SFC Environmental Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 18.81×
- Big non-institutionalbNII · above ₹10 lakh
- 14.49×
- Small non-institutionalsNII · ₹2–10 lakh
- 9.43×
- Retail individualRII · up to ₹2 lakh
- 2.71×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 40,45,642 | 7,61,07,240 | ₹2,512 Cr | 18.81× |
| Non-institutional | 30,34,231 | 3,88,54,710 | ₹1,282 Cr | 12.81× |
| Big non-institutionalwithin NII | 20,22,820 | 2,93,15,070 | ₹967 Cr | 14.49× |
| Small non-institutionalwithin NII | 10,11,410 | 95,39,640 | ₹315 Cr | 9.43× |
| Retail individual | 70,79,871 | 1,91,53,530 | ₹632 Cr | 2.71× |
| Total | 1,41,59,744 | 13,41,12,240 | ₹4,426 Cr | 9.47× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 29 Oct, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 27 Oct 2026 – 29 Oct 2026
- Listing date
- 03 Nov 2026
- Face value
- ₹2 per share
- Price band
- ₹313 – ₹330
- Issue price
- ₹330 per share
- Lot size
- 45 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹668 Cr
- Fresh issue
- ₹150 Cr 45,45,454 shares
- Offer for sale
- ₹518 Cr 1,56,82,750 shares
- Market cap at offer price
- ₹3,233 Cr
- Promoter holding
- 45.24% → 38.37% pre-issue → post-issue
- ISIN
- INE0PKN01028
- CIN
- U37003MH2005PLC152235
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- The Ambience Court, Hi-Tech Business Park, 21st Floor, Sector 19-D, Plot No. 2, Vashi, Navi Mumbai, Thane 400 705, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 40,45,641 | 28.57% | 28.57% |
| Anchor investor · within QIB | 60,68,460 | — | 42.86% |
| NII (HNI) | 30,34,231 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 20,22,821 | — | 14.29% |
| sNII < ₹10L · within NII | 10,11,410 | — | 7.14% |
| Retail (RII) | 70,79,872 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Total issue | 1,41,59,744 | — | 100.00% |
Net offer to the public of 1,41,59,744 shares, out of a total issue of 1,41,59,744. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 45 shares per lot, in multiples, at ₹330
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.15 | 0.61 |
| P/E (×) | 19.24 | 540.98 |
| Price to book (×) | 3.83 | — |
| Market cap | — | ₹3,233 Cr |
Key performance indicators
- Return on net worth
- 21.25%
- ROCE
- 22.21%
- Debt / equity
- 0.24
- PAT margin
- 19.94%
- EBITDA margin
- 29.34%
- NAV per share
- ₹86.09
- Price to book
- 3.83
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 |
|---|---|
| Profit and loss | |
| Total income | 821.27 |
| Revenue from operations | 803.63 |
| Other income | 17.64 |
| Total expenses | 610.53 |
| Operating profit | 210.74 |
| Operating margin | 25.66% |
| Profit before tax | 211.49 |
| Profit after tax | 160.21 |
| PAT margin | 19.51% |
| Balance sheet | |
| Total assets | 1,323.43 |
| Current assets | 1,011.41 |
| Current liabilities | 403.87 |
| Total liabilities | 499.52 |
| Net worth | 823.9 |
| Current ratio | 2.50× |
| Return on equity | 19.45% |
| Cash flow | |
| Operating cash flow | -25.8 |
| Investing cash flow | -66.47 |
| Financing cash flow | 92.47 |
| Net cash flow | 0.19 |
Objects of the issue
1 Prepayment of Outstanding Borrowings ₹42.23 Cr
The company intends to utilize a portion of the Net Proceeds towards prepayment of all or a portion of certain outstanding term loans availed by the company and its wholly owned subsidiary, Vasudha Waste Treatment Private Limited, to reduce existing borrowings and maintain a favourable debt-equity ratio.
2 Funding Working Capital Requirements ₹74.92 Cr
The company proposes to utilize a portion of the Net Proceeds to fund incremental working capital requirements for Fiscal Year 2027, driven by increasing trade receivables and inventories due to business growth and seasonal sales cycles.
3 General Corporate Purposes —
The company intends to utilize a portion of the Net Proceeds towards general corporate purposes including meeting ongoing contingencies, funding growth opportunities, strategic initiatives, strengthening marketing capabilities, and capital expenditure, not exceeding 25% of Gross Proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About SFC Environmental Technologies
SFC Environmental Technologies Limited was incorporated as SFC Environmental Technologies Private Limited at Mumbai on March 29, 2005, under the Companies Act, 1956. It was converted into a public limited company by a resolution of its shareholders on June 29, 2024, and received a fresh certificate of incorporation on August 13, 2024. The Company operates through its subsidiaries, joint ventures and an associate, and its consolidated revenue from operations was ₹8,036.29 million in Fiscal 2026. Its business has three segments: wastewater treatment (WWT), solid waste treatment (SWT), and wastewater recycling and reuse (WRR, with its first order received in July 2025). The WWT and SWT segments together contributed ₹6,829.20 million, or 84.98%, of consolidated revenue from operations in Fiscal 2026. The Company's WWT customers are mainly private EPC companies that bid for sewage treatment plant (STP) projects, which ultimately serve municipalities and other government entities. In SWT, the Company operates two municipal solid waste plants in Goa under concession agreements, and its subsidiary Hindustan Waste Treatment Private Limited holds awards from a public sector oil marketing company for compressed biogas plants at Tinsukia, Assam and Bhubaneswar, Odisha. The Company earns revenue from the sale of its technology offerings and services under purchase orders and letters of intent, and from long-term concession and operation and maintenance contracts in SWT.
Management
Sandeep Sudhakar Asolkar
MD
Mandar Dinkar Desai
CEO
Amit Anil Sawant
CFO
Sarvesh Kumar Garg
COO
Kumaraguru Madurakavi
CTO
Abhijit Parolkar
VP of Marketing
Ajit Dhondiram Marathe
VP of Sales
Shweta Deshpande
Director of HR
Rohan Manohar Kharche
Director of Operations
Saketchandrasingh Pratapsingh Dhandoriya
Director
Prachiti Sandeep Asolkar
Director
Neha Rajen Gada
Director
Mulesh Manilal Savla
Director
Amruta Shripad Patankar
Director
Divya Sameer Momaya
Director
Strengths
As stated in the offer document
Technology Driven Market Leadership in the Wastewater Treatment Market
The company holds over 80% market share in SBR technology in India, with 728 installations commissioned and technologies facilitating treatment of 17,511.11 MLD of wastewater as of July 31, 2026, including one of the largest STPs under development with 424 MLD capacity.
Vertical Integration through Constant Innovation and Use of Technology
The company has developed in-house manufacturing capabilities for key components (decanters, diffusers, turbo blowers, PLCs, solar sludge drying systems) and forged exclusive strategic tie-ups, reducing dependence on third-parties and ensuring quality control across its supply chain.
Well-Positioned to Capture Market Opportunities in the Solid Waste Treatment Segment
The company operates two integrated SWT facilities in Goa with aggregate capacity of 425 TPD, achieving biogas yield of over 150 Nm?/ton vs. industry average of 80-100 Nm?/ton, and holds an SWT order book of ₹4,545.41 million as on August 31, 2026.
High Proportion of Repeat Business with Strong Order Book
The company's revenue from repeat customers stood at 97.41% for Q1 FY2027 and 91.98% for FY2026, with a total order book (WWT, WRR, and SWT) of ₹16,566.43 million as on August 31, 2026, reflecting strong customer trust and market position.
Track Record of Consistent Performance and Strong Financial Profile
The company's revenue from operations grew at a CAGR of 10.56% from ₹6,574.95 million in FY2024 to ₹8,036.29 million in FY2026, with a PAT margin of ~19.94%-21.93% across the last three fiscals and a net worth of ₹8,041.73 million as at March 31, 2026.
Proven Management Experience and Leadership
The company is anchored by a strong management team, with majority of Key Managerial Personnel and Senior Management having over 10 years of association, providing strategic stability, operational continuity, and deep industry expertise across functional areas.
Risk factors
As stated in the offer document
Significant Dependence on Government Entities for WWT and SWT Revenue
The company derives 88.22%–87.40% of consolidated revenue from WWT and SWT segments, with 91.97%–95.72% of WWT revenue and 100% of SWT revenue attributable directly or indirectly to government entities. Any reduction in government spending, policy changes, or adverse shifts in budgetary allocations could materially impact business continuity and financial performance.
High Customer Concentration with Limited Long-Term Contracts
The top 10 customers accounted for 79.20%, 64.44%, 61.37%, and 59.18% of revenue from operations in the three months ended June 30, 2026, and Fiscals 2026, 2025, and 2024, respectively. Most WWT and WRR business is conducted through purchase orders or letters of intent that can be terminated without notice, exposing the company to significant revenue volatility.
Negative Cash Flows from Operating Activities and High Working Capital Requirements
The company recorded negative operating cash flows of ₹213.42 million, ₹258.02 million, and ₹116.94 million in Q1 FY2027, FY2026, and FY2024, respectively, driven by working capital pressures. Working capital as a percentage of total revenue from operations reached 561.06% for the three months ended June 30, 2026, with trade receivable days rising to 443 days, indicating significant liquidity strain.
Increasing Cash Conversion Cycle and Trade Receivables Risk
The company's cash conversion cycle increased from 141 days in FY2024 to 259 days in FY2025, with trade receivable days rising from 197 to 282 days by March 31, 2026, and further to 443 days as of June 30, 2026. Delays in collecting outstanding dues from customers could materially impair liquidity, cash flows, and financial condition.
Technology Dependency and Risk of Technological Obsolescence
The company's core operations rely on proprietary technologies including C-Tech SBR, ultrafiltration, CCRO, MBR, and OREX, which together represent a significant share of revenue. Failure to innovate, adapt to emerging technologies, or respond to competitive disruption—particularly given SBR's 28–30% share of installed capacity in India—could adversely affect growth prospects and financial results.
Substantial Capital Expenditure and Financing Requirements for SWT Business
The SWT segment is capital-intensive, requiring equity investments of up to 25% of project cost and performance bank guarantees of up to 10% of project cost. New RBI Project Finance Directions (2025) requiring 90% financing tie-up before first disbursement may delay project commencement, restrict phased disbursements, and increase financing costs, adversely affecting cash flows and growth strategy.
Dependence on a Limited Number of Suppliers with No Long-Term Supply Agreements
The top 10 suppliers accounted for 54.48%–63.71% of total purchases of stock-in-trade and raw materials across recent periods, with significant reliance on foreign suppliers from the US, South Korea, Netherlands, Austria, Germany, and China. The absence of long-term exclusive supply agreements exposes the company to supply chain disruptions, price volatility, geopolitical risks, and potential breach of customer delivery obligations.
Concession Agreement Expiry Risk for North Goa and South Goa SWT Plants
The North Goa Plant concession has been provisionally extended only until August 20, 2027, with no automatic renewal provision and no tender issued as of the prospectus date. Revenue attributable to the North Goa Plant represented 24.66%–100% of HWTPL's standalone revenue across recent periods, and loss of this concession could significantly impair SWT segment revenues and profitability.
Outstanding Legal Proceedings and Subsidiary Litigation Exposure
The company and its subsidiaries face multiple legal proceedings, including a €5.6 million (~₹597.52 million) claim against SFC Umwelttechnik GmbH in Portugal and tax proceedings aggregating ₹692.97 million against subsidiaries. Adverse outcomes could result in significant financial liabilities, penalties, reputational damage, and disruption to operations.
Anti-Corruption and Trade Compliance Risk Including Prior World Bank Debarment
The company's subsidiary SFC Umwelttechnik GmbH was debarred by the World Bank, Asian Development Bank, and Inter-American Development Bank from November 2016 to February 2018 following identification of fraudulent practices in Vietnam. Any future non-compliance with anti-bribery, sanctions, or export control frameworks could result in criminal penalties, debarment from projects, reputational damage, and loss of business.
Company Analysis
from RHPSFC Environmental Technologies Limited designs and delivers environmental technologies and projects for wastewater treatment, wastewater recycling and reuse, solid waste treatment, and biogas (compressed biogas) across the Indian market.
SFC Environmental Technologies Limited was incorporated as SFC Environmental Technologies Private Limited at Mumbai on March 29, 2005, under the Companies Act, 1956. It was converted into a public limited company by a resolution of its shareholders on June 29, 2024, and received a fresh certificate of incorporation on August 13, 2024. The Company operates through its subsidiaries, joint ventures and an associate, and its consolidated revenue from operations was ₹8,036.29 million in Fiscal 2026. Its business has three segments: wastewater treatment (WWT), solid waste treatment (SWT), and wastewater recycling and reuse (WRR, with its first order received in July 2025). The WWT and SWT segments together contributed ₹6,829.20 million, or 84.98%, of consolidated revenue from operations in Fiscal 2026. The Company's WWT customers are mainly private EPC companies that bid for sewage treatment plant (STP) projects, which ultimately serve municipalities and other government entities. In SWT, the Company operates two municipal solid waste plants in Goa under concession agreements, and its subsidiary Hindustan Waste Treatment Private Limited holds awards from a public sector oil marketing company for compressed biogas plants at Tinsukia, Assam and Bhubaneswar, Odisha. The Company earns revenue from the sale of its technology offerings and services under purchase orders and letters of intent, and from long-term concession and operation and maintenance contracts in SWT.
Objects of the Issue
- Funding working capital requirements of the Company in Fiscal 2027 ₹749.17 million p.65
- Prepayment and/or repayment of certain outstanding borrowings of the Company and subsidiary Vasudha Waste Treatment Private Limited p.80
- Prepayment or repayment of certain outstanding borrowings of the Company and its subsidiary Vasudha Waste Treatment Private Limited p.81
- Funding working capital requirements p.81
- General corporate purposes p.81
- Prepayment of all or a portion of certain outstanding borrowings availed by our Company and our wholly owned Subsidiary, Vasudha Waste Treatment Private Limited ₹422.28 million p.169
- Funding our working capital requirements ₹749.17 million p.173
- General corporate purposes p.178
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹2 each aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹2 each aggregating up to ₹1,500.00 million
- Offer for Sale
- Up to 15,682,750 Equity Shares of face value of ₹2 each aggregating up to ₹[●] million
- Lot Size
- [●] Equity Shares (bid lot to be decided)
- Face Value
- ₹2
Business Model
The Company earns revenue from the sale of project-specific environmental technology offerings and related services, mostly through purchase orders or letters of intent with EPC companies in WWT and WRR. In SWT it earns revenue under concession agreements and government-linked contracts for solid waste plants in Goa, and under engineering, procurement, commissioning and operation and maintenance contracts for compressed biogas plants held by its subsidiary. The Company usually does not enter into long-term contracts with WWT and WRR customers, and those purchase orders or letters of intent can be terminated by customers.
Business Segments
SWOT Analysis
- • Growing order book across WWT, SWT and WRR segments(p.35)
- • Revenue from operations growth since Fiscal 2024(p.34)
- • Top customer mix varies by fiscal, reducing reliance on a few customers(p.31)
- • Standard, interchangeable products support utilisation across projects(p.35)
- • Early EPC collaboration gives visibility into project schedules(p.35)
- • Two operating integrated SWM plants in Goa for GWMC, cited as an established SWT track record(p.52)
- • Market leadership in MSW space per F&S Report(p.52)
- • Stable net worth and turnover supporting tender qualification(p.52)
- • No history of default on bank or financial institution loans(p.57)
- • Credit rating upgraded to CARE A+ (Fiscal 2027)(p.79)
- • Wastewater treatment order book of ₹5,612.46 million as of June 30, 2026(p.56)
- • Amalgamation stated to create a combined entity with optimum infrastructure use and cost reduction(p.139)
- • Leading share in SBR technology for wastewater treatment in India(p.183)
- • Vertical integration reduces dependence on third parties for key technologies(p.183)
- • Market leadership position in municipal solid waste(p.183)
- • Operating SWT facilities in Goa with combined capacity of 350 TPD(p.183)
- • High proportion of repeat business and strong customer relationships(p.183)
- • Total order book of ₹15,700.65 million as of June 30, 2026(p.184)
- • Leading share of India's SBR market supported by 728 C-Tech installations(p.244)
- • Proprietary C-Tech technology offers up to 40% power savings(p.242)
- • Early mover as first SBR technology provider in India's WWT segment(p.243)
- • Smaller site footprint from C-Tech design(p.242)
- • In-house ultrafiltration membrane production at Czech facility(p.250)
- • Reported treatment throughput of 17,511 MLD(p.250)
- • First technology provider in SBR space with C-Tech in India(p.311)
- • Over 80% share in SBR technology segment across 728 WWT installations(p.311)
- • Vertical integration reduces dependence on third-party technology procurement(p.311)
- • Acquired 80% stake in IST-Anlagenbau GmbH, making it a subsidiary(p.312)
- • Market leadership in MSW space and OREX technology(p.312)
- • Saligao plant biogas yield above industry average(p.312)
- • Long-standing, recurring customer relationships(p.313)
- • Revenue growth track record(p.314)
- • Strong balance sheet with growing net worth and low leverage(p.315)
- • Long-tenured senior management team(p.315)
- • 20+ years in WWT with in-house manufacturing and exclusive tie-ups(p.329)
- • Track record of 1,000th C-Tech plant order(p.329)
- • Aggregate SWT treatment capacity of 425 TPD across two Goa plants(p.329)
- • In-house PLC design, development and integration(p.328)
- • Bio-methanation technology avoids harmful emissions and ash versus incineration peers(p.336)
- • Supplier network across more than 6 countries(p.325)
- • ICRA ESG Impact Score of 73 (Good)(p.344)
- • Key managerial and senior management attrition described as not high versus industry(p.388)
- • Senior technical leadership with long sector experience(p.387)
- • Promoters have experience in the current business(p.395)
- • Restated FY2026 revenue from operations of Rs 8,036.29 million(p.412)
- • Restated FY2026 profit after tax of Rs 1,602.13 million(p.412)
- • No audit qualifications requiring corrective action in the restated periods(p.448)
- • Restated profit after tax grew to 1,602.13 in FY2026 from 1,520.08 in FY2025(p.442)
- • Restated total equity rose to 8,239.03 at March 31, 2026 from 6,627.59 at March 31, 2025(p.442)
- • No goodwill impairment identified across all periods presented(p.457)
- • No cost or time overrun on capital work-in-progress against original plan(p.455)
- • Repeat customer relationships(p.517)
- • Proprietary technology suite(p.517)
- • Sizeable WWT order book(p.516)
- • Annual capital grant under VWT concession(p.510)
- • Operating profits in each of the last three fiscals(p.567)
- • Restated PAT growth in Fiscal 2026(p.540)
- • Total income growth in Fiscal 2026(p.539)
- • Internal cash generation and committed credit lines as primary liquidity source(p.545)
- • Three business segments(p.549)
- • Registered trademarks in India(p.564)
- • Heavy dependence on government-funded projects for WWT and SWT revenue(p.29)
- • Significant revenue from top 10 customers without long-term contracts(p.31)
- • Top customer share of revenue(p.31)
- • Dependence on SBR technology adoption(p.29)
- • Negative operating cash flows in recent periods(p.32)
- • Subsidiary debarred by World Bank for fraudulent practices(p.32)
- • Untraceable or discrepant corporate records(p.36)
- • Unsecured loans to subsidiaries repayable on demand(p.38)
- • High working capital intensity(p.39)
- • Lengthened cash conversion cycle(p.41)
- • Trade receivable days rising sharply, to 443 days at June 30, 2026(p.43)
- • Dependence on a limited number of suppliers without exclusive continuing agreements(p.48)
- • Significant revenue concentration with a single government enterprise (GWMC)(p.64)
- • North Goa concession has no automatic renewal and is provisionally extended(p.64)
- • Consolidated borrowings of ₹2,531.02 million with restrictive covenants(p.57)
- • High leverage at subsidiary VWTPL, debt-to-equity of 4.42 at June 30, 2026(p.60)
- • Promoter personal guarantees on company and subsidiary loans(p.75)
- • Material litigation at SFCU in Portugal and Austria(p.43)
- • Net Proceeds used for borrowing prepayment add no immediate value to investors(p.81)
- • Promoters retain substantial control and their loss may materially affect the business(p.82)
- • Most directors have no experience as directors of listed entities(p.86)
- • High revenue dependence on top 10 customers with few long-term contracts(p.307)
- • Dependence on a few suppliers without exclusive agreements(p.308)
- • SWT revenue concentrated in Goa Waste Management Corporation and one OMC(p.307)
- • Seasonal and cyclical business drives elevated cash conversion cycle in quarters(p.310)
- • WRR order book is at an early stage(p.311)
- • Three foreign subsidiaries reported on unaudited financial statements(p.406)
- • CARO 2020 and other legal and regulatory observations disclosed(p.408)
- • Negative net cash from operating activities in FY2026 and the quarter ended June 30, 2026(p.417)
- • High current trade receivables of Rs 4,608.46 million at June 30, 2026(p.411)
- • Promoter group holds a concentrated stake of 42.84 percent pre-offer(p.392)
- • Promoter-linked directorships in ventures engaged in similar business(p.394)
- • Group company Turbomax engaged in overlapping blower business with a director common to both(p.398)
- • Sharp rise in bank overdraft borrowings to 1,229.37 at June 30, 2026(p.473)
- • Credit-impaired trade receivables of 75.87 with an expected credit loss allowance of 110.31(p.466)
- • Audit trail edit log not enabled for one subsidiary during FY2025(p.448)
- • Principal dues to MSME suppliers remained unpaid at period end(p.474)
- • Promoter holds concentrated ownership, with Sandeep Sudhakar Asolkar at 33.81%(p.471)
- • Material related-party purchases from Turbomax India Private Limited(p.489)
- • Dependence on major customers(p.517)
- • Exposure to delayed customer payments(p.517)
- • Reliance on external suppliers(p.518)
- • Rising borrowings for working capital(p.511)
- • Sizeable outstanding borrowings(p.518)
- • Dependence on a few customers for revenue(p.548)
- • Dependence on certain suppliers for stock-in-trade and materials(p.548)
- • Negative operating cash flow in Fiscal 2026(p.542)
- • Rise in trade receivables absorbing working capital(p.542)
- • Outstanding consolidated borrowings(p.550)
- • Restrictive lender covenants requiring prior consent(p.551)
- • Pending tax claims against promoters(p.557)
- • New WRR segment building order book from Fiscal 2026(p.35)
- • SWT compressed biogas awards from a public sector oil marketing company(p.30)
- • Stated plan to extend presence internationally(p.36)
- • Government initiatives to accelerate wastewater infrastructure, per F&S(p.64)
- • Agro-based and CBG projects can be developed privately, reducing reliance on tenders(p.52)
- • Provisional selection as JV partner for a 1,000 TPD CBG plant in Mumbai(p.52)
- • Exclusive WRR component distribution agreement to enter wastewater recycling and reuse(p.63)
- • Projected growth of global wastewater treatment solutions market(p.173)
- • Projected growth of Indian tertiary treatment market(p.173)
- • Projected growth of CBG production in India(p.173)
- • Projected growth of Indian sewage water treatment market(p.173)
- • Large gap between sewage generated and treatment capacity in India(p.234)
- • Shift from price-sensitive procurement to long-tenure BOOT projects(p.229)
- • Draft rules propose mandatory reuse obligations for bulk water users(p.232)
- • Document positions SFC as a vertically integrated player for treatment and reuse(p.233)
- • Indian tertiary treatment market projected to grow sharply(p.252)
- • Tariff Policy creates demand for treated urban wastewater from thermal plants(p.255)
- • Growing MSW volumes create energy recovery opportunity(p.315)
- • CBG blending obligation for oil marketing companies drives SWT demand(p.315)
- • Partnerships with OGMCs for financing, offtake and scalability(p.315)
- • Tertiary treatment market growth expected to support WRR expansion(p.303)
- • WRR segment expected to grow on water scarcity and conservation policy(p.316)
- • Sewage treatment market projected to grow(p.316)
- • Solar sludge dryer market projected to grow at 6.05% CAGR(p.317)
- • Expansion into domestic and international markets including MEA and South Asia(p.317)
- • Active pursuit of projects, tie-ups and acquisition targets(p.317)
- • Selected as JV partner for 1,000 TPD CBG plant in Mumbai(p.330)
- • Sewage treatment sector growth driven by regulation and urbanisation(p.335)
- • LWM Rules mandate wastewater reuse targets and stricter norms(p.337)
- • Agro-waste biogas plant site acquired in Nanded(p.329)
- • Acquisition of IST-Anlagenbau GmbH as a subsidiary, adding goodwill of 275.14(p.457)
- • Backward integration to cut costs and improve margins(p.518)
- • Build-out of new WRR segment(p.517)
- • Dependence on continued government emphasis and budget allocation(p.30)
- • Tenders awarded to lowest bidder, pressuring margins(p.30)
- • Competitor technologies may displace company offerings(p.29)
- • Trade sanctions and export controls exposure(p.32)
- • Dependence on general economic and capital market conditions for financing(p.39)
- • Customer financial distress affecting collections(p.41)
- • Changes in applicable Indian law affecting litigation provisions(p.37)
- • RBI Project Finance Directions may delay financial closure for projects(p.42)
- • Stricter SWM Rules 2024 with processing targets and penalties(p.62)
- • LWM Rules add reuse targets, stricter effluent norms and reporting(p.62)
- • Geopolitical shipping disruptions affecting imported raw materials(p.49)
- • Competition from larger players with greater scale and pricing pressure(p.74)
- • Labour code changes raising employee and labour costs(p.70)
- • Macroeconomic slowdown reducing demand for waste treatment technology(p.72)
- • Foreign currency exposure across multiple currencies(p.78)
- • Natural disasters, pandemics, and terrorism could affect results and cash flows(p.82)
- • Dependence on India and global economic conditions(p.83)
- • Competition Act application or enforcement could adversely affect the business(p.83)
- • Changing laws, regulations, and legal interpretations may affect operations(p.84)
- • Rupee exchange rate fluctuations may affect the value of Equity Shares(p.89)
- • Indian tax laws and recent changes may affect investors and the business(p.87)
- • Competition from established and new players(p.278)
- • Policy changes such as levies or exemptions on imported materials(p.278)
- • Steel and plastic price swings and subsidy changes affect project costs and demand(p.278)
- • Waste-to-energy power costs well above conventional alternatives(p.266)
- • Dividend ability exposed to economic, government policy, regulatory and inflation factors(p.400)
- • Pending customs notice relating to FY2008-09 to FY2012-13(p.482)
- • Exposure to floating and market-linked bank interest rates on term facilities(p.473)
- • Applicable domestic tax rate range subject to statutory change(p.481)
- • Net loss on foreign currency transactions of 27.85 in FY2026(p.478)
- • Raw material price volatility(p.518)
- • Changes in import duties(p.518)
- • Interest rate and credit market exposure(p.518)
- • Competitive bidding for SWT projects(p.518)
- • Foreign exchange exposure(p.504)
- • Operates in a competitive environment(p.547)
- • Seasonal concentration of revenue in second half of fiscal(p.547)
- • Exposure to floating-rate long-term debt(p.547)
- • Environmental penalties levied by Goa Waste Management Corporation(p.555)
- • Third-party liquidated damages claim in Portugal(p.556)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sandeep Sudhakar Asolkar | Promoter | — | — |
| Priya Sandeep Asolkar | Promoter | — | — |
| Prachiti Sandeep Asolkar | Promoter | — | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter | — | — |
| Sandeep Sudhakar Asolkar | Promoter | — | — |
| Priya Sandeep Asolkar | Promoter | — | — |
| Saketchandrasingh Pratapsingh Dhandhoriya | Promoter | — | — |
| Asolkar Tradecraft Private Limited | Promoter Group | — | — |
| Sandeep Sudhakar Asolkar jointly with Priya Sandeep Asolkar | Promoter Selling Shareholder | — | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter Selling Shareholder | — | — |
| Sandeep Sudhakar Asolkar | Promoter | 14.45% | — |
| Sandeep Sudhakar Asolkar (held jointly with Priya Sandeep Asolkar) | Promoter | 19.36% | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter | 9.03% | — |
| Asolkar Tradecraft Private Limited | Promoter Group | 5.33% | — |
| Bhushan Raju Naik | Promoter Group | 0.01% | — |
| Sandeep Sudhakar Asolkar | Promoter | 33.81 | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter | 9.03 | — |
| Prachiti Sandeep Asolkar | Promoter | — | — |
| Sandeep Sudhakar Asolkar | Promoter | 14.45% individually; 19.36% jointly with Priya Sandeep Asolkar (fully diluted) | — |
| Priya Sandeep Asolkar | Promoter | 19.36% jointly with Sandeep Sudhakar Asolkar (fully diluted) | — |
| Prachiti Sandeep Asolkar | Promoter | nil (does not hold any Equity Shares) | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter | 9.03% (fully diluted) | — |
| Sandeep Sudhakar Asolkar | Promoter | 33.81% | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter | 9.03% | — |
| Asolkar Tradecraft Private Limited | Promoter Group | 5.33% | — |
| Bhushan Raju Naik | Promoter Group | 0.01% | — |
| Sandeep Sudhakar Asolkar | Promoter | — | — |
| Sandeep Sudhakar Asolkar | Promoter | — | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter | — | — |
| Sandeep Sudhakar Asolkar | Promoter | — | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter | — | — |
| Priya Sandeep Asolkar | Promoter | — | — |
| Sandeep Sudhakar Asolkar | Promoter Selling Shareholder | — | — |
| Priya Sandeep Asolkar | Promoter Selling Shareholder | — | — |
| Saketchandrasingh Pratapsingh Dhandoriya | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| SFC Environmental Technologies Limited THIS ISSUE | 16.52 | 86.09 | 540.98, computed at the offer price | 3.83, computed at the offer price | 21.25% |
| 63.95 | 492.55 | 52.01 | 6.76 | 13.74% | |
| 1.30 | 71.22 | 220.77 | 4.04 | 1.77% | |
| 12.03 | 91.30 | 31.34 | 4.14 | 11.20% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.