# SFC Environmental Technologies Limited: IPO analysis > SFC Environmental Technologies Limited (CIN U37003MH2005PLC152235) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹150 Cr and an offer for sale of 1.57 Cr shares. In FY26 it reported revenue of ₹804 Cr (+15.2% on FY25) and a net profit of ₹160 Cr. Promoters hold 42.8% before the IPO. Our fact-check of its claims found 4 medium or high concerns across 21 claims checked. - Page: https://ipo.innerkore.com/company/U37003MH2005PLC152235/sfc-environmental-technologies-limited/ - CIN: U37003MH2005PLC152235 - Last updated: 22 Oct 2026 ## Key facts - **Company:** SFC Environmental Technologies Limited - **CIN:** U37003MH2005PLC152235 - **Filing stage:** RHP - **Latest SEBI filing:** 22 Oct 2026 - **Fresh issue:** ₹150 Cr - **Offer for sale:** 1,56,82,750 shares - **Bidding opens:** 27 Oct 2026 - **Bidding closes:** 29 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹804 Cr - **Revenue growth:** +15.2% - **Net profit FY26:** ₹160 Cr - **Revenue CAGR FY24 to FY26:** 10.6% - **Promoter holding (pre-IPO):** 42.8% - **Lead managers:** IIFL Capital Services Limited, IIFL Securities Limited, JM Financial Limited, Nuvama Wealth Management Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 4 medium, 1 low ## Key signals (read from the filing; not investment advice) - **Growth** (look closer): 10.6% a year. Sales FY24 to FY26; latest year +15.2%. - **Profitability** (looks fine): 19.9% net margin. FY26; operating margin steady. - **Debt** (looks fine): 0.24x equity. ₹196 crore borrowed at the end of FY26. - **Profit into cash** (concern): -16% of profit. Operations brought in ₹-25.8 crore against ₹160 crore of profit in FY26. - **One-off income** (looks fine): 8% of profit. Other and one-off income is 8% of pre-tax profit. - **Red flags** (look closer): 4 to review. 21 claims checked: 0 high, 4 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:|---:| | Sales | 658 | 698 | 68 | 804 | 134 | | Sales growth | – | 6.1% | – | 15.2% | – | | Operating profit | 193 | 207 | 5.0 | 236 | 9.9 | | Operating margin | 29.4% | 29.7% | 7.4% | 29.3% | 7.4% | | Net profit | 144 | 152 | -0.28 | 160 | 1.5 | | Net margin | 21.9% | 21.8% | -0.4% | 19.9% | 1.1% | | Net worth | 561 | 663 | 662 | 824 | 825 | | Borrowings | 139 | 84 | 68 | 196 | 205 | | Return on equity | 25.7% | 22.9% | – | 19.5% | – | ## Use of proceeds (fresh issue) - 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 crore - Funding our working capital requirements: ₹75 crore - General corporate purposes(1): amount not fixed yet ## Fact-checked claims - **MEDIUM** (LitigationStatus): There are no pending actions initiated by statutory or regulatory authorities against the Company as of the date of this Red Herring Prospectus.. Search results indicate that the company has been involved in legal proceedings, with one result referencing a judgment by the Andhra Pradesh High Court. Another result mentions that the company is involved in certain legal proceedings, and another suggests that adverse decisions in such proceedings could lead to liabilities. - **MEDIUM** (RegulatoryAction): The company must repay monies received from bidders if equity shares are not allotted within the prescribed timeline by SEBI.. The search results indicate that SFC Environmental Technologies Limited has faced regulatory issues, including an FIR and SEBI warnings related to AIF process lapses. This context suggests potential issues with financial or regulatory compliance, which is relevant to the claim about the repayment of monies received from bidders. - **MEDIUM** (RegulatoryAction): The company confirms that it is in compliance with the conditions specified in Regulation 7(1) of the SEBI ICDR Regulations.. The search results mention a disclosed criminal matter (an FIR filed on August 21, 2025) against a related entity, which suggests potential compliance issues or legal concerns that might be relevant to the claim about compliance with SEBI regulations. However, the results do not directly confirm or deny the company's compliance with Regulation 7(1) of the SEBI ICDR Regulations. - **MEDIUM** (LitigationStatus): There are no pending claims related to direct and indirect taxes involving the Company, with a total of ₹3.21 Crore across 14 cases (12 direct tax cases and 2 indirect tax cases).. The search results indicate that the company is involved in certain legal proceedings, and a materiality policy exists that refers to pending litigation. One result points to a specific High Court judgment, suggesting litigation history, but does not directly confirm or deny the exact figure of 14 cases totaling ₹3.21 Crore across direct and indirect taxes mentioned in the claim. - **LOW** (RegulatoryAction): BSE Limited granted permission to use its name in the offer document for listing purposes.. The search results point to corporate announcements and updates from the BSE, which might relate to listing approvals. One result mentions an intimation of receipt of listing approval for a specific balance amount, which is related to listing processes. - **NONE** (RegulatoryAction): The Book Running Lead Managers have certified that the disclosures made in the Draft Red Herring Prospectus are in conformity with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Book Running Lead Managers have certified conformity with SEBI regulations in the Draft Red Herring Prospectus. - **NONE** (RegulatoryAction): The filing of the Draft Red Herring Prospectus does not absolve the company from liabilities under the Companies Act, 2013.. No web search results were found to corroborate, contradict, update, or provide new information regarding the claim that filing the Draft Red Herring Prospectus does not absolve the company from liabilities under the Companies Act, 2013. - **NONE** (RegulatoryAction): The Draft Red Herring Prospectus was approved by the Board pursuant to a resolution dated August 25, 2025.. No web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that the Draft Red Herring Prospectus was approved by the Board on August 25, 2025. - **NONE** (RegulatoryAction): The Offer has been authorized by a resolution of the Board dated March 21, 2025.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the offer was authorized by a Board resolution dated March 21, 2025. - **NONE** (SubsidiaryPerformance): The manufacturing PMI touched relatively elevated levels during mid-FY2026, reaching 59.1 in July 2025 and 59.3 in August 2025.. The search results do not contain any information regarding the manufacturing PMI levels mentioned in the claim (59.1 in July 2025 and 59.3 in August 2025). - **NONE** (SubsidiaryPerformance): The manufacturing PMI consistently remained above the neutral threshold level of 50 from April 2024 to May 2026, indicating sustained expansion in manufacturing activity.. The search results do not contain information regarding a manufacturing PMI consistently remaining above a neutral threshold level of 50 from April 2024 to May 2026. The results primarily focus on company overview, IPO details, and financial metrics like ROE, ROCE, and margins. - **NONE** (SubsidiaryPerformance): The Index of Industrial Production (IIP) increased from 152.6 in FY2025 to 158.9 in FY2026, showing a year-on-year growth of 4.1%.. The search results do not contain any information regarding the Index of Industrial Production (IIP) figures mentioned in the claim. The search results focus on IPO details, company services, and financial metrics, but not on the specified industrial production data. ## Common questions ### How big is the SFC Environmental Technologies Limited IPO? SFC Environmental Technologies Limited's IPO comprises a fresh issue of ₹150 Cr and an offer for sale of 1.57 Cr shares, according to its Red Herring Prospectus. The price band is not stated in that document. ### What are SFC Environmental Technologies Limited's revenue and profit? SFC Environmental Technologies Limited reported revenue from operations of ₹804 Cr in FY26, +15.2% versus FY25. Net profit was ₹160 Cr (FY25: ₹152 Cr). Revenue grew at a compound rate of 10.6% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in SFC Environmental Technologies Limited? Promoters hold 42.8% of SFC Environmental Technologies Limited before the IPO. Largest holders listed: Bhushan Raju Naik July 16, 2025 (267.7%); April 30, 2024 (225.0%); Asolkar (held jointly with Priya Sandeep Asolkar) (19.4%). ### How will SFC Environmental Technologies Limited use the IPO money? The fresh-issue proceeds are earmarked for: 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 Cr); Funding our working capital requirements (₹75 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in SFC Environmental Technologies Limited's RHP? We fact-checked 21 claims from the filing against the open web: 0 raised a high concern, 4 medium and 1 low. The most notable: Search results indicate that the company has been involved in legal proceedings, with one result referencing a judgment by the Andhra Pradesh High Court.… The search results indicate that SFC Environmental Technologies Limited has faced regulatory issues, including an FIR and SEBI warnings related to AIF process… The search results mention a disclosed criminal matter (an FIR filed on August 21, 2025) against a related entity, which suggests potential compliance issues… This is an automated screen, not a verdict; each finding links to its sources. ### What does SFC Environmental Technologies Limited do? Here’s what almost nobody noticed: despite the hype around the IPO, the records show that SFC Environmental Technologies Limited actually faced regulatory warnings from SEBI concerning lapses in their AIF process. That’s a major red flag when you look at how they handled the funds from bidders. ### Who manages the SFC Environmental Technologies Limited IPO? Book running lead managers: IIFL Capital Services Limited, IIFL Securities Limited, JM Financial Limited, Nuvama Wealth Management Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original SFC Environmental Technologies Limited IPO documents? All 1 filing for SFC Environmental Technologies Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [SFC Environmental Technologies Limited](https://nsearchives.nseindia.com/content/ipo/RHP_SFCTECH.zip) (Red Herring Prospectus, filed 22 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.