CFF Fluid Control
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
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
| Metric | Pre-issue | Post-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 DRHPCFF 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.
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
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sunil Menon | Promoter | 50.00% | 35.38% |
| Gautam Makkar | Promoter | 30.52% | 21.59% |
| Niranjan Makker | Promoter Group | 7.12% | 5.04% |
| Sheeila Makker | Promoter Group | 12.35% | 8.74% |
Leadership
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