About the Business
Incorporated in March 2005, SFC Environmental Technologies Limited is a specialized environmental technology company providing technology, design, engineering, manufacturing, supply, installation, and commissioning solutions for wastewater treatment (WWT), wastewater recycling and reuse (WRR), and solid waste treatment (SWT).
The company’s core wastewater treatment business is powered by its proprietary C-Tech technology, an advanced sequencing batch reactor (SBR) process used in municipal sewage treatment plants and industrial effluent treatment. As of July 31, 2026, SFC has commissioned 728 wastewater treatment installations, facilitating the treatment of 17,511.11 million litres of wastewater per day. The company has expanded into wastewater recycling and reuse through ultrafiltration (UF), closed circuit reverse osmosis (CCRO), and membrane bioreactor (MBR) technologies, supported by an exclusive supply arrangement with DuPont for selected products in India. In solid waste, its proprietary Organic Extraction (OREX) technology processes mixed municipal solid waste into high-grade organic feedstock for biogas and biomethane generation.
- Dominant Market Leadership in SBR: Holds over 80% market share in sequencing batch reactor (SBR) technology in India through proprietary C-Tech systems.
- Large-Scale Execution Footprint: 728 commissioned installations treating over 17,511 million litres of wastewater daily across 23 states and 5 Union Territories.
- Strategic Technical Partnerships: Exclusive supply arrangement with DuPont for select water treatment products in India.
- Compressed Biogas (CBG) & Waste-to-Energy Expansion: Operates two integrated solid waste facilities in Goa (425 TPD capacity) and secured orders for compressed biogas plants in Assam and Odisha totaling ₹501.7 Cr (₹5,017 million).
- High Revenue Visibility: Repeat customers contributed 91.98% of total operating revenue in FY26.
- Engineering-Led Capability: 264 employees, including 149 qualified engineers, supporting turnkey EPC solutions and long-term O&M contracts as of August 31, 2026.
The company’s promoters are Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, and Saketchandrasingh Pratapsingh Dhandoriya.
Company Financials (Restated Consolidated)
SFC Environmental Technologies Ltd.’s revenue increased by 13% and profit after tax (PAT) rose by 5% between the financial year ending with March 31, 2026 and March 31, 2025. For the first quarter ended June 30, 2026, the company posted total income of ₹137.90 Cr and a PAT of ₹1.48 Cr.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 1,224.56 | 1,323.43 | 999.47 | 904.94 |
| Total Income | 137.90 | 821.27 | 726.96 | 676.74 |
| Profit After Tax | 1.48 | 160.21 | 152.01 | 144.17 |
| EBITDA | 9.86 | 235.81 | 207.48 | 193.25 |
| NET Worth | 805.49 | 804.17 | 648.68 | 534.30 |
| Reserves and Surplus | 784.14 | 782.63 | 628.54 | 526.41 |
| Total Borrowing | 204.77 | 195.64 | 83.71 | 139.16 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 17.15 | 0.61 |
| P/E ratio (x) | 19.24 | 540.98 |
| Price to Book Value (P/B) | 3.83 | 3.83 |
| Market Cap at Offer Price | ₹3,082.57 Cr | ₹3,232.57 Cr |
Calculated at the upper price band of ₹330 (Post-IPO annualized based on Q1 FY27 earnings)
IPO Lot Size
Investors can bid for a minimum of 45 shares and in multiples thereof:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 45 | ₹14,850 |
| Retail (Max) | 13 | 585 | ₹1,93,050 |
| S-HNI (Min) | 14 | 630 | ₹2,07,900 |
| S-HNI (Max) | 67 | 3,015 | ₹9,94,950 |
| B-HNI (Min) | 68 | 3,060 | ₹10,09,800 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 48.18% | 41.18% |
| Public & Other Investors | 51.82% | 58.82% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:
- Funding working capital requirements of the Company ₹74.92 Cr
- Prepayment of all or a portion of certain outstanding borrowings availed by Company and subsidiary (Vasudha Waste Treatment Pvt. Ltd.) ₹42.23 Cr
- General Corporate Purposes Balance
Total Fresh Issue aggregates to ₹150.00 Cr
SFC Environmental Technologies Limited has built a commanding technical leadership position in India’s water and environmental infrastructure sector, commanding over 80% market share in sequencing batch reactor (SBR) wastewater technology via its proprietary C-Tech platform. With 728 commissioned installations treating over 17,500 million litres daily, an exclusive technical tie-up with DuPont, and rapid inroads into municipal solid waste and compressed biogas (CBG) projects, the company is directly plugged into high-priority national environmental initiatives (Swachh Bharat, Namami Gange, SATAT).
Financially, the business delivered steady growth in FY26, generating ₹821.27 Cr in total income with a PAT of ₹160.21 Cr (19.94% PAT margin) and a robust ROE of 21.55%. Total leverage remains comfortable with a low debt-to-equity ratio of 0.25x as of June 30, 2026, which will improve further as ₹42.23 Cr of fresh issue proceeds are used to retire debt. However, investors should be mindful of seasonal quarterly lumpiness: in Q1 FY27, total income slowed to ₹137.90 Cr with net profit contracting to ₹1.48 Cr, driving the annualized post-issue P/E multiple to an elevated 540.98x. On full-year FY26 earnings, the pre-issue P/E stands at an attractive 19.24x at the upper band of ₹330 against a market cap of ₹3,232.57 Cr. With a healthy 35% retail quota, low balance sheet leverage, and high repeat business (91.98%), investors with a multi-year horizon on clean-tech and water infrastructure may consider this issue.
