BSE: 543920
CFF FLUID CONTROL LIMITED
Manufactures fluid control equipment for Indian Navy ship and submarine platforms, with disclosed orders going to the Material Organisation and the NHQ Directorate of Procurement of the Navy. FY26 revenue from operations was Rs 208.74 crore, up 43.4% year-on-year, with EPS at Rs 19.08. The order book, at about 3x annual revenue, gives multi-year visibility, and the largest single disclosed contract is worth about Rs 78.74 crore for equipment across Navy programs with delivery due April 2027. A Rs 20.58 crore LOI and several other orders (Rs 5.31 crore for the P75 submarine project, Rs 14.14 crore, Rs 2.45 crore) also sit in the pipeline. Materials account for 49.6% of revenue, making raw materials the dominant cost; employees add 7.3% and other operating expenses 16.8%. The company raised Rs 87.75 crore through an IPO in July 2025 and carried a debt-to-equity ratio of 0.07x, with short-term borrowings cut to near zero by H1FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence equipment for Indian Navy ship and submarine platforms. Small-cap domestic defence supplier with concentrated Navy exposure and a multi-year order pipeline
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 71 | 107 | 146 | 209 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 7.10 | 9.21 | 12.25 | 19.08 |
| ROE % · ROCE % | — · 31.6 | — · 19.9 | — · 23.0 | — · 19.8 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (9) | (27) | (3) | (26) |
| Capex | — | — | 0 | (10) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 32 | 59 | 47 | 80 | 66 | 104 | 105 |
| Profit before tax | 6 | 14 | 10 | 19 | 14 | 26 | 26 |
| Net profit | — | — | — | — | — | — | — |
| EPS (₹) | 2.62 | 5.75 | 3.59 | 7.21 | 5.03 | 9.49 | 9.57 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,693 | 34.8 | 7.91 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,68,964 | 43.8 | 11.20 | 31.0 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,876 | 70.8 | 8.70 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 23,139 | 86.3 | 13.33 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,994 | 27.5 | 8.38 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,810 | 123.0 | 12.08 | 72.4 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,906 | 78.8 | 11.34 | 42.6 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,647 | — | 9.86 | 93.0 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.1 | 70.8 | 4 of 23 | 86% |
| ROCE | 19.3 | 13.6 | 7 of 26 | 76% |
| Revenue growth | 120.7 | 24.9 | 2 of 23 | 96% |
| Market cap | 1893 | 6484 | 20 of 26 | 24% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate for dematerialisation filed with BSE | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure from October 1 ahead of FY26 unaudited results | compliance | minimal | — | — |
| 16 Sept 2026 · CFF Fluid Control migrates from BSE SME to Mainboard | capital market events | high | — | — |
| 3 Sept 2026 · CFF Fluid Control bags Rs 15.29 Cr defence supply orders | business updates | medium | — | — |
| 25 Aug 2026 · Annual Secretarial Compliance Report FY2025-26 filed | compliance | minimal | — | — |
| 13 Aug 2026 · CFF Fluid Control bags Rs 27.85 Cr submarine equipment order from Mazagon Dock | business updates | high | — | — |
| 8 Aug 2026 · AGM results: all 7 resolutions passed including migration to BSE/NSE main board | board shareholder meetings | low | — | — |
| 7 Aug 2026 · 14th AGM proceedings: Main Board migration, dividend, borrowing limit approved | board shareholder meetings | low | — | — |
| 20 Jul 2026 · CFF Fluid Control fixes July 24 as record date for final dividend | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.