
SFC Environmental Technologies launched its IPO on Oct 27 with a price band of ₹313 to ₹330 per share, valuing the company at ₹3,232.5 crore at the top end. The fresh issue of 150 crore shares plus an OFS of 1.56 crore shares will raise ₹667.5 crore, with the fresh portion going to the company and the OFS allowing existing shareholders to sell.
InvestorGain reported a 5.8% grey‑market premium on the first day, reflecting modest demand and indicating a slight upside over the lower end of the band.
SBI Securities assigned a neutral rating, citing a 20.9x FY26 earnings multiple versus a sector average of 25x, and an order‑to‑sales ratio of 1.3x that suggests healthy revenue visibility.
In Q1 FY27, the company posted a ₹1.5 crore profit compared to a ₹1.3 crore loss a year earlier, as revenue nearly doubled to ₹133.9 crore from ₹67.8 crore.
Proceeds will fund a ₹42.2 crore debt repayment and a ₹74.9 crore working‑capital buffer, with remaining funds earmarked for general corporate purposes.
The firm’s growth hinges on biogas, waste‑to‑energy, and solar sludge drying projects, but elevated receivable days of 300 in FY26 may pressure cash flow and impact future earnings.