🔧 CFF Fluid Control FPO – Periscope Up or Priced Deep?
Date of Publishing -
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📌 At a Glance
CFF Fluid Control Ltd is diving into the SME market again with an ₹87.75 Cr fixed price FPO at ₹585/share. It’s all fresh issue — no OFS drama here. Their business? Critical submarine machinery, weapons systems, air control units, and defense PSU love. They already listed in 2023 and now want to refuel. Revenues up 37%, PAT up 40%, and order book at ₹514 Cr+. But is it an FPO or just a submarine-shaped IPO rerun?
1. 🛠️ WTF Do They Even Do?
Builds and services complex fluid control systems for submarines
Caters primarily to Indian defense shipyards (Mazagon Dock, etc.)
Product suite includes:
Weapon handling & control systems
Steering gear + propulsion kits
Breathing and diving air units
High-pressure air and hydraulic systems
Strong Moat: Defense = High Entry Barriers
Tied up with Atlas Elektronik GmbH (Germany) & Nereides (France) for sonar systems
📦 Specialty hardware in a niche ₹💣 segment
2. 💸 Financials – Profit in Defense? Rare but Real.
