SFC Environmental Technologies Ltd.
DRHP · filed 27 Oct 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
SFC Environmental Technologies Ltd. is a company focused on wastewater treatment and solid waste management. The IPO consists of a fresh issue of Rs 150 crore with no offer for sale. The company reported a revenue of Rs 133.94 crore and a profit of Rs 1.51 crore, though its revenue has declined at a CAGR of -59.17%. The draft prospectus highlights high risks related to dependence on government entities, the non-renewable nature of concession agreements, and the potential failure of its technology.
What stands out
Shrinking revenue. Restated revenue CAGR of -59.2%.
Risk factor. Failure of technology, inability to upgrade or innovate, or displacement by newer technologies could adversely impact results of operations.
Risk factor. Revenue is highly dependent on WWT and SWT segments, which together accounted for 84.34% to 88.22% of consolidated revenue from operations.
Risk factor. Revenue is highly dependent on government entities, which represented 91.97% to 95.72% of WWT segment revenue and 100% of SWT segment revenue.
Risk factor. Concession agreements for the North Goa Plant and South Goa Plant do not provide for automatic renewal upon expiry.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.25x.
How the offer is structured
Fresh issue
₹150 Cr
New capital into the company
OFS share
0%
- Prepayment of all or a portion of certain outstanding borrowings availed by our Company and our wholly owned Subsidiary, namely Vasudha Waste Treatment Private Limited₹42.2 Cr
- Funding our working capital requirements₹74.9 Cr
- General corporate purposes
Restated financials
Revenue
₹134 Cr
Latest fiscal year
Profit after tax
₹1.5 Cr
Revenue CAGR
-59.2%
Return on equity
0.2%
Debt / equity
0.25
PAT CAGR
-90.1%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹804 Cr | ₹154 Cr | ₹824 Cr | |
| 2025 | ₹67.8 Cr | ₹-1.3 Cr | ₹662 Cr | |
| 2026 | ₹134 Cr | ₹1.5 Cr | ₹825 Cr |
Promoters, litigation & related parties
Promoter (pre)
42.8%
Related-party
0.6%
Share of revenue
Except as stated below, there are no outstanding (i) criminal proceedings (including matters at FIR stage where no / some cognizance has been taken by any court); (ii) actions by statutory or regulatory authorities; (iii) claims for any direct or indirect tax liabilities; or (iv) other pending litigation (including civil and arbitration proceedings) which have been determined to be material pursuant to the Materiality Policy (as disclosed herein below), involving our Company, Directors, Promoters or Subsidiaries (the “Relevant Parties”).
Risks the company discloses
Failure of technology, inability to upgrade or innovate, or displacement by newer technologies could adversely impact results of operations.(Technology)
Revenue is highly dependent on WWT and SWT segments, which together accounted for 84.34% to 88.22% of consolidated revenue from operations.(Revenue Concentration)
Revenue is highly dependent on government entities, which represented 91.97% to 95.72% of WWT segment revenue and 100% of SWT segment revenue.(Government Dependence)
Concession agreements for the North Goa Plant and South Goa Plant do not provide for automatic renewal upon expiry.(Concession Risk)
Revenue from the North Goa Plant and South Goa Plant accounted for ₹1,069.53 million in the three months ended June 30, 2026.(Concession Risk)
Revenue from the WWT segment directly or indirectly attributable to government entities accounted for ₹597.02 million in the three months ended June 30, 2026.(Government Dependence)
Revenue from the SWT segment directly or indirectly attributable to government entities accounted for ₹532.51 million in the three months ended June 30, 2026.(Government Dependence)
Failure to conduct research and development, innovate and focus on new technologies may negatively impact financial results.(Technology)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.