₹2,34,000 / 400 shares
CFF Fluid Control IPO Details
RHP/DRHPIssue Date
09 Jul - 11 Jul'25
Investment/lot
₹2,34,000
Price Range
₹585
Lot Size
400
IPO Size
₹87.75 Cr
IPO Listing Details
Listing On
12 Jun'23
Issue Price
--
Listed Price
₹ 175
Retail Gain/Listing Gain
▲6.15%
Schedule of CFF Fluid Control IPO
Start date
09/07/2025
End date
11/07/2025
Allotment of bids
Refund Initiation
08/07/2025
Listing on exchange
12/06/2023
About CFF Fluid Control IPO
The offer consists of a fresh issue component. The fresh issue will include further public issue of 15,00,000* equity shares of face value ₹10 each aggregating to ₹87.75 crores. The price of each share is ₹165. The lot size is 800.
The IPO opening date is July 09, 2025 and the closing date is July 11, 2025. The allotment date is July 7, 2025 and the initiation of refunds will take place on June 8, 2025.
CFF Fluid Control Limited was incorporated with a vision to serve the requirements of the emerging defence sector of the country. They are engaged in the manufacturing and servicing of submarine machinery, critical component systems, and test facilities for Indian Defence PSU Shipyard. On 12 June 2023, the company, vide an Initial Public Offer, listed its equity shares on the BSE SME Platform, embarking on its journey of being a public listed company.
*Subject to finalisation of Basis of Allotment
Objectives of CFF Fluid Control IPO
- Funding working capital requirements.
- Repayment of loans
- Purchase of machinery and equipment
- Acquire technology of Towed Wire antenna
- General corporate purpose.
CFF Fluid Control IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | ₹165 per share |
Fresh Issue | further public issue of 15,00,000* equity shares of face value ₹10 each aggregating to ₹87.75 crores |
Offer for Sale | - |
EPS (in ₹) for FY25 | 12.25 |
Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
Market Maker | 5.02% |
Non-institutional Investors (NIIs) | 47.49% |
Retail-individual Investors (RIIs) | 47.49% |
Industry Outlook
India is one of the strongest military forces in the world and holds a place of strategic importance for the Indian government. The top three largest market segments of the Indian defence sector are military fixed wing, naval vessels and surface combatants, and missiles and missile defence systems. Military rotorcraft, submarines, artillery, tactical communications, electronic warfare, and military land vehicles are some of the other well-known segments. Some of the major defence manufacturing companies in India are Bharat Earth Movers Ltd. (BEML), Bharat Electronics Ltd. (BEL), and Hindustan Aeronautics Ltd. (HAL). The Indian defence manufacturing industry is a significant sector of the economy. The industry is likely to accelerate with rising concerns about national security.
According to the Global Power Index, the Indian defence sector ranks fourth in terms of firepower with a score of 0.0979 (with 0.0 being the perfect score). The government has set a target of achieving defence manufacturing worth ₹3,00,000 lakh crore (US$ 3,470 crore), by FY29.
The Indian government is focusing on innovative solutions to empower the country's defence and security via 'Innovations for Defence Excellence (iDEX)', which has provided a platform for start-ups to connect to the defence establishments and develop new technologies/products. Working through partner incubators, iDEX has been able to attract the start-up community to participate in the Defence India Start-up Challenge (DISC) programme. The Indian defence sector offers substantial opportunities across key segments, driven by significant budget allocations and a focus on modernisation and self-reliance.
Company Information
CFF Fluid Control Limited was incorporated with a vision to serve the requirements of the emerging defence sector of the country. They are engaged in the manufacturing and servicing of submarine machinery, critical component systems, and test facilities for Indian Defence PSU Shipyard. On 12 June 2023, the company, vide an Initial Public Offer, listed its equity shares on the BSE SME Platform, embarking on its journey of being a public listed company. As of 31 May 2025, they have a robust order book of ₹513.97 crores, of which over 90% pertains to orders from Indian Defence PSU Shipyard (including its OEMs).
Currently, they operate through their manufacturing facilities located at Khopoli, Raigarh, which is entirely dedicated to catering to the requirements of Indian Defence PSU Shipyard for manufacturing and supplying mechanical equipment for the Scorpene Submarine Programme of India. Their manufacturing facilities at Khopoli are spread over 6,000 sq. metres and are well-equipped with all the relevant state-of-the-art machinery and testing facilities. They have in-house capabilities and proficiency in design, manufacturing, and providing services for fluid control systems, distributor and air panels, weapons and control systems, steering gear, propulsion systems, high-pressure air systems, hydraulics systems, breathing and diving air systems, and integrated platform management systems for submarines and surface ships for the Indian Defence PSU Shipyard and its OEMs.
CFF Fluid Control IPO Strengths
Visible growth through robust order book position and strong financial position
With their continued focus on core areas, diversification of their skill set, their ability to successfully bid and win new orders and enhancement of order book across diverse critical components and systems required in Indian Defence PSU Shipyard submarines and other ships lines, they are able to pursue a broader range of project tenders and therefore maximise their business volume and contract profit margins. As of 31 May 2025, they have an order book of ₹51,397 crores. They have experienced sustained growth with respect to the key financial indicators as well as a consistent improvement in their balance sheet position. Based on their restated financial statements, their revenue from operations, EBITDA and profit after tax have grown at a CAGR of 43.52%, 49.19% and 53.40% respectively from FY 2022-23 to 2024-25.
Focus on navy defence sector and strategic partnership with foreign manufacturer for technological advancement
They have established longstanding strategic partnerships with foreign manufacturers. These partnerships are carefully chosen to bring technology which is not available in India and is needed for the Indian defence industry. Their key tie-up is with M/s Nereides, a French company engaged in the manufacturing of towed wire antennae. They have an agreement for technology transfer, process development and manufacture of towed wire antennae for Indian Defence PSU Shipyard and also export to foreign countries. Another tie-up is with M/s Atlas Elektronik GmbH, a subsidiary of Thyssenkrupp Marine Systems, known for its expertise in naval technologies, including sonar systems. This strategic partnership is aimed at promoting the indigenisation of sonar technology and other equipment, which is essential for improving national defence capabilities and reducing reliance on foreign technology. They believe this initiative can lead to enhanced performance, reduced costs, and greater control over vital defence technologies.
Experienced promoters and management team
They are led by qualified and experienced promoters and a management team that has the expertise and vision to manage and grow their business. Their promoters, Mr. Sunil Menon and Mr. Gautam Makker, have more than three decades of business experience and over two decades of defence sector-related experience and have been instrumental in their growth and development. Their promoters are ably supported by a well-educated and experienced professional management team whose collective experience and capabilities enable them to understand and anticipate market trends; manage their business operations and growth; leverage customer relationships; and respond to changes in customer preferences. They will continue to leverage the experience of their management team and their understanding of the industry they operate in to take advantage of current and future market opportunities.
Risks of CFF Fluid Control IPO
Geographical concentration related risks
Currently, the company operates through one manufacturing facility, located at Khopoli, Maharashtra. Further, they have also taken on rent an additional facility at Pune, Maharashtra. Their success depends on their ability to successfully manufacture and deliver their products to execute their scheduled order book. Their manufacturing facilities are susceptible to damage or interruption or operating risks, such as human error, power loss, breakdown or failure of equipment, power supply or processes, performance below expected levels of output or efficiency, obsolescence, loss of services of their external contractors, terrorist attacks, acts of war, break-ins, earthquakes, other natural disasters and industrial accidents and similar events. Further, any materially adverse social, political or economic development, civil disruptions, or changes in the policies of the state government or state or local governments in this region could adversely affect their manufacturing operations, and require a modification of their business strategy, or require them to incur significant capital expenditure or suspend their operations.
Dependence on third parties
All the transportation and logistics needs for their product supplies are handled by third parties. Since the cost of their goods carried by third-party transporters is typically much higher than the consideration paid for transportation, it may be difficult for them to recover damages for damaged, delayed or lost goods. Their operations and profitability are dependent upon the availability of transportation and other logistic facilities in a timely and cost-efficient manner. Accordingly, their business is vulnerable to increased transportation costs, transportation strikes and lock-outs, shortage of labour, delays and disruption of transportation services for events such as weather-related problems and accidents.
They rely on third-party raw material suppliers for their business. They are exposed to the risk of these suppliers, third-party manufacturers and service providers failing to adhere to the standards set for them by the company and statutory and/or regulatory bodies in respect of factors such as quality, quantum of production, weights and measures and safety standards and non-compliance of relevant rules and regulations. Any consequent action by such statutory and/or regulatory bodies or otherwise could adversely affect their business operations, results of operations, cash flows and financial condition, due to reasons such as shortage of supply, product liability claims and product recalls.
Foreign exchange risks
Fluctuation in currency exchange rates influences their results of operations. As and when outflows are incurred, the required foreign exchange is bought from the market at the then prevailing exchange rate. In future they may continue to incur capital expenditures, including raw materials, equipment and machinery, denominated in foreign currencies. The exchange rates between the rupee and USD and between the rupee and EUR have changed substantially in recent years and may continue to fluctuate significantly in the future. Accordingly, any decline in the value of the rupee against the US dollar and euro or any other foreign currency would increase the rupee cost of such raw materials. Although they closely follow their exposure to foreign currencies in an attempt to reduce the risks of currency fluctuations, these activities are not always sufficient to protect them against incurring potential losses if currencies fluctuate significantly. Any such losses on account of foreign exchange fluctuations may affect their results of operations.
All Financial Information about CFF Fluid Control IPO
Comparison with peers
| Company Name | Revenue from Operations (₹ Cr) | P/E Ratio | EPS (Basic) (₹) | NAV per share (₹) |
|---|---|---|---|---|
CFF Fluid Control Ltd | 145.560 | 47.76 | 12.25 | 75.92 |
Data Patterns (India) Ltd** | 708.350 | 73.17 | 39.62 | 269.40 |
MTAR Technologies Ltd** | 675.995 | 92.33 | 17.19 | 236.97 |
Bharat Electronics Ltd** | 23,768.750 | 59.38 | 7.28 | 27.32 |
Anchor Investor Bidding Date : TBA
Registrar: Cameo Corporate Services Limited Book Running Lead Managers: Aryaman Financial Services Limited
Business Model
The company earns its revenue through the following: Designing, manufacturing, and providing services for fluid control systems, distributor and air panels, weapons and control systems, steering gear, propulsion systems, high-pressure air systems, hydraulics systems, breathing and diving air systems, and integrated platform management systems for submarines and surface ships for the Indian Defence PSU Shipyard and its OEMs.
Company Growth Trajectory
Their total income increased by ₹38.70 crores or 36.22% to ₹145.56 crores in FY 2024-25 from ₹106.86 crores in FY 2023-24. The increase in the year 2025 was due to increased work orders received and delivery of products compared to the previous year. Other income increased by ₹0.42 crore or 360.80% to ₹0.54 crore in FY 2024-25 from ₹0.12 crore in FY 2023-24 as they recorded gains on foreign exchange fluctuations in FY 2024-25.
After accounting for taxes at applicable rates, their profit after tax increased by ₹6.76 crores or 39.58% to ₹23.85 crores in FY 2024-25 from ₹17.09 crores in FY 2023-24.
CFF Fluid Control IPO Profit and Loss
| parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Total Income (in ₹crores) | 146.098 | 106.976 | 71.099 |
Profit Before Tax (in ₹crores) | 32.941 | 24.001 | 14.398 |
Profit After Tax (in ₹crores) | 23.850 | 17.088 | 10.136 |
EPS (Basic) | 12.25 | 9.21 | 7.10 |
EBITDA (in ₹crores) | 41.309 | 30.854 | 18.828 |
CFF Fluid Control IPO Balance Sheet
| Parameter | FY25 | FY24 | FY23 |
|---|---|---|---|
Profit Before Tax (in ₹crores) | 32.941 | 24.001 | 14.398 |
Net Cash from Operating Activities (₹crores) | (3.218) | (26.754) | (9.272) |
Net Cash from Investing Activities (₹crores) | (4.909) | (16.595) | (19.395) |
Net Cash from Financing Activities (₹crores) | (6.549) | 59.043 | 26.193 |
Net Cash & Cash Equivalents (₹crores) | 2.597 | 17.273 | 1.579 |
How to check allotment status of CFF Fluid Control IPO?
1. Visit the Registrar's Website
To check the IPO allotment status for CFF Fluid Control Limited IPO, visit the official website of Cameo Corporate Services Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps
- Select 'Equity' from the dropdown menu
- Choose 'CFF Fluid Control Limited' in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search'
Your CFF Fluid Control Limited IPO allotment status will be displayed.
3. Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check CFF Fluid Control Limited IPO allotment status.
Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.
On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit'. Your CFF Fluid Control Limited IPO bid and allotment details will be displayed.
How to apply for CFF Fluid Control IPO?
- Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
CFF Fluid Control IPO FAQs
When is CFF Fluid Control IPO listing date?
CFF Fluid Control IPO will list on 2025-07-16.
What is the issue size of CFF Fluid Control IPO?
87.75 is the issue size of CFF Fluid Control IPO.
What is the minimum lot size required for CFF Fluid Control IPO?
The minimum lot size is 400 shares and the investment required is ₹234000.
What is the price band of the CFF Fluid Control IPO?
The price band of CFF Fluid Control IPO is ₹585 to ₹0.
Where can I read more about CFF Fluid Control business?
You can read more about CFF Fluid Control and its IPO from the company’s red herring prospectus (RHP) here.
What is the CFF Fluid Control IPO?
CFF Fluid Control Limited's IPO consists of a fresh issue of further public issue of 15,00,000* equity shares of face value ₹10 each, aggregating to ₹87.75 crores. The total offer size is 15,00,000* equity shares of face value ₹10 each aggregating to ₹87.75 crores.
Is CFF Fluid Control IPO coming?
Yes, CFF Fluid Control is expected to come up with its IPO on 09 July 2025.
Who is the Chairman of CFF Fluid Control IPO?
Gautam Makker is the Chairman of CFF Fluid Control IPO.
What is the lot size of shares of CFF Fluid Control IPO?
The company hasn’t given any information on the lot size yet.
From where can I read more about the IPO of CFF Fluid Control IPO?
You may read more about CFF Fluid Control Limited and its IPO from the company’s final prospectus here.
