SFC Environmental TechnologiesIPO Review — Financials, Valuation & Peers
A data-only look at the SFC Environmental Technologies IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 676.74 | 144.17 | 193.25 | 534.3 | 904.94 | 139.16 | — |
| FY 2025 | 726.96 | 152.01 | 207.48 | 648.68 | 999.47 | 83.71 | — |
| FY 2026 | 821.27 | 160.21 | 235.81 | 804.17 | 1,323.43 | 195.64 | — |
| Jun 2026 (interim) | 137.9 | 1.48 | 9.86 | 805.49 | 1,224.56 | 204.77 | 17.15 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- RoNW
- 0.19%
- RoE
- 0.18%
- RoCE
- 0.72%
- Debt / Equity
- 0.25
- EPS (pre-issue)
- ₹17.15
- EBITDA Margin
- 7.36%
- PAT Margin
- 1.11%
- NAV / share
- ₹86.23
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| SFC Environmental Technologies | 16.52 | 86.09 | — | 21.25% | — | Consolidated |
| Ion Exchange India Ltd. | 12.03 | 91.3 | 31.34x | 11.2% | 4.14x | Consolidated |
| Praj Industries Ltd. | 1.3 | 71.22 | 220.77x | 1.77% | 4.04x | Consolidated |
| Thermax Ltd. | 63.95 | 492.55 | 52.01x | 13.74% | 6.76x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, Saketchandrasingh Pratapsingh Dhandoriya</p>
- Holding (pre-issue)
- 48.18%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. SFC Environmental Technologies operates at an EBITDA margin of 7.36% and a net (PAT) margin of 1.11% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 0.72% and a return on equity (RoE) of 0.18%. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements (₹74.92 crore), alongside prepayment of all or a portion of certain outstanding borrowings availed by company and wholly owned subsidiary, namely vasudha waste treatment pvt.ltd. (₹42.23 crore). In all, 3 objects are disclosed.
Financials
In FY2026, SFC Environmental Technologies reported revenue of ₹137.9 crore and a net profit of ₹1.48 crore. Revenue declined from ₹676.74 crore in FY2024 to ₹137.9 crore in FY2026 (-80.0%). Net worth stood at ₹805.49 crore at the end of FY2026. At the upper band, that puts the issue at roughly 19.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Peer comparison
The offer document names listed peers including Ion Exchange India Ltd. and Praj Industries Ltd., with a median peer P/E of about 52×.
Promoters
The promoters of the company are <p>Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, Saketchandrasingh Pratapsingh Dhandoriya</p>. Promoter holding is 48.18% before the issue.
Frequently asked questions
- Who are the promoters of SFC Environmental Technologies and what is their holding?
- The promoters are <p>Sandeep Sudhakar Asolkar, Priya Sandeep Asolkar, Prachiti Sandeep Asolkar, Saketchandrasingh Pratapsingh Dhandoriya</p>. Promoter holding is 48.18% before the issue.
- What are the objects of the SFC Environmental Technologies IPO?
- The net proceeds go primarily toward funding working capital requirements, among 3 disclosed objects.