Greenleaf Envirotech Limited IPO

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Greenleaf Envirotech is a leading provider of engineering, procurement, construction (EPC), and turnkey solutions for wastewater treatment projects. The company specializes in Sewage Treatment Plants (STPs) and Effluent Treatment Plants (ETPs) catering to both private and public sectors. With a wide range of services, the company covers the entire lifecycle of wastewater treatment projects, from design engineering to project management, installation, testing, and commissioning.

Company Growth

It was incorporated on March 10, 2010, initially focusing on environmental laboratory services. Over time, the company has diversified into EPC and turnkey solutions for wastewater treatment. The company’s significant milestone project includes the construction of a 32 MLD Sewage Treatment Plant in Latur, Maharashtra, completed in FY 2024-25.

In the past three financial years, Greenleaf Envirotech has successfully executed 31 wastewater treatment projects valued at approximately Rs. 6,616.18 Lakhs, serving both private and public sector clients.

Key Services and Offerings

1. Wastewater Treatment Solutions (WWT)

The company provides end-to-end solutions for the design, procurement, supply, installation, and commissioning of wastewater treatment plants.They also offer operations and maintenance (O&M) services and annual maintenance contracts (AMC) for wastewater treatment plants on a standalone basis. They has expanded its capabilities from smaller plants of 1 KLD and 1 MLD capacity to large-scale plants like the 32 MLD Sewage Treatment Plant in Latur, Maharashtra.

2. Environmental Laboratory and Consulting Services

The company operates an environmental laboratory located in Surat, Gujarat, recognized under the Environment (Protection) Act, 1986. It provides comprehensive environmental testing services for industrial and infrastructural facilities, analyzing environmental parameters such as air, water, soil, and noise. Additionally, it is a recognized Schedule II Environmental Auditor by the Gujarat Pollution Control Board (GPCB) for conducting environmental audits.

3. Fire and Safety Services

Greenleaf Envirotech also offers fire safety services, including the supply and refilling of fire extinguishers and annual maintenance contracts for fire safety solutions in industries and commercial complexes.

Current and Upcoming Projects

As of May 31, 2025, the company is executing 17 ongoing wastewater treatment projects (13 on a Turnkey/EPC basis and 4 on an O&M basis) and has 2 upcoming projects, collectively valued at approximately Rs. 5,411.03 Lakhs. These projects are spread across states such as Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Karnataka, Assam, and Himachal Pradesh.

As of March 31, 2025, the company employed 123 people across various departments, supporting its diverse range of services and ensuring efficient project execution.

Objects of the Greenleaf Envirotech Limited IPO:

Company proposes to utilize the Net Proceeds towards funding the following objects: 1. Capital expenditure of towards purchase of civil machines and equipments (₹1.86 cr) 2. Capital expenditure towards purchase of laboratory equipments (₹0.35 cr) 3. Repayment or prepayment of borrowings from banks, financial institutions and non-banking financial companies (₹1.35 cr) 4. Funding working capital requirements (₹9 cr) 5. General corporate purposes (₹2.66 cr)
DRHP of Greenleaf Envirotech Limited IPO
RHP of Greenleaf Envirotech Limited IPO

Greenleaf Envirotech Limited IPO Details:

Open Date: Sep 30 2025
Close Date: Oct 06 2025
Total Shares: 16,10,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price
Issue Size: 21.90 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 136 Per Equity Share
Listing At: NSE Emerge
Listing Date: Oct 08 2025

Promoters And Management:

1. Mr. Kalpesh Gordhanbhai Goti – Chairman & Managing Director, holds a B.E. in Environmental Engineering from L.D. Engineering College and an MBA from Nirma University. With 15 years in environmental impact assessment and wastewater treatment, he has led the company since 2010 and authored the book Water Warriors: India’s Unsung Heroes. He defines strategies and operational procedures for the company. 2. Ms. Gopiben Kalpesh Goti – Whole-Time Director, holds an M.Com from Veer Narmad South Gujarat University. She has 12 years of experience in managing marketing and administration and oversees day-to-day operations. 3. Mr. Dahyalal Prajapati – Non-Executive Independent Director since September 2023, holds a B.Com and an MBA from Hemchandracharya North Gujarat University. With 16 years of experience in business development and consulting, he has previously worked with Motilal Oswal and Ma Foi Management. He is also an Independent Director at Prizor Viztech Limited.

Financials of Greenleaf Envirotech Limited IPO:

Particulars FY2024-2025 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 38.85 32.50 26.41
EBITDA (Cr) 6.62 3.65 2.09
EBITDA Margins 17.05% 11.26% 7.92%
PAT (Cr) 4.69 2.27 0.96
PAT Margins 12.09% 7.01% 3.66%
ROE 46.88% 44.09% 43.70%
Debt to Equity Ratio(In Times) 0.2 0.66 2.34
Operating Cash Flows (Cr) 5.74 -0.83 2.38

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROE D/E Ratio MCap (in cr) P/E
Greenleaf Envirotech Limited 38.85 17.05% 12.09% 46.88% 0.2 80.63 17.19
Felix Industries Limited 36.58 22.61% 24.90% 11.70% 0.2 267 29.4
Apex Ecotech Limited 70.96 16% 12.06% 28.10% 0 182 21.2
Effwa Infra & Research Limited 185 16% 10.81% 30.40% 0.31 525 26.1

Lead Manager of Greenleaf Envirotech Limited IPO:

  1. Smart Horizon Capital Advisors Private Limited

Registrar of Greenleaf Envirotech Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Greenleaf Envirotech Limited IPO:

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