Compucom Software is a government-first IT contractor that has spent three decades turning public tenders in Rajasthan into a diversified portfolio - it builds and runs computer labs in state schools, trains rural youth under central skill schemes, and has steadily recycled the cash into a heritage hotel, a satellite news channel, and a small wind-power fleet, all held together by a family-run promoter group that keeps control tight. The company was incorporated in 1995 as a software and e-governance shop and later made a pivotal shift into physical assets - a hotel, cold-chain infrastructure, and commodity storage - designed to create growth beyond its core government IT contracts. The recurring pattern is to win large-scale Public-Private Partnership (PPP) projects, mostly from the Government of Rajasthan, and then use its land bank and government relationships to diversify into adjacent sectors with an integrated, self-sustaining supply chain. # Business segments Three engines at different stages - a government ICT-education cash cow, a tiny software-export sideline, and a collection of physical-asset bets (a hotel, a TV channel, a wind turbine, and a cold-storage plan) - each built on the relationships and cash flows of the first. ## 1. Learning Solutions: the government-school computer-lab engine that drives the group **The company wins multi-year tenders to install and run ICT labs in Rajasthan’s state schools, earning a fixed fee per school while the government pays for the hardware - a B2G model built on repeat contracts and an integrated delivery chain.** - **Turnkey hardware-plus-teaching contracts** - the company supplies and installs computer systems, interactive panels, printers, UPS, networking, and electrification, then provides a five-year on-site warranty and computer education inside the schools, all under a single contract. - **Paid per school, per month** - for the 525-school project, the company charges Rs. 6,600 per month per school for providing computer education, with its own employees deputed to the schools through a service agreement with its subsidiary CSL Infomedia. - **Five large concurrent projects** - as of FY25, active contracts included a 525-school supply-and-installation project (64% complete, \~Rs. 66.98 Crores including GST over five years), a 398-school project (\~Rs. 58 Crores, 59% complete), a 412-school project (\~Rs. 59.77 Crores, 59% complete), a 53-school BOOT project (\~Rs. 7.26 Crores, 83% complete), and a 301 Block Resource Centre project (\~Rs. 18 Crores, 93% complete). - **Skill development feeds the same government pipeline** - the company runs training programmes under central schemes like PMKVY, DDU-GKY, and the state-level RSLDC, with the DDU-GKY project for the Ministry of Rural Development at 31% completion in FY25. - **The moat is a track record with one client** - demand is driven by central and state government digital-education missions (Sarva Shiksha Abhiyan, Rashtriya Madhyamik Shiksha Abhiyan), and the company has historically described itself as a “major player” in ICT school projects in Rajasthan, winning multiple concurrent large-scale tenders over several phases. ## 2. Software and e-governance: a small export-and-domestic IT services sideline **The company writes code for overseas clients, mostly in the USA, and runs a handful of e-governance projects for Rajasthan government departments - a legacy business that now contributes a sliver of revenue.** - **Overseas work through marketing agreements** - the company serves clients abroad via marketing arrangements in foreign countries, generating foreign exchange earnings of Rs. 13,59,117 in FY25. - **Domestic e-governance for state departments** - a key project is the BOCW (Building and Other Construction Workers) and LDMS (Labour Department Management System) contract for the Rajasthan Department of Labour, where the company expected a 3.5-month extension worth approximately Rs. 58 lakhs after nearly completing the operation-and-maintenance phase. - **ISO-certified but no separate R&D shop** - the company is ISO 9001:2015 certified and treats research and development as part of its normal software development activity, without a dedicated R&D department. ## 3. Wind power: a shrinking fleet of turbines sold to the grid **The company once owned five small wind plants; it has been selling them off as their power-purchase agreements expire, leaving a single 0.8 MW turbine in Andhra Pradesh.** - **Built, then sold as contracts ended** - the original fleet comprised five plants totalling 3.2 MW: two 0.6 MW units at Jaisalmer (sold in August 2024 after their PPA expired in February 2024), two 0.6 MW units at Sikar (sold in April 2025 for Rs. 60 lakh after their PPA expired in December 2024), and one 0.8 MW plant at Krishna, Andhra Pradesh, which remains operational. - **Fully outsourced operations** - Wind World India Limited handles all operation and maintenance and deals with regulatory bodies on the company’s behalf. - **Tariff set by the regulator** - revenue depends on wind flow and grid availability, with the Andhra Pradesh plant selling power at a tariff of Rs. 2.64 per unit set by the state electricity regulator. ## 4. Hotel and hospitality: a heritage-style hotel built on owned land **The company has constructed a ‘Heritage Style Hotel’ called Hotel Ranavilas Palace on its own land in Jaipur’s Sitapura industrial area, with full commercial operations commencing in January 2026 after years of construction.** - **Integrated with a planned food-processing supply chain** - the hotel was designed with backward integration from a cold-chaining and food-processing unit being set up nearby, creating a self-sustaining supply chain. - **Long build, rising cost** - the estimated project cost reached approximately Rs. 27 crores by FY25, with Rs. 24.73 crores spent as of March 2025, partly funded by the State Bank of India. - **Solar-powered from the start** - the company installed solar electricity plants at the hotel project as part of its energy initiatives. ## 5. Cold chain and commodity storage: a planned diversification still in the pipeline **The company has stated its intent for several years to enter cold storage, commodity storage, and trading, designed as an integrated supply chain that feeds the hotel - but the dossiers describe it as a pipeline project with no operational details disclosed.** - **Announced as a strategic growth focus** - the company has consistently referenced plans to enter food processing, cold-chaining, and commodity trading since at least FY20, positioning it as a diversification beyond government IT work. - **Designed to work with the hotel** - the cold-chain and food-processing unit is conceived as backward integration for the heritage hotel project. # Media and broadcasting (via CSL Infomedia) **The wholly owned subsidiary runs JAN-TV, a satellite news channel that is a leading broadcaster in Rajasthan, earning revenue from government advertising and distribution across DTH and OTT platforms.** - **Two channels, free and pay** - CSL Infomedia operates JAN-TV, a Free-To-Air news channel, and JAN TV PLUS, a pay channel carrying news, current affairs, entertainment, education, and agriculture programming. - **Distribution across every major platform** - JAN-TV is available on Tata Play (channel 1185), Airtel DTH (channel 355), Jio Fiber (channel 1384), JioTV, YouTube, other OTT platforms, and cable networks across India. - **Government advertising is the revenue backbone** - the channel is empanelled with DIPR Rajasthan, DAVP (central government), and IPRD Uttarakhand and Bihar for government advertisements. - **Capital infusion to meet regulatory net-worth rules** - in September 2024, Compucom invested Rs. 12.60 Crores in CSL Infomedia to raise its net worth to the Rs. 25 crore threshold required by the Ministry of Information & Broadcasting’s 2022 policy for satellite TV uplinking and downlinking. # Group structure and partners **A family-controlled promoter group holds the company together, with one wholly owned media subsidiary, no associates or joint ventures, and significant related-party transactions with promoter entities.** - **CSL Infomedia is the sole subsidiary** - acquired in November 2010, it became a 100% subsidiary in March 2024 when Compucom bought the remaining 25.79% stake from promoter-group entities and individuals for Rs. 4.19 crores at Rs. 17.10 per share. - **Board controlled by the Surana family** - Mr. Surendra Kumar Surana is Chairman, Managing Director, and CEO; his son Mr. Vaibhav Suranaa serves as Whole Time Director. - **Listed on BSE and NSE, delisted from Calcutta** - the company voluntarily delisted from the Calcutta Stock Exchange in September 2020, citing insignificant trading volume and a desire to cut costs. - **Principal bankers** - State Bank of India, Axis Bank, and IndusInd Bank.