SFC Environmental Technologies Ltd IPO
Miscellaneous
Price Band
₹313 – ₹330
Lot Size
45
Minimum Bid Quantity
45
Minimum Investment
₹14850
Issue Size
₹667.53Cr
Opens
2026-10-27
Closes
2026-10-29
Listing
03-11-2026
Subscription Status
Qualified Institutional Buyers
18.81 x
Non-Institutional Investor
12.38 x
Retail Individual Investor
2.1 x
Total
9.08 x
IPO Details
Issue Type
EQUITY
Face Value
₹2
Tick Size
1
ISIN
INE0PKN01028
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
SFC Environmental Technologies Ltd is an environmental technology company incorporated in 2005. The company provides technologies and engineering solutions for wastewater treatment, wastewater recycling and reuse, and solid waste treatment. Its wastewater treatment operations include designing, manufacturing, supplying, supervising installation, and commissioning treatment equipment. It uses its proprietary C-Tech technology to treat sewage and effluents. The company also offers turbo blowers, fibre disc filters, solar sludge drying systems, and membrane-based treatment technologies. Its wastewater recycling and reuse solutions include ultrafiltration, closed-circuit reverse osmosis, and membrane bioreactor technologies. In solid waste treatment, the company provides plant design, engineering, construction, installation, commissioning, and operations and maintenance services. Its proprietary OREX technology separates biodegradable organic matter from inorganic materials in municipal solid waste. The company operates two integrated solid waste treatment facilities in Goa, with a combined treatment capacity of 350 tonnes per day and an additional handling capacity of 75 tonnes per day. Through its subsidiaries, it is also involved in compressed biogas projects using municipal and agricultural waste.
Pros
- • According to the prospectus, SFC Environment was the first technology provider to introduce sequencing batch reactor (SBR) technology through its C-Tech system in India. As of July 31, 2026, the company had commissioned 728 wastewater treatment installations and claims to hold over 80% market share in SBR technology in India.
- • The company claims to have developed in-house manufacturing capabilities for components used in its C-Tech and OREX technologies, including decanters, diffusers, turbo blowers, and solar sludge drying systems. It has also entered into technology and supply agreements with international companies, including TurboMax Company Limited of South Korea, IST-Anlagenbau GmbH of Germany, and EDI Inc. of the USA.
- • The company operates two integrated solid waste treatment facilities in Goa for the Goa Waste Management Corporation, with a combined treatment capacity of 350 tonnes per day and an additional handling capacity of 75 tonnes per day. According to the prospectus, its Saligao plant in North Goa has operated for over 10 years and recorded an average biogas yield of more than 150 Nm³ per tonne of organic waste in the last financial year.
Cons
- • SFC Environment derives 88.22%, 84.98%, 84.34%, and 87.40% of its consolidated revenue from operations from its wastewater treatment (WWT) and solid waste treatment (SWT) segments in the three months ended June 30, 2026, FY26, FY25, and FY24, respectively. Revenue attributable to government entities or government tenders accounted for 91.97%, 92.35%, 92.40%, and 95.72% of the WWT segment’s revenue during these periods, while the SWT segment derived 100% of its revenue from such sources in each period. Adverse changes in government policies, budgetary allocations, or tender awards, or reductions or terminations of government-funded projects, could hurt the company’s business and financial condition.
- • The company’s top 10 customers contributed Rs 106.09 crore (79.20%) in the three months ended June 30, 2026, Rs 517.84 crore (64.44%) in FY26, Rs 428.28 crore (61.37%) in FY25, and Rs 389.11 crore (59.18%) in FY24 to its revenue from operations. The company does not generally enter into long-term contracts with customers in its WWT and WRR segments, relying instead on purchase orders or letters of intent that can be terminated with or without notice. Any failure to retain key customers, cancellation or reduction of orders, or delays in payments from major customers could adversely affect the company’s revenue, profitability, and financial condition.
- • The company reported negative operating cash flows of Rs 21.34 crore in the three months ended June 30, 2026, Rs 25.80 crore in FY26, and Rs 11.69 crore in FY24. These were primarily due to working capital movements, including increases in trade receivables in FY26 and in FY24, along with increases in inventories and other current assets. The company also reported negative investing cash flows of Rs 66.47 crore in FY26 and Rs 77.15 crore in FY24, mainly due to investments in fixed deposits, capital expenditure, acquisitions of subsidiaries, and loans given. Negative financing cash flows of Rs 106.52 crore in FY25 primarily resulted from repayment of borrowings, dividend payments, interest payments, and lease liabilities. Any continued working capital requirements, capital expenditure, acquisitions, or debt repayments could result in further negative cash flows and adversely affect the company’s liquidity and financial condition.
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