SFC Environmental Technologies Ltd.- RHP (CIN U37003MH2005PLC152235) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹150 Cr and an offer for sale of 1.57 Cr shares, priced at ₹313.00 to ₹330.00 per share. In FY26 it reported revenue of ₹804 Cr (+15.2% on FY25) and a net profit of ₹160 Cr. Promoters hold 42.1% before the IPO. Our earlier look-up of its claims found 6 medium or high concerns across 37 claims looked up.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
6 to review37 claims looked up earlier: 2 high, 4 medium concern.
How we rate these
Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What SFC Environmental Technologies Ltd.- RHP is offering, at what price, and who owns it today. Read from the Prospectus; anything the company hasn't fixed yet shows as pending.
IPO dates announced
Bidding 27 Oct 2026 to 29 Oct 2026.
Fresh issue
₹150 Cr
New money for the company
Offer for sale
₹518 Cr
1.57 Cr shares at ₹330.00, the top of the band (from NSE)
Price band
₹313.00 to ₹330.00
Lot of 45 shares, from ₹14,085
Final offer price
₹330.00
Fixed after bidding closed
Shares today
9.34 Cr
Before the IPO
Face value
₹2
Listing on
BSE & NSEEQ
Bidding
27 Oct 2026 to 29 Oct 2026
Opens to closes
Lead managers
IIFL Capital ServicesIIFL SecuritiesJM FinancialNuvama Wealth Management
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
28%
Working capital
Funding our working capital requirements
75
50%
General corporate
General corporate purposes
20
14%
The offer-for-sale portion is not shown here: that money goes to the selling shareholders, not the company. Source: page 169
Who owns it
Promoters hold before the IPO
42.1%
Promoters 42.1%Promoter group 3.1%Investors 33.8%Public 18.6%
Holder
Shares
% before IPO
Bhushan Raju Naik July 16, 2025Promoter group
13,500
267.7%
April 30, 2024Promoter group
16.59 lakh
225.0%
**Public
1.74 Cr
18.6%
Asolkar (held jointly with Priya Sandeep Asolkar)Promoter
1.74 Cr
18.6%
Sandeep Sudhakar AsolkarPromoter
1.35 Cr
14.5%
Saketchandrasingh Pratapsingh DhandoriyaPromoter
84.34 lakh
9.0%
with Chandrakant Vallabhaji Gogri and Hetal Gogri Gala)Investor
57.49 lakh
6.2%
Sarvesh Kumar GargInvestor
55.27 lakh
5.9%
Kumaraguru MadurakaviInvestor
45.93 lakh
4.9%
Rajesh KesavanInvestor
45.93 lakh
4.9%
Nambisan 5. Sandeep Sambhaji ParabInvestor
45.93 lakh
4.9%
Asolkar Tradecraft Private LimitedPromoter group
29.18 lakh
3.1%
Aakansha Unichem LLPInvestor
24.55 lakh
2.6%
Veera Venkata Satyanarayana YannamaniInvestor
21.44 lakh
2.3%
Jyoti Subodh SapreInvestor
18.62 lakh
2.0%
Valuation
At the price band
Low end
High end
Price per share
₹313.00
₹330.00
Market cap after IPO
₹3,074 Cr
₹3,233 Cr
P/E (FY26 profit)
19.19x
20.18x
Price / book value
3.73x
3.92x
Price / sales
3.82x
4.02x
Post-issue market cap divided by FY26 figures from the filing. A loss-making company has no P/E. Total issue size at the top of the band: ₹668 Cr.
Business model
Is SFC Environmental Technologies Ltd.- RHP a good business, and why? Its market, industry, edge and team, each rated by a stated rule.
As printed in the filing's summary financial information, converted to ₹ crore.
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.94p.95
Line item
FY24
FY25
3M Jun-25
FY26
3M Jun-26
Revenue from operations
658
698
68
804
134
Other income
19
29
3.3
18
4.0
677
727
71
821
138
Income
Impairment gain on financial assets
0.18
0.00
0.02
0.00
0.00
Finance costs
8.8
13
2.9
15
5.4
Depreciation and amortization expense
12
18
6.4
28
6.5
486
522
72
611
136
Expenses
Purchases of Stock-in-trade
206
127
11
190
32
Cost of Material Consumed
122
177
27
156
28
Project Cost
26
29
4.4
76
32
Changes in inventories
-16
9.3
-11
-20
-9.6
Employee benefits expense
60
73
18
84
22
Impairment loss on financial assets
0.28
0.75
0.01
0.84
0.04
Other expenses
67
74
14
81
19
Restated Profit before share of profit of joint ventures and associate
191
205
-0.93
211
1.9
Restated Profit before tax
193
205
-0.48
211
2.2
49
53
-0.20
51
0.67
Add: Share of profit/(loss) of joint ventures and associate (Net)
2.4
-0.13
0.45
0.74
0.21
Tax expense
Current tax
51
54
1.1
57
1.9
Deferred tax
-1.1
0.68
-1.3
-2.2
-1.0
MAT Credit
-0.17
-0.95
0.00
-3.2
-0.23
Restated Profit after Tax
144
152
-0.28
160
1.5
145
152
0.16
162
1.3
Restated Profit for the period/
year attributable to:
Owners of the Parent
142
144
-1.3
154
1.5
Non-controlling interests
2.6
8.0
1.0
5.9
-0.03
Other comprehensive income
(OCI)
Items that will not be
subsequently reclassified to
profit or loss
Remeasurement gain/(loss) of the defined benefit plans
-0.51
-0.39
0.12
0.12
-0.37
Income taxes related to items that will not be reclassified to profit or loss
0.13
0.10
-0.03
-0.01
0.08
Share of other comprehensive
income (Remeasurement
gain/(loss) of the defined benefit plans) of associates accounted for using the equity method (Net)
0.00
0.00
-0.00
0.00
-0.00
Exchange differences on
translating the financial statements of foreign operations
0.97
0.14
0.35
1.3
0.10
Restated Total other comprehensive income/(loss)
0.59
-0.16
0.44
1.5
-0.19
Other comprehensive
income/(loss) for the period /
year attributable to:
Owners of the Parent
0.71
-0.20
0.41
1.4
-0.20
Non-controlling interests
-0.12
0.04
0.04
0.05
0.00
Total comprehensive income
attributable to:
Owners of the Parent
142
144
-0.90
156
1.3
Non-controlling interests
2.4
8.0
1.1
5.9
-0.02
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.92p.93
Line item
FY24
FY25
3M Jun-25
FY26
3M Jun-26
Property, plant and equipment
61
68
70
66
63
Goodwill
2.8
2.8
2.8
30
30
Investments
4.9
8.8
9.2
22
22
Trade Receivables
53
52
52
51
50
211
268
290
312
332
ASSETS
Non-current assets
Right-of-use assets
13
56
54
49
66
Capital work-in-progress
6.7
5.0
5.1
6.8
8.3
Investment property
14
7.1
6.8
5.9
5.5
Other Intangible Assets
13
7.3
5.9
1.6
0.20
Financial assets
Loans
8.0
10
10
11
11
Other financial assets
16
21
33
23
22
Deferred tax assets (net)
8.8
8.8
9.7
12
13
Income tax assets (net)
3.1
6.7
13
8.2
13
Other non - current assets
6.3
16
19
26
28
Inventories
108
98
113
125
142
Trade receivables
341
435
276
609
461
Cash and cash equivalents
7.7
38
32
41
20
694
731
590
1,011
892
Current assets
Financial assets
Loans
20
18
18
19
19
Bank balances other than (iii) above
181
99
101
116
120
Other Financial Asset
14
18
22
28
29
Other Current Assets
21
26
29
74
101
Total Assets
905
999
881
1,323
1,225
Equity share capital
6.2
19
19
19
19
Other equity
528
630
629
785
787
534
649
648
804
805
EQUITY AND LIABILITIES
Equity
561
663
662
824
825
Non Controlling Interests
27
14
14
20
20
Borrowings
46
49
47
39
36
71
112
109
96
108
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities
10
48
46
42
57
Provisions
6.3
5.8
6.8
6.3
6.5
Deferred tax liabilities (net)
8.3
9.0
8.7
8.2
8.1
Borrowings
93
34
21
157
168
22
14
8.7
12
6.9
Current liabilities
Financial liabilities
Lease liabilities
2.8
5.6
5.8
7.0
8.3
Trade payables
273
225
110
404
291
Total outstanding dues of creditors
other than micro and small enterprises
89
79
49
159
68
Other financial liabilities
23
28
9.3
16
9.0
Other current liabilities
33
58
17
51
27
Provisions
0.10
0.02
0.00
0.83
0.78
Current tax liabilities (net)
10
5.9
0.05
2.6
2.3
Total liabilities
344
337
219
500
399
Total equity and liabilities
905
999
881
1,323
1,225
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.96p.97
Line item
FY24
FY25
3M Jun-25
FY26
3M Jun-26
Profit for the period before tax
193
205
-0.48
211
2.2
Operating profit before working capital changes
198
213
5.8
242
11
-12
66
32
-26
-21
Adjustments for :
Depreciation and amortization expenses
12
18
6.4
28
6.5
Finance costs
8.8
13
2.9
15
5.4
Interest income on fixed deposit
-11
-11
-2.1
-8.8
-2.0
Interest income on loans given
-0.97
-4.0
-0.71
-2.9
-0.77
Bad debts written off
1.0
0.05
0.00
0.00
0.00
Impairment gain/loss on financial asset
0.10
0.75
-0.01
0.84
0.03
Exchange differences on translation of foreign operations
0.99
0.14
0.33
1.3
0.10
Net (gain)/loss on fair valuation of Mutual Funds
-1.2
0.00
0.00
0.00
0.00
Net (gain)/loss on sale of Fixed Assets
-1.6
-5.6
0.00
-1.5
-0.15
Net (gain)/loss on sale of Investment Property
-1.7
-4.0
-0.06
-0.57
-0.09
Net (gain)/loss on Termination of Lease
0.00
-0.13
-0.02
-0.02
0.00
Share of (profit)/ loss of the joint ventures and associate (Net)
-2.4
0.13
-0.45
-0.74
-0.21
Working capital adjustments:
(Decrease)/ increase in other current liabilities
11
25
-41
-7.3
-24
(Decrease)/ increase in trade payables
2.9
-18
-36
77
-95
(Decrease)/ increase in other financial liabilities
8.4
11
-18
-12
-6.8
(Decrease)/ increase in provisions
-1.2
-0.80
1.1
1.4
-0.18
Decrease/ (increase) in inventories
-35
11
-15
-28
-17
Decrease/ (increase) in trade receivables
-171
-94
160
-174
149
Decrease/ (increase) in other financial assets
-15
-7.4
-4.9
-11
-2.0
Decrease/ (increase) in other current assets
-11
-4.7
-2.9
-48
-27
Decrease/ (increase) in non-current assets
-4.1
-9.4
-2.8
-10
-2.1
Adjustments on account of acquisition of subsidiary
47
0.00
0.00
2.9
0.00
Cash generated from operations
30
126
45
34
-14
Income taxes paid (net of refunds)
-42
-60
-13
-60
-7.2
-77
71
-18
-66
-0.49
Purchase of property, plant and
equipment and intangible assets
(including under development)
-28
-31
-6.0
-16
-2.0
Sale of property, plant and equipment and intangible assets
3.5
17
0.00
3.0
0.34
Sale of investment property
4.8
11
0.28
1.5
0.39
Investment in Mutual Fund (Net)
20
0.00
0.00
0.00
0.00
Consideration paid on acquisition of subsidiary
-15
-19
-1.1
-33
0.00
Investment in Equity Instrument
0.00
-4.0
0.00
-12
0.00
Investments in fixed deposits (Net)
-61
81
-14
-18
-2.1
Interest received on fixed deposits
11
11
2.1
8.8
2.0
Loans given (Net)
-14
0.06
0.10
-2.2
0.06
Interest received on loans given
0.97
4.0
0.71
2.9
0.77
72
-107
-20
92
1.4
investing activities (B)
Dividend Paid
-9.7
-32
0.00
-0.59
0.00
Proceeds from Borrowing - Non
Current
46
3.4
-2.6
-10
-2.6
Proceeds from Borrowing - Current
47
-59
-14
122
12
Interest paid on Borrowing - Non Current
-3.2
-6.5
-1.4
-7.4
-2.5
Interest paid on Borrowing - Current
-4.7
-3.2
-0.38
-3.2
-1.8
Repayment of lease liability
-2.1
-6.0
-0.97
-4.0
-2.3
Interest paid on lease liability
-0.88
-3.7
-1.1
-4.3
-1.1
Net increase(decrease) in cash and cash equivalents (A)+(B)+(C)
-17
30
-6.0
0.19
-20
7.7
38
32
41
20
Cash and cash equivalent at the beginning of the period/ year
23
7.7
38
38
41
Add: Upon acquisition of Subsidiary
1.8
0.00
0.00
2.8
0.00
7.7
38
32
41
20
Components of Cash and cash
equivalents for period / year
Cash in hand
0.16
0.09
0.09
0.11
0.09
Balances with bank
7.6
22
31
16
9.8
Cheque in hand
0.00
15
0.00
24
10
Discounted cash flow
What SFC Environmental Technologies Ltd.- RHP's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
% / yr
years
% / yr
Worth today (10 years of cash)
₹1,461 Cr
Per share
₹149.10
Top of the price band
₹330.00
DCF value is 54.8% below it.
Projected cash flow (₹ Cr) Worth today at 12.5% a yearAlong the bottom: years from now
Starting rate 12.5%: the cost of equity for the whole market, September 2026. It is the 10-year government bond yield of 7.41% less India's default spread of 1.87%, plus beta 0.98 from 2,111 listed companies times an equity risk premium of 7.08%. The yield is from Investing.com, India 10-year bond yield (historical data page); the premium is from Damodaran, Country Default Spreads and Risk Premiums (NYU Stern). This company's own industry group is not set yet, so the whole market's rate is used. Change the rate above to test other views.
Starts from FY26 net profit of ₹160 Cr, grown 10.6% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 12.5% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
They made Rs. 160 crore of profit but lost Rs. 26 crore in cash from operations, meaning the company is burning money on its own projects without selling a single rupee of its assets.
How did a company lose money suddenly become worth this much?
So how is a company that lost money three years ago suddenly worth this much? The answer lies in the numbers presented in the Draft Red Herring Prospectus. On page 95, the company states that Earnings Per Equity Share (Basic and Diluted) are provided for different periods. In FY24, the company earned Rs. 412 crore, which is more than half of what they earned in FY23. This represents a significant turnaround from the earlier losses.
Read more · 2 points, 4 supporting facts
So how is a company that lost money three years ago suddenly worth this much? The answer lies in the numbers presented in the Draft Red Herring Prospectus. On page 95, the company states that Earnings Per Equity Share (Basic and Diluted) are provided for different periods. In FY24, the company earned Rs. 412 crore, which is more than half of what they earned in FY23. This represents a significant turnaround from the earlier losses.
Earnings Per Equity Share (Basic and Diluted) are provided for different periods.p.95
In FY24, the company earned Rs. 412 crore, which is more than half of what they earned in FY23.p.96
The financial picture also includes cash flows from operating activities, which are detailed on page 96. These figures show profit before tax and various adjustments to reach the net earnings. The company also issued shares at a face value of ₹2 each, fully paid up, as stated on page 95. This structure allows investors to buy the equity at a known, fixed price per share.
The face value of the equity is stated as ₹2 each fully paid up.p.95
Cash flows from operating activities are detailed, showing profit before tax and various adjustments.p.96
From Loss to Profit: The Turnaround
So how is a company that lost money three years ago suddenly worth this much? In its own filing, SFC Environmental Technologies Ltd.- RHP states that revenue grew 15.2% year-on-year to Rs. 804 crore in FY26. That's more than double the revenue from FY24, which was Rs. 657.5 crore. But the real story isn't just the headline number; it's that operating profit before tax rose to Rs. 211.5 crore, a 19.9% margin. That's nearly double the 10.6% margin they recorded in FY24, showing a clear recovery in their core business. However, the document also warns that cash from operations was negative Rs. 26 crore, meaning they burned cash to grow. This gap between accounting profit and cash flow highlights that while the numbers look good on paper, the underlying liquidity remains a concern.
Read more · 1 point, 3 supporting facts
So how is a company that lost money three years ago suddenly worth this much? In its own filing, SFC Environmental Technologies Ltd.- RHP states that revenue grew 15.2% year-on-year to Rs. 804 crore in FY26. That's more than double the revenue from FY24, which was Rs. 657.5 crore. But the real story isn't just the headline number; it's that operating profit before tax rose to Rs. 211.5 crore, a 19.9% margin. That's nearly double the 10.6% margin they recorded in FY24, showing a clear recovery in their core business. However, the document also warns that cash from operations was negative Rs. 26 crore, meaning they burned cash to grow. This gap between accounting profit and cash flow highlights that while the numbers look good on paper, the underlying liquidity remains a concern.
Revenue grew 15.2% year-on-year to Rs. 804 crore in FY26.p.184
Operating profit before tax rose to Rs. 211.5 crore, a 19.9% margin.p.184
Cash from operations was negative Rs. 26 crore, while accounting profit was Rs. 160 crore.p.184
The company's recent losses and cash flow struggles
So how is a company that lost money three years ago suddenly worth this much? The document admits the company has experienced negative net cash flows from operating activities in certain fiscal periods, which are attributed to normal business operations like working capital movements and capital expenditure. This negative cash flow is a significant risk that could negatively impact the company's financial condition.
Read more · 2 points, 9 supporting facts
So how is a company that lost money three years ago suddenly worth this much? The document admits the company has experienced negative net cash flows from operating activities in certain fiscal periods, which are attributed to normal business operations like working capital movements and capital expenditure. This negative cash flow is a significant risk that could negatively impact the company's financial condition.
The company has experienced negative net cash flows from operating activities in certain fiscal periods.p.1
The document outlines several risks related to legal proceedings, including potential actions against promoters and management, and the possibility of adverse outcomes in such proceedings affecting the company's reputation and financial condition. There are also significant working capital requirements, including unsecured loans from subsidiaries that could be recalled, and the need for additional financing to meet operational needs.
The company's revenues and operations are dependent on technology, and failure to upgrade, innovate, or identify new technologies could adversely impact results of operations.p.29
There is no assurance that future technological changes will not displace current business offerings or that third parties will develop superior technologies.p.29
Malfunctions of critical technology systems, including mechanical issues, natural or man-made disasters, or equipment failure, could interrupt operations and create risks.p.29
The company is significantly dependent on projects, contracts, or works awarded or funded by government entities for a substantial portion of its revenue.p.29
Any reduction or termination in such government projects or adverse changes in government policies could negatively affect the business, results of operations, and financial condition.p.29
The company may be subject to trade restrictions, including economic sanctions and export controls, which could lead to reputational harm or sanctions.p.32
Failure to comply with anti-bribery and anti-corruption frameworks instituted by government authorities or international organizations may restrict participation in projects.p.32
The company may be subject to trade restrictions imposed by governments or international organizations that prohibit transactions involving certain designated persons or countries.p.32
Litigation and Regulatory Status
So how is a company that lost money three years ago suddenly worth this much? The answer lies in its pending legal battles. According to the Draft Red Herring Prospectus, the company has a material litigation threshold of ₹7.61 Crore, which is calculated as 5% of the average profit or loss after tax from the last three financial years. This figure is exactly what the company itself has deemed as the 'materiality threshold' in its filing. There are no pending criminal proceedings involving the company or its promoters as of the date of this prospectus. Furthermore, there are no pending actions initiated by statutory or regulatory authorities against the company, and no claims related to direct and indirect taxes are outstanding, totaling only ₹3.21 Crore across 14 cases.
Read more · 2 points, 13 supporting facts
So how is a company that lost money three years ago suddenly worth this much? The answer lies in its pending legal battles. According to the Draft Red Herring Prospectus, the company has a material litigation threshold of ₹7.61 Crore, which is calculated as 5% of the average profit or loss after tax from the last three financial years. This figure is exactly what the company itself has deemed as the 'materiality threshold' in its filing. There are no pending criminal proceedings involving the company or its promoters as of the date of this prospectus. Furthermore, there are no pending actions initiated by statutory or regulatory authorities against the company, and no claims related to direct and indirect taxes are outstanding, totaling only ₹3.21 Crore across 14 cases.
No pending criminal proceedings involving the Company or Promotersp.554p.557
No pending actions initiated by statutory or regulatory authoritiesp.554p.557
₹3.21 Crore total across 14 cases (12 direct tax cases and 2 indirect tax cases)p.554p.557
The company also holds a Tripartite agreement dated April 17, 2023, with NSDL and Registrar to the Offer, and another dated July 4, 2023, with CDSL and Registrar to the Offer. These agreements confirm the legal framework for the listing process. The company has received final listing and trading approval from all Stock Exchanges prior to 9:00 p.m. IST. The Articles of Association were amended on June 12, 2026, superseding the previous set of Articles. The Company is subject to the Companies Act, 2013, as amended by Table F in Schedule 1. There are no pending trademark registration applications, and existing registered trademarks are listed without any pending applications.
Subject to Companies Act, 2013, as amended by Table F in Schedule 1p.617
Tripartite agreement dated April 17, 2023, with NSDL and Registrarp.613
Tripartite agreement dated July 4, 2023, with CDSL and Registrarp.613
Final listing and trading approval received from all Stock Exchanges prior to 9:00 p.m. ISTp.612
No allotment in excess of the Equity Shares offered through the Red Herring Prospectusp.612
Company converted from private limited to public limited company via special resolution passed on June 29, 2024p.617
Articles of Association amended on June 12, 2026p.618
No pending trademark registration applicationsp.618
Promoters and Related Party Transactions
So how does a company that lost money three years ago suddenly hold 42% of the equity? On page 392, the filing states the promoters collectively hold 42.10% of the company's equity share capital. Sandeep Sudhakar Asolkar is the Chairman and Managing Director, and individually holds 14.45% of the shares. But look at the numbers: Priya Sandeep Asolkar is also a director of Asolkar Tradecraft Private Limited, and she holds a bachelor's degree in civil engineering from the University of Bombay. Meanwhile, her brother-in-law, Kalyani Saketchandrasingh Dhandoriya, is listed as the Spouse of Saketchandrasingh Pratapsingh Dhandoriya, who holds the Executive Director designation with a remuneration of ₹1.18 Crore. This means the leadership team is deeply interconnected, with one brother-in-law owning nearly 15% of the company.
Read more · 2 points, 11 supporting facts
So how does a company that lost money three years ago suddenly hold 42% of the equity? On page 392, the filing states the promoters collectively hold 42.10% of the company's equity share capital. Sandeep Sudhakar Asolkar is the Chairman and Managing Director, and individually holds 14.45% of the shares. But look at the numbers: Priya Sandeep Asolkar is also a director of Asolkar Tradecraft Private Limited, and she holds a bachelor's degree in civil engineering from the University of Bombay. Meanwhile, her brother-in-law, Kalyani Saketchandrasingh Dhandoriya, is listed as the Spouse of Saketchandrasingh Pratapsingh Dhandoriya, who holds the Executive Director designation with a remuneration of ₹1.18 Crore. This means the leadership team is deeply interconnected, with one brother-in-law owning nearly 15% of the company.
Promoters collectively hold 42.10% of the company's equity share capital.p.392
Sandeep Sudhakar Asolkar individually holds 14.45% of the company's equity shares.p.392
Priya Sandeep Asolkar holds a bachelor's degree in civil engineering from the University of Bombay.p.392
Kalyani Saketchandrasingh Dhandoriya is the Spouse of Saketchandrasingh Pratapsingh Dhandoriya.p.396
Saketchandrasingh Pratapsingh Dhandoriya holds the Executive Director designation with a remuneration of ₹1.18 Crore.p.374
Now, let's look at the actual money moving in and out. The debt-to-equity ratio dropped from 0.25 to 0.21 after the Fresh Issue of ₹150.00 Crore. This is a significant shift because the company itself says it will spend Rs. 42 crore to prepayment of all or a portion of certain outstanding borrowings. Specifically, they plan to use Rs. 42 crore for the prepayment of borrowings availed by Vasudha Waste Treatment Private Limited. The remaining Rs. 75 crore is allocated to funding working capital requirements, and the final Rs. 20 crore goes to general corporate purposes. This shows a clear intent to stabilize the balance sheet immediately following the fresh capital injection.
The debt-to-equity ratio decreased from 0.25 to 0.21 after the Fresh Issue of ₹150.00 Crore.p.515
The Fresh Issue of ₹150.00 Crore increased equity share capital by ₹90.90 Lakh.p.515
The Fresh Issue of ₹150.00 Crore increased other equity by ₹149.09 Crore.p.515
The company will spend Rs. 42 crore to prepayment of all or a portion of certain outstanding borrowings availed by Vasudha Waste Treatment Private Limited.p.515
The company will spend Rs. 75 crore to funding working capital requirements.p.515
The company will spend Rs. 20 crore to general corporate purposes.p.515
Bottom line
The numbers paint a picture of a company that has turned its corner, but the story of a ₹7.61 crore materiality threshold and complex family ties suggests a lot more is at play. That's the picture the filing paints -- what you make of it is up to you.
Red flags from earlier look-ups
For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.
HighSubsidiary
Kanadevia India Private Limited
0% confidence
What the filing says
The company entered into a joint venture agreement dated November 6, 2025 with Kanadevia India Private Limited for the purpose to develop waste-to-energy projects.
The search results do not contain any information regarding a joint venture agreement dated November 6, 2025, between SFC Environmental Technologies Ltd.- RHP and Kanadevia India Private Limited. While search results mention Kanadevia Corporation and Kanadevia Inova in relation to waste-to-energy projects, these refer to different entities, dates, or contexts not specified in the claim.
Find the latest Kanadevia Corporation (7004.T) stock quote, history, news and other vital information to help you with your stock trading and investing.
6 Jan 2026 ... Moreover, the competitive pressure in the markets depends on innovations in steam turbine technology that drive advancements in performance ...
24 Jan 2025 ... (hereinafter "KVTS"),. Kanadevia India Private Limited (hereinafter "KVIND"), and PT. ... (3) Business performance of the transferred business ( ...
24 Aug 2026 ... It is classified as a private subsidiary of a foreign company and is located in Dlf Qe, Haryana. It's authorized share capital is INR 80.00 cr ...
5 Aug 2026 ... Kanadevia Inova has formalised concession and off-take agreements for a large-scale waste-to-energy project, reportedly valued at $1.5bn.
HighSubsidiary
Hindustan Waste Treatment Private Limited
0% confidence
What the filing says
The company acquired 100% of the share capital in Hindustan Waste Treatment Private Limited in March 2025.
The search results indicate that Hindustan Waste Treatment Private Limited is a 100% subsidiary of SFC Environmental Technologies Ltd.- RHP, but there is no evidence in the provided documents confirming any acquisition of 100% share capital in March 2025. The search results only mention a joint venture with Oil India in May 2026 and operational details from 2014, with no mention of a specific acquisition event in March 2025.
6 Oct 2026 ... HINDUSTAN WASTE TREATMENT PRIVATE LIMITED generated between ₹50 Cr and ₹100 Cr in revenue for the financial year ending on Mar 31, 2025. The ...
28 May 2026 ... The joint venture between OIL Green Energy Limited and Hindustan Waste Treatment Private Limited marks a strategic step for Oil India ...
7 days ago ... Operating under the leadership of promoters including Sandeep Sudhakar Asolkar, the enterprise completed 639 wastewater-treatment installations ...
The Company incorporated Hindustan Waste Treatment Private Limited in North Goa in 2014. It commenced operations in integrated MSW processing facility with ...
MediumLitigation
SFC Environmental Technologies Ltd.- RHP
80% confidence
What the filing says
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.
M/s. SFC Environmental Technologies Limited v. UNION OF INDIA. Andhra Pradesh High Court Dec 18, 2024 · Subsequent References · CaseIQ (AI Recommendations).
3 Jan 2025 ... HC noticed while adjudicating a writ petition submitted by Sfc Environmental Technologies Limited, an entity furnishing environmental technology ...
... number of cases and total amount involved in such cases; and. (v) other ... pending litigation / arbitration proceedings involving the Relevant Parties would be ...
3 days ago ... Net asset value per share = Net worth (excluding Non-Controlling Interest) as restated / weighted average number of equity shares outstanding at ...
Our Company is involved in certain legal proceedings. Any adverse decision in such proceedings may render us liable to liabilities / penalties and may adversely ...
MediumRegulatory
SFC Environmental Technologies Ltd.- RHP
70% confidence
What the filing says
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 Ltd.- RHP 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.
1 day ago ... SFC Environmental's disclosed criminal matter is an FIR filed on August 21, 2025 against Hindustan Waste Treatment Private Limited, or HWTPL, ...
Jm Financial Limited, based in Mumbai is the Lead Manager (BRLM) of Sfc Environmental IPO. Jm Financial Limited has handled 0 MainBoard IPOs till date of which ...
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.
1 day ago ... SFC Environmental's disclosed criminal matter is an FIR filed on August 21, 2025 against Hindustan Waste Treatment Private Limited, or HWTPL, ...
1 day ago ... SFC Environmental Technologies replaced three of four independent directors across August 13 and 14, 2026, while maintaining an eight-member ...
SFC Environmental Technologies Limited IPO financials ; Total expenditure, ₹610.53 ; Total revenue, ₹821.27 ; Profit after tax, ₹154.36 ; EBITDA, ₹254.20.
MediumLitigation
SFC Environmental Technologies Ltd.- RHP
50% confidence
What the filing says
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.
M/s. SFC Environmental Technologies Limited v. UNION OF INDIA. Andhra Pradesh High Court Dec 18, 2024 · Subsequent References · CaseIQ (AI Recommendations).
3 Jan 2025 ... HC noticed while adjudicating a writ petition submitted by Sfc Environmental Technologies Limited, an entity furnishing environmental technology ...
... number of cases and total amount involved in such cases; and. (v) other ... pending litigation / arbitration proceedings involving the Relevant Parties would be ...
3 days ago ... Net asset value per share = Net worth (excluding Non-Controlling Interest) as restated / weighted average number of equity shares outstanding at ...
Our Company is involved in certain legal proceedings. Any adverse decision in such proceedings may render us liable to liabilities / penalties and may adversely ...
Inside the filing
Section-by-section summaries of the Prospectus. Turn on Detailed view at the top to expand everything.
Compared with the RHP: 270 updated key points across 9 sections. The rest is carried over unchanged.
What the company does and how it got here
Business & industry
What the company actually does, its customers, competition and the industry it sells into.
This section provides an overview of the industry context, including references to external industry reports, macroeconomic conditions, and the Indian economy's policy framework. It details global economic trends such as real GDP growth, inflation projections, and manufacturing Purchasing Managers Index (PMI) across various countries. Furthermore, it outlines India's macroeconomic policy, focusing on fiscal consolidation, public investment in strategic sectors, and initiatives aimed at boosting domestic manufacturing and innovation.
The Indian industrial sector showed steady momentum, with the manufacturing sector being the main growth driver, supported by domestic consumption, government capital expenditure, and investments across various industries. The manufacturing PMI consistently indicated expansion, though it moderated towards the end of the period, reflecting softer global demand. Sectoral Gross Value Added (GVA) showed resilient growth, with the construction sector emerging as a fast-growing segment. Furthermore, India continues to be a leading destination for Foreign Direct Investment (FDI), particularly in sectors like manufacturing, infrastructure, and renewable energy.
Updated since the RHP:
Key points (35)
UpdatedThe company commissioned an industry report from Frost & Sullivan to analyze the Indian STP, Tertiary Treatment, MSW Management, and Biogas Market. p.208
UpdatedThe F&S Report was exclusively commissioned and paid for by the company for the purpose of this Offer. p.208
UpdatedThe F&S Report forms part of the material contracts and documents for inspection and was made accessible on the company's website. p.208
UpdatedFrost & Sullivan is an independent agency with no involvement in the formation, promotion, or management of the company. p.208
UpdatedThe company's Directors, Key Managerial Personnel, Senior Management, Promoters, and Subsidiaries are not related parties to Frost & Sullivan. p.208
UpdatedThe company is not a related party to Frost & Sullivan as per the definition of "related party" under the Companies Act, 2013. p.208
UpdatedThe company is not a related party to Frost & Sullivan as per the definition of "related party" under the SEBI Listing Regulations. p.208
Global GDP growth was 3.4% in CY2024 and in CY2025. p.209
Global GDP growth is projected to moderate marginally to 3.1% in CY2026E before stabilizing around 3.1% through CY2030E. p.209
Global inflation is expected to stabilize closer to pre-pandemic levels, with projections of 3.4% in CY2028E and 3.2% in both CY2029E and CY2030E. p.209
India's Index of Industrial Production (IIP) recorded steady growth in FY2026, reflecting resilient industrial activity. p.211
The Union Budget FY2027 includes a total capital expenditure of INR 12.22 lakh crore. p.212
The Union Budget FY2027 plans to increase the outlay for the Electronics Component Manufacturing Scheme (ECMS) from INR 22,919 crore to INR 40,000 crore. p.212
A Biopharma SHAKTI programme is launched with an outlay of INR 10,000 crore over five years to position India as a global biologics and biosimilars manufacturing hub. p.212
The Government plans to establish dedicated Rare Earth Corridors across Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to reduce import dependence in critical minerals. p.212
The Government provides INR 10,000 crore over five years for a Container Manufacturing Scheme. p.212
MSMEs benefit from a dedicated INR 10,000 crore SME Growth Fund. p.212
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%. p.213
The manufacturing sector contributes nearly 77.6% to the overall Index of Industrial Production (IIP). p.213
The manufacturing PMI consistently remained above the neutral threshold level of 50 from April 2024 to May 2026, indicating sustained expansion in manufacturing activity. p.213
The manufacturing PMI touched relatively elevated levels during mid-FY2026, reaching 59.1 in July 2025 and 59.3 in August 2025. p.213
The construction sector emerged as one of the fastest-growing segments in Gross Value Added (GVA), driven by government capital expenditure on transport, logistics, urban infrastructure, and housing projects. p.214
Metal products showed a surge in value from INR 3.2 trillion in FY2018 to INR 4.2 trillion in FY2024, linked to government pushes in construction, automobile, and defense sectors. p.215
Total FDI inflows increased from USD 74.4 billion in FY2020 to USD 84.8 billion in FY2022. p.216
India recorded total FDI inflows of USD 94.5 billion in FY2026, with equity inflows accounting for USD 58.8 billion. p.216
India's per capita income is estimated at approximately USD 2,675 in CY2025, up from about USD 2,530 in CY2023. p.217
India's per capita electricity demand is approximately 1.4 MWh (1,400 kWh) in CY2025, compared with a global average of approximately 3.9 MWh (3,900 kWh). p.217
UpdatedC-Tech technology achieves up to 98% BOD removal efficiency in a single treatment step. p.301
UpdatedThe system offers up to 40% savings in power consumption compared to conventional technologies. p.301
UpdatedC-Tech plants require up to 50% less area than other conventional technologies. p.301
UpdatedThe technology uses anaerobic digesters to generate methane-rich biogas for electricity generation. p.301
UpdatedC-Tech utilizes PLC/SCADA systems for automated operation independent of operator skill. p.301
UpdatedThe process includes bacterial selection, concurrent nitrification/denitrification, and biological phosphorus removal. p.301
UpdatedC-Tech generates sludge with a very low Sludge Volume Index (SVI) of up to 98%. p.301
UpdatedThe system operates via a three-phase cycle: filling & aeration, settling, and decanting. p.301
History & corporate structure
How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.
UpdatedOur Company acquired 1,21,02,400 equity shares of etqmi from Seller for ₹15.20 Crore on October 5, 2023. p.346
UpdatedOur Company acquired 1,91,29,600 equity shares of etqmi from Navitas for ₹22.00 Crore on February 26, 2024. p.346
UpdatedOur Company acquired 78,08,000 equity shares of etqmi from Seller 1 for ₹18.00 Crore on March 31, 2025. p.346
UpdatedOur Company completed the acquisition of etqmi on June 26, 2025. p.346
UpdatedOur Company holds 100% share capital in etqmi after the final acquisition. p.346
UpdatedThe Company filed a composite scheme of amalgamation and arrangement with Enviropro Water Tech Private Limited on April 19, 2022. p.348
UpdatedThe Scheme of Amalgamation was approved by the Board on January 4, 2022. p.348
UpdatedThe NCLT sanctioned the Scheme of Amalgamation on December 21, 2022, with the Order effective on March 10, 2023. p.348
UpdatedThe amalgamation resulted in the issuance of 50,27,418 Equity Shares to shareholders on July 24, 2023. p.348
UpdatedThe amalgamation was undertaken as per a share exchange ratio of 1.75:1 at a valuation of ₹550.85 per share. p.348
UpdatedThe Shareholders' Agreement was dated October 29, 2022, and amended in March 2025 and August 2026. p.349
UpdatedThe Shareholders' Agreement requires the Company to list on stock exchanges through an IPO before December 31, 2023. p.349
UpdatedThe Shareholders' Agreement includes veto rights for key decisions and mandates the Chairman to hold the position of whole-time chairman. p.349
UpdatedHindustan Waste Treatment Private Limited was incorporated on June 27, 2014, as a private limited company. p.353
UpdatedSustainyx Smart Solution Private Limited was formerly known as Navitas Waste Treatment Private Limited. p.353
UpdatedChavare Engineering & Endress Plus Hauser JV is a non-corporate entity (association of persons) consolidated in accordance with Ind AS 110. p.353
UpdatedVasudha Waste Treatment Private Limited was incorporated on May 26, 2014, as a private limited company. p.354
UpdatedHindustan Waste Treatment Private Limited's authorized share capital is ₹40,00,00,000 divided into 4,00,00,000 equity shares of ₹10 each. p.354
UpdatedThe shareholding pattern of Hindustan Waste Treatment Private Limited is 100% held by SFC Environmental Technologies Ltd.- RHP. p.354
UpdatedHindustan Waste Treatment Private Limited's fiscal revenue for the three months ended June 30, 2026, is ₹48.36 Crore. p.354
UpdatedSFC Ekotechnika, s.r.o. was incorporated as a private limited company on July 12, 1999 in the Czech Republic. p.362
UpdatedSFC Ekotechnika, s.r.o. is wholly owned by SFC Umwelttechnik GmbH. p.362
UpdatedSFC Ekotechnika, s.r.o. engages in machining/manufacturing activities related to water and waste water treatment. p.362
UpdatedThe current corporate structure involves SFC Umwelttechnik GmbH as the sole shareholder of SFC Ekotechnika, s.r.o. p.362
UpdatedNanded Biofuels Private Limited was incorporated as a private limited company on February 17, 2025 in India. p.363
UpdatedNanded Biofuels Private Limited is wholly owned by Hindustan Waste Treatment Private Limited. p.363
UpdatedNanded Biofuels Private Limited engages in designing, engineering, and operations of biogas plants. p.363
UpdatedHindustan Waste Treatment Private Limited is the sole shareholder of Nanded Biofuels Private Limited. p.363
The IPO terms and where the money goes
The offer
How many shares are being sold, by whom, and on what terms.
The offer details specify the structure for the issuance of equity shares, including a fresh issue and an offer for sale. The offer is divided into various portions, including QIB, Non-Institutional, and Retail categories, with specific reservation rules for anchor investors. The document also provides summary financial information from the Restated Consolidated Financial Information for various periods.
This section presents various financial statements and cash flow details for the company over different periods, including quarterly and annual periods. It details comprehensive income figures, earnings per equity share, and a detailed statement of cash flows covering operating, investing, and financing activities. Furthermore, it includes summaries of contingent liabilities and related party transactions.
This section details various financial transactions, including director remuneration, salary payments, professional fees, dividend distributions, and the purchase/sale of goods and services over different reporting periods. It also outlines transactions with related parties, such as reporting entities and various private limited companies. The data is presented across multiple time periods, including June 30, 2026, June 30, 2025, March 31, 2026, March 31, 2025, and March 31, 2024.
This section details various financial transactions and reporting entities across different periods for several companies. It includes data such as purchases of services and materials, sales of goods, corporate guarantee expenses, interest on loans, loan borrowings, loan repayments, and investment activities. The data is presented across different reporting dates, including June 30, 2026, June 30, 2025, March 31, 2026, June 30, 2025, March 31, 2025, and March 31, 2024.
This section details various financial balances and transactions between the reporting entity and related parties, categorized by different reporting entities. It includes information on creditors, investments, employee benefits payable, and various trade balances such as receivables and payables. Furthermore, it outlines transactions eliminated on consolidation and details for corporate guarantees over specified periods.
The section details various financial transactions and disclosures related to corporate guarantees, including payments made to non-executive and Independent directors over specific periods. It also provides tables showing amounts sanctioned and closing balances for term loans and working capital facilities for different entities. Furthermore, the text outlines the structure for handling grievances related to the offer, specifying who can be contacted for different types of issues and detailing the division of responsibilities among the Book Running Lead Managers for various aspects of the offering process.
The section details various coordination and post-offer activities related to the book-building process, including managing anchor investor allocations and final pricing in compliance with SEBI ICDR Regulations. It also outlines post-offer activities such as managing escrow accounts, coordinating with various agencies like the Registrar, SCSBs, and Bankers to the Offer, and handling payments for securities transactions tax. Furthermore, the text discusses the submission of post-offer reports to SEBI and the involvement of legal counsel and statutory auditors.
This section outlines the procedural aspects related to the division of issues and listing, referencing relevant SEBI regulations. It details that the book-building process involves collecting bids based on the Red Herring Prospectus and related forms within a specified price band. The price band and minimum bid lot will be decided by the company in consultation with the Book Running Lead Managers (BRLMs), and if not disclosed, they will be advertised in various newspapers. Bidders, except for Anchor Investors, must participate through the ASBA process, and details regarding the process are provided elsewhere. The offer is also subject to obtaining final approval from the Registrar of Companies (RoC) and final listing and trading approvals from the Stock Exchanges.
Updated since the RHP:
Key points (64, showing 60)
UpdatedThe company is offering 2,02,28,204 Equity Shares of face value ₹2 each, aggregating ₹667.53 Crore. p.90
UpdatedThe Offer for Sale comprises 1,56,82,750 Equity Shares aggregating ₹517.53 Crore. p.90
UpdatedThe QIB Portion includes 1,01,14,101 Equity Shares of face value ₹2 each. p.90
UpdatedThe Anchor Investor Portion of the QIB Portion is 40% of the total Anchor Investor Portion. p.90
UpdatedThe Net QIB Portion is 5% of the Net QIB Portion available for allocation to Mutual Funds only. p.90
UpdatedThe Non-Institutional Portion comprises 30,34,231 Equity Shares of face value ₹2 each. p.90
UpdatedThe Retail Portion comprises 70,79,872 Equity Shares of face value ₹2 each. p.90
Earnings per Equity Share (Basic and Diluted) are provided for different periods. p.95
The face value of the equity is stated as ₹2 each fully paid up. p.95
Cash flows from operating activities are detailed, showing profit before tax and various adjustments. p.96
Cash flows from investing activities include the purchase of property, plant and equipment and intangible assets. p.96
Cash flows from financing activities include dividend paid and proceeds from borrowing. p.97
A summary of contingent liabilities, such as customs notices, is provided. p.98
Related party transactions have been conducted at arm’s length price and are in compliance with relevant regulations. p.99p.111
Sandeep Sudhakar Asolkar's remuneration details are provided across various time periods. p.100
A significant amount of dividend income was recorded for Sandeep Sudhakar Asolkar. p.100
Turbomax India Pvt Ltd recorded a purchase of goods amounting to ₹46.80 Lakh in June 30, 2026. p.100
The financial information is disclosed for the reporting entity SFC Environmental Technologies Ltd.- RHP. p.101
A significant portion of revenue from operation was recorded for Turbomax India Private Limited in June 30, 2026. p.101
Transactions with various entities like Chavare Engineering Private Limited and Hindustan Waste Treatment Private Limited are detailed. p.102
Repayment of a loan to Sustainyx Smart Solution Private Limited was recorded. p.102
The financial data includes various income and expense items such as Rent, Sales of Goods, and Interest on Loan. p.102
Hindustan Waste Treatment Private Limited reported various transactions such as the purchase of services from SFC Environmental Technologies Ltd.- RHP and the purchase of material from Chavare Engineering Private Limited. p.102p.105
The section details transactions related to the reporting entity Chavare Engineering Private Limited. p.104
Sustainyx Smart Solution Private Limited recorded loan taken from SFC Environmental Technologies Ltd.- RHP and loan repaid from SFC Environmental Technologies Ltd.- RHP. p.107
Pentagen Biofuels Private Limited reported loan taken from SFC Environmental Technologies Ltd.- RHP and share capital issued by SFC Environmental Technologies Ltd.- RHP. p.107
Fine Aeration Systems Private Limited showed transactions involving the purchase of goods from SFC Environmental Technologies Ltd.- RHP and sales of goods/services. p.108
Chavare Engineering & Endress Plus Hauser JV showed the purchase of services from Chavare Engineering Private Limited. p.109
SFC Umwelttechnik GmbH reported transactions including the purchase of goods from SFC Ekotechnika S.r.o and sales of goods. p.109
The reporting entity is SFC Ekotechnika S.r.o. p.110
There are various financial balances recorded for related party transactions as of June 30, 2026, June 30, 2025, March 31, 2026, March 31, 2025, and March 31, 2024. p.111
Transactions and balances of Corporate Guarantee are provided for the three-month periods ended June 30, 2026 and June 30, 2025, and for the Financial Years ended March 31, 2026, March 31, 2025, and March 31, 2024. p.114
Corporate guarantee was provided by SFC Environmental Technologies Ltd.- RHP for Term Loan and Working Capital facilities. p.115
Sitting fees and commission paid to non-executive and Independent directors were specified for different periods. p.115
Data is provided on the amount sanctioned during the period/year and the closing balance of the term loan for Pentagen Biofuels Private Limited and Vasudha Waste Treatment Private Limited. p.115
Details on the Board of Directors, including names, designations, and DINs, are provided. p.117
Contact details for the Company Secretary and Compliance Officer, Shweta Deshpande, are listed. p.117
Contact details for Book Running Lead Managers include IIFL Capital Services Limited and JM Financial Limited. p.117
Contact details for other Book Running Lead Managers include Nuvama Wealth Management Limited. p.118
The Registrar to the Offer is MUFG Intime India Private Limited. p.118
Bidders can contact the Company Secretary and Compliance Officer, BRLMs, or the Registrar to the Offer for grievances. p.119
Responsibilities for capital structuring and drafting of the Prospectus are assigned to BRLMs IIFL. p.119
Responsibilities for drafting and approval of statutory advertisements are assigned to BRLMs IIFL. p.119
Responsibilities for appointment of the Registrar to the Offer, advertising agency, and printer coordination are assigned to BRLMs IIFL. p.119
Responsibilities for appointment of all other intermediaries, including Bankers to the Offer, are assigned to BRLMs Nuvama. p.119
Responsibilities for preparation of road show presentation and frequently asked questions are assigned to BRLMs JM. p.119
UpdatedThe document lists BRLMs (Book Running Lead Managers) such as JM, IIFL, and Nuvama for coordination and pricing. p.120p.121
UpdatedThe document lists Legal Counsel as Khaitan & Co and Statutory Auditors as G B C A & Associates LLP. p.120p.121
UpdatedThe document lists Bankers to the Company including Bank of India, Axis Bank Limited, and ICICI Bank Limited. p.120p.121
UpdatedThe document lists Escrow Collection Banks including ICICI Bank Limited and Public Offer Account Banks including Axis Bank Limited. p.121
UpdatedThe document lists Designated Intermediaries as Self-Certified Syndicate Banks, with a link to SEBI for the list. p.121
UpdatedThe Company received written consent from DVD & Associates to include them as an expert for search reports. p.124
UpdatedThe Underwriting Agreement is dated October 29, 2026. p.124
UpdatedThe total number of Equity Shares to be underwritten is 67,42,735. p.124
UpdatedThe total amount underwritten is ₹222.51 Crore. p.124
UpdatedNuvama Wealth Management Limited acts as a Book Running Lead Manager. p.124
UpdatedJM Financial Services Limited is a registered broker with SEBI. p.124
UpdatedThe minimum Bid Lot is not explicitly disclosed in the provided text. p.124
UpdatedThe minimum Bid Lot was decided by the Company in consultation with BRLMs. p.125
Capital structure
Who owns what today, past share issues and what the shareholding looks like after the IPO.
The document details the authorized share capital structure, including the breakdown of the capital before and after an offer. It also provides a comprehensive history of equity share allotments and reductions since the company's incorporation, listing various dates, share numbers, face values, and consideration forms. The history includes allotments to numerous shareholders categorized as Promoter and public shareholders, as well as public shareholders.
This section details various allotments and reductions of equity shares, including transactions involving different categories of shareholders. It covers share allotments on a specific date, followed by a subsequent sub-division of equity shares. The data includes details on the number of shares allotted, face value per share, issue price, and the form of consideration. Furthermore, there is a mention of a bonus issue in the ratio of two equity shares for every one held by shareholders as of a specific record date.
This section details various allotments and reductions of equity shares, listing numerous shareholders and the corresponding number of shares involved. The data includes different categories of shareholders and the context for the allotment, such as a Scheme of Amalgamation. The records also mention discrepancies found in corporate filings related to the number of shares allotted and the amount paid by certain entities. Furthermore, the text specifies that the company has not issued equity shares for consideration other than cash or as a bonus issue.
This section details various allotments of equity shares, including a bonus issue on September 5, 2024, based on the holdings of shareholders as of September 4, 2024. The allotments involve numerous entities and individuals, with the total number of equity shares allotted being significant. The allotments include shares to various entities like Aar Em Ventures LLP and Asolkar Tradecraft Private Limited, alongside individual allotments. The data shows a total of 6,22,74,180 shares being accounted for in relation to the bonus issue.
This section details the allotment of equity shares to various shareholders, listing the name of the shareholder, the number of shares allotted, and the corresponding face value for each transaction. The data includes various individuals and entities, such as Dina Damji Gada and Elixir Commercial and Advisory Services LLP, along with the total number of shares allotted to certain groups. The data is presented in a tabular format showing the breakdown of share allotments.
This section details various allotments and transfers of equity shares, including transactions related to a Scheme of Amalgamation. It outlines the shareholding of promoters and the Promoter Group, showing changes over time through various allotments, transfers, and bonus issues. The data covers different dates and transactions, detailing the number of shares allotted, the face value, and the corresponding percentage of total shareholding.
The section details various transactions involving the transfer of equity shares by different parties, including both promoter and non-promoter shareholders. It lists specific transactions such as transfers to various individuals and entities, along with the corresponding percentage changes in the equity share capital. Furthermore, it provides a summary of the build-up of equity shareholding by selling shareholders since the company's incorporation. The section also includes disclosures regarding the pledging of equity shares and the pre-offer and post-offer shareholding of the promoter group and other top 10 shareholders.
The document details the pre-offer and post-offer shareholding percentages for various shareholders, including promoters and other public shareholders. It also outlines various lock-in provisions under SEBI ICDR Regulations concerning promoter contributions and the transferability of equity shares. Specific details are provided regarding the acquisition history of shares by promoters and selling shareholders, along with conditions for pledging equity shares as collateral for loans.
This section details the shareholding pattern of the company as of the date of the Red Herring Prospectus, including various categories of shareholders. It provides a breakdown of the total equity shares held by promoters, public entities, and others, along with various metrics such as voting rights and shares underlying convertible securities. Furthermore, the text discusses the shareholding of directors and key managerial personnel, major shareholders, and the shareholdings of various institutional investors. It also includes disclosures regarding the status of employee stock option plans and restrictions on capital structure changes.
The provided text describes the relationship between the Company and its BRLMs and their affiliates, outlining that these entities may conduct business transactions or provide services to the Company in the ordinary course of business. It also mentions the possibility of future commercial banking and investment banking transactions for which they might receive customary compensation.
Updated since the RHP:
Key points (54)
UpdatedThe authorized share capital is 12,50,00,000 Equity Shares of face value ₹2 each. p.127
UpdatedThe issued, subscribed, and paid-up capital before the offer is 9,34,11,270 Equity Shares of face value ₹2 each. p.127
UpdatedThe present offer includes 2,02,28,204 Equity Shares of face value ₹2 each aggregating to ₹667.53 Crore. p.127
UpdatedThe fresh issue component of the present offer consists of 45,45,454 Equity Shares of face value ₹2 each aggregating to ₹150.00 Crore. p.127
UpdatedThe offer for sale by selling shareholders includes 1,56,82,750 Equity Shares of face value ₹2 each aggregating to ₹517.53 Crore. p.127
UpdatedThe securities premium account increased to ₹149.09 Crore after the offer. p.127
UpdatedThe authorized share capital changes in the last 10 years are detailed on page 343. p.127
An allotment occurred on March 31, 2008, involving the allotment of 1,53,078 equity shares to SFC Umwelttechnik GmbH and 36,673 equity shares to Gunnar Demoulin. p.128
The document lists a history of equity share allotments and reductions from the date of incorporation up to the date of the Red Herring Prospectus. p.128
An allotment occurred on March 29, 2005, involving the allotment of 1,71,000 equity shares to Enviropro Water Tech Private Limited, 45,000 to Sandeep Sudhakar Asolkar, 4,000 to Aparna Vivek Kapoor, 1,85,000 to SFC Umwelttechnik GmbH, and 45,000 to Gunnar Demoulin. p.128
An allotment occurred on July 24, 2023, involving the allotment of 50,27,418 equity shares to Promoter and public shareholders. p.129p.140
An allotment of equity shares occurred on July 24, 2023, under a Scheme of Amalgamation. p.129p.140
A sub-division of equity shares occurred pursuant to resolutions passed by the Board and Shareholders. p.133p.143p.144
The issued and paid-up equity share capital was sub-divided from 62,27,418 equity shares of ₹10 each to 3,11,37,090 Equity Shares of ₹2 each. p.133p.143p.144
A bonus issue was implemented in the ratio of two equity shares for every one equity share held in the Company by the shareholders as on the record date. p.133p.143p.144
The total number of equity shares before the bonus issue was 6,22,74,180. p.133p.143p.144
Aakansha Unichem LLP was allotted 16,70,000 equity shares. p.133p.134p.144
Asolkar Tradecraft Private Limited was allotted 33,18,880 equity shares. p.133p.134p.144
Bhaveshkumar Bachubhai Mehta was allotted 5,42,500 equity shares. p.133p.134p.144
Chandrakant Vallabhaji Gogri was allotted 5,67,250 equity shares. p.133p.134p.144
Dina Damji Gada was allotted 21,880 equity shares. p.134p.135p.145
Dina Narendra Dedhia (held jointly with Narendra Murji Dedhia) was allotted 50,000 equity shares. p.134p.135p.145
Dinesh Devchand Ghalla (held jointly with Priti Dinesh Ghalla) was allotted 26,250 equity shares. p.134p.135p.145
Harit Pragji Shah (held jointly with Jayshree Harit Shah) was allotted 70,000 equity shares. p.134p.135p.145
Jyoti Subodh Sapre was allotted 22,74,670 equity shares. p.134p.135p.145
Kalpana Sudhir Bheda (held jointly with Sudhir Shivji Bheda) was allotted 1,75,000 equity shares. p.134p.135p.145
Kinnari Kartik Dedhia (held jointly with Kartik Kantilal Dedhia) was allotted 88,750 equity shares. p.135p.136p.146
Krisha Yogesh Nahar was allotted 45,500 equity shares. p.135p.136p.146
Kumaraguru Madurakavi was allotted 30,61,810 equity shares. p.135p.136p.146
Manjulaben Popatlal Gala was allotted 20,000 equity shares. p.135p.136p.146
Minal Chandulal Gala (held jointly with Mulraj Chandulal Gala) was allotted 90,000 equity shares. p.135p.136p.146
A list of shareholders, including Niral Komal Shah, was recorded with 90,000 equity shares. p.137p.147
A list of shareholders, including Parul Yogesh Nahar, was recorded with 1,85,500 equity shares. p.137p.147
A total of 6,22,74,180 equity shares were recorded in a specific section. p.139p.149
UpdatedAs of the date of the Prospectus, the Promoters collectively hold 42.10% of the issued, subscribed, and paid-up Equity Share capital. p.150
UpdatedAs of the date of the Prospectus, the Promoters collectively hold 40.14% of the post-Offer Equity Share capital. p.150
UpdatedSandeep Sudhakar Asolkar holds 14.45% of the pre-Offer Equity Share capital. p.150
UpdatedAs on the date of this Prospectus, none of the Equity Shares held by our Promoters are pledged or otherwise encumbered. p.155
UpdatedThe Equity Shares held by our Promoters were fully paid-up on the respective dates of allotment or acquisition. p.155
UpdatedAs on the date of this Prospectus, the members of our Promoter Group collectively hold 3.14% of the issued equity share capital. p.155
UpdatedPromoters hold 20.97% of the pre-Offer paid-up equity share capital. p.160
UpdatedPromoter shareholding is locked-in for eighteen months from the date of allotment. p.160
50% of Equity Shares allotted to Anchor Investors shall be locked-in for a period of 90 days from the date of Allotment, and the remaining 50% for 30 days. p.161
UpdatedPromoters hold 45.23% of the total number of fully paid-up equity shares. p.162
UpdatedPromoters hold 45.23% of the total number of shares on a fully diluted basis. p.162
UpdatedPromoters hold 45.23% of the total equity share capital assuming full conversion of convertible securities. p.162
UpdatedThe total promoter shareholding percentage disclosed as of the date of the Prospectus is 86.16%. p.165
UpdatedSaketchandrasingh Pratapsingh Dhandoriya holds 9.03% of the share capital. p.165
UpdatedJaya Chandrakant Gogri holds 6.15% of the share capital. p.165
UpdatedSarvesh Kumar Garg holds 5.92% of the share capital. p.165
UpdatedAsolkar Tradecraft Private Limited holds 5.33% of the share capital. p.165
UpdatedKumaraguru Madurakavi holds 4.92% of the share capital. p.165
BRLMs and their affiliates may engage in transactions with and perform services for the Company in the ordinary course of business. p.167
BRLMs and their affiliates may in the future engage in commercial banking and investment banking transactions with the Company for which they may receive customary compensation. p.167
Use of proceeds
What the money raised will be spent on: growth, debt repayment or promoters cashing out.
The Offer involves a Fresh Issue of Equity Shares and an Offer for Sale of Equity Shares by Selling Shareholders. The Net Proceeds from the Fresh Issue are proposed for various purposes, including debt prepayment, funding working capital requirements, and general corporate purposes. The company also anticipates benefits from the listing of Equity Shares on Stock Exchanges. The proposed deployment of these net proceeds is detailed in a schedule, with specific amounts allocated for the repayment of outstanding borrowings and funding for working capital.
The company requires additional working capital for its incremental needs in Fiscal Year 2027, proposing to utilize ₹74.92 Crore from the Net Proceeds. This funding is intended to cover the working capital requirements for the company's business operations in that fiscal year, with the remaining requirement to be met through internal accruals and borrowings. The projected working capital requirements for Fiscal 2027 were based on future business growth and historical working capital days. The details of the proposed working capital include projections for current assets, current liabilities, and the resulting net working capital requirements.
The document details various assumptions regarding the aging of different financial and current assets and liabilities over fiscal years, based on historical trends. It also outlines the proposed utilization of net proceeds towards general corporate purposes, allowing for flexibility as determined by the Board. The financing for the offer is proposed to come entirely from net proceeds, existing borrowings, and internal accruals, with no firm arrangements required for a significant portion of the funding. Furthermore, the document specifies various procedures and timelines for the offer, including the handling of offer expenses and the monitoring of fund utilization by a designated agency.
The document outlines various factors used to determine the Offer Price, including qualitative strengths and quantitative metrics derived from the Restated Consolidated Financial Information. Key qualitative factors highlighted include market leadership in the wastewater treatment sector, vertical integration through innovation, and a strong position in the solid waste treatment segment. The document also details performance metrics such as revenue from repeat customers and various financial ratios, which are used to assess the company's performance against industry peers.
This section primarily details various financial and operational Key Performance Indicators (KPIs) for the company across different periods and compares them against industry peers. It includes definitions for metrics such as EBITDA Margin, PAT Margin, Return on Equity (ROE), Return on Capital Employed (ROCE), Net Debt/Equity ratio, Fixed Asset Turnover, Cash Conversion Cycle, and Total Order Book. Furthermore, it provides comparative data for these KPIs, including revenue, EBITDA, profit after tax, and various balance sheet and operational metrics, for different fiscal years and recent three-month periods.
The section details the criteria for reporting secondary transactions involving promoters or related parties, specifically concerning sales or acquisitions of shares equal to or more than 5% of the fully diluted paid-up share capital within a rolling 30-day period over 18 months. It also lists various primary and secondary transactions that occurred, including bonus issues and allotments of equity shares. The transactions are itemized with details such as the allotee, type of transaction, number of securities, date, nature of allotment, issue price, and total consideration in ₹ million.
This section details various transactions related to the offer, including both primary and secondary issuances of equity shares. The data includes a list of allotees, the number of securities involved, and the total consideration in ₹ million. Furthermore, it discusses the weighted average cost of acquisition (WACA) for both primary and secondary issuances, and provides context regarding the comparison of these costs with the Floor Price and Cap Price.
This section details the special tax benefits available to the Company, its shareholders, and its Material Subsidiaries under various Indian tax laws. It outlines provisions related to corporate tax rates, deductions, and tax treatment for different types of income and transactions. The benefits discussed are contingent upon the fulfillment of specific conditions prescribed under the relevant tax laws. Furthermore, it specifies tax implications for dividend income, capital gains, and transactions involving non-resident shareholders.
Updated since the RHP:
Key points (60)
UpdatedThe Fresh Issue is allocated ₹150.00 Crore for prepayment of outstanding borrowings. p.168
UpdatedThe Fresh Issue is allocated ₹74.92 Crore for working capital requirements. p.169
UpdatedThe Fresh Issue is allocated ₹20.33 Crore for general corporate purposes. p.169
An estimated amount of up to ₹42.23 Crore from the Net Proceeds is proposed to be used for the prepayment of certain term loans availed by the Company and its wholly owned Subsidiary. p.171
The company proposes to utilize ₹74.92 Crore from the Net Proceeds to fund working capital requirements for Fiscal 2027. p.176
The balance of the working capital requirement for Fiscal 2027 shall be met through internal accruals and borrowings. p.176
The proposed funding of working capital requirements for Fiscal 2027 is stated in the document. p.176
UpdatedThe Company proposes to utilise up to ₹20.33 Crore of Net Proceeds for general corporate purposes. p.178
UpdatedThis utilisation is subject to not exceeding 25% of the Gross Proceeds from the Fresh Issue. p.178
UpdatedThe funds will be used to meet ongoing corporate contingencies and funding growth opportunities. p.179
UpdatedStrategic initiatives, marketing capabilities, and capital expenditure are included in the proposed uses. p.179
UpdatedThe Company retains flexibility to utilise surplus amounts in subsequent fiscal periods. p.179
UpdatedThe management has the authority to determine the specific quantum of utilisation from time to time. p.179
UpdatedThe Company confirms that the entire fund requirements are proposed to be funded from Net Proceeds. p.179
UpdatedThere are no requirements to make firm arrangements of finance through verifiable means for at least 75% of the stated means of finance. p.179
UpdatedThe offer price is 156.00 times the face value at the lower end of the Price Band. p.183
UpdatedThe offer price is 165.00 times the face value at the higher end of the Price Band. p.183
UpdatedThe company holds over 80% market share in sequencing batch reactor technology. p.183
UpdatedThe company has 728 wastewater treatment installations in the WWT segment. p.183
UpdatedThe company maintains strong, long-standing relationships with its customers. p.183
UpdatedRevenue from repeat customers accounted for 97.41% of revenue from operations. p.183
UpdatedThe company operates two integrated SWT facilities in Goa with a combined capacity of 425 TPD. p.183
UpdatedThe company has over 20 years of experience in wastewater treatment technology. p.183
The Total Order Book (WWT, WRR and SWT segments) stood at ₹1,570.07 Crore as of June 30, 2026. p.184
UpdatedThe average industry P/E ratio is 101.38 based on the arithmetic average P/E of the peer set provided below. p.185
UpdatedThe company has allotted 6,22,74,180 Equity Shares through a bonus issuance in the ratio of two Equity Shares for every one Equity Share held by Shareholders as on September 4, 2024. p.185
UpdatedBasic EPS is calculated by dividing the Restated profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. p.185
UpdatedThe P/E ratio at Floor Price is 18.95 and the P/E ratio at Cap Price is 19.98 based on basic EPS for Fiscal 2026. p.185
UpdatedThe highest industry P/E ratio is 220.77 and the lowest industry P/E ratio is 31.34 based on the peer set provided below. p.185
UpdatedThe Return on Net Worth (%) for March 31, 2026 is 21.25% and for March 31, 2025 is 24.36%. p.185
UpdatedPAT Margin is calculated as PAT divided by revenue from operations multiplied by 100. p.188
UpdatedROE is calculated as total profit after tax for the period divided by average total equity. p.188
UpdatedROCE is calculated as a percentage of earnings before interest and taxes divided by total equity plus total borrowings plus deferred tax liabilities minus deferred tax assets. p.188
UpdatedNet Debt is calculated as total debt reduced by cash and cash equivalents and bank balances other than cash and cash equivalents. p.188
UpdatedNet Worth is the aggregate value of paid-up share capital and reserves created out of profits, after deducting accumulated losses and deferred expenditure. p.188
UpdatedNet Debt to Equity is calculated as net debt divided by total equity. p.188
UpdatedFixed Asset Turnover is calculated as revenue from operations divided by average property, plant and equipment. p.188
UpdatedCash Conversion Cycle is computed as trade receivables days plus inventory days minus trade payable days. p.188
There were no secondary sales or acquisitions of Equity Shares or convertible securities involving specified parties within the 18 months preceding the filing, where the transaction equaled or exceeded 5% of the fully diluted paid-up share capital. p.192p.193
A bonus issue was reported involving Aakansha Unichem LLP. p.194
Various primary transactions, including allotments of securities by different entities, were reported, detailing the number of securities, date, and consideration. p.194p.195p.196+1
A list of various allotees and their corresponding total consideration in ₹ million is provided. p.198
UpdatedThe offer-for-sale percentage is 910.00 million out of a total issue size of 27,57,579 shares. p.200
UpdatedThe weighted average cost of acquisition for secondary transactions is ₹330.00 per share. p.200
UpdatedProceeds are designated for debt repayment, capex, working capital, acquisition, and general corporate purposes. p.201
UpdatedThe Floor Price is set at 0.95 times the weighted average cost of acquisition. p.201
UpdatedThe company has a technology-driven market leadership with 724 WWT installations and 80% market share. p.201
UpdatedThe company maintains a consistent performance profile with revenue growing from ₹657.50 Crore to ₹803.63 Crore. p.201
UpdatedThe offer price of ₹330.00 per share is justified by market demand and qualitative parameters. p.202
The Company is eligible for a concessional tax rate of 22% (plus applicable surcharge and cess) on income under Section 200 of the Income-tax Act, 2025. p.205
The option to apply the concessional tax rate was available from Financial Year 2019-20 to Assessment Year 2020-21 as per Section 115BAA of the Income Tax Act, 1961. p.205
The concessional rate is subject to a company not availing of certain deductions under the Income Tax Regulations. p.205
The Material Subsidiary Chavare Engineering Private Limited (CEPL) is eligible for a reduced tax rate of 22% (25.168% along with surcharge and health and education cess) under Section 200 of the Income-tax Act, 2025. p.206
The Material Subsidiary Hindustan Waste Treatment Private Limited (HWTPL) availed of a deduction under Section 80-IA of the Income-tax Act, 1961 in respect to its eligible business up to and including Financial Year 2025-26. p.206
A domestic company exercising the option under Section 200 of the Income-tax Act, 2025 is not entitled to claim the deduction under Section 138. p.206
The Material Subsidiaries have no special tax benefits available under the Indirect Tax Laws. p.207
Dividend income earned by resident shareholders would be taxable in their hands at applicable rates. p.207
Short-term capital gains arising from the transfer of equity shares would be taxed at 20% subject to prescribed conditions. p.207
Income earned by a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992, or set up by a public sector bank or a public financial institution would be exempt from income-tax subject to specified conditions. p.207
Non-resident shareholders will be eligible to take beneficial provisions under the respective Double Taxation Avoidance Agreement (DTAA) if applicable. p.207
What could go wrong, per the company
Risk factors
The risks the company is legally required to disclose, in its own words.
Prospective investors should be aware of several risks associated with the investment in Equity Shares, which could negatively impact the company's business, financial condition, and results of operations. Risks include dependence on technology, the potential for technological disruption, and the risk of failure in technology systems. Furthermore, the company is heavily reliant on contracts and projects awarded by government entities, making it vulnerable to changes in government policies or budgetary allocations. There are also risks related to trade restrictions, anti-bribery/anti-corruption compliance, and potential issues with customers and payment delays. Finally, the company has experienced negative cash flows from operating activities in recent periods.
The company has experienced negative net cash flows from operating activities in certain fiscal periods, which are attributed to normal business operations like working capital movements and capital expenditure. The company's revenue has shown growth, but this growth places a strain on financial resources, and there is a risk that increased operating expenses and capital investments could outpace revenue increases, materially affecting results. Furthermore, there are significant concerns regarding the traceability of corporate records and discrepancies, which may expose the company to regulatory actions or penalties. The company is also involved in various legal proceedings, and adverse decisions in these proceedings could lead to liabilities and negatively impact its business and cash flows.
The document outlines several risks related to legal proceedings, including potential actions against promoters and management, and the possibility of adverse outcomes in such proceedings affecting the company's reputation and financial condition. There are also significant working capital requirements, including unsecured loans from subsidiaries that could be recalled, and the need for additional financing to meet operational needs. Furthermore, the company faces risks associated with capital-intensive Special Purpose (SWT) projects, such as reliance on bank financing, regulatory changes like the RBI's Project Finance Directions, and uncertainties regarding the timing and funding of these projects.
The company faces risks related to future debt obligations, including increased interest and repayment burdens, which could negatively impact profitability and cash flows. There is also a risk of being subjected to restrictive covenants in financing agreements, potentially limiting access to operational cash flows. The ability to secure financing under favorable terms in the future is not guaranteed, as it depends on the company's financial condition and cash flow stability in a rising interest rate environment. Furthermore, subsidiaries are involved in material legal proceedings, and adverse outcomes could lead to financial liabilities. Delays in receiving payments from third parties are also a concern, as evidenced by increasing trade receivable days, which points to potential issues with timely collection.
The company faces risks related to the collection of outstanding payments, where there is no guarantee of success in recovery efforts, which could negatively impact its financial condition. There are contingent liabilities, such as customs notices, which, if realized, could adversely affect the company's financial standing. The company relies on a limited number of suppliers for raw materials, exposing it to supply interruptions, price fluctuations, or failure by suppliers to deliver timely materials. Furthermore, there are risks associated with the supply chain, including dependency on foreign suppliers, geopolitical developments, and disruptions in shipping routes, which can affect material availability and costs. Operational risks related to handling hazardous or infectious waste pose significant safety and environmental concerns, with potential for accidents, leaks, and resulting liabilities. Finally, the company's ability to secure contracts for Solid Waste Treatment (SWT) projects is subject to competitive bidding, potential rejection of bids, and limitations on contract terms imposed by government agencies.
The company faces several risks related to contractual obligations, including unilateral termination rights and liability for defects arising after contract termination. There is also a risk of litigation from unsuccessful bidders, which could cause delays in project awards and impact financial performance by requiring the retention of unallocated resources. Furthermore, there is a risk of under-utilization of manufacturing and waste treatment capacities, which could negatively affect business prospects and financial performance. Operating risks exist for existing manufacturing plants, such as equipment breakdown, power supply issues, labor disputes, and natural disasters, alongside the need to comply with regulatory requirements. The company also faces risks related to its order book, where modifications or cancellations could impact revenues, and risks associated with indebtedness and restrictive covenants under financing agreements.
The company has faced past delays in paying statutory dues, which were attributed to issues with receiving documents from third-party vendors or delays in tax liability verification. While internal reviews address short payments promptly, there is no guarantee that such delays will not occur in the future, which could materially impact financial results. Furthermore, there are concerns regarding potential conflicts of interest arising from directors and promoters entering into similar or competing businesses. The company also faces risks related to future regulatory changes, such as new waste management rules, which could necessitate significant cost increases and operational modifications. Finally, the operational success is dependent on key managerial personnel and the reliability of utility supplies.
The company faces several risks related to operational continuity, primarily concerning power supply interruptions which could halt manufacturing, potentially impacting production volumes and cash flows. There are significant risks associated with strategic acquisitions, including the possibility that these investments may not meet expectations or that integration difficulties could prevent the realization of anticipated benefits. Furthermore, the launch of a new business segment, wastewater recycling & reuse (WRR), carries risks related to market penetration and achieving expected sales volumes. The company's revenue stream from the SWT business is heavily dependent on government contracts, making it vulnerable to changes in government priorities or budgetary allocations. Finally, there are risks associated with contractual obligations, including potential non-compliance with customer specifications, and risks related to the longevity and renewal of leases.
The document details several risks related to financial reporting, operational execution, and market conditions. Risks include potential issues with the audit trail functionality in accounting software, uncertainty regarding future capital requirements and financing availability, exposure to cost variations in contracts, dependence on R&D for future success, and vulnerability to macroeconomic factors. Furthermore, the company faces risks from labor relations, potential litigation, and seasonal fluctuations in its revenue due to the nature of its business.
The company faces several risks related to legal compliance, operational continuity, and intellectual property protection. Risks include potential damage to reputation from legal actions, the possibility of failing to obtain or renew necessary statutory and regulatory licenses, and the potential for third-party claims regarding intellectual property infringement. Furthermore, there are concerns about the adequacy of insurance coverage against various losses, and significant risks associated with the failure or breach of IT systems and cybersecurity. Finally, the company acknowledges that its proprietary technical knowledge may not be adequately protected, which could erode its competitive advantage.
The company faces risks related to the unauthorized use or disclosure of confidential information, which could negatively impact business results. There is exposure to foreign exchange rate fluctuations due to international transactions, which are partially hedged but still carry risk. The company's ability to access capital is dependent on credit ratings, and a downgrade could restrict access to funding. Furthermore, reliance on contract labor introduces risks related to wage payments and potential regulatory requirements. The company is exposed to various safety, security, and crisis risks, including natural disasters, terrorism, and civil unrest, which could damage operations and reputation. Finally, there are uncertainties regarding the utilization of funds raised in a fresh issue and the potential for delays or cost overruns in implementing planned projects.
The company's business is exposed to various risks stemming from external economic and political factors, including contagious disease outbreaks, fluctuations in the Indian economy, and changes in government policies. These risks can negatively impact business operations, cash flows, and the trading price of the equity shares. Furthermore, the company faces potential issues related to competition law, evolving regulatory frameworks, and restrictions on foreign investment. Investors should also be aware of the differences in accounting standards and the potential for market volatility upon listing.
This section outlines various risks related to legal and regulatory changes, market conduct, and financial fluctuations. Risks include uncertainties regarding the impact of recent and proposed laws, potential issues with tax implications for cross-border transactions, and restrictions on investor rights such as pre-emptive rights. Furthermore, the document highlights risks associated with future equity issuances, fluctuations in currency exchange rates, and potential delays in the listing and trading of equity shares.
Updated since the RHP:
Key points (149, showing 60)
UpdatedOur products may be displaced by newer technology. p.28
UpdatedOur revenues and operations are dependent upon technology. p.28
UpdatedFailure to upgrade or innovate these technologies could have an adverse impact on our results of operations. p.28
UpdatedInability to adapt to technological developments could harm our business and competitiveness. p.28
UpdatedThe industry information contained in this section is derived from the F&S Report. p.28
UpdatedFrost & Sullivan is an independent agency and neither our Company nor our Promoters are a related party to it. p.28
UpdatedThe F&S Report was commissioned and paid for by our Company for the purposes of confirming our understanding of the industry. p.28
UpdatedThe data included herein includes excerpts from the F&S Report which may have been re-arranged by us for the purposes of presentation. p.28
The company's revenues and operations are dependent on technology, and failure to upgrade, innovate, or identify new technologies could adversely impact results of operations. p.29
There is no assurance that future technological changes will not displace current business offerings or that third parties will develop superior technologies. p.29
Malfunctions of critical technology systems, including mechanical issues, natural or man-made disasters, or equipment failure, could interrupt operations and create risks. p.29
UpdatedThe concession agreements do not provide for automatic renewal upon expiry of the respective concession periods. p.30
UpdatedThe concessioning authority may invite bids for the operation and maintenance of the North Goa Plant for a further period of 10 years. p.30
UpdatedOur business and revenues are influenced by Government policies, budgetary allocations, and the timing of tendering and award of such projects. p.30
UpdatedAny reduction, delay or change in Government focus or expenditure on wastewater and solid waste infrastructure development may adversely affect our business. p.30
UpdatedWe are exposed to risks inherent in doing business with Government Entities, primarily due to the private customer model. p.30
UpdatedThe company may face increased risks when entering new service areas or international markets. p.36
UpdatedExpanding into new geographic regions subjects the company to challenges like unfamiliarity with local culture and economic conditions. p.36
UpdatedEntering new markets may involve higher-than-expected risks, including significant competition. p.36
UpdatedExpansion into new regions could expose the company to additional risks regarding compliance with laws and regulations. p.36
UpdatedThe company may face significant competition in new geographical markets. p.36
UpdatedThe company may face risks associated with establishing and conducting operations in new regions. p.36
UpdatedThe company may face risks related to compliance with a wide range of laws, regulations, and practices. p.36
UpdatedThe company may face risks related to uncertainties associated with changes in laws, regulations, and practices. p.36
UpdatedTrade receivables days increased from 197 to 282 days in Fiscal 2026. p.41
UpdatedInventory days remained constant at 106 days in Fiscal 2026. p.41
UpdatedTrade receivables days are derived from trade receivables multiplied by 365 divided by revenue. p.41
UpdatedTrade receivables outstanding for more than six months require periodic follow-ups and reconciliations. p.41
UpdatedThe cash conversion cycle increased from 141 to 259 days in Fiscal 2025. p.41
UpdatedTrade receivable days are the principal contributors to working capital requirements. p.41
UpdatedTrade receivables are largely current in nature with over 80% not yet due or due for less than six months. p.41
UpdatedThe cash conversion cycle for the three months ended June 30, 2026, was 569 days. p.41
UpdatedThe company has significant credit risk associated with disputed trade receivables. p.45p.46p.47+1
UpdatedThe company faces concentration risk due to dependence on a limited number of third-party suppliers. p.48
UpdatedThe company has contingent liabilities related to customs notices that could adversely affect its financial condition. p.48
UpdatedThe company's business is vulnerable to fluctuations in raw material prices and supply interruptions. p.48
UpdatedThe company has a high concentration of purchases with its top 10 suppliers. p.48
UpdatedThe company has not experienced any material adverse impact from supplier non-performance in the last three fiscal periods. p.48
UpdatedThe company has not made provisions for contingent liabilities that are possible obligations or present obligations. p.48
UpdatedThe company depends on a few suppliers for the majority of its raw material supply. p.48
UpdatedThe company has a high capacity utilization rate of 99.91% for FY 2026. p.54
UpdatedThe company may enter into related-party transactions which could have an adverse effect on financial condition. p.60
UpdatedFuture related-party transactions may involve conflicts of interest which could be detrimental to minority shareholders. p.60
UpdatedThe company cannot assure that future related-party transactions will always be in the best interests of minority shareholders. p.60
UpdatedWe may be liable for any past infringement of intellectual property rights. p.74
UpdatedFailure to register or renew intellectual property rights may affect our right to use them. p.75
UpdatedCompetition from existing players and new entrants could have a material adverse effect on our business. p.75
UpdatedCompetitors may have access to greater resources and experience in obtaining regulatory approvals. p.75
UpdatedOur listed peers may have different business models, product verticals, or geographical presence. p.75
UpdatedOur Promoters have provided personal guarantees for lending facilities availed by our Company. p.76
UpdatedOur insurance coverage may not be adequate to protect us against all potential losses. p.76
UpdatedWe may not have identified every risk, including operational risks that may occur. p.76
UpdatedThe company relies on contract labor and may be held responsible for wages if independent contractors default. p.79p.80
UpdatedThe company may be required to absorb contract laborers as permanent employees under the Occupational Safety, Health and Working Conditions Code, 2020. p.80
UpdatedAny regulatory or court order regarding contract labor could adversely affect the company's business and financial condition. p.80
UpdatedIncreases in labor costs may reduce competitiveness unless efficiency is increased proportionately. p.80
UpdatedThe company cannot assure payment of dividends on Equity Shares in the future. p.80
UpdatedDividend payment depends on future results, cash flows, profitability, and capital expenditure requirements. p.80
UpdatedThe company is exposed to risks from safety, security, and crisis management including natural disasters and terrorism. p.80
UpdatedCrisis events could lead to compensation claims, fines, litigation, and reputational damage. p.80
Litigation and regulatory matters
Litigation
Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.
The section outlines the criteria for identifying material litigation, including thresholds based on turnover, net worth, and profit or loss, which were determined to be ₹7.61 Crore. It further clarifies that there are no outstanding criminal proceedings, statutory or regulatory actions, or direct and indirect tax claims against the Company. The text details various pending litigation involving subsidiaries, including legal notices, FIRs, and various show cause notices from pollution control boards, as well as disputes with a creditor and former managing directors. It also confirms the absence of such proceedings involving directors or promoters.
The section details various aspects of litigation, disciplinary actions, and regulatory approvals related to the company and its subsidiaries. It states that no other pending proceedings involving the Promoters were considered material by the Company. Furthermore, there have been no disciplinary actions or penalties taken against the Promoters by SEBI or stock exchanges in the five fiscal years preceding the prospectus date. The text also outlines significant outstanding dues to creditors, including amounts owed to Micro, Small and Medium Enterprises, material creditors, and other creditors. Finally, it lists numerous consents, licenses, registrations, and permits obtained by the Company and its material subsidiaries from various governmental, statutory, and regulatory authorities.
This section details various registrations and approvals related to the Company, including tax registrations, professional tax certificates, business and environment approvals, and labour/employment related approvals. It further states that there are no material approvals pending, expired, or required for the Company or its material subsidiaries as of the date of the Red Herring Prospectus. Finally, it lists existing registered trademarks and pending trademark registration applications.
Key points (34)
The monetary claim made by or against the Relevant Parties in any such litigation/arbitration proceedings is considered 'material' if it equals or exceeds 2% of the company's turnover derived from Restated Consolidated Financial Information as at March 31, 2026. p.553
2% of the net worth derived from Restated Consolidated Financial Information as at March 31, 2026 is ₹16.08 Crore. p.553
5% of the average of absolute value of profit or loss after tax derived from Restated Consolidated Financial Information for the last three Financial Years is ₹7.61 Crore, which has been considered as the Materiality Threshold. p.553
There are no pending criminal proceedings involving the Promoters. p.554p.557p.558
There are no pending actions initiated by statutory or regulatory authorities against the Company as of the date of this Red Herring Prospectus. p.554p.557
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). p.554p.557
A legal notice was issued by Vikramaditya Shinde threatening criminal action against the Company and its Chairman and Managing Director for harassment and defamation, seeking compensation of ₹2.59 Crore. p.554p.557
An FIR was filed by Digvijay Desai against the subsidiary etqmi and concerned officials under Section 271 of the Bharatiya Nyaya Sanhita, 2023, alleging discharge of effluent from the bund wall of the stage-I reverse osmosis tank into adjoining drains. p.554p.557
A criminal case complaint was filed against M/s Anglo French Drugs and Industries Limited by the State of Bihar before the Chief Judicial Magistrate Division, Muzaffarpur under various sections of the Drugs and Cosmetics Act, 1940. p.554p.557p.558
A show cause notice was issued to the subsidiary Hindustan Waste Treatment Private Limited (HWTPL) by the Goa State Pollution Control Board (GPCB) in connection with alleged open discharge of effluent by night soil tankers. p.555
A show cause notice was issued to HWTPL by the Goa Waste Management Corporation (GWMC) in relation to alleged unauthorised discharge of stage-1 Reverse Osmosis (RO) reject at the North Goa Plant. p.555
A show cause notice was issued to HWTPL by the Goa Waste Management Corporation (GWMC) in relation to alleged unauthorised effluent discharge and improper disposal of coconut waste at the North Goa Plant, resulting in penalties of ₹50,000 for effluent discharge and ₹25,000 for non-disposal of coconut waste. p.555
A notice was issued by the Goa Waste Management Corporation (GWMC) asking for clarification regarding an incident of digestate slurry spillage observed near the digester at the North Goa Plant, resulting in penalties of ₹50,000 for digestate spillage. p.555
A show cause notice was issued by the Goa State Pollution Control Board (GPCB) in relation to alleged dripping of leachate/effluent discharge and spillage of slurry at the North Goa plant. p.555
A show cause notice was issued by the Goa State Pollution Control Board (GPCB) in relation to alleged disposal of sewage at the 5.6 MLD sewage treatment plant (STP) of the Public Works Department, Goa. p.555
A show cause notice was issued by the Goa State Pollution Control Board (GPCB) in relation to observations made during inspections of the North Goa plant regarding alleged exceedance of permissible limits in respect to certain effluent parameters. p.555
A suit was filed by the Municipality of Paços de Ferreira against the subsidiary SFC Umwelttechnik GmbH for technical deficiencies in the supply of services and equipment for the sewage treatment plant in Arreigada, Portugal, demanding liquidated damages of around €5.60 million. p.556
Two former managing directors of the subsidiary SFC Umwelttechnik GmbH instituted lawsuits before the Regional Court of Salzburg concerning amounts deferred towards their remuneration, with aggregate claims amounting to approximately €0.65 million. p.556
No disciplinary action or penalty has been taken against the Promoters by SEBI or any stock exchange in the five fiscal years preceding the prospectus date. p.558
There are no pending actions initiated by statutory or regulatory authorities against Key Managerial Personnel or Senior Management. p.558
There are no pending litigation proceedings involving any Group Company that has a material impact on the Company. p.558
A total of ₹75.15 Crore was owed to a total of 292 creditors as of June 30, 2026. p.558
The amount owed to Micro, Small and Medium Enterprises creditors was ₹6.89 Crore out of ₹75.15 Crore total. p.558
The Company obtained various consents, licenses, registrations, and permits from governmental, statutory, and regulatory authorities for its business activities and operations. p.560p.561
The Company obtained various tax-related approvals, including a permanent account number and tax deduction account number from the Income Tax Department. p.560p.561p.562+1
The Company obtained various business and environment related approvals, including consents to operate from the Maharashtra Pollution Control Board and various factory licenses. p.560p.561p.562+1
The Company obtained various labour/employment related approvals, including registrations from the Employees State Insurance Corporation and the Employees’ Provident Fund Organisation. p.560p.561p.562+1
A Certificate of registration was issued by the Employees State Insurance Corporation under the Employee State Insurance Act, 1948. p.563p.564
A Certificate of registration was issued by the Employees’ Provident Fund Organisation under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. p.563p.564
There are no material approvals applied for, including renewal applications, that have not been received by the material subsidiaries. p.563p.564
There are no material approvals which have expired and for which renewal applications are yet to be made by the material subsidiaries. p.563p.564
There are no material approvals which are required but which have not been obtained or for which applications are yet to be made by the material subsidiaries. p.563p.564
The Company has three registered trademarks in India. p.565
The Company has filed applications for registration of trademarks under various classes under the Trade Marks Act with the Trade Marks Registry, Mumbai. p.565
Regulatory disclosures
Approvals, licences, and any regulatory actions or compliance matters.
The Offer was authorized by a Board resolution dated March 21, 2025 and a special resolution of Shareholders dated April 15, 2025. p.566
The Draft Red Herring Prospectus was approved by the Board on October 19, 2026, and the Abridged Prospectus on October 19, 2026. p.566
The Addendum to the RHP was approved by the IPO Committee on October 23, 2026. p.566
The Company received in-principle listing approvals from BSE and NSE on November 6 and November 7, 2025, respectively. p.566
The Company confirms it is in compliance with the Companies (Significant Beneficial Owners) Rules, 2018. p.566
None of the Company's Directors are associated with the securities market as of the date of this Prospectus. p.566
There are no outstanding actions initiated by SEBI against the Company's Directors in the five years preceding the Prospectus. p.567
The Company has net tangible assets of ₹762.92 Crore, monetary assets of ₹171.52 Crore, and operating profits of ₹208.71 Crore as of March 31, 2026. p.567
The Company confirms compliance with Regulation 49(1) of the SEBI ICDR Regulations regarding the minimum number of allottees. p.567
The Company confirms compliance with Regulation 5 of the SEBI ICDR Regulations regarding ineligible persons. p.567
The Company confirms compliance with Regulation 8 of the SEBI ICDR Regulations regarding the participation of Selling Shareholders. p.568
The Company has entered into tripartite agreements with NSDL and CDSL for dematerialization of Equity Shares. p.568
The Company confirms that none of its Directors are debarred from accessing the capital markets by SEBI. p.568
The Company confirms that none of its Promoters or Directors is a Wilful Defaulter or a Fraudulent Borrower. p.568
The Company confirms that none of its Promoters or Directors has been declared a Fugitive Economic Offender in accordance with the Fugitive Economic Offenders Act, 2018. p.568
The Company confirms that there are no outstanding warrants, options, or rights to convert debentures, loans, or other instruments convertible into Equity Shares. p.568
The issuer has received permission from BSE to use its name as a stock exchange for listing securities, with a disclaimer that the Exchange does not warrant listing or financial soundness. p.571
The issuer has received consent from its Statutory Auditors to include their name as an expert under SEBI regulations. p.572
The issuer has not made any public issues or rights issues during the five years preceding the date of this Prospectus. p.573
The issuer has not undertaken any capital issues during the previous three years preceding the date of this Prospectus. p.573
The company offered a discount of Rs. 65 per Equity Share to eligible employees bidding in the employee reservation portion. p.576
The company is required to compensate investors for delays in unblocking UPI mandates exceeding two working days. p.580
The company is liable to compensate investors for delayed unblocking of amounts in ASBA accounts exceeding two working days. p.580
The company is liable to compensate investors for delayed unblocking of cancelled/withdrawn/deleted applications. p.580
The company is liable to compensate investors for delayed unblocking of non-allotted/partially allotted applications. p.580
Our Company has obtained authentication on the SCORES system in compliance with SEBI circular SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023. p.581
Our Company has not received any investor complaint during the three years preceding the date of this Prospectus. p.581
Our Company has not applied for any exemption from complying with any provisions of securities laws before SEBI as on the date of this Prospectus. p.581
The Equity Shares offered are being offered and sold only outside the United States in 'offshore transactions' as defined in Regulation S. p.587
If the minimum subscription of 90% of the Fresh Issue is not received, the Company shall refund the entire subscription amount. p.588
If the minimum subscription falls below thresholds after the Bid/Closing Date, the Company shall pay interest at 15% per annum. p.588
The Company must ensure that the number of allottees is not less than 1,000 under Regulation 49(1) of SEBI ICDR Regulations. p.588
The Company is not issuing any new financial instruments through this Offer. p.588
There are no restrictions on transfers or consolidation of Equity Shares except for the lock-in of pre-Offer shares and Anchor Investor allotments. p.588
The Company must obtain final listing and trading approvals from Stock Exchanges within three Working Days of the Bid/Closing Date. p.589
The Company must obtain final approval of the Prospectus by the RoC after filing with the RoC. p.589
If unblocking ASBA Accounts exceeds four Working Days, the Bidder shall be compensated at ₹100 per day or 15% per annum of the Bid Amount. p.589
The Company must file a fresh draft red herring prospectus with SEBI if it withdraws the Offer and later proceeds with a public offering. p.589
Anchor Investor allocation includes 33.33% for domestic Mutual Funds and 6.67% for Life Insurance Companies and Pension Funds. p.591
Non-Institutional Bidders must apply in dematerialised form with a minimum bid size of ₹2.00 Lakh. p.591
Non-Institutional Bidders applying under one-third of the category must have a bid amount exceeding ₹2.00 Lakh. p.591
The company allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis, subject to minimum and maximum investor counts. p.592
Anchor Investor allocation requires a minimum of two and a maximum of 15 investors, with specific thresholds for allocation up to ₹250.00 Crore. p.592
SEBI mandated that ASBA applications in public issues must be processed only after application monies are blocked in the investor's bank accounts. p.592
Anchor Investors must pay the entire bid amount at the time of submission, with any positive difference payable by the Anchor Investor Pay-in Date. p.593
The company suspended the ISIN in the depository system from the Red Herring Prospectus date until the listing and commencement of trading. p.595
Equity Shares were allotted only in dematerialized form, rejecting physical allotment options. p.596
UPI payment mechanism was implemented in three phases to reduce listing duration from six to three working days. p.596
Phase III of UPI was mandatory for all issues opening on or after December 1, 2023. p.596
SEBI set specific redressal requirements for UPI applications, including SMS alerts and account unblocking timelines. p.596
Failure to unblock accounts within the timeline would result in penalties under relevant securities law. p.596
UPI Bidders using the UPI Mechanism were required to provide their UPI ID in the Bid cum Application Form. p.596
The Company appointed an SCSB as a sponsor bank to facilitate UPI bid processing and fund blocking. p.597
FPIs must hold less than 10% of post-Offer equity capital to comply with FEMA NDI Rules. p.601
FPIs must use the MIM structure to aggregate multiple bids with the same PAN. p.601
FPIs must ensure offshore derivative instruments comply with SEBI FPI Regulations. p.601
FPIs must obtain prior consent for transferring offshore derivative instruments. p.601
FPIs must ensure their total investment does not exceed the sectoral cap of 100%. p.601
FPIs must provide a confirmation that their multiple bids utilized the MIM structure. p.602
Bids by banking companies must attach a certified copy of their RBI registration certificate. p.603
Who runs and controls the company
Management & board
Directors and senior management: who they are, their background and pay.
UpdatedSaketchandrasingh Pratapsingh Dhandoriya holds the Executive Director designation with a remuneration of ₹1.18 Crore. p.374
UpdatedPrachiti Sandeep Asolkar holds the Executive Director designation with a remuneration of ₹60.80 Lakh. p.374
UpdatedNeha Rajen Gada is a Non-Executive Independent Director with a remuneration of ₹2.40 Lakh. p.374
UpdatedMulesh Manilal Savla, Amruta Shripad Patankar, and Divya Sameer Momaya are Non-Executive Independent Directors. p.374
UpdatedNone of the Non-Executive Independent Directors were paid sitting fees for Fiscal 2026. p.374
UpdatedSandeep Sudhakar Asolkar holds 3,08,88,498 Equity Shares representing 33.07% of the pre-Offer capital. p.374
UpdatedSaketchandrasingh Pratapsingh Dhandoriya holds 84,34,125 Equity Shares representing 9.03% of the pre-Offer capital. p.374
UpdatedSandeep Sudhakar Asolkar individually holds 1,35,00,000 Equity Shares aggregating to 14.45% of the pre-Offer capital. p.374
UpdatedSandeep Sambhaji Parab resigned as Executive Director on November 6, 2023 due to reconstitution of the Board. p.376
UpdatedVeera Venkata Satyanarayana resigned as Executive Director on November 6, 2023 due to reconstitution of the Board. p.376
UpdatedNeha Rajen Gada was appointed as an additional non-executive independent director on August 14, 2024. p.376
UpdatedSatish Chandrashekhar Deshpande was appointed as an additional non-executive independent director on August 14, 2024. p.376
UpdatedNandkishor Trivikram Joshi was appointed as an additional non-executive independent director on August 14, 2024. p.376
UpdatedDilip Damodar Karambelkar was appointed as an additional non-executive independent director on August 14, 2024. p.376
UpdatedChandrakant Vallabhaji Gogri resigned as a non-executive director on February 24, 2026 due to age-related limitations and health issues. p.376
UpdatedPrachiti Sandeep Asolkar was appointed as an additional executive director on March 24, 2026. p.376
UpdatedThe Nomination and Remuneration Committee formulates remuneration policies to attract and retain quality directors. p.381
UpdatedRemuneration must balance fixed and incentive pay to reflect short and long-term performance objectives. p.381
UpdatedThe Committee evaluates independent directors based on skills, knowledge, and experience before appointment. p.381
UpdatedThe Committee may use external agencies to identify suitable candidates for independent director roles. p.381
UpdatedThe Committee reviews and approves the Company's compensation strategy in accordance with Indian market laws. p.381
UpdatedThe Committee administers the ESOP Scheme in line with applicable securities laws and regulations. p.381
UpdatedThe Committee determines the quantum of options granted per employee and in aggregate under the ESOP Scheme. p.381
UpdatedThe Committee reviews and approves the Company's compensation strategy from time to time. p.381
UpdatedMandar Dinkar Desai serves as Chief Executive Officer and has over 14 years of experience in environmental engineering. p.387
UpdatedAmit Anil Sawant is the Chief Financial Officer with approximately four years of experience in the finance sector. p.387
UpdatedShweta Deshpande is the Company Secretary and Compliance Officer with over five years of experience in secretarial and statutory compliances. p.387
UpdatedKumaraguru Madurakavi is the Head of Technology with approximately 33 years of experience in the water and wastewater management sector. p.387
UpdatedAjit Dhondiram Marathe is the Head of Sales and Operations with approximately 34 years of experience in the sales and operations sector. p.387
UpdatedAbhijit Parolkar is the Head of Marketing & Business Development with approximately 15 years of experience in the water, waste water, and sewage treatment sector. p.387
UpdatedThe remuneration paid to the Chief Executive Officer in Fiscal 2026 was ₹1.44 Crore. p.387
UpdatedThe remuneration paid to the Chief Financial Officer in Fiscal 2026 was ₹56.40 Lakh. p.387
UpdatedAmit Anil Sawant was appointed as Chief Financial Officer on August 14, 2024. p.389
UpdatedMandar Dinkar Desai was appointed as Chief Executive Officer on August 14, 2024. p.389
UpdatedKumaraguru Madurakavi was appointed as Head of Technology on September 5, 2024. p.389
UpdatedAjit Dhondiram Marathe was appointed as Head of Sales and Operations on September 5, 2024. p.389
UpdatedAbhijit Parolkar was appointed as Head of Marketing on September 5, 2024. p.389
UpdatedMahendra Pandharinath Ingale was appointed as Head of Manufacturing on September 5, 2024. p.389
UpdatedVirendra Vijay Rane was appointed as Head of Erection and Commissioning on September 5, 2024. p.389
UpdatedRohan Manohar Kharche was appointed as Head of Supply Chain Management on September 5, 2024. p.389
Promoters
The people or entities controlling the company, and what else they own.
UpdatedThe Promoters collectively hold 42.10% of the company's equity share capital. p.392
UpdatedSandeep Sudhakar Asolkar is the Chairman and Managing Director of the company. p.392
UpdatedSandeep Sudhakar Asolkar individually holds 14.45% of the company's equity shares. p.392
UpdatedPriya Sandeep Asolkar holds a bachelor's degree in civil engineering from University of Bombay. p.392
UpdatedPriya Sandeep Asolkar is a director of Asolkar Tradecraft Private Limited. p.393
UpdatedPrachiti Sandeep Asolkar is the Executive Director of the company. p.393
UpdatedSaketchandrasingh Pratapsingh Dhandoriya is the Executive Director of the company. p.393
UpdatedOur Promoters have adequate experience in the business activities currently undertaken by our Company. p.395
UpdatedExcept for Fine Aeration Systems Private Limited and Sustainyx Smart Solution Private Limited, none of our Promoters have disassociated in the last three years. p.395
UpdatedOur Promoters have not given any material guarantee to any third party regarding the Equity Shares as of the date of this Prospectus. p.395
UpdatedSandeep Sudhakar Asolkar and Prateek Sandeep Asolkar resigned from Fine Aeration Systems Private Limited due to preoccupation. p.395
UpdatedSandeep Sudhakar Asolkar and Prateek Sandeep Asolkar resigned from Sustainyx Smart Solution Private Limited due to preoccupation. p.395
UpdatedSandeep Sudhakar Asolkar resigned from Pentagen Biofuels Private Limited due to preoccupation. p.395
UpdatedPrateek Sandeep Asolkar is the Son of Sandeep Sudhakar Asolkar. p.395
UpdatedKalyani Saketchandrasingh Dhandoriya is the Spouse of Saketchandrasingh Pratapsingh Dhandoriya. p.396
UpdatedDeepak Deshpande is the Spouse's Brother of Sandeep Sudhakar Asolkar. p.396
UpdatedSandeep Sudhakar Asolkar is the Spouse's Mother of Pushpa Sudhakar Asolkar. p.396
UpdatedVidya Ravindra Borwankar is the Spouse's Sister of Sandeep Sudhakar Asolkar. p.396
UpdatedArchana Ajit Kunhaleri Thayyil is the Spouse's Sister of Sandeep Sudhakar Asolkar. p.396
UpdatedPrachiti Sandeep Asolkar is the Brother of Prateek Sandeep Asolkar. p.396
UpdatedBhushan Raju Naik is the Spouse's Father of Mridula Raju Naik. p.396
UpdatedRaju Manohar Naik is the Spouse's Father of Mithul Raju Naik. p.396
UpdatedMridula Raju Naik is the Spouse's Mother of Mithul Raju Naik. p.396
UpdatedManjiri Raju Naik is the Spouse's Sister of Mridula Raju Naik. p.396
UpdatedSoni Bandhopadhyay is the Spouse's Sister of Sandeep Sudhakar Asolkar. p.396
UpdatedLalitabai Pratabsingh Dhandoriya is the Mother of Saketchandrasingh Pratapsingh Dhandoriya. p.396
UpdatedPrithviraj Pratapsingh Dhandoriya is the Brother of Saketchandrasingh Pratapsingh Dhandoriya. p.396
UpdatedSwati Dhirajsingh Mangaiya is the Sister of Saketchandrasingh Pratapsingh Dhandoriya. p.396
UpdatedSiddharth Dhandoriya is the Son of Saketchandrasingh Pratapsingh Dhandoriya. p.396
UpdatedAsolkar Tradecraft Private Limited is part of the Promoter Group. p.396
UpdatedKonkan Mango Processing (Ratnagiri) Private Limited is part of the Promoter Group. p.396
UpdatedUnited Marine Works HUF is part of the Promoter Group. p.396
UpdatedThe Board of Directors adopted a dividend distribution policy effective August 14, 2024. p.400
UpdatedDividends are declared and paid at the discretion of the Board in accordance with Articles of Association. p.400
UpdatedDividend payment depends on factors including profits, past patterns, capital expenditure, and liquidity. p.400
UpdatedExternal factors such as economic environment and inflation rates may impact dividend payment ability. p.400
UpdatedThe Company has not declared any dividends during the three months ended June 30, 2026. p.400
UpdatedThe Company has not declared any dividends during the fiscal year 2026. p.400
Related-party transactions
Business done between the company and people or firms connected to its owners.
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.
SFC Environmental Technologies Ltd.- RHP IPO: common questions
Short answers drawn from the filings above.
How big is the SFC Environmental Technologies Ltd.- RHP IPO?
SFC Environmental Technologies Ltd.- RHP's IPO comprises a fresh issue of ₹150 Cr and an offer for sale of 1.57 Cr shares, according to its Prospectus. The price band was ₹313.00 to ₹330.00 per share and the final offer price was ₹330.00 per share.
What are SFC Environmental Technologies Ltd.- RHP's revenue and profit?
SFC Environmental Technologies Ltd.- RHP 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 Prospectus, as printed there.
How much do promoters own in SFC Environmental Technologies Ltd.- RHP?
Promoters hold 42.1% of SFC Environmental Technologies Ltd.- RHP 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) (18.6%).
How will SFC Environmental Technologies Ltd.- RHP 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 (₹20 Cr). The offer-for-sale portion goes to the selling shareholders, not the company.
What are the red flags in SFC Environmental Technologies Ltd.- RHP's Prospectus?
Earlier, we looked up 37 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 2 raised a high concern, 4 medium and 8 low. The most notable: The search results do not contain any information regarding a joint venture agreement dated November 6, 2025, between SFC Environmental Technologies Ltd.- RHP… The search results indicate that Hindustan Waste Treatment Private Limited is a 100% subsidiary of SFC Environmental Technologies Ltd.- RHP, but there is no… Search results indicate that the company has been involved in legal proceedings, with one result referencing a judgment by the Andhra Pradesh High Court.… This is an automated screen, not a verdict; each finding links to its sources.
What does SFC Environmental Technologies Ltd.- RHP do?
They made Rs. 160 crore of profit but lost Rs. 26 crore in cash from operations, meaning the company is burning money on its own projects without selling a single rupee of its assets.
Who manages the SFC Environmental Technologies Ltd.- RHP 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 Ltd.- RHP IPO documents?
All 3 filings for SFC Environmental Technologies Ltd.- RHP (RHP, Prospectus) 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
Every page reference on this site links to the original SEBI PDF.
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SFC Environmental Technologies Ltd. - Prospectus · 2 Nov 2026
