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Bench Mark Infotech Services Ltd IPO
Bench Mark Infotech Services Ltd
₹2,49,600 /2400 sharesMinimum investment
IPO listing details
Listed on
5 Oct '26
Issue price
₹110.00
Listing price
₹110.00
Listing gains
₹0.00 (0.00%)
Exchange
--
IPO details
Minimum investment
₹2,49,600
Price range
₹104 - ₹110
Lot size
1,200
Issue size
42.44 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers88.62x
Non-Institutional Investor101.53x
Retail Individual Investor95.38x
Total95.24x
As of 29 Sep'26, 04:55 PM
Schedule
25 Sep 2026
IPO open date
29 Sep 2026
IPO close date
30 Sep 2026
Allotment date
30 Sep 2026
Funds unblock or debit
5 Oct 2026
Tentative listing date
About
Founded in
2007
MD/CEO
Mr Vineet Kumar Gupta
Parent organisation
Bench Mark Infotech Services Ltd
Bench Mark Infotech Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company has long-standing relationships with its customers, particularly government departments, public sector undertakings, and institutional clients. The company’s average relationship with its top customer was 11 years in FY26, while the average relationship with its top 10 customers was 8.1 years. In FY26, 23 of its 41 customers were repeat customers.
The company offers IT infrastructure, maintenance, and fibre optic services under a single business model. Its services cover equipment supply, installation, system integration, testing and commissioning, along with annual maintenance contracts and fibre optic infrastructure deployment and leasing.
The company is empanelled with major public sector organisations for technology and infrastructure projects. It is empanelled with BSNL as a National Level System Integrator and with RailTel as a Business Partner and is also empanelled with NABARD. It is also a registered vendor with organisations including NTPC, SAIL, IOCL, PGCIL, Indian Railways, AAI, ONGC, and CPWD.
The company claims to maintain relationships with multiple OEMs, authorised distributors and technology partners. It sources hardware, software and networking components according to project specifications and states that it is not dependent on a single OEM for procurement.
The company has experience executing projects across networking, fibre optic infrastructure, system integration, audio-visual solutions and related IT infrastructure. Its project execution covers procurement, installation, integration, testing, commissioning and post-installation maintenance across multiple locations and customer sectors.
The company is ISO 9001:2015 certified for quality management systems and ISO/IEC 27001:2022 certified for information security management systems. These certifications cover its quality management and information security management systems, respectively.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 34.09 crore in FY24 to Rs 50.04 crore in FY25 and Rs 60.53 crore in FY25. PAT increased from Rs 1.48 crore in FY24 to Rs 5.83 crore in FY25 and Rs 10.22 crore in FY26.
The company’s revenues are highly concentrated among its top customers. The top 10 customers contributed Rs 57.01 crore (94.19%), Rs 44.57 crore (89.08%), and Rs 31.32 crore (91.87%) to revenue from operations in FY26, FY25, and FY24, respectively. Any loss of key customers or reduction in business from them could adversely affect the company’s revenue, profitability, financial condition and cash flows.
The company depends on a limited number of vendors for IT equipment and related products and does not typically enter into long-term arrangements with them. Its top 10 suppliers accounted for Rs 25.80 crore (59.60%), Rs 24.61 crore (65.74%), and Rs 17.02 crore (66.17%) of total purchases and direct expenses in FY26, FY25, and FY24, respectively. Any loss of key suppliers, supply disruptions, or increases in procurement costs could adversely affect the company’s operations, margins, and financial condition.
The company derives a substantial portion of its revenue from government customers, whose contracts are largely awarded through tendering processes. Revenue from government customers stood at Rs 44.24 crore (73.10%), Rs 47.54 crore (95.01%), and Rs 31.68 crore (92.91%) in FY26, FY25, and FY24, respectively. If the company is unable to successfully bid for tenders, faces pressure to reduce bid prices, or experiences a decline or reprioritisation of government spending on IT and digital infrastructure, it could adversely affect the company’s business and financial condition.
The company’s revenue is concentrated in Bihar, Odisha, and West Bengal. These three states contributed Rs 48.44 crore (80.04%), Rs 42.73 crore (85.39%), and Rs 21.82 crore (64.00%) to revenue from operations in FY26, FY25, and FY24, respectively. Any adverse economic, social, weather or regulatory developments in these states could negatively affect the company’s operations and financial results.
The company has a significant concentration of trade receivables, including a growing amount of long-outstanding dues. Trade receivables stood at Rs 54.98 crore, Rs 37.96 crore, and Rs 25.59 crore as of March 31, 2026, 2025, and 2024, respectively, representing 90.83%, 75.86%, and 75.07% of revenue from operations. Delay or failure to recover these dues could adversely affect the company’s liquidity, cash flows, profitability, and financial condition.
The company has experienced negative cash flow from operating activities in FY26, primarily due to a significant increase in trade receivables. Negative cash flow from operating activities stood at Rs 6.76 crore in FY26, on an increase of Rs 17.44 crore in trade receivables, along with increases in loans and advances, other non-current assets and inventories, which offset the operating profit before working capital changes. The company attributes the higher receivables to milestone-based billing and project execution concentrated towards the fourth quarter, while payments from government departments and PSUs are subject to internal approvals, budget allocations, and fund releases. It also used Rs 1.06 crore in investing activities in FY26, primarily for property, plant and equipment and intangible assets, while financing activities generated Rs 1.67 crore from borrowings. Continued increase in receivables or delays in collections could adversely affect its liquidity and cash flows.
The company had total outstanding fund-based borrowings of Rs 2.71 crore as of March 31, 2026. Any increase in borrowing costs, difficulty in servicing debt or withdrawal of credit facilities could adversely affect its liquidity and financial condition.
The company has a capital commitment of Rs 1.51 crore as of March 31, 2026, relating to the balance consideration payable for a leasehold industrial property allotted by the Bihar Industrial Area Development Authority (BIADA). Against the total consideration of Rs 3.00 crore, it had paid Rs 1.49 crore through FY26, leaving the balance payable. The required funding for this commitment could place additional pressure on its liquidity and cash flows.
Application details
For Bench Mark Infotech IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹104 - ₹110 | ₹2 - ₹5 Lakhs | 1200 |
About
Objectives of Bench Mark Infotech Services IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding the working capital requirements of the company |
30.00 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Bench Mark Infotech Services IPO
|
Book Running Lead Manager |
GYR Capital Advisors Private Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of Bench Mark Infotech Services Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
47.65 |
|
ROCE (%) |
47.74 |
|
EBITDA Margin (%) |
21.97 |
|
PAT Margin (%) |
16.88 |
|
Return on Net Worth (RoNW) (%) |
38.48 |
|
Price to Book Value |
4.50 |
|
Net Asset Value (NAV) per Equity Share (₹) |
24.42 |
|
EPS (Pre IPO) (₹) |
9.40 |
Bench Mark Infotech Services IPO Contact Details
|
Company Name |
Bench Mark Infotech Services Limited |
|
Registered Office |
P-118, Swami Swarupananda Sarani, 4th Floor Kolkata, West Bengal, India, 700054. |
|
Phone |
+91 8017518147 |
|
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|
Website |
Bench Mark Infotech Services IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 |
|
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Website |