SFC Environmental Technologies Ltd IPO
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- Minimum investment
- ₹14,850
- Price band
- ₹330 – ₹0
- Lot size
- 45 shares
- Issue size
- ₹668 Cr
- Face value
- ₹2
- IPO document
- Offer PDF
Schedule
Bidding for this IPO has closed- IPO open date, Completed
- IPO close date, Completed
- Allotment date, Upcoming
- Funds unblock or debit, Upcoming
- Listing date, Upcoming
Updated
*All values are in ₹ crore
- 2024
- ₹679 Cr
- 2025
- ₹727 Cr
- 2026
- ₹821 Cr
- Technology driven market leadership as a key player in the wastewater treatment market.
- Vertical integration through constant innovation and use of technology.
- Well-positioned to capture market opportunities in the solid waste treatment segment.
- High proportion of repeat business with strong order book.
- Track record of consistent performance and strong financial profile.
- Proven management experience and leadership.
SFC Environmental Technologies IPO: Key Strengths and Risks
Key strengths
- SBR technology leader: SFC holds over 80% of India's sequencing batch reactor market. Its C-Tech technology has 728 wastewater installations as of July 31, 2026, covering 17,511.11 million litres a day.
- Steady earnings: Revenue from operations grew from ₹657.50 crore in FY2024 to ₹803.63 crore in FY2026, a 10.6% CAGR. PAT rose to ₹160.21 crore from ₹144.17 crore. Operating EBITDA margin stayed near 29%.
- Large order book: Total order book stood at ₹1,656.64 crore on August 31, 2026, about twice FY2026 revenue.
- Repeat business: Repeat customers generated 91.98% of FY2026 revenue on a standalone basis, up from 85.18% in FY2025.
- Solid waste presence: SFC runs two integrated solid waste plants in Goa, with a combined capacity of up to 425 tonnes per day. The Saligao plant has operated for over 10 years. The solid waste order book was ₹454.54 crore on August 31, 2026.
Key risks
- Customer concentration: Top 10 customers made up 64.44% of FY2026 revenue and 79.20% in Q1 FY2027. Only 7.64% of that top-10 revenue came from long-term contracts.
- Government dependence: About 92.35% of wastewater segment revenue in FY2026 came, directly or indirectly, from government-awarded or government-funded projects. Policy changes could hurt.
- Stretched receivables: On a standalone basis, trade receivable days climbed from 197 in FY2024 to 282 in FY2026. The company plans ₹74.92 crore of the fresh issue for working capital. Net debt was ₹38.82 crore on March 31, 2026, against net cash of ₹52.35 crore a year earlier.
- Seasonal first quarter: Most sales land in the fourth quarter. Q1 FY2027 PAT was just ₹1.48 crore on ₹133.94 crore of revenue.
- Technology dependence: SBR accounts for about 28% to 30% of installed municipal and industrial treatment capacity in India. If adoption stalls or alternatives take over, SFC’s growth prospects suffer.
SFC Environmental Technologies Financials
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 803.63 | 697.86 | 657.50 |
| Operating EBITDA (₹ crore) | 235.81 | 207.48 | 193.25 |
| Operating EBITDA margin (%) | 29.34 | 29.73 | 29.39 |
| PAT (₹ crore) | 160.21 | 152.01 | 144.17 |
| PAT margin (%) | 19.94 | 21.78 | 21.93 |
| ROE (%) | 21.55 | 24.84 | 29.80 |
| ROCE (%) | 22.21 | 29.29 | 28.56 |
Customer Base and Revenue Concentration
| Particulars | Q1 FY2027 | FY2026 | FY2025 | FY2024 |
|---|---|---|---|---|
| Top 10 customers' revenue share (%) | 79.20 | 64.44 | 61.37 | 59.18 |
| Top 5 customers' revenue share (%) | 62.12 | 47.10 | 46.59 | 40.53 |
| Largest customers' revenue share (%) | 26.68 | 14.34 | 16.76 | 10.77 |
SFC Environmental Technologies Peer Comparison
| Company | Diluted EPS (₹) | P/E |
|---|---|---|
| SFC Environmental Technologies | 16.52 | NA |
| Thermax | 63.94 | 52.01x |
| Praj Industries | 1.30 | 220.77x |
| Ion Exchange (India) | 12.03 | 31.34x |