CFF Fluid Control Limited IPO
CFF Fluid Control Limited was incorporated with a clear vision to serve the emerging defense manufacturing needs of India, particularly in the naval and submarine segment. The company got listed on the BSE SME Platform via an Initial Public Offering on June 12, 2023.
Core Business and Specialization
CFF is engaged in the design, manufacturing, and servicing of:
a) Submarine machinery
b) Critical component systems
c) Test facilities for Indian Defence PSU Shipyards
It specializes in fluid control systems, weapons and propulsion systems, and underwater communication, primarily for Scorpene-class submarines.
Manufacturing Facilities
1. Khopoli Unit: 6,000 sq. mtrs, dedicated to Indian Defence PSU Shipyards, with advanced machinery and cleanrooms.
2. Chakan Unit (Upcoming): 1,950 sq. mtrs, for manufacturing complex systems like Towed Array Sonars with Atlas Elektronik GmbH.
Strategic Partnerships
i) Atlas Elektronik GmbH (Thyssenkrupp Marine Systems, Germany): For production of Low-Frequency Variable Depth Sonars (LFVDS) for ASW programs.
ii) Naval Group (France): Supports equipment lifecycle management for Scorpene submarines.
iii) Nereides (France): For Buoyant Wire Antenna manufacturing via technology transfer.
Robust Order Book
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As of December 31, 2024, the company has a strong order book of ₹551.60 crore, with 90% orders from Indian Defence PSU Shipyards and their OEMs.
Technical Capabilities & Certifications
CFF is an Authorized Equipment Manufacturer (AEM) for:
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Mechanical and underwater communication equipment for Scorpene submarines
Certified by:
i) Mazagon Dock Shipbuilders Ltd. (MDL)
ii) Hindustan Shipyard Ltd. (HSL)
iii) Naval Dockyards (Mumbai & Karwar)
iv) GOA Shipyard Ltd. (GSL)
v) Renewal underway with GRSE and other naval repair yards.
Objects of the CFF Fluid Control Limited IPO:
CFF Fluid Control Limited IPO Details:
Open Date: | Jul 09 2025 |
Close Date: | Jul 11 2025 |
Total Shares: | 15,00,000 |
Face Value: | ₹ 10 Per Equity Share |
Issue Type: | Fixed Price FPO |
Issue Size: | 87.85 Cr. |
Lot Size: | 200 Shares |
Issue Price: | ₹ 585 Per Equity Share |
Listing At: | BSE SME |
Promoters And Management:
Financials of CFF Fluid Control Limited IPO:
Particulars | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
Revenue from Operations | 145.56 | 106.85 | 70.66 |
EBITDA | 41.3 | 30.85 | 18.82 |
EBITDA Margins | 28.38% | 28.87% | 26.64% |
PAT | 23.85 | 17.08 | 10.13 |
PAT Margins | 16.39% | 15.99% | 14.34% |
ROCE | 21.84% | 17.50% | 24.18% |
Debt to Equity Ratio(In Times) | 0.14 | 0.18 | 1.83 |
Operating Cash Flows | -3.21 | -26.75 | -9.27 |
Comparison With Peers:
Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | D/E Ratio | MCap (in cr) | P/E |
CFF Fluid Control Limited(FY25) | 145.56 | 28.38% | 16.39% | 0.14 | 1226.98 | 51.44 |
MTAR Technologies(FY25) | 676 | 18.00% | 7.97% | 0.24 | 4875 | 90.5 |
Bharat Electronics Limited(FY25) | 23770 | 29% | 22.40% | 0 | 307303 | 57.8 |
Data Patterns (India) Limited(FY25) | 708 | 39% | 31.30% | 0 | 16863 | 76 |
Paras Defence and Space Technologies Limited(FY25) | 108 | 26% | 16.90% | 0.04 | 6881 | 112 |
Lead Manager of CFF Fluid Control Limited IPO:
Registrar of CFF Fluid Control Limited IPO:
Discussion on CFF Fluid Control Limited IPO:
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