Greenleaf Envirotech Ltd, the Surat-based sewage whisperer, is entering Dalal Street with a ₹21.9 Cr fixed-price IPO at ₹136/share. The issue is a mix of fresh capital (₹17.82 Cr) and OFS (₹4.08 Cr). Listing: NSE SME on Oct 9, 2025.
Lot size? 1,000 shares. Minimum retail ticket = ₹2.72 lakh (2 lots = 2,000 shares). HNI minimum? ₹4.08 lakh. Basically, the IPO is pricing itself like a wastewater treatment plant contract—minimum ticket size only for the big boys.
At the upper price, market cap = ₹80.6 Cr. Post-issue P/E = 17.2x vs pre-IPO P/E of 13.4x. Margins? PAT = 12.1%, EBITDA = 17.1%, ROE = 46.7%. Debt/equity = just 0.20. Promoter holding drops from 78.9% to 59.4%.
Punchline: Greenleaf treats sewage better than most SMEs treat their balance sheets. But IPO pricing has already factored in that shine.
2. Introduction
If you think IPOs are usually about tech bros in hoodies, Greenleaf is here to remind you: sometimes it’s about sewage. Yes, real pipelines, effluent plants, and sludge.
Founded in Surat (aka India’s “diamond-polishing but drain-blocking” capital), Greenleaf does the dirty work: designing, building, and running wastewater treatment plants (STPs & ETPs). And unlike most SMEs that can’t stop burning cash, Greenleaf is minting profits faster than sewage pipes overflow in monsoon.
In the last three years, revenue grew from ₹26.6 Cr (FY23) to ₹39.1 Cr (FY25). PAT leapt from ₹0.97 Cr to ₹4.7 Cr—a 5x jump. Order book? A cool ₹54 Cr as of May 2025.
So the question for investors isn’t “Can they grow?” It’s “Do you want to pay 17x P/E for a sewage plant company run by a Surat family duo?”
Environment Lab Services – testing, compliance, and consultation. Basically, “your water smells, here’s the report.”
Fire Safety Services – because why stop at sewage when you can also sell sprinklers?
Execution is end-to-end: design → engineering → procurement → supply → installation → O&M. In short, they don’t just build sewage plants, they also babysit them.
Clientele includes municipalities, state governments, and industrial units. Geographical presence spans Gujarat, Maharashtra, MP, Rajasthan, Karnataka, Assam, Himachal.
To explain it at a chai stall: “Ye log gutter ka paani saaf karte hai aur usme profit bana dete hai.”
4. Financials Overview
Metric
FY25
FY24
FY23
YoY %
Revenue
₹39.08 Cr
₹32.64 Cr
₹26.58 Cr
+19.7%
EBITDA
₹6.62 Cr
₹3.66 Cr
₹2.09 Cr
+80.9%
PAT
₹4.70 Cr
₹2.28 Cr
₹0.97 Cr
+106%
EPS (₹)
10.17 (Pre)
4.94
2.10
+106%
Post IPO EPS = 7.92. Post-issue P/E at ₹136 = 17.2x.
Commentary: Revenue growth is steady, but profits are scaling like they discovered a magic filter in their treatment plants.
5. Valuation Discussion – Fair Value Range Only
Method 1: P/E Multiple
Post-issue EPS: ₹7.92
Sector range (EPC + Enviro SMEs): 12–18x
Fair Value Range = ₹95 – ₹142
Method 2: EV/EBITDA
EBITDA FY25 = ₹6.62 Cr
EV ≈ Market Cap (₹80.6 Cr) + Debt (₹2.5 Cr) – IPO repayment (₹1.35 Cr) ≈ ₹81.7 Cr
