It looks like a different order from the last order declared on 01.07.2024. That was for 266.94 crores from Garden Reach Shipbuilders; this is from Cochin Shipyard. Product description is also different.
Such back to back orders for a topline company of 107 crores will put the company in a different league.
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But I find it difficult to value a company like this - because order flows and execution in such industry is not monitorable and neither does the company interact to give any guidanceâŚwhat is your medium term target for this company ?
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I would like to say that in SME companies there are no targets defined for short term. These companies have a story- their expansion, their aggresive promoters and their products which is scalable.
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The company is guiding 150 crores topline and 26 crores PAT for the current Financial Year.
b39e6faf-a284-441e-88e4-b8e42397a45f.pdf (5.8 MB)
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Rajesh ji, any update on this order ? Any new order wise or technological advancement wise developments you are aware of in CFF fluid ?
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If the company is surviving on partnerships with France, German OEMs or they actually have developed some IP or technology themselves as well ? Look like big talk and less action on their side.
How to get in touch with the management?
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The $10 billion deal for six Project-75I (P-75I) submarines is indeed a major catalyst for CFF Fluid Control Systems. Since Atlas Elektronik is the systems âbrainâ for Thyssenkrupp Marine Systems (TKMS), CFFâs existing partnership with Atlas positions it directly in the supply chain for this mega-project.
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What is progress in this project ?
Management just dont reply. No HNI even in this company.
True capability is built in the quiet space where work outweighs words, âno noiseâ is good if we need to truck-load position not just add only as if we understand it completely and the real defense isnât found in loud declarations, but in the steady.
CFO purchased a crore worth of shares from open market, yet price is not budging. Chart also does not show any bullish candle. But for sure partnership with big OEM will help. Lets see how it goes.
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CFO is continuing to buy, almost 1.5cr of buying from open market. Whats going on ? He is in best position to judge as being a finance guy. Something big coming or a trap because whenever price tries to go up, it is being sold. What do you think ?
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India set up an advanced test facility to support maintenance for the Kalvari-class submarine in Karwar. This MRO facility is only available in France, Brazil and India. Until now, pneumatic RAMs were sent to France for testing and servicing.
Could someone help me understand how this will impact CFF?
Also CFO added more shares recently (Invested 1.6 Cr over 3 months at an avg price of 538):
Cff is in maintenance as well. If you see fy25 revenue bifurcation, as i remember its maintenance work is over 35 cr huge jump from 5 cr earlier. Cff is niche. Only problem is long working capital cycle , scaling up is issue as of money. Recent fpo might help. Management does not speak so no clear idea as to which specialized domain they are entering into as they r having R&d team of 22 engineers
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No problem. Yea more buying by CFO. 2 more working days left then he cannt buy till results. He progressively added since December. Information arbitrage is there. Could be big H2 or some Big order. Lets see, coming max 2 month will end the suspense of his buying or will reveal if its just a trap.
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Equipment order will keep coming. People thinking what after submarines. Maintenance cycle is for decades. Its already doing hefty maintenance if we check fy25 numbers. Terminal value is increasing day by day.
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Closed FY26 with 209 Cr sales (43% YoY) and 39 Cr PAT (18.8% margin, 64% YoY).
OCF took a hit, -260 Cr for FY26 (-32 Cr for FY25), due to increase in short term loans and advances & other current assets, company currently has 44 Cr of cash.
Confirmed orderbook to be delivered by FY27:
https://www.bseindia.com/xml-data/corpfiling/AttachHis/e6e5be64-650c-416c-a6e6-98ebd51436f8.pdf - 79 Cr.
https://www.bseindia.com/xml-data/corpfiling/AttachHis/efa06600-bc4b-48b8-bd1c-b010cc52c750.pdf - 14 Cr.
https://www.bseindia.com/xml-data/corpfiling/AttachHis/7e7a50d6-bb6f-43c5-a50f-ca2b0fed71d8.pdf - 46 Cr.
https://www.bseindia.com/xml-data/corpfiling/AttachHis/91cbac86-69ab-4068-80fb-4d69fb9bf220.pdf - 24 Cr.
https://www.bseindia.com/xml-data/corpfiling/AttachHis/36c0a1f4-07ce-476f-80a5-d424c0b76552.pdf - 8 Cr.
https://www.bseindia.com/xml-data/corpfiling/AttachHis/efa06600-bc4b-48b8-bd1c-b010cc52c750.pdf - 14 Cr.
https://www.bseindia.com/xml-data/corpfiling/AttachHis/9a5da796-b822-4dc8-a39b-c8477f80c7c6.pdf - 12 Cr.
https://www.bseindia.com/xml-data/corpfiling/AttachHis/2486e8c6-85c8-4db0-9a07-9e4c34df9c5d.pdf - 11 Cr.
Assuming GRSE & CSL can deliver 4 ASW SWC in FY27 (roughly 25 Cr per LFVDS excl maintenance) - 100 Cr.
According to their confirmed orderbook they should be able to do 300 Cr in FY27 (43% YoY), assuming same margin gives 55 Cr PAT (trading at 30x FY27e P/E).
Disc: Invested.
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P75i deal is expected to close within next 3 months (Source: Moneycontrol)
TKMS & MDL will be manufacturing the 6 subs valued at over $8 bn.
Note: CFF already has partnership with Atlas Elektronik (subsidiary of TKMS).
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