CFF Fluid Control Ltd (543920)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, CFF Fluid's revenue was ₹105 Cr (+59.1% year on year, +1.0% on the previous half-year), and net profit ₹20.0 Cr (+100.0% year on year); the operating margin was 28.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹105 | +59.1% | +1.0% |
| Operating profit | ₹30.0 | +66.7% | +3.4% |
| Net profit | ₹20.0 | +100.0% | +5.3% |
| EPS (₹) | 9.57 | +90.3% | +4.9% |
| Operating margin | 28.6% | — | — |
📢 Recent Corporate Announcements
CFF Fluid Control Limited has submitted its Annual Secretarial Compliance Report for the financial year ended March 31, 2026, issued by Practising Company Secretary M. Rupareliya & Associates. The filing was submitted on a voluntary basis as the regulation is strictly not mandatory for SME listed entities. The secretarial auditor confirmed full compliance across SEBI regulations with nil deviations, fines, or adverse remarks reported for FY26.
- Annual Secretarial Compliance Report covers the review period ended March 31, 2026 (FY26)
- Filing submitted voluntarily under Regulation 24A of SEBI LODR Regulations as an SME company
- Practising Company Secretary reported NIL deviations, violations, penalties, or adverse remarks for the period
CFF Fluid Control has secured a domestic order worth Rs 27.85 Cr from Mazagon Dock Shipbuilders Limited for the supply of submarine equipment. This order represents approximately 7.8% of the company's TTM revenue of Rs 355 Cr. The project is slated for completion by August 2027, providing revenue visibility for the next 12 months. This win reinforces the company's position as a specialized supplier in the defense sector, specifically for naval platforms.
- Order value of Rs 27.85 Crores including taxes
- Client is Mazagon Dock Shipbuilders Limited, a major domestic defense PSU
- Execution timeline set for completion by August 2027
- Order represents ~7.8% of the TTM revenue of Rs 355 Cr
CFF Fluid Control Ltd has announced July 24, 2026, as the record date for its final dividend for the financial year ended March 31, 2026. The dividend payout is subject to shareholder approval at the Annual General Meeting (AGM) scheduled for August 7, 2026. This follows a strong financial performance where the company reported a TTM PAT of ₹63 Cr and an OPM of 28.2%. Eligible shareholders include those holding shares in dematerialized or physical form as of the close of business on the record date.
- Record Date for final dividend fixed for July 24, 2026
- Annual General Meeting (AGM) to be held on August 7, 2026
- Dividend pertains to the financial year ending March 31, 2026
- Company maintains a healthy TTM PAT of ₹63 Cr as of the latest reporting
- Order book stands at ₹537 Cr as of July 2025, providing revenue visibility
CFF Fluid Control Limited has announced its book closure dates from July 31, 2026, to August 06, 2026. This period is designated for the purpose of conducting the company's 14th Annual General Meeting (AGM) and determining shareholder eligibility for the dividend pertaining to the financial year ended March 31, 2026. The specific dividend amount per share is not disclosed in this document. Shareholders must hold the stock before the start of the book closure to be eligible for the payout.
- Book closure period spans 7 days from July 31, 2026, to August 06, 2026
- Purpose includes the 14th Annual General Meeting and Dividend entitlement
- Dividend pertains to the financial year ended March 31, 2026
- Intimation filed under Regulation 42 of SEBI (LODR) Regulations, 2015
CFF Fluid Control Limited has submitted its Annual Report for the Financial Year 2025-26 to the exchanges. The company has scheduled its 14th Annual General Meeting (AGM) for Friday, August 07, 2026, at 01:00 P.M. IST. The meeting will be conducted virtually through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). This filing is a standard regulatory requirement following the conclusion of the fiscal year.
- 14th Annual General Meeting scheduled for August 07, 2026
- Annual Report released for the Financial Year 2025-26
- Meeting to be held at 01:00 P.M. (IST) via Video Conferencing
- Notice of AGM issued in compliance with Regulation 34(1) of SEBI LODR
CFF Fluid Control has issued a notice for its 14th AGM on August 07, 2026, with a primary focus on migrating from the BSE SME segment to the Main Boards of both BSE and NSE. The company is seeking shareholder approval to significantly increase its borrowing capacity, including a ₹1,000 crore limit for non-fund-based facilities like bank guarantees. Additionally, the agenda includes the re-appointment of statutory auditors for a five-year term and the declaration of a final dividend for FY26. This transition marks a major step toward increased institutional participation and liquidity.
- Proposed migration of equity shares from BSE SME Segment to the Main Boards of both BSE and NSE.
- New non-fund-based borrowing limit (Bank Guarantees/LCs) proposed at ₹1,000 crore.
- Fund-based borrowing limit set at 50% of the aggregate paid-up share capital, free reserves, and securities premium.
- Re-appointment of M/S. V. N. Purohit & Co. as Statutory Auditors for a second 5-year term until 2031.
- Ratification of ₹1,00,000 remuneration for Cost Auditors for the financial year 2025-26.
CFF Fluid Control Ltd has announced the re-appointment of M/S. V. N. Purohit & Co. as its Statutory Auditor for a second consecutive five-year term. The decision, recommended by the Audit Committee and approved by the Board on July 14, 2026, ensures continuity in the company's financial oversight. The new term will commence from the conclusion of the 14th Annual General Meeting (AGM) and extend until the 19th AGM in 2031. This is a routine regulatory compliance action under Section 139 of the Companies Act, 2013.
- Re-appointment of M/S. V. N. Purohit & Co. for a second term of 5 consecutive years.
- The auditor firm has been providing audit and allied services since 1961.
- The tenure is set to conclude at the 19th Annual General Meeting in the calendar year 2031.
- The firm maintains a Head Office in New Delhi and 4 branch offices across India.
CFF Fluid Control has approved a transition from the BSE SME platform to the Main Boards of both BSE and NSE, a move that typically enhances liquidity and institutional interest. The board has also proposed a significant non-fund-based borrowing limit of ₹1,000 crore to support bank guarantees and letters of credit. Fund-based borrowings have been capped at 50% of the company's aggregate paid-up capital, free reserves, and securities premium. Additionally, the statutory auditor, M/S. V. N. Purohit & Co., has been re-appointed for a second five-year term until 2031, pending shareholder approval at the upcoming 14th AGM.
- Approved migration from BSE SME platform to the Main Board of both BSE and NSE.
- Established a non-fund based facility limit of ₹1,000 crore for bank guarantees and contingent instruments.
- Capped fund-based borrowings at 50% of the aggregate of paid-up capital, free reserves, and securities premium.
- Re-appointed M/S. V. N. Purohit & Co. as Statutory Auditors for a 5-year term until the 2031 AGM.
- Approved the Board Report and Management Discussion and Analysis for the financial year 2025-26.
Financial Performance
Revenue Growth by Segment
Revenue grew 36.2% YoY to INR 145.56 Cr in FY25 from INR 106.86 Cr in FY24. H1 FY26 revenue reached INR 104.13 Cr, a 30% increase compared to H1 FY25 (INR 80.03 Cr). The 3-year CAGR stands at 46%, driven by the defence and energy segments.
Geographic Revenue Split
Primarily India-based operations with a 6,000 square meter facility in Khopoli, Maharashtra. The company maintains global technical tie-ups with French entities M/s Nereides and M/s Minerva Issartel to support its domestic naval contracts.
Profitability Margins
Net Profit margin improved to 16.39% in FY25 from 15.09% in FY24. Reported PAT for FY25 was INR 23.85 Cr, up 47.9% from INR 16.12 Cr in FY24. Operating margins have improved due to a better product mix and single-source vendor status for critical spares.
EBITDA Margin
H1 FY26 EBITDA was INR 27.40 Cr, representing a 27.40% YoY growth compared to H1 FY25. The EBITDA margin for H1 FY26 is approximately 26.3%, reflecting strong core profitability from high-value naval equipment.
Capital Expenditure
Total assets increased to INR 199.03 Cr in FY25 from INR 161.16 Cr in FY24. The company completed a Follow-on Public Offer (FPO) of INR 87.75 Cr in July 2025 to strengthen its capital structure and support growth.
Credit Rating & Borrowing
Credit rating was upgraded to CRISIL BBB+/Stable/CRISIL A2 in September 2025 from CRISIL BBB/Positive/CRISIL A3+. Interest coverage ratio improved significantly to 18.08x in FY25 from 12.59x in FY24.
Operational Drivers
Raw Materials
Critical components and specialized alloys for naval shipboard machinery represent the primary material costs. Cost of material consumed was INR 44.72 Cr in FY25, accounting for 30.7% of total revenue.
Import Sources
Sourced from domestic suppliers and international partners, specifically France through technical tie-ups with Minerva Issartel and Nereides for specialized naval technology.
Key Suppliers
Not explicitly named, but includes global technical partners M/s Nereides and M/s Minerva Issartel of France for critical submarine and surface ship components.
Capacity Expansion
Current facility at Khopoli, Maharashtra, is spread over 6,000 square meters. Planned expansion is supported by the INR 87.75 Cr FPO proceeds to meet the requirements of a healthy INR 537 Cr order book.
Raw Material Costs
Raw material costs decreased as a percentage of revenue to 30.7% (INR 44.72 Cr) in FY25 from 84% (INR 89.84 Cr) in FY24, indicating a shift toward higher value-added services and better product mix.
Manufacturing Efficiency
Workforce of over 250 professionals. Efficiency is reflected in the 46% 3-year revenue CAGR and the ability to service the full lifecycle of Indian Navy ships and submarines.
Strategic Growth
Expected Growth Rate
46%
Growth Strategy
Growth will be achieved through the execution of the INR 537 Cr order book (as of July 2025), leveraging single-source vendor status for Indian Navy spares, and expanding into sonar, stealth, and weapon systems under the Atma Nirbhar Bharat initiative.
Products & Services
Shipboard machinery, sonar systems, stealth systems, integrated platform management systems (IPMS), weapon systems, and critical equipment for nuclear and clean energy sectors.
Brand Portfolio
CFF, CFF Defensys.
New Products/Services
Recent expansion into sonar systems and stealth systems for the P75 Project, with a recent order from the Indian Navy totaling INR 5.31 Cr in December 2025.
Market Expansion
Expanding footprint in the nuclear and clean energy sectors by designing and manufacturing mechanical equipment and systems for these specialized industries.
Strategic Alliances
Technical tie-ups with M/s Nereides and M/s Minerva Issartel of France to enhance technological depth and manufacturing standards for naval applications.
External Factors
Industry Trends
The industry is shifting toward 100% indigenization of naval components. CFF is positioned as a key beneficiary due to its established relationships with major domestic shipyards and the Indian Navy.
Competitive Landscape
Operates in a niche segment with high barriers; key competitors include other specialized defence SMEs and public sector shipyards like Mazagon Dock.
Competitive Moat
Moat is built on 30+ years of promoter experience, single-source vendor status for critical spares, and specialized technical tie-ups. This is sustainable due to the high entry barriers in defence manufacturing.
Macro Economic Sensitivity
Highly sensitive to India's defence budget and indigenization policies (Atma Nirbhar Bharat), which directly dictate the volume of tender-based opportunities.
Consumer Behavior
The primary 'consumer' (Indian Navy) is shifting demand toward integrated platform management and advanced stealth technologies.
Geopolitical Risks
Geopolitical shifts affecting technology transfer from France or changes in international defence cooperation could impact the technical know-how pipeline.
Regulatory & Governance
Industry Regulations
Subject to stringent global defence standards and Indian Navy manufacturing certifications. Operations must align with Section 197 of the Companies Act for managerial remuneration.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 27.6%, with a tax provision of INR 9.09 Cr on a PBT of INR 32.94 Cr.
Legal Contingencies
No material tampering with audit trails reported; managerial remuneration is in accordance with requisite approvals. No specific pending court case values disclosed.
Risk Analysis
Key Uncertainties
Tender-based business model leads to potential volatility in scale and profitability. Revenue could fluctuate by over 20% depending on the timing of contract awards.
Geographic Concentration Risk
100% of manufacturing is concentrated in Khopoli, Maharashtra, making operations vulnerable to regional disruptions.
Third Party Dependencies
Significant dependency on French partners (Nereides and Minerva Issartel) for technical know-how and specialized component designs.
Technology Obsolescence Risk
High risk due to the rapid evolution of naval warfare technology; requires constant upgrades to sonar and stealth capabilities.
Credit & Counterparty Risk
Credit exposure is primarily to government entities (Indian Navy), which ensures high receivables quality but contributes to a stretched GCA of 402 days.
