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₹113 - 113
CSM Technologies Ltd
IT - SoftwareIPO
₹113 - 113
We are amongst the few IT solutions companies, who have delivered first of its kind projects for government as well as for the private sector. We also specialise in providing GovTech solutions and digital transformation services. We provide technology solutions across sectors such as mining and allied services, government & public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism (Source: CARE Report). Incorporated in 1998, we have twenty-seven years of experience in designing, developing, and implementing e-governance platforms and digital infrastructure and operate as a long-term digital transformation partner to government agencies.
Lot132Min Invest₹14,916Face Value₹10Issue Size₹146 CrFresh Issue₹146 CrListing Price₹113CMP₹83
Timeline
24 Jun
Bidding opens
29 Jun
Bidding closes
30 Jun
Allotment
1 Jul
Refund & demat credit
2 Jul
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹146 Cr1.29 Cr shares
Fresh Issue₹146 Cr
Face Value₹10
Lot Size132 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9161-13 lots
sNII₹2,08,824from 14 lots
bNII₹10,14,288from 68 lots
Managers & Registrar
Lead ManagerKeynote Financial Services Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group94.9%71.18%Public5.1%28.82%
Objects of the Issue
- Funding working capital requirements of the Company
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company
- General corporate purposes
Anchor Book
Bid Date23-Jun-2026Shares17,70,120Amount₹20 Cr30-day lock-in29-Jul-202690-day lock-in27-Sep-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 92 | 160 | 197 | 199 | 226 |
| Operating ProfitCr | 14 | 28 | 24 | 29 | 45 |
| OPM% | 15.3 | 17.4 | 12.1 | 14.7 | 20.0 |
| PBTCr | 10 | 23 | 18 | 20 | 32 |
| PATCr | 6 | 16 | 13 | 14 | 24 |
| EPS | 216 | 4 | 3 | 4 | 6 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 6 | 6 | 6 | 39 |
| ReservesCr | 34 | 44 | 53 | 71 | 64 |
| BorrowingsCr | 7 | 9 | 34 | 35 | 72 |
| Fixed AssetsCr | - | - | - | 59 | 69 |
| Total AssetsCr | 64 | 80 | 124 | 155 | 215 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 4 | 16 | 10 | 9 | -6 |
| Investing Cash FlowCr | -10 | -10 | -32 | -9 | -18 |
| Financing Cash FlowCr | 0 | -4 | 19 | 0 | 30 |
| Net Cash FlowCr | -6 | 3 | -3 | 0 | 6 |
Strengths & Risks
Strengths · as stated in the DRHP
- Deep sectoral expertise across a diversified spectrum of industries.
- Proprietary technology driven innovations and patented technology developed in-house.
- Extensive geographic footprint with scalable operations across key markets.
- Established presence in a high-entry-barrier industry.
- Experienced Promoters and Senior Management team, having domain knowledge.
Strategies · as stated in the DRHP
- Grow our business by prioritizing infrastructure improvements, advancing AI/ML innovation, and embracing sustainability, ensuring efficient scalability and maximizing customer value.
- Capitalizing on Government initiatives and policies.
- Accelerate growth by strategically entering new markets and emerging industries.
- Empowering Growth through a scalable and skilled workforce.
Risks · as stated in the DRHP
- The company business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. However, delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact the company business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.
- Out of the total projects awarded to the company, 70.59%, 100.00%, 91.67% and 91.30% of such projects in the nine months period ended December 31, 2025, Fiscal 2025, 2024 and 2023, respectively were secured through competitive bidding process from government entities. Failures to complete its projects within contractual time may affect the company future business prospects and financial performance. Failures to qualify for, complete or win new contracts could negatively impact its business, potentially affecting the company financial condition, operational results, growth prospects, and cash flow stability.
- The company operations is geographically concentrated in the eastern region of India, particularly in the State of Odisha which contributed to 62.56%, 72.97%, 76.76% and 83.95% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any adverse developments in these regions could materially affect its business and growth prospects.
- A significant portion of the company Order Book and revenue from operations is attributable to certain key customers and to projects located in India, and its business and profitability is dependent on the company ability to win projects from such customers. The Order Book value attributable to its top 10 customers has accounted for approximately 78.63%, 84.02%, 89.87% and 85.27% of the company total revenue from operations during the nine months period ended December 31, 2025 and for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Loss of one or more of its customers or reduction in their demand for the company offerings could adversely affect its business, results of operations and financial conditions.
- Inability to obtain or protect the company intellectual property rights may adversely affect its business.
- For the nine months period ended December 31, 2025 and Fiscals 2025, 2024, and 2023, the cost of supplies from the company top ten suppliers represented 26.69%, 24.00%, 34.80%, and 32.96%, of its Revenue from Operations, respectively. The company relies on its suppliers for various critical aspects of the company information technology infrastructure. If any of its top 10 suppliers ceased supplying products/services to the company and its were unable to find a supplier to replace it, it could has an adverse effect on the company business, financial condition, results of operations, and cash flows.