CFF Fluid Control FPO is set to open on July 9, 2025, and will close on July 11, 2025. This is a Fixed Price Issue, through which the company aims to raise around ₹87.75 crores, entirely through a fresh issue. The offer also includes a provision for an Offer for Sale (OFS) of up to [.] equity shares with a face value of ₹10 each. The issue price has been fixed at ₹585 per share.
The retail investor quota is set at 50%, while High Net-worth Individual (HNI) investors have been allocated the remaining 50%. There is no allocation for Qualified Institutional Buyers (QIBs) in this offering. The listing of CFF Fluid Control FPO shares is scheduled on the BSE with a listing date of July 16, 2025, and the allotment is expected on July 14, 2025.
In terms of financial performance, the company reported a revenue of ₹146.10 crores in FY 2025, a notable rise from ₹106.98 crores in FY 2024. Similarly, its net profit increased to ₹23.85 crores in 2025, up from ₹17.09 crores in the previous year, reflecting solid growth. Considering this financial strength and growth trajectory, CFF Fluid Control FPO presents a strong case for long-term investment.
CFF Fluid Control FPO Date & Price Band Details
| Category | Details |
|---|---|
| FPO Open Date: | July 9, 2025 |
| FPO Close Date: | July 11, 2025 |
| Face Value: | ₹10 Per Equity Share |
| FPO Price Band: | ₹585 Per Share |
| Issue Size: | Approx ₹87.75 Crores |
| Fresh Issue: | Approx ₹87.75 Crores |
| Issue Type: | Fixed Price Issue |
| FPO Listing: | BSE SME |
| Retail Quota: | Not more than 50% |
| NII Quota: | Not more than 50% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
CFF Fluid Control FPO Market Lot
The CFF Fluid Control FPO has a minimum market lot of 200 shares, requiring a total application amount of ₹1,17,000 for retail investors.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 200 | ₹1,17,000 |
| Retail Maximum | 1 | 200 | ₹1,17,000 |
| S-HNI Minimum | 2 | 400 | ₹2,34,000 |
Revised Lot Size (Minimum Bid)
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 400 | ₹2,34,000 |
| Retail Maximum | 2 | 400 | ₹2,34,000 |
| S-HNI Minimum | 3 | 600 | ₹3,51,000 |
CFF Fluid Control FPO Allotment & Listing Dates
CFF Fluid Control FPO opens on July 9, 2025, and closes on July 11, 2025. Allotment will be finalized on July 14, and listing is scheduled for July 16 on the BSE.
| Type | Date |
|---|---|
| FPO Open Date: | July 9, 2025 |
| FPO Close Date: | July 11, 2025 |
| Basis of Allotment: | July 14, 2025 |
| Refunds: | July 15, 2025 |
| Credit to Demat Account: | July 15, 2025 |
| FPO Listing Date: | July 16, 2025 |
CFF Fluid Control FPO: Promoters
The promoters of CFF Fluid Control are Sunil Menon and Gautam Makker.
CFF Fluid Control FPO Company Financial Report
The company reported a revenue of ₹146.10 crores in FY 2025, up from ₹106.98 crores in FY 2024. Its net profit also rose to ₹23.85 crores in 2025, compared to ₹17.09 crores in 2024, reflecting strong year-on-year growth.
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2023 | ₹71.10 | ₹56.70 | ₹10.14 | ₹88.68 |
| 2024 | ₹106.98 | ₹82.97 | ₹17.09 | ₹161.16 |
| 2025 | ₹146.10 | ₹113.16 | ₹23.85 | ₹199.03 |
CFF Fluid Control FPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 17.42% |
| ROCE: | 21.84% |
| EBITDA Margin: | 28.38% |
| PAT Margin: | 16.39% |
| Debt to equity ratio: | 0.45 |
| Earning Per Share (EPS): | ₹12.25 (Basic) |
| Price/Earning P/E Ratio: | 47.76 |
| Return on Net Worth (RoNW): | 16.13% |
| Net Asset Value (NAV): | ₹75.92 |
CFF Fluid Control FPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Data Patterns (India) Limited | 39.62 | 73.17 | 14.71% | 269.40 | 708.35 Cr. |
| MTAR Technologies Limited | 17.19 | 92.33 | 7.26% | 236.97 | 676.00 Cr. |
| Bharat Electronics Limited | 7.28 | 59.38 | 26.65% | 27.32 | 23,768.75 Cr. |
| Paras Defence and Space Technologies Limited | 16.02 | 101.59 | 9.61% | 164.09 | 364.66 Cr. |
Objects of the Issue – CFF Fluid Control FPO
- Funding working capital requirements
- General corporate purpose
CFF Fluid Control Company Overview, Strengths, and Risks
CFF Fluid Control Ltd. is an Indian engineering company primarily focused on providing cutting-edge technology and engineering solutions for the defense industry in India, particularly the Indian Navy. They also serve the nuclear and clean energy sectors.
Company Overview:
- Core Business: CFF Fluid Control specializes in the manufacturing, overhaul, repair, and maintenance of shipboard machinery, critical component systems, reference systems, and test facilities for submarines and surface ships for the Indian Navy. This includes fluid control systems, distributor and air panels, weapon and control systems, steering gear, propulsion systems, high-pressure air systems, hydraulics systems, and breathing and diving air systems.
- “Make in India” Focus: A key aspect of their operations is the indigenization of equipment and technology, aligning with the Indian government’s “Make in India” initiative. They achieve this through in-house design, manufacturing, and strategic collaborations with international partners.
- Facilities: CFF Fluid Control operates a manufacturing facility in Khopoli, Maharashtra, spread over 6,000 sq. meters, with state-of-the-art machinery capable of handling exotic materials like titanium and Inconel. They are also developing an additional facility in Chakan Industrial Area, Pune.
- Key Projects: They have been involved in significant defense projects, including supplying and servicing equipment for SSK Class, Kalveri Class, and Kilo Class Submarines.
- Strategic Partnerships: CFF Fluid Control has established partnerships with global defense manufacturers like Coyard SAS France (for submarine programs), Naval Group (for the Scorpene Submarine Program), and Atlas Elektronik GmbH (for indigenizing sonar technologies).
- Financial Performance: The company has shown consistent revenue and profit growth in recent fiscal years, indicating financial stability. They have a robust order book.
- History: Incorporated in 2012, the company was initially known as Flash Forge Fluid Control Private Limited before changing to CFF Fluid Control Private Limited in 2012 and then converting to a Public Limited Company in 2022. Their shares are listed on the BSE SME Platform.
Strengths:
- Robust Order Book: CFF Fluid Control boasts a significant and stable order book, with a large portion coming from the Indian Navy, ensuring revenue visibility for the foreseeable future.
- High Entry Barriers in Defense Manufacturing: The defense sector, especially for critical submarine and naval systems, has very high barriers to entry due to stringent quality norms, long approval processes, and specialized technical requirements. This protects CFF from easy competition.
- Strategic Partnerships and Technology Transfer: Collaborations with global defense leaders (like Coyard SAS, Naval Group, and Atlas Elektronik GmbH) provide access to advanced technology and enable indigenization, reducing reliance on imports.
- Experienced Promoters and Management Team: The company benefits from a seasoned leadership with deep expertise in the defense sector.
- Focus on Indian Navy and “Make in India”: Their strong alignment with the Indian Navy’s requirements and the government’s push for indigenous defense manufacturing positions them well for sustained growth.
- Comprehensive Capabilities: CFF offers end-to-end solutions, from design and manufacturing to overhaul, repair, and lifecycle support, covering various phases of defense platform deployment.
- Specialized Manufacturing: Their expertise in handling exotic materials like titanium and Inconel, crucial for submarine, nuclear, and space applications, provides a competitive edge.
Risks:
- Heavy Dependence on Indian Defense PSU Contracts: While a strong order book is a strength, a significant reliance on a few key customers within the Indian Navy and defense PSUs makes them vulnerable to policy shifts, budget cuts, or changes in procurement strategies by these entities.
- Geographic Concentration of Facilities: Having primary manufacturing facilities in specific locations exposes operations to potential regional disruptions (e.g., natural disasters, labor issues).
- Need for Approvals and Certifications: The company operates in a highly regulated industry requiring numerous licenses, permits, and certifications that need to be obtained and renewed periodically. Failure to do so could disrupt operations.
- Technology Dependence on Foreign Partners: While strategic partnerships are a strength, a high degree of reliance on foreign partners for certain technologies could pose risks if those partnerships are disrupted or if intellectual property rights become an issue.
- Cash Flow Concerns: Some financial analyses have highlighted past negative cash flows from operating activities and increasing debtor days and inventories, which could raise concerns about funding and liquidity stability if not managed effectively.
- Competition (Domestic and International): Despite high entry barriers, competition from other domestic players and potential international players entering the Indian market could increase, impacting market share and profitability.
- Loss of Key Personnel: The specialized nature of their work means that the loss of key technical personnel or the promoter’s focus could significantly impact operations and growth.
- Aggressive Valuation: Some market analyses suggest that the company’s recent IPO/FPO might be aggressively priced based on current earnings, which could affect investor returns in the short term.
CFF Fluid Control FPO Review
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CFF Fluid Control FPO Registrar
Cameo Corporate Services Limited
Phone: +91-44-28460390
Email: priya@cameoindia.com
Website: https://ipo.cameoindia.com/
CFF Fluid Control FPO Lead Managers aka Merchant Bankers
- Aryaman Financial Services Limited
CFF Fluid Control Company Address
CFF Fluid Control Limited
Plot No 01, Survey No 96
Kumbhivli Madap Khopoli,
Khalapur, Raigarh
Khalapur, Maharashtra, 410203
Phone: +91-2246086806
Email: compliance@cffdefensys.com
Website: http://www.cffdefensys.com/
FAQs about CFF Fluid Control FPO
The CFF Fluid Control FPO is set to open on July 9, 2025, and will close on July 11, 2025.
The FPO Price Band has been fixed at ₹585 per share.
The minimum market lot for retail investors is 200 shares. However, the revised minimum bid for retail investors is 2 lots, which equals 400 shares.
The total issue size of the FPO is approximately ₹87.75 crores, entirely through a fresh issue of shares.
The listing of CFF Fluid Control FPO shares is scheduled for July 16, 2025, on the BSE SME platform.
The retail investor quota is set at 50%, and High Net-worth Individual (HNI) investors have been allocated the remaining 50%. There is no allocation for Qualified Institutional Buyers (QIBs).
The promoters of CFF Fluid Control Ltd. are Sunil Menon and Gautam Makker.
In FY 2025, CFF Fluid Control reported a revenue of ₹146.10 crores and a net profit of ₹23.85 crores, showing strong year-on-year growth.
The primary objectives of the FPO are to fund the company’s working capital requirements and for general corporate purposes.
CFF Fluid Control operates a manufacturing facility in Khopoli, Maharashtra, and is developing an additional facility in Chakan Industrial Area, Pune.
