Permanent Magnets Ltd. Share Price

Pursuant to Regulation 30(5) of SEBI Listing Regulations and the Company’s Policy on Determination of Materiality of events or information, Zetwerk Manufacturing Businesses has informed that the Board of Directors of the Company has authorized Amrit Pratik Acharya and Ankit Fatehpuria to determine the materiality of events or information and for the purpose of making disclosure to the stock exchanges, further details enclosed. In compliance with the aforesaid regulations, the aforesaid Code is also available on the Company's website at Policies section at: https://ir.zetwerk.com/policies/. 

The above information is a part of company’s filings submitted to BSE.

SFC Environmental Technologies

• SFC Environmental Technologies is coming out with a 100% book building; initial public offering (IPO) of 2,04,75,082 shares of face value Rs 2 each in a price band Rs 313-330 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 2 and is priced 156.50 times of its face value on the lower side and 165.00 on the higher side.
• Book running lead managers to the issue are IIFL Capital Services, JM Financial and Nuvama Wealth Management.
• Compliance officer for the issue is Shweta Deshpande. 

Profile of the company

SFC Environmental Technologies is an environmental technology company offering efficient technologies and comprehensive engineering solutions in the field of wastewater treatment (WWT), wastewater recycling & reuse (WRR) and solid waste treatment (SWT). Its core operations include providing design, technology, manufacturing, supply and supervision for installation and commissioning of equipment for the treatment of wastewater. Its proprietary technology for wastewater treatment is C-Tech, which is an advanced technology for treating sewage and effluents. In addition to its C-Tech package, it offers high-efficiency turbo blowers for aeration in wastewater treatment, fibre disc filters for efficient removal of suspended solids from wastewater and solar sludge drying systems to efficiently dry sludge from wastewater and solid waste treatment using solar energy.

Its wastewater recycling and reuse offerings include design, engineering, manufacturing, procuring, supply, installation and commissioning of projects / plants based on ultrafiltration (UF), closed circuit reverse osmosis (CCRO), and membrane bioreactor technologies (MBR). Leveraging its established leadership and distribution network in WWT and an exclusive supply arrangement with DuPont, it has expanded into the WRR segment as an extension of its core business. The WRR segment is expected to witness significant growth, driven by increasing water scarcity and government initiatives focused on water conservation in India.

The company offers technology solutions for SWT plants comprising of design, engineering, financing, construction, supply and installation, commissioning, performance run, turnkey solutions and operations and maintenance (O&M). It is among the market leaders in the municipal solid waste space basis its operational results and comprehensive solutions. Its principal technology for solid waste treatment is the Organic Extraction (OREX) technology. OREX is its proprietary technology, designed to efficiently separate biodegradable organics from inorganic materials and lignocellulosic fibres from mixed municipal waste.

Proceed is being used for:

• Prepayment of all or a portion of certain outstanding borrowings availed by the company and its wholly owned Subsidiary, namely Vasudha Waste Treatment Private Limited
• Funding its working capital requirements
• General corporate purposes

Industry overview

India's wastewater treatment market is growing steadily, driven by opportunities in both the industrial and municipal sectors. The expansion is supported by high industrial activity, ongoing urbanization, economic growth, and increasing groundwater stress - all of which necessitate more effective wastewater management. The government's commitment to sustainability, coupled with financial incentives, continues to foster a favorable environment for adopting innovative treatment technologies. Notably, the market is witnessing a gradual shift from price-sensitive procurement to valuebased approaches, with a growing number of Build, Own, Operate, and Transfer (BOOT) projects, typically spanning 15 to 30 years, that emphasize long-term performance and reliability. 

The industry recorded revenue of Rs 268 billion in FY2025, reflecting a 7.2% year-on-year growth, and is estimated at Rs 292 billion in FY2026. The market is projected to grow at a 9.3% CAGR between FY2026 and FY2031E to Rs 455 billion, supported by renewed project allocations and increasing adoption of digital monitoring. In terms of capital investment, for a Sewage Treatment Plant (STP) sized between 20 million litres per day (MLD) and 100 MLD, total costs typically range from Rs 300 million to Rs 1,000 million, depending on factors like land, technology, and site conditions. The C-Tech8 package accounts for about 10-15% of the total cost, while disc filters and blowers contribute 5-8% each. The remaining budget typically covers civil works, electro-mechanical systems, instrumentation, and piping.

The Government of India promotes private sector participation in sewage treatment infrastructure through structured contracting and financing models, particularly for municipal-scale projects. A key mechanism in this regard is the Hybrid Annuity Model (HAM), which has been adopted under the National Mission for Clean Ganga (NMCG) for the development and operation of sewage treatment plants. Under the HAM framework, the public authority provides a portion of the project cost during the construction phase, while the private developer invests the balance and is responsible for construction as well as long-term operation and maintenance. The private partner receives annuity payments over the concession period, typically extending up to 15 years, subject to performance and compliance conditions. This model is designed to balance upfront capital support with long-term operational accountability.

Pros and strengths 

Technology driven market leadership in the wastewater treatment market: Growing water scarcity has intensified the focus on efficient water management and accelerated investments in advanced wastewater treatment technologies. It was the first technology provider in the sequencing batch reactor (SBR) space with the introduction of C-Tech in India in the WWT segment. Its SBR technology: C-Tech has been implemented in the large-scale SBR-based STPs in India, including one of the largest STP under development, which has a treatment capacity of 424 MLD wastewater, as of July 31, 2026. Its core operations since incorporation include providing design, technology, manufacturing, supply and supervision for installation and commissioning of equipment for the treatment of wastewater. Its C-Tech technology package includes design and engineering solutions, technology installation, and supply of key equipment such as decanters, diffusers, air blowers, fibre disc filters, solar sludge drying system along with programmable logic controller (PLC) / supervisory control and data acquisition (SCADA) based automation solutions.

Vertical integration through constant innovation and use of technology: Its approach to vertical integration involves the development and manufacture of key components used in its C-Tech and OREX technologies. Its group’s existing technology manufacturing capabilities, coupled with the proposed establishment of a new manufacturing unit to be utilized for the manufacturing of solar sludge dryer systems, diffusers, hollow fibre membranes and fabrication of various equipment required in wastewater treatment and solid waste treatment, augment its in-house manufacturing capabilities, thereby reducing its dependence on third-parties for procurement of key technologies for its business operations and it plans to increase the contribution of its in-house manufacturing to its overall procurement requirements.

Well-positioned to capture market opportunities in the solid waste treatment segment: The company is among the market leaders in the municipal solid waste space basis its operational results and comprehensive solutions. Its principal technology for solid waste treatment is its proprietary Organic Extraction (OREX) technology, designed to efficiently separate biodegradable organics from inorganic materials and lignocellulosic fibres from mixed municipal waste. It has an established track record in the SWT segment, and have designed, built and are operating two integrated SWT facilities in Goa for the Goa Waste Management Corporation (GWMC) on public-private partnership and turnkey model to treat municipal solid waste, enabling generation of biogas, compost and recovery of recyclables, with a combined treatment capacity of 350 tons per day (TPD), with an additional handling capacity of 75 TPD resulting in its aggregate treatment capacity of up to 425 TPD. Operating continuously for more than 10 years, its SWT plant at Saligao, North Goa Plant holds the distinction of being one of the longest-operating integrated SWT-based biogas plant in India.

High proportion of repeat business with strong order book: It maintains strong, long-standing relationships with its customers, as evidenced by recurring business engagements. Notably, it has sustained continuous business from and have consistently provided services to prominent industry players, including Enviro Control Private Limited, Vishvaraj Environment Limited, Khilari Infrastructure Private Limited, SMC Infrastructures Private Limited, Rajkamal Builders Infrastructure Private Limited, Ramky Infrastructure Private Limited, EMS Limited and Enviro Infra Engineers Ltd, reflecting the trust they place in its expertise and the reliability of its solutions. These enduring relationships are a testament to its commitment to delivering quality and maintaining long-term partnerships. Over the years, it has successfully executed a diverse portfolio of projects spanning various capacities and geographical locations. It benefits from a strong brand reputation that has been cultivated over more than 20 years of industry presence. It maintains an order book that reflects its strong market position and operational excellence, and underpins its future growth and profitability. The diversity and volume of its ongoing projects, coupled with a healthy pipeline of upcoming projects, reflects the comprehensive nature of its offerings and its ability to deliver high-quality services across various sectors and geographies and underscore its customers’ confidence in its expertise and the high quality of its services.

Risks and concerns

Significant revenue concentration in WWT and SWT segments: The company derives a substantial portion of its revenues from the WWT and SWT segments which together accounted for 88.22%, 84.98%, 84.34% and 87.40% of its consolidated revenue from operations in the three months period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively. It is significantly dependent on projects, contracts or works awarded or funded by government entities, either directly or through its private customers. Its revenue from operations directly or indirectly attributable to government entities or government tenders represented 91.97%, 92.35%, 92.40% and 95.72% of its consolidated revenue from the WWT segment for the three months period ended June 30, 2026, Fiscals 2026, 2025 and 2024, respectively and 100.00% in the three months period ended June 30, 2026 and 100.00% of its consolidated revenue from SWT segment for each of the Fiscals 2026, 2025 and 2024. Any reduction or termination in such projects or adverse change in government policies could adversely affect its business, results of operations and financial condition.

Significant dependence on top 10 customers: The company derives a significant part of its revenue from its top 10 customers and it does not have long term contracts with most of these customers. Its top 10 customers for the three months period ended June 30, 2026, and Fiscal 2026, Fiscal 2025 and Fiscal 2024 contributed 79.20%, 64.44%, 61.37% and 59.18% to its revenue from operations, respectively. If one or more of such customers choose not to source their requirements from it or to terminate its long-term contracts, its business, results of operations and financial condition may be adversely affected.

Dependence on limited number of suppliers for raw materials: The company depends on a few suppliers for the supply of majority of its raw materials and it does not have continuing and exclusive supply agreements with all of them. The Company’s top 10 suppliers accounted for 55.66%, 47.71%, and 63.71% of total purchases of stock-in-trade and raw materials in Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Any interruptions in the supply of raw materials, fluctuations in raw material prices or any failure by its suppliers to make timely delivery of raw materials could adversely affect its business, results of operations and financial conditions.

High working capital requirements for business operations: The company has high working capital requirements, and may require additional financing to meet those requirements, which could have a material adverse effect on its results of operations, cash flows and financial condition. It is required to maintain a high level of working capital for its business operations, primarily for funding its purchase of raw materials, stock-in-trade and managing its trade receivables for its WWT business operations, primarily in the second half of the financial year. Accordingly, the company has substantial working capital requirements for carrying out its WWT business operations. The actual amount and timing of its future working capital requirements may differ from estimates due to, among other factors, unforeseen delays or cost overruns, unanticipated expenses, regulatory changes, economic conditions, design changes, technological changes, additional market developments and new opportunities in the industry.

Outlook

SFC Environmental Technologies is an environmental technology group, offering efficient technologies and comprehensive engineering solutions in the field of wastewater treatment, wastewater recycling & reuse and solid waste treatment (including agro-waste based biogas projects). On the concern side, its revenues and operations are dependent upon technology. Failure of these technologies, failure to upgrade or innovate these technologies or failure to identify and develop new technologies could have an adverse impact on its results of operations. Its products may be displaced by newer technology and any inability or failure to adapt to technological developments; the evolving competitive landscape or industry trends could harm its business and competitiveness.

The issue has been offering 2,04,75,082 shares in a price band of Rs 313-330 per equity share. The aggregate size of the offer is around Rs 640.87 crore to Rs 675.68 crore based on lower and upper price band respectively. Minimum application is to be made for 45 shares and in multiples thereof thereafter. On performance front, its total income increased by 12.97% to Rs 8,212.73 million for fiscal 2026 from Rs 7,269.63 million for fiscal 2025. Its restated total comprehensive profit for the year increased from Rs 1,518.52 million for fiscal 2025 to Rs 1,616.58 million for fiscal 2026.

Meanwhile, its strategy is to expand its presence domestically as well as in international markets including the Middle East and Africa (MEA) region, and South Asia. This strategic initiative aims to broaden its global footprint, capitalize on emerging market opportunities, and enhance its international market share and profitability. To accelerate its market penetration and improve its distribution capabilities internationally, it actively seeks and evaluate potential upcoming projects, strategic tie-ups and acquisition targets. These initiatives are strategically focused on expanding its product spread and complement its existing product lines. By integrating these businesses into its global operations, it aims to leverage local market expertise, enhance its product offerings, and expand its customer base. These strategic initiatives are designed not only to extend its market presence but also to adapt its operations with additional capabilities that align with local market demands.

Rites has informed that it enclosed the copies of advertisement published in newspapers regarding notice to shareholders for mandatory transfer of equity shares to Investor Education and Protection Fund (IEPF) Authority published in Newspapers, all editions of Financial Express (in English) and Jansatta (in Hindi) on October 23, 2026.

The above information is a part of company’s filings submitted to BSE.