SFC Environmental Technologies IPO

SFC Environmental Technologies IPO: Overview

SFC Environmental Technologies Limited, a Navi Mumbai-based company in wastewater treatment, water recycling and solid waste treatment, is raising funds through a mainboard IPO. The issue opened on 27 October 2026 and closes on 29 October 2026, at a price band of ₹313 to ₹330 per share.

The issue is worth up to ₹667.53 crore. Of that, ₹150 crore is a fresh issue and ₹517.53 crore is an offer for sale (OFS). About 78% of the issue is therefore an OFS, which means most of the money goes to selling shareholders and not to the company.

SFC Environmental Technologies IPO: Key Details

Particulars	Details
Company	SFC Environmental Technologies Limited
Issue type	Book-built issue (fresh issue + offer for sale)
Total issue size	Up to ₹667.53 crore (2,02,28,204 shares)
Fresh issue	45.45 lakh shares, up to ₹150.00 crore
Offer for sale	1.57 crore shares, up to ₹517.53 crore
Face value	₹2 per share
Price band	₹313 – ₹330 per share
Anchor bidding	26 October 2026
Issue opens	27 October 2026
Issue closes	29 October 2026
Basis of allotment (tentative)	30 October 2026
Refunds and credit of shares (tentative)	2 November 2026
Listing (tentative)	3 November 2026 on BSE and NSE
Lot size	45 shares

Lot Size and Investment Amount

Category	Lots	Shares	Amount at upper band
Retail (minimum)	1	45	₹14,850
Retail (maximum)	13	585	₹1,93,050
Small NII (minimum)	14	630	₹2,07,900
Big NII (minimum)	68	3,060	₹10,09,800

At the lower end of the band (₹313), one lot costs ₹14,085.

Reservation

Category	Allocation of issue	Shares
Qualified Institutional Buyers (QIB)	50%	1,01,14,102
– Anchor portion	30%	60,68,460
– QIB (excluding anchor)	20%	40,45,642
Non-Institutional Investors (NII)	15%	30,34,231
Retail Individual Investors	35%	70,79,871

Anchor Investors

The company raised ₹200.26 crore from anchor investors on 26 October by allotting 60,68,460 shares at the upper band. By category, mutual funds put in about ₹178.50 crore (89%), FPIs about ₹11.76 crore (6%) and insurance companies about ₹10.00 crore (5%).

Objects of the Issue

The company will use the proceeds of the fresh issue for:

Object	Amount
Prepayment of borrowings of the company and its subsidiary, Vasudha Waste Treatment Private Limited	₹42.23 crore
Working capital requirements	₹74.92 crore
General corporate purposes	Balance

The company will not receive the proceeds of the OFS.

Financial Performance

Restated consolidated figures, in ₹ crore:

Particulars	FY24	FY25	FY26	Q1 FY27 (3 months to 30 Jun 2026)
Total income	676.74	726.96	821.27	137.90
EBITDA	193.25	207.48	235.81	9.86
Profit after tax	144.17	152.01	160.21	1.48
Net worth	534.30	648.68	804.17	805.49
Total borrowings	139.16	83.71	195.64	204.77

Highlights:

• Total income grew about 13% and PAT about 5% in FY26.
• Margins are high for an engineering and systems company: about 29% EBITDA and 20% PAT.
• Return ratios of above 21% are healthy.
• Borrowings more than doubled in FY26, from ₹83.71 crore to ₹195.64 crore.
• The June 2026 quarter was weak. PAT was only ₹1.48 crore, against ₹160.21 crore for the full year, and EBITDA margin was about 7%. Project-based revenue can be uneven across quarters, but compare this carefully with the previous year's quarterly pattern in the RHP.

Strengths

• Technology leadership. Proprietary C-Tech and OREX technologies, and a stated leading share in India's SBR segment.
• End-to-end offering. Design, supply, installation, commissioning, and operations and maintenance.
• Strong profitability and returns. About 29% EBITDA margin and over 21% ROE in FY26.
• Repeat business. About 92% of FY26 revenue from repeat customers, as stated by the company.

Risks

• OFS-heavy issue. About 78% of the issue is an OFS, so existing shareholders, including two promoters, are selling a large stake.
• Weak recent quarter. Q1 FY27 profit was a small fraction of annual profit.
• Modest FY26 profit growth. PAT grew about 5% while total income grew about 13%.
• Rising debt. Total borrowings increased sharply in FY26.
• Project and order-book dependence. Revenue depends on timely order execution and on public and private infrastructure spending.
• Government and municipal exposure. Wastewater projects often depend on public sector clients, which can bring payment delays.
• Competition. The water and waste treatment sector has many domestic and global players.

How to Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How to Check the Allotment Status of the IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email