India’s IPO and FPO market remains vibrant in July 2025, with defence and manufacturing companies drawing significant attention. Riding this momentum, CFF Fluid Control Ltd., a key supplier to India’s defence PSU shipyards, has opened its follow-on public offering (FPO) on July 9, 2025.
Here is a detailed insight into CFF Fluid Control Ltd., its FPO, and the industry outlook.
About CFF Fluid Control Ltd.
Incorporated to serve the Indian defence sector, CFF Fluid Control Ltd. manufactures and services submarine machinery, critical component systems, and test facilities for defence PSU shipyards. Its diverse product portfolio includes:
- Fluid control systems
- Distributors and air panels
- Weapons and control systems
- Steering gear and propulsion systems
- High-pressure air systems, hydraulic systems, and diving air systems
The company’s manufacturing facility in Khopoli spans 6,000 square metres, equipped with advanced machinery and testing setups. It is also expanding with an additional facility at Chakan Industrial Area, Pune, covering 1,950 square metres for manufacturing critical and complex systems.
CFF Fluid Control has a strategic partnership with Atlas Elektronik GmbH for producing 12 low-frequency variable depth sonar systems for the Indian anti-submarine warfare shallow water craft programme.
CFF Fluid Control Ltd. FPO Details
The FPO aims to raise ₹87.75 crore through a fresh issue of 15 lakh shares, with funds allocated primarily towards working capital requirements and general corporate purposes.
Important FPO Timeline
| Event | Date |
| FPO Open Date | July 9, 2025 |
| FPO Close Date | July 11, 2025 |
| Allotment Date (Tentative) | July 14, 2025 |
| Initiation of Refunds | July 15, 2025 |
| Credit of Shares to Demat | July 15, 2025 |
| Listing Date (Tentative) | July 16, 2025 |
| UPI Mandate Cut-off | 5 PM on July 11, 2025 |
Key FPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Issue Price | ₹585 per share |
| Lot Size | 200 Shares |
| Total Issue Size | 15,00,000 shares (₹87.75 Cr) |
| Fresh Issue | 15,00,000 shares (₹87.75 Cr) |
| Issue Type | Fixed Price FPO |
| Listing at | BSE SME |
| Shareholding Pre-Issue | 1,94,74,100 shares |
| Shareholding Post-Issue | 2,09,74,100 shares |
Lot Size of CFF Fluid Control Ltd. FPO
| Application Type | Lots | Shares | Amount |
| Individual investors (Min) | 2 | 400 | ₹2,34,000 |
| Individual investors (Max) | 2 | 400 | ₹2,34,000 |
| S-HNI (Min) | 3 | 600 | ₹3,51,000 |
| S-HNI (Max) | 8 | 1,600 | ₹9,36,000 |
| B-HNI (Min) | 9 | 1,800 | ₹10,53,000 |
CFF Fluid Control Ltd. Financials
The FPO values CFF Fluid Control Ltd. at a market capitalisation of ₹1,226.98 crore. The company has shown consistent growth in both top and bottom lines, supported by its strategic positioning in India’s defence manufacturing sector.
Key Performance Indicators (as of Mar 31, 2025)
- Return on Equity (ROE): 17.42%
- Return on Capital Employed (ROCE): 21.84%
- Return on Net Worth (RoNW): 16.13%
- Profit After Tax (PAT) Margin: 16.39%
- EBITDA Margin: 28.38%
- Price to Book Value Ratio: 7.71
- Pre-FPO Earnings Per Share (EPS): 12.25
- Post-FPO Earnings Per Share (EPS): 11.37
- Pre-FPO Price-to-Earnings Ratio (P/E): 47.77
- Post-FPO Price-to-Earnings Ratio (P/E): 51.45
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 199.03 | 161.16 | 88.68 |
| Revenue (₹ Cr) | 146.10 | 106.98 | 71.10 |
| Profit After Tax | 23.85 | 17.09 | 10.14 |
| EBITDA (₹ Cr) | 41.31 | 30.85 | 18.83 |
| Net Worth (₹ Cr) | 147.84 | 125.94 | 24.99 |
| Reserves and Surplus (₹ Cr) | 128.37 | 106.46 | 10.72 |
| Total Borrowing (₹ Cr) | 21.11 | 23.48 | 45.90 |
CFF Fluid Control Ltd.: Industry Outlook
- India’s defence manufacturing sector is experiencing robust growth driven by the government’s push for indigenous production under Atmanirbhar Bharat.
- High entry barriers protect domestic defence suppliers, while strategic partnerships with global OEMs bolster technological capabilities.
- CFF Fluid Control’s strong order book of ₹51,396.87 lakhs (May 31, 2025) positions it for continued revenue visibility.
However, investors should note risks such as regulatory approvals, project execution delays, and dependency on defence budgets.
Use of FPO Proceeds
| Objective | Expected Amount (₹ Cr) |
| Funding working capital | 72.60 |
| General Corporate Purposes | 8.34 |
Conclusion
CFF Fluid Control Ltd.’s FPO offers investors a chance to participate in India’s growing defence manufacturing sector. Its strong product portfolio, experienced promoters, and strategic partnerships support its long-term growth prospects.
However, the FPO appears aggressively priced based on current financials, and investors should assess their risk appetite before investing. The FPO is suitable for those seeking medium to long-term exposure in India’s defence production ecosystem.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
