Q1 FY27. Long-standing relationships with major infrastructure contractors help the company secure regular projects, spend less on finding new customers, and build confidence in its ability to deliver.
The company generated ₹803.63 crore in revenue in FY26, with a profit after tax (PAT) margin of 19.94%. Its in-house technology and manufacturing of key components help it control costs, charge competitive prices for specialized solutions, and maintain strong profitability compared with industry peers.
In FY26, the company reported a return on equity (RoE) of 21.55% and a return on capital employed (RoCE) of 22.21%. These figures show how effectively it uses shareholders’ funds and the capital invested in its business to generate profits.
The company operates waste-processing facilities in Goa with a combined capacity of up to 425 tonnes per day (TPD). Its facilities generate over 150 Nm³ of biogas per tonne of waste, compared with the industry average of 80-100 Nm³. This higher output strengthens its position in the waste-to-energy business, which converts waste into usable energy.

Risks

In FY26, government-backed projects accounted for 92.35% of wastewater revenue and 100% of solid waste revenue. This makes the company vulnerable to delays in government tenders, policy changes, budget cuts, or political shifts that slow down public infrastructure spending.
The company’s top 10 customers contributed 64.44% of its total revenue in FY26 and 79.20% in Q1 FY27. Most contracts are awarded on a project-by-project basis rather than through long-term commitments. Losing even one major customer could therefore affect revenue and cash flow.
The business requires significant working capital, equal to 65.19% of FY26 revenue, while its trade receivable days stood at 282. In simple terms, it takes the company a long time to collect payments from customers. These delays can increase its need for short-term borrowing, put pressure on cash flow, and raise financial risk.
The company relies heavily on its proprietary C-Tech sewage treatment technology. If customers shift to other treatment methods or the company fails to keep up with new developments, its technology could lose its edge. This could weaken its market share and affect future revenue growth.
In FY26, the company’s top 10 suppliers accounted for 55.66% of its raw material and stock-in-trade purchases, while imports made up 69.12% of its stock-in-trade. Shipping delays, rising import costs, or the loss of key suppliers could disrupt production and put pressure on profit margins.
The company and its subsidiaries are involved in several ongoing legal cases, including a claim by a Portuguese municipality alleging technical flaws in its sewage treatment equipment. An unfavourable court ruling could lead to financial penalties, distract management from business operations, and harm the company’s reputation in international markets.

How to Apply for SFC Environmental Technologies IPO on INDmoney

Download the INDmoney app and complete your KYC.
Go to INDstocks → IPO, or just search “IPO”.
Tap on SFC Environmental Technologies IPO from the list of live IPOs.
View key details like price band, lot size, and dates.
Tap Apply Now and choose your number of lots.
Use INDpay UPI for instant mandate tracking.
Your funds will be blocked until the share allotment is finalized.

Listed Competitors of SFC Environmental Technologies

Company	Operating Revenue (₹ Cr)	EBITDA Margin	Profit (₹ Cr)	P/E Ratio	Net Debt/Equity	RoE	RoCE	Total Order Book (Q1 FY27)	Order Book to Revenue
SFC Environmental Technologies (FY26)	₹803.63 Cr	29.34%	₹160.21 Cr	20.18x	0.05	21.55%	22.21%	₹1,073.64 Cr (Q1 FY27)	1.34
Thermax (FY26)	₹10,694.15 Cr	9.60%	₹720.26 Cr	52.01x	0.21	13.70%	15.00%	₹11,376 Cr (Q1 FY27)	1.06
Praj Industries (FY26)	₹3,167.88 Cr	4.79%	₹23.85 Cr	220.77x	-0.16	1.77%	5.59%	₹4,448 Cr (Q1 FY27)	1.40
Ion Exchange (India) (FY26)	₹2,914.84 Cr	7.21%	₹143.20 Cr	31.34x	0.10	11.20%	14.30%	₹2,664 Cr (Q1 FY27)	0.91

SFC Environmental Technologies Shareholding Pattern

Promoters & Promoter Group		48.18%
Name	Role	Stakeholding
Sandeep Sudhakar Asolkar (held jointly with Priya Sandeep Asolkar)	Promoter	19.36%
Sandeep Sudhakar Asolkar	Promoter	14.45%
Saketchandrasingh Pratapsingh Dhandoriya	Promoter	9.03%
Prachiti Sandeep Asolkar	Promoter
Asolkar Tradecraft Private Limited	Promoter Group	5.33%
Bhushan Raju Naik	Promoter Group	0.01%

Public		51.82%
Name	Role	Stakeholding
Jaya Chandrakant Gogri (held jointly with Chandrakant Vallabhaji Gogri and Hetal Gogri Gala)	Public	6.15%
Sarvesh Kumar Garg	Public	5.92%
Kumaraguru Madurakavi	Public	4.92%
Rajesh Kesavan Nambisan	Public	4.92%
Sandeep Sambhaji Parab	Public	4.92%
Jyoti Subodh Sapre	Public	3.45%
Aakansha Unichem LLP	Public	2.68%
Veera Venkata Satyanarayana Yannamani	Public	2.3%
Dhanvallabh Ventures Fund - Scheme I	Public	1.49%
Priyanka Amey Belorkar	Public	1.04%
Others		14.03%

About SFC Environmental Technologies

SFC Environmental Technologies treats dirty water from homes, toilets, and factories so it can be safely reused or released back into nature. It also converts city waste into cleaner sources of energy, such as biogas and electricity.

The company sells its own water-treatment systems, led by its flagship C-Tech technology, which cleans wastewater in a series of steps. It also supplies key equipment, including decanters (machines that separate solids from liquids), diffusers (devices that spread air through water), blowers (machines that pump air), and filters. Along with equipment sales, it designs and builds complete treatment plants and provides long-term maintenance services.

Its main customers are private construction companies that bid for government sewage-treatment projects. It also works directly with government bodies, such as the Goa Waste Management Corporation, and state-owned oil marketing companies.

SFC earns revenue by selling specialized equipment, designing and building treatment plants, providing maintenance services, and selling recovered biogas and electricity.

Customers choose its technology because it automates much of the cleaning process, treats wastewater faster, uses up to 50% less land, and can reduce electricity consumption by up to 40%. It also needs less manual work to operate. The company claims over 80% market share in India’s sequencing batch reactor (SBR) segment, a technology that cleans wastewater in separate stages.

Its scale is reflected in 728 completed wastewater-treatment installations with a combined treatment capacity of 17,511.11 million litres per day (MLD). It also operates waste-treatment facilities in Goa that can process up to 425 tonnes of garbage per day, along with equipment manufacturing facilities. As of August 31, 2026, its pending order book stood at ₹1,656.64 crore, giving it projects to execute in the coming period.

Looking ahead, the company is expanding its water-recycling business, developing compressed biogas plants with energy companies, and strengthening its presence across the Middle East, Africa, and South America.

For more details, visit here: https://sfcenvironment.com/

Industry Overview

India's wastewater treatment market is expected to reach ₹45,500 crore by FY31. SFC Environmental Technologies is well placed in this growing market, with over 80% market share in India's sequencing batch reactor (SBR) sewage treatment segment.
Around 63.5% of urban sewage in India goes untreated, creating a significant need for better wastewater treatment. SFC helps address this gap through its 728 commissioned treatment installations, which can handle over 17,500 million litres of wastewater every day.
India's compressed biogas market is growing at around 73% annually, supported by government mandates. SFC is tapping into this opportunity through its waste-processing facilities, which generate over 150 Nm³ of biogas per tonne of waste, well above the industry average.
However, India's environmental sector faces challenges from delayed project approvals and government funding. SFC is particularly exposed to these risks, as government-backed projects accounted for 92.35% of its wastewater revenue.

The People Behind the Company: Leadership and Expertise

The Promoters

SFC Environmental Technologies has four individual promoters: Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, and Saketchandrasingh Pratapsingh Dhandoriya. Together, they held 42.84% of the company's pre-IPO equity share capital. Their backgrounds cover engineering, technical operations, and business management. Sandeep Sudhakar Asolkar leads the company's overall strategy and operations as Chairman and Managing Director. Priya Sandeep Asolkar has a degree in civil engineering and previously provided engineering consultancy services to the company. Prachiti Sandeep Asolkar focuses on corporate strategy and risk management, while Saketchandrasingh Pratapsingh Dhandoriya brings over 25 years of experience in environmental engineering.

Key Leadership and Management

Sandeep Sudhakar Asolkar, Chairman and Managing Director: Promoter and co-founder with over 31 years of environmental engineering experience, directing overall strategy and operations since 2005. He holds a B.E. in civil engineering from Sardar Patel College of Engineering and executive credentials from IIM Ahmedabad, Columbia Business School, and Cranfield University. Previously, he served as manager of wastewater treatment at Ion Exchange, sales engineer at Hindustan Dorr-Oliver, junior engineer at Gherzi Eastern, and project engineer at Klean Environmental Consultants. His FY26 remuneration was ₹4.21 crore.

Sarvesh Kumar Garg, Executive Director: Executive Director on the board since June 2020 with over 26 years of industry experience, representing the company on key subsidiary boards. He holds a B.E. in environmental engineering from KIT College of Engineering, a diploma in industrial safety, and training from Cranfield University and IIChE. His past roles include deputy manager of process at Aquatech Industries, senior executive of proposals at Ion Exchange, deputy manager of environment at Paryacon Engineers, and environment engineer at Premier Energy Technologies. In FY26, he earned a fixed remuneration of ₹1.18 crore.

Saketchandrasingh Pratapsingh Dhandoriya, Executive Director: Promoter associated with the company since 2005 and appointed Executive Director in September 2024, bringing over 25 years of environmental engineering experience. He holds a diploma in mechanical engineering from the Board of Technical Examination, Maharashtra, and serves on the boards of key waste management subsidiaries. Before SFC, he worked as manager of field services at Ion Exchange (India) Limited. In FY26, he received a fixed annual remuneration of ₹1.18 crore (₹11.83 million).

Prachiti Sandeep Asolkar, Executive Director: Promoter who joined in August 2023 as a financial analyst, became Chief Strategy Officer in August 2025, and was appointed Executive Director and Chief Risk Officer in March 2026. She holds a bachelor's in media studies from Symbiosis, master's degrees in finance and international business from Hult International Business School, and project management training from IIM Ahmedabad. She earned ₹61 lakh in FY26.

Mandar Dinkar Desai, Chief Executive Officer (CEO): Joined in January 2010 and appointed CEO in August 2024, managing all technical and operational functions with over 14 years at the company. He holds bachelor's and master's degrees in civil engineering from the University of Mumbai. Before joining SFC, he worked as general manager at Hindustan Dorr-Oliver Limited for over 13 years. In FY26, his remuneration was ₹1.44 crore.

SFC Environmental Technologies IPO GMP

SFC Environmental Technologies IPO GMP is ₹32, as per Livemint. We do not promote or endorse GMP as a basis for investment decisions. The Grey Market Premium (GMP) is an unofficial indicator based on market demand and can change rapidly. It does not guarantee listing gains or reflect the intrinsic value of an IPO. Investment decisions should be based on the company's fundamentals, valuation, financial performance, and risks rather than GMP alone. Read our detailed guide on IPO GMP to understand how it works and its limitations.

Know more about SFC Environmental Technologies

SFC Environmental Technologies IPO Explained: A Market Leader at a Discount to Peers?

SFC Environmental enters its IPO with strong margins, an 80%+ SBR share, and a low P/E. But long payment cycles and government dependence temper the valuation appeal.

SFC Environmental IPO Explained: A Market Leader at a Discount

Frequently Asked Questions of SFC Environmental Technologies IPO

What is the size of the SFC Environmental Technologies IPO?

The size of the SFC Environmental Technologies IPO is ₹667.53 Cr.

What is the allotment date of the SFC Environmental Technologies IPO?

SFC Environmental Technologies IPO allotment date is Oct 30, 2026 (tentative).

What are the open and close dates of the SFC Environmental Technologies IPO?

The SFC Environmental Technologies IPO will open on Oct 27, 2026 and close on Oct 29, 2026

What is the lot size of SFC Environmental Technologies IPO?

The lot size for the SFC Environmental Technologies IPO is 45.

When will my SFC Environmental Technologies IPO order be placed?

Your SFC Environmental Technologies IPO order will be placed on Oct 27, 2026

Can we invest in SFC Environmental Technologies IPO?

Yes, once SFC Environmental Technologies IPO opens, you can invest in the shares of the company.

What would be the listing gains on the SFC Environmental Technologies IPO?

The potential listing gains on the SFC Environmental Technologies IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for SFC Environmental Technologies IPO?

'Pre-apply' for SFC Environmental Technologies IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of SFC Environmental Technologies?

SFC Environmental Technologies has four individual promoters: Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, and Saketchandrasingh Pratapsingh Dhandoriya. Together, these own 42.84% of the company’s share. Sandeep Sudhakar Asolkar is the company’s Chairman and Managing Director, while Saketchandrasingh Pratapsingh Dhandoriya and Prachiti Sandeep Asolkar serve as Executive Directors on its Board.

Who are the competitors of SFC Environmental Technologies?

The listed peers used to compare SFC Environmental Technologies’ financial performance in its prospectus are Thermax Limited, Praj Industries Limited, and Ion Exchange (India) Limited. These companies operate in similar areas, including environmental engineering, water treatment, and bio-energy. However, SFC stands out for its leading position in India’s sequencing batch reactor (SBR) sewage treatment segment, a technology that cleans wastewater in stages.

How does SFC Environmental Technologies make money?

SFC Environmental Technologies earns money by selling water treatment technology and equipment, designing and building treatment plants, providing maintenance services, and selling biogas and electricity. In FY26, it generated ₹803.63 crore in operating revenue. Wastewater Treatment was its biggest revenue source, contributing ₹542.76 crore, or 67.54% of total operating revenue.