# SFC Environmental Technologies Ltd.- RHP: IPO analysis > 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. - Page: https://ipo.innerkore.com/in/company/U37003MH2005PLC152235/sfc-environmental-technologies-ltd-rhp/ - CIN: U37003MH2005PLC152235 - Last updated: 2 Nov 2026 ## Key facts - **Company:** SFC Environmental Technologies Ltd.- RHP - **CIN:** U37003MH2005PLC152235 - **Filing stage:** Prospectus - **Latest SEBI filing:** 2 Nov 2026 - **Fresh issue:** ₹150 Cr - **Offer for sale:** 1,56,82,750 shares - **Price band:** ₹313.00 to ₹330.00 per share - **Final offer price:** ₹330.00 per share - **Lot size:** 45 shares - **Bidding opens:** 27 Oct 2026 - **Bidding closes:** 29 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹804 Cr - **Revenue growth:** +15.2% - **Net profit FY26:** ₹160 Cr - **Revenue CAGR FY24 to FY26:** 10.6% - **Promoter holding (pre-IPO):** 42.1% - **Lead managers:** IIFL Capital Services Limited, IIFL Securities Limited, JM Financial Limited, Nuvama Wealth Management Limited - **Registrar:** MUFG Intime India Private Limited - **Earlier look-up flags:** 2 high, 4 medium, 8 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 20.2x P/E. At the top of the band, on FY26 profit; 3.9x book value. - **Growth** (look closer): 10.6% a year. Sales FY24 to FY26; latest year +15.2%. - **Profitability** (looks fine): 19.9% net margin. FY26; operating margin steady. - **Debt** (looks fine): 0.24x equity. ₹196 crore borrowed at the end of FY26. - **Profit into cash** (concern): -16% of profit. Operations brought in ₹-25.8 crore against ₹160 crore of profit in FY26. - **One-off income** (looks fine): 8% of profit. Other and one-off income is 8% of pre-tax profit. - **Where the money goes** (concern): 78% for sale. 22% is new shares issued by the company. 31% of the new money repays debt. - **Red flags** (concern): 6 to review. 37 claims looked up earlier: 2 high, 4 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:|---:| | Sales | 658 | 698 | 68 | 804 | 134 | | Sales growth | – | 6.1% | – | 15.2% | – | | Operating profit | 193 | 207 | 5.0 | 236 | 9.9 | | Operating margin | 29.4% | 29.7% | 7.4% | 29.3% | 7.4% | | Net profit | 144 | 152 | -0.28 | 160 | 1.5 | | Net margin | 21.9% | 21.8% | -0.4% | 19.9% | 1.1% | | Net worth | 561 | 663 | 662 | 824 | 825 | | Borrowings | 139 | 84 | 68 | 196 | 205 | | Return on equity | 25.7% | 22.9% | – | 19.5% | – | ## Use of proceeds (fresh issue) - Prepayment of all or a portion of certain outstanding borrowings availed by our Company and our wholly owned Subsidiary, namely Vasudha Waste Treatment Private Limited: ₹42 crore - Funding our working capital requirements: ₹75 crore - General corporate purposes(2): ₹20 crore ## Claims looked up earlier - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (SubsidiaryPerformance): 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. - **MEDIUM** (LitigationStatus): There are no pending actions initiated by statutory or regulatory authorities against the Company as of the date of this Red Herring Prospectus.. Search results indicate that the company has been involved in legal proceedings, with one result referencing a judgment by the Andhra Pradesh High Court. Another result mentions that the company is involved in certain legal proceedings, and another suggests that adverse decisions in such proceedings could lead to liabilities. - **MEDIUM** (RegulatoryAction): The company must repay monies received from bidders if equity shares are not allotted within the prescribed timeline by SEBI.. The search results indicate that SFC Environmental Technologies 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. - **MEDIUM** (RegulatoryAction): The company confirms that it is in compliance with the conditions specified in Regulation 7(1) of the SEBI ICDR Regulations.. The search results mention a disclosed criminal matter (an FIR filed on August 21, 2025) against a related entity, which suggests potential compliance issues or legal concerns that might be relevant to the claim about compliance with SEBI regulations. However, the results do not directly confirm or deny the company's compliance with Regulation 7(1) of the SEBI ICDR Regulations. - **MEDIUM** (LitigationStatus): There are no pending claims related to direct and indirect taxes involving the Company, with a total of ₹3.21 Crore across 14 cases (12 direct tax cases and 2 indirect tax cases).. The search results indicate that the company is involved in certain legal proceedings, and a materiality policy exists that refers to pending litigation. One result points to a specific High Court judgment, suggesting litigation history, but does not directly confirm or deny the exact figure of 14 cases totaling ₹3.21 Crore across direct and indirect taxes mentioned in the claim. - **LOW** (SubsidiaryPerformance): SFC Environmental Technologies Private Limited was incorporated as a private limited company in Mumbai on March 29, 2005.. The search results confirm that SFC Environmental Technologies Ltd.- RHP was incorporated as a private limited company in Mumbai on March 29, 2005, as stated in the claim. While some results mention the company started its business in 2005, others indicate a conversion from private to public limited status, which aligns with the claim regarding its incorporation date. - **LOW** (LitigationStatus): There are no pending criminal proceedings involving the Company, its Directors, or Promoters.. The search results do not contain any information regarding pending criminal proceedings involving SFC Environmental Technologies Ltd.- RHP, its directors, or promoters. While one document references a high court case, it appears to be a civil matter involving the Union of India, not a criminal prosecution. Additionally, a materiality policy document mentions the disclosure of pending litigation but does not provide specific details about any active criminal cases. Consequently, the claim that there are no pending criminal proceedings is not supported by the available search results. - **LOW** (LitigationStatus): There are no pending actions by statutory or regulatory authorities against the Company.. The search results do not contain any information regarding pending legal actions, litigation, or arbitration proceedings against SFC Environmental Technologies Ltd.- RHP. While a case involving the Union of India is listed in the search results, it appears to be a high court judgment from December 2024, which does not necessarily indicate a current pending action against the company. The provided documents focus on prospectus details, materiality policies, and financial plans rather than legal status updates. - **LOW** (SubsidiaryPerformance): The company entered into a joint venture agreement dated July 28, 2022 with TurboMAX Co., Ltd. to establish Turbomax India Private Limited.. The search results indicate that SFC Environmental Technologies Ltd.- RHP formed a joint venture company named Turbomax India Private Limited to manufacture blowers, which aligns with the claim. However, the specific date of the agreement (July 28, 2022) is not explicitly mentioned in the available search results, though one source mentions the formation of the JV. The absence of a specific date in the provided snippets means the claim cannot be fully verified based on the current data. - **LOW** (RegulatoryAction): BSE Limited granted permission to use its name in the offer document for listing purposes.. The search results point to corporate announcements and updates from the BSE, which might relate to listing approvals. One result mentions an intimation of receipt of listing approval for a specific balance amount, which is related to listing processes. - **LOW** (SubsidiaryPerformance): The company filed a composite scheme of amalgamation under section 230-232 of the Companies Act, 2013 for the amalgamation of Enviropro Water Tech Private Limited and Intergeo Solid Waste Management Private Limited into and with the company on April 19, 2022.. The search results do not contain information regarding the specific amalgamation of Enviropro Water Tech and Intergeo Solid Waste Management into SFC Environmental Technologies Ltd.- RHP. While the prospectus claims this occurred on April 19, 2022, the available documents and news snippets from 2025 and 2026 discuss the company's profile, IPO, and future strategic integration without mentioning the specific merger event or the names of the companies involved in that transaction. ## Common questions ### 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 - [SFC Environmental Technologies Ltd. - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/nov-2026/1793595624852.pdf) (Prospectus, filed 2 Nov 2026) - [SFC Environmental Technologies Ltd.- RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792670149542.PDF) (Red Herring Prospectus, filed 22 Oct 2026) - [SFC Environmental Technologies Limited](https://nsearchives.nseindia.com/content/ipo/RHP_SFCTECH.zip) (Red Herring Prospectus, filed 22 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.