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SFC Environmental Technologies is planning an IPO to raise ?150 crore for debt repayment and ?517.5 crore for an offer for sale. The company has reported consistent growth in both revenue and profits, with significant contributions from repeat customers. Concerns include uneven cash flow due to high working capital and reliance on government contracts for revenue. View More

ET Intelligence Group: SFC Environmental Technologies, a wastewater and solid waste treatment solutions provider, is positioned to benefit from rising investments in environmental infrastructure by state governments and urban local bodies. It has reported steady growth in revenue and profits, with better profit margin relative to peers. However, its cash flow has been uneven due to high working capital requirements. Also, top 10 customers contributed 64% to revenue in FY26 and government entities or government tenders accounted for 92% of revenue, exposing the company to concentration risk. Given these factors, investors with high risk appetite may consider the IPO for long term. The company plans to raise ₹150 crore through a fresh issue to repay debt and ₹517.5 crore through an offer for sale. The promoter shareholding will decline to 38.4% after the IPO from 48.2%. Business Incorporated in March 2005, SFC Environmental Technologies provides engineering solutions for wastewater treatment (WWT), wastewater recycling and reuse (WRR), and solid waste treatment (SWT). Its business spans technology design, engineering, equipment manufacturing and supply, installation and commissioning supervision, and operation and maintenance services. Its product portfolio includes decanters, diffusers, air blowers, fibre disc filters and solar sludge drying systems, as well as automated control and monitoring solutions for water and wastewater treatment plants. The company has a pan-India presence with 728 wastewater treatment installations across 23 states and five union territories as of July 31, 2026. According to Frost & Sullivan, it held more than 80% market share in sequencing batch reactor (SBR) technology, one of the key wastewater treatment technologies deployed in India. Repeat customers contributed nearly 92% of revenue in FY26. As of March 31, 2026, its order book reached ₹1,574.5 crore. ET Bureau Financials Revenue from operations grew 10.6% annually to ₹803.6 crore in FY26 from ₹657.5 crore in FY24. Operating margin before depreciation and amortisation (Ebitda margin) remained broadly stable at 29.3% in FY26, from 29.4% in FY24, indicating the company has largely been able to preserve margins while scaling up operations. Net profit increased 5% annually to ₹160 crore in FY26 from ₹144 crore in FY24. Return on equity (RoE) declined to 21.6% in FY26 from 29.8% in FY24, although it remained well above the peer range of 2-14%. Operating cash flow turned negative at ₹25.8 crore in FY26 compared with a positive ₹65.5 crore in FY25, largely due to higher working capital requirements arising from strong business growth. It was negative at ₹11.7 crore in FY24. Read more : The Rs 1.5 lakh crore MTF problem: How shrinking leveraged positions are deepening India's smallcap sell-off Valuation At the upper price band, the company is valued at 20.2 times its post-issue FY26 earnings, compared with 34-51 times for larger peers such as Ion Exchange India and Thermax . Live Events Read more : Paytm Q2 Results: Profit rockets 976% YoY to Rs 226 crore, revenue jumps 28% Enviro Infra Engineers , which also provides water treatment solutions and reported a revenue of ₹1,146 crore in FY26, trades a trailing P/E of around 15. It had a lower Ebitda margin of around 24.2% and RoE of 15.3 in FY26 compared with SFC, which may justify the latter's valuation premium. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The company’s expansion plans come as India strengthens domestic solar manufacturing requirements and seeks to reduce dependence on imported components View More

Industry experts are urging domestic technology development and international partnerships as India assesses potential disruptions to solar manufacturing and investment View More

ET Business Growth Summit in Nagpur highlighted land shortages, financing constraints, and rising energy costs as major challenges. View More

At the ET Business Growth Summit in Nagpur, Maharashtra’s Minister of State Ashish Jaiswal called for a review of government incentive schemes, saying that delays in subsidy disbursements can create financial stress for businesses and undermine industrial growth. Jaiswal, Minister of State for Finance, Planning, Agriculture, Assistance and Rehabilitation, and Law and Justice, Maharashtra, during the summit on Friday said the government should explore mechanisms to provide industrial incentives upfront rather than requiring investors to wait years for reimbursements. He said the existing system of releasing incentives after investments needs to be reconsidered, particularly as businesses often depend on promised government support while planning projects and arranging finances. “Instead of waiting for money that the government will provide later, the system should be designed to deliver the benefit upfront,” Jaiswal said, urging industrial associations to submit concrete proposals for restructuring incentive schemes. Jaiswal suggested exploring alternatives that would reduce delays in releasing funds through government procedures, as this remains a challenge. In recent years, land availability has emerged as another major concern for industries looking to expand in Maharashtra, particularly in Vidarbha, where demand for large industrial plots is increasing. Jaiswal said the state government has prepared a new policy framework to simplify land acquisition through mutual consent, government land banks, leasing arrangements, and land-for-land compensation. The proposed framework would allow farmers, industries, and the government to enter into tripartite agreements, creating opportunities for landowners to benefit from industrial development beyond one-time compensation. “We want farmers to become long-term partners in development rather than merely receiving one-time compensation. Employment generation is our biggest priority,” he said. Live Events Leasing arrangements are also being considered to reduce the initial capital required to establish industrial units. The minister said the policy was nearly finalised and would be opened for suggestions before being taken forward. He added that resolving land acquisition challenges would be essential to achieving Maharashtra’s long-term economic development ambitions. ET OnlineMIDC Regional Head Manohar Pote emphasised that industrial development should go beyond attracting large investments and signing memorandums of understanding. Jaiswal also called for identifying products that Maharashtra currently sources from other states or imports from overseas and encouraging their local manufacture. Such an approach, he said, could reduce transportation costs, strengthen local supply chains and create employment opportunities. Vidarbha positioned for industrial expansion Earlier, Manohar Pote, Regional Head of the Maharashtra Industrial Development Corporation (MIDC), Nagpur, said the region was positioned for significant industrial expansion over the next decade, particularly in defence manufacturing, logistics, solar power cells, and automobiles. MIDC, a government agency of Maharashtra, is the state’s principal industrial infrastructure development body. It provides essential infrastructure to businesses, including industrial land, roads, water supply, drainage systems and street lighting. Nagpur’s central location offers logistical advantages, making it suitable for strategically important industries, including defence manufacturing, he said. Pote emphasised that industrial development should go beyond attracting large investments and signing memorandums of understanding. Greater attention should be given to building local vendor ecosystems so that smaller businesses can participate in the supply chains of major manufacturers, said Pote of MIDC. He also acknowledged land acquisition challenges and said the state was working towards more inclusive industrial policies. ET OnlineRamakrishna Eda, Chief General Manager of IDBI Bank, speaking during a fireside chat. The summit then featured a fireside chat with Ramakrishna Eda, Chief General Manager of IDBI Bank, on financing Vidarbha’s next phase of growth, including the transition from traditional businesses to new-age enterprises. "IDBI Bank is committed to supporting MSMEs with accessible financial solutions, timely credit and customised banking services to help them overcome business challenges, improve competitiveness and achieve sustainable growth," said Eda. "The Bank recognises the critical role of MSMEs in driving economic growth and employment generation. By strengthening digital banking, simplifying processes and improving access to finance, the bank aims to empower small businesses to expand and build long-term resilience," added Eda. During a panel discussion on Vidarbha’s Next Growth Story: From Local Strength to National Scale, industry representatives highlighted the opportunities arising from new investments while cautioning that land shortages and financing constraints could restrict expansion. P. Mohan, President of the MIDC Industries Association, said global disruptions presented both challenges and opportunities for industries in Nagpur. “I think we can cope, as far as Nagpur is concerned, since we have got all types of advantages,” he said. Mohan said the Vidharbha region has a lot of untapped potential, which will find its real takers going ahead. ET OnlineThis followed a panel discussion on Vidarbha’s Next Growth Story: From Local Strength to National Scale. Julfesh Shah, Chairman of the Chamber of Small Industry Associations (COSIA), Vidarbha Chapter, said the arrival of large industrial players had significantly increased demand for land. All big players are coming, and they require huge pieces of land—500 acres, etc. So that much land at once, whatever MIDC had, is getting exhausted,” he said. Shah expressed optimism that Vidarbha could emerge as Maharashtra’s next major industrial growth centre, citing Nagpur’s strategic location and mineral-rich districts such as Gadchiroli. Kirit Joshi, Co-Founder of Spacewood, said new-age consumer businesses often find it easier to attract funding because they have products that can be sold directly to consumers. While most MSMEs here are either ancillaries or they make intermediate products. That’s why they face scarcity of funds, added Joshi. Surbhi Bajaj, Co-Founder of Volt Energy, said industrial units face two major energy-related costs: electricity purchased from distribution companies and fuel used to operate diesel generators. She said solar power, particularly when combined with battery storage, could help MSMEs reduce dependence on grid electricity and diesel generation. Bajaj also argued that industrial consumers bear part of the burden of subsidised electricity supplied to other categories, including agricultural and residential consumers, making renewable energy an increasingly important option for reducing operating costs. Bajaj also said that investments in renewable energy could generate good returns and improve operational efficiency, adding that the sector represents the future, with countries across the world, including India, increasingly focusing on clean energy. “Start-ups are gradually gaining ground in tier II cities like Nagpur, driven by advances in modern technology and AI. Greater support through funding, infrastructure and mentorship could further strengthen the startup ecosystem and accelerate growth on the ground,” said Trishala Bothara, Co-Founder, Habuild. ET OnlineSuresh Babu, Nagpur Regional in-charge of The New India Assurance Co. Ltd, during a fireside chat. The summit also featured a discussion with Suresh Babu, Nagpur Regional in-charge of The New India Assurance Co. Ltd, on the role of insurance in strengthening the resilience of small and medium enterprises. Babu also said NIA aims to make insurance more accessible and affordable for MSMEs through tailored products and simplified digital processes, helping them manage risks, protect assets and build resilience. In the session dedicated to business success stories, Prashant Mohota, Managing Director of Gimatex Industries (Textiles) and President of the Vidarbha Industries Association (VIA), shared his entrepreneurial journey and business growth. He also discussed the challenges of scaling businesses beyond domestic markets. ET OnlinePrashant Mohota, Managing Director of Gimatex Industries (Textiles) and President of the Vidarbha Industries Association (VIA), during a fireside chat. Mohota, a sixth-generation entrepreneur, emphasised the importance of staying focused on core business strengths rather than diversifying into multiple sectors at the same time without a clear strategy. He said this approach had helped the Mohota Group sustain itself for over 125 years, while Gimatex Industries has been operating for more than 25 years. He remained optimistic about the textile sector’s growth prospects and expressed hope that the government would address minor regulatory hurdles to strengthen Maharashtra’s textile ecosystem. He also advised entrepreneurs to carefully assess the extent of government intervention before venturing into new businesses. The discussions underscored the need for industrial policies that address not only the availability of land and capital but also the practical difficulties faced by smaller manufacturers in accessing finance, managing costs and participating in emerging supply chains. For Vidarbha, industry representatives said the opportunity lies in converting the region’s geographical advantages, natural resources, and growing investor interest into sustained industrial activity, supported by timely incentives, adequate infrastructure, and stronger participation by local MSMEs. The ET Business Growth Summit in Nagpur was sponsored by IDBI Bank as the Banking Partner, The New India Assurance Co. Ltd. as the General Insurance Partner, Maharashtra Industrial Development Corporation (MIDC) as State Partner and Volt Energy as the Energy Partner. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

Microtek has announced an investment of over Rs 400 crore to accelerate the growth of its solar business. As part of its expansion plans, Microtek has invested over Rs 400 crore and is setting up a new solar panel manufacturing plant in Jaipur, which is expected to become operational by November 2026, the company said at the renewable energy expo 2026 concluded on Saturday. Led by its 'Har Ghar Bijli Ghar' vision, the company will introduce its new Battery Energy Storage System (BESS), highlighting its focus on making reliable energy solutions accessible to households and businesses, the company said in a statement issued on Sunday. With nearly four decades of power management experience, Microtek's portfolio spans four pillars: power generation, distribution, conditioning and storage. At the expo, the company showcased its home inverters, UPS systems, batteries, electrical wires, solar panels, solar inverters and lithium batteries. Supporting initiatives such as PM Surya Ghar: Mu View More

The restrictions can throw a wrench for Indian module manufacturers who are now planning to enter upstream segments like cells, Ingots wafers and polysilicon View More

If domestic cell capacity does not come up on time, the result could be a supply crunch for solar modules, project delays and pressure on tariffs, Solex Chairman Chetan Shah says View More

A fascinating correction has emerged from the archives concerning a train delay in Exeter. Initially reported incorrectly, researchers have clarified that the incident actually transpired on October 18, 1848. This revelation was achieved through the analysis of railway records and contemporary newspapers, alongside geomagnetic data, which pointed to a significant solar storm influencing the delay during that time. View More

A fascinating correction has emerged from the archives concerning a train delay in Exeter. Initially reported incorrectly, researchers have clarified that the incident actually transpired on October 18, 1848. This revelation was achieved through the analysis of railway records and contemporary newspapers, alongside geomagnetic data, which pointed to a significant solar storm influencing the delay during that time. View More

A fascinating correction has emerged from the archives concerning a train delay in Exeter. Initially reported incorrectly, researchers have clarified that the incident actually transpired on October 18, 1848. This revelation was achieved through the analysis of railway records and contemporary newspapers, alongside geomagnetic data, which pointed to a significant solar storm influencing the delay during that time. View More