CFF Fluid Control

Fixed Price issueSMEBSE
+6.15%
Listing gain over issue price
Open
09 Jul 2025
Close
11 Jul 2025
Listing
16 Jul 2025

Listing performance

Issue price
₹585
Listed at
₹621
Listing-day close
—
Latest price
₹975.15
Close on 23 Oct 2026
Listing gain
+6.15%
Return since issue
+66.69%

Scheduled dates

Tentative timetable — a past date is not confirmation the step completed

  1. Open
    09 Jul 2025
  2. Close
    11 Jul 2025
  3. Listing
    16 Jul 2025

Issue details

IPO date
09 Jul 2025 – 11 Jul 2025
Listing date
16 Jul 2025
Face value
₹1 per share
Issue price
₹585 per share
Issue type
Fixed Price issue
Listing at
BSE
ISIN
INE0NJ001013

Valuation and performance

Valuation at offer price

₹585 per share
MetricPre-issuePost-issue

About CFF Fluid Control

CFF Fluid Control Limited was incorporated as Flash Forge Fluid Control Private Limited on February 16, 2012, renamed CFF Fluid Control Private Limited in October 2012, and converted to a public limited company (CFF Fluid Control Limited) in September 2022. It was incorporated with the purpose of being a dedicated entity focused on meeting the growing requirements of the Indian Navy and Mazagaon Dockyard and Shipbuilders Limited (MDL) for manufacturing and supplying mechanical equipment for India's 'Scorpene' Submarine Program, and soon after inception signed a Transfer of Technology (TOT) agreement with Coyard SAS, France, for design, manufacture and supply of mechanical components for the Scorpene submarine program. Its manufacturing facility at Khopoli (spread over 6,000 sq. mtrs., ISO 9001:2015 certified and approved by the Indian Navy, MDL and Naval Group, France) produces fluid control products (valves, reducing stations, fittings), distributors and air panels, nuclear sampling systems, titanium air bottles for Akash missiles, turbochargers for T-92 tanks, and integrated systems (high pressure air, hydraulics, HVAC, engine intake/exhaust, infrared suppression), alongside repair, overhaul and maintenance services across submarine refit cycles. The company holds 'Authorized Equipment Manufacturer' status from the Indian Navy for mechanical equipment and underwater communication equipment for Scorpene submarines, giving it sole-supplier rights and spares/repeat-order business over the submarines' 30-year life cycle. Since incorporation up to September 30, 2022, it has completed orders worth Rs. 17,500 lakhs from the Indian Navy (including its OEMs) and had an order book of Rs. 10,182.79 lakhs, of which over 90% pertains to the Indian Navy. It earns revenue predominantly from defence contracts (89.43% of FY 2021-22 revenue from operations), with the balance (10.57%) from non-defence sectors such as nuclear and clean energy.

Company Analysis

from DRHP

CFF Fluid Control Limited manufactures and services shipboard machinery, critical component systems and test facilities for submarines and surface ships for the Indian Navy, and also designs, manufactures and services mechanical equipment and systems for industries like nuclear and clean energy.

CFF Fluid Control Limited was incorporated as Flash Forge Fluid Control Private Limited on February 16, 2012, renamed CFF Fluid Control Private Limited in October 2012, and converted to a public limited company (CFF Fluid Control Limited) in September 2022. It was incorporated with the purpose of being a dedicated entity focused on meeting the growing requirements of the Indian Navy and Mazagaon Dockyard and Shipbuilders Limited (MDL) for manufacturing and supplying mechanical equipment for India's 'Scorpene' Submarine Program, and soon after inception signed a Transfer of Technology (TOT) agreement with Coyard SAS, France, for design, manufacture and supply of mechanical components for the Scorpene submarine program. Its manufacturing facility at Khopoli (spread over 6,000 sq. mtrs., ISO 9001:2015 certified and approved by the Indian Navy, MDL and Naval Group, France) produces fluid control products (valves, reducing stations, fittings), distributors and air panels, nuclear sampling systems, titanium air bottles for Akash missiles, turbochargers for T-92 tanks, and integrated systems (high pressure air, hydraulics, HVAC, engine intake/exhaust, infrared suppression), alongside repair, overhaul and maintenance services across submarine refit cycles. The company holds 'Authorized Equipment Manufacturer' status from the Indian Navy for mechanical equipment and underwater communication equipment for Scorpene submarines, giving it sole-supplier rights and spares/repeat-order business over the submarines' 30-year life cycle. Since incorporation up to September 30, 2022, it has completed orders worth Rs. 17,500 lakhs from the Indian Navy (including its OEMs) and had an order book of Rs. 10,182.79 lakhs, of which over 90% pertains to the Indian Navy. It earns revenue predominantly from defence contracts (89.43% of FY 2021-22 revenue from operations), with the balance (10.57%) from non-defence sectors such as nuclear and clean energy.

defence manufacturing (naval/submarine systems)marine engineering / shipboard machinerynuclear energy equipmentclean energy equipment

Objects of the Issue

  • Funding working capital requirements
    ₹ 3,203.44 lakhs p.63
  • Repayment of unsecured loans availed from Promoter Group entity (Flash Forge Private Limited)
    ₹ 1,700.00 lakhs p.25
  • Purchase of machinery and equipment for the manufacturing facility
    ₹ 886.00 lakhs p.64
  • Acquire technology of 'Towed Wire Antenna (TWA)' from Nereides, France
    ₹ 850.00 lakhs p.66
  • General corporate purposes
    p.66

Issue Structure

Total Issue
Up to 59,00,000 Equity Shares of face value of ₹ 10 each for cash at a price of ₹ [●] per Equity Share aggregating ₹ [●] lakhs
Fresh Issue
Fresh Issue of upto 59,00,000 Equity Shares of face value ₹ 10 each for cash at a price of ₹ [●] per Equity Shares aggregating ₹ [●] lakhs by our Company
Face Value
₹ 10

Business Model

The company earns revenue by designing, manufacturing and supplying customised shipboard machinery, fluid control systems and critical components under contracts/orders primarily from the Indian Navy and its OEMs (such as MDL), supplemented by repair, overhaul and maintenance services delivered over the multi-decade life cycle of submarines and surface ships; technologies are acquired through TOT/tie-ups with foreign partners (Coyard, Nereides, Gresham, Minerva Issartel). In FY 2021-22, defence sector contributed 89.43% and non-defence sector 10.57% of total revenue from operations.

Business Segments

Manufacturing and servicing of shipboard machinery, critical component systems and test facilities for submarines & surface ships for the Indian Navy, including fluid control products, distributors and air panels, weapon/control-related systems, system integration, and repair & maintenance across submarine refit cycles.
Design, manufacture and servicing of mechanical equipment and systems (including nuclear sampling systems) for industries like nuclear and clean energy.

Promoters

NameRolePre-IssuePost-Issue
Sunil MenonPromoter50.00%35.38%
Gautam MakkarPromoter30.52%21.59%
Niranjan MakkerPromoter Group7.12%5.04%
Sheeila MakkerPromoter Group12.35%8.74%

Leadership

Sunil Menon · Managing Director (Promoter)
Gautam Makkar · Chairman and Non-Executive Director (Promoter)
Hitesh Birla · Chief Financial Officer
Priyanka Moondra Rathi · Non-Executive Independent Director
Rajnish Prakash · Non-Executive Independent Director
Sonika Mehta · Company Secretary and Compliance Officer

Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.

CFF Fluid Control IPO FAQs

When does CFF Fluid Control IPO open and close?
CFF Fluid Control IPO opened for subscription on 09 Jul 2025 and closed on 11 Jul 2025.
What is the listing date of CFF Fluid Control IPO?
CFF Fluid Control IPO listed on 16 Jul 2025.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers — it is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price. Nothing here is investment advice or a recommendation; read the offer document and consult a SEBI-registered adviser before applying.