CFF Fluid Control Limited IPO

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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

  • 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:

  • 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:

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. Funding Working capital requirements (₹72.60 cr) 2. General Corporate Purpose (₹8.34 cr)

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:

1. Sunil Menon (Managing Director, Age 57), is the founding promoter and Managing Director of CFF Fluid Control Ltd., appointed since incorporation and re-designated as MD on September 30, 2022. With over 30 years of experience in defense and engineering sectors, he has transformed the company from a small components manufacturer to a turnkey solutions provider with a strong product portfolio and loyal clientele. 2. Gautam Makker (Chairman & Non-Executive Director, Age 55), a founding promoter and Chairman, has been on the Board since inception and was re-designated on September 30, 2022. A Bachelor of Electrical Engineering from Poona University, he brings over 25 years of experience in sourcing and solutioning for defense, power, and marine industries. He contributes strategic guidance for the company’s growth. 3. Priyanka Moondra Rathi (Independent Director, Age 31), Appointed on September 2, 2022, Priyanka holds a B.Com degree and an MBA Diploma in Finance from IBMI Berlin. She is a Company Secretary and is pursuing CPA. With over 5 years of experience in secretarial, compliance, and legal functions, she currently works with Transmissions International India Pvt. Ltd. and is a partner at Priav Eduserve & Consultancy LLP.

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:

  1. Aryaman Financial Services Limited

Registrar of CFF Fluid Control Limited IPO:

  1. Cameo Corporate Services Limited

Discussion on CFF Fluid Control Limited IPO:

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