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CSM Technologies Ltd IPO
CSM Technologies Ltd
₹14,124 /132 sharesMinimum investment
IPO listing details
Listed on
2 Jul '26
Issue price
₹113.00
Listing price
₹113.00
Listing gains
₹0.00 (0.00%)
Exchange
BSE
IPO details
Minimum investment
₹14,124
Price range
₹107 - ₹113
Lot size
132
Issue size
145.78 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers1.02x
Non-Institutional Investor1.52x
Retail Individual Investor1.53x
Employees1.73x
Total1.32x
As of 29 Jun'26, 04:31 PM
Schedule
24 Jun 2026
IPO open date
29 Jun 2026
IPO close date
30 Jun 2026
Allotment date
30 Jun 2026
Funds unblock or debit
2 Jul 2026
Tentative listing date
About
Founded in
1998
MD/CEO
Mr Priyadarshi Nanu Pany
Parent organisation
CSM Technologies Ltd
CSM Technologies Ltd IPO
https://www.youtube.com/watch?v=TCMbgVIagB0
CSM Technologies Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have developed deep expertise across multiple sectors, including mining, governance, agriculture, education, healthcare, and tourism. It states that its end-to-end capabilities spanning AI, IoT, cloud, and analytics have enabled the delivery of large-scale digital transformation projects. The company further declares that its solutions have received recognition from organisations such as CII, Nasscom, and Businessworld, strengthening its position in the GovTech and enterprise technology markets.
The company states that it has built a portfolio of proprietary platforms and patented technologies to support scalable digital solutions. These include a low-code/no-code framework, an AI model orchestration platform, and a document management system. It also declares that its patented ore sampling technology has been deployed under Odisha's I3MS framework, providing a differentiated offering and strengthening its long-term engagement with government and enterprise clients.
The company claims to have built a diversified presence across multiple Indian states and international markets. In India, the company claims to operate across multiple states, including Odisha, Bihar, New Delhi, Uttar Pradesh, and Jharkhand. Internationally, it operates in several countries across Africa, including Ethiopia, The Gambia, Gabon, Kenya, and Rwanda, and has recently expanded into North America, with a presence in Canada and in certain parts of the USA. The company states that its broad geographic footprint helps diversify revenue opportunities, expand its customer base, and reduce concentration risks associated with any single market.
The company claims to operate in a high-entry-barrier IT-ITeS industry supported by its CMMI Level-5 and SOC 2 Type II certifications and multiple government empanelments. It states that its execution capabilities and domain expertise have enabled repeat engagements with clients such as OCAC, JSW Steel, and Chhattisgarh Infotech Promotion Society, positioning it to benefit from the long-term growth of the IT-ITeS sector.
The company states that it is led by experienced promoters and senior management with extensive industry expertise. Promoter and CEO Priyadarshi Pany has around 28 years of experience, while Executive Director Lagna Panda has over 25 years of experience in human resource management. The company claims that the collective experience of its leadership team supports strategic execution, operational efficiency, and sustained growth.
The company has seen a consistent increase in revenue from operations. Revenue from operations increased from Rs 160.44 crore in FY23 to Rs 196.71 crore in FY24 to Rs 199.24 crore in FY25.
The company derives a substantial portion of its revenue from government entities and remains dependent on tender-based projects. Revenue from government customers contributed Rs 105.03 crore (63.45%) in the period ended December 31, 2025; Rs 147.74 crore (74.15%) in FY25; Rs 136.07 crore (69.17%) in FY24; and Rs 123.74 crore (77.13%) in FY23. Government projects also accounted for Rs 1,588.12 crore (42.19%) of the order book in the period ended December 31, 2025; Rs 1,556.84 crore (57.18%) in FY25; Rs 2,027.86 crore (62.13%) in FY24; and Rs 1,472.29 crore (74.08%) in FY23. Any slowdown in tender issuance, changes in government policies, contract renegotiations, or termination of projects could adversely affect revenue visibility, order inflows, profitability, and overall financial performance.
The company relies significantly on government tenders secured through competitive bidding. Projects awarded by government entities accounted for Rs 77.69 crore (70.59%) of total projects in the period ended December 31, 2025; Rs 142.72 crore (100.00%) in FY25; Rs 117.00 crore (91.67%) in FY24; and Rs 202.14 crore (91.30%) in FY23. If the company is unable to qualify for bids, experiences delays in project execution, or fails to secure new contracts, it could adversely affect order inflows, revenue growth, profitability, cash flows, and future business prospects.
The company has significant geographical concentration in Odisha. Revenue from the state stood at Rs 103.55 crore (62.56%) in the period ended December 31, 2025, Rs 145.40 crore (72.97%) in FY25, Rs 151.00 crore (76.76%) in FY24, and Rs 134.70 crore (83.95%) in FY23. Any adverse developments, policy changes, or economic disruptions in these regions could materially impact operations and financial performance.
The company has significant customer concentration, with a substantial portion of its order book and revenue dependent on a limited number of customers. Order book value attributable to the top 10 customers stood at Rs 295.95 crore (78.63%) in the period ended December 31, 2025; Rs 123.35 crore (84.02%) in FY25; Rs 287.95 crore (89.87%) in FY24; and Rs 200.52 crore (85.27%) in FY23. Revenue from the top 10 customers contributed Rs 115.17 crore (69.58%), Rs 154.53 crore (77.56%), Rs 159.33 crore (81.00%), and Rs 131.28 crore (81.82%) during the respective periods. Any loss of key customers or reduction in project awards from such customers could adversely affect revenue visibility, profitability, cash flows, and overall business performance.
The company depends on a limited number of suppliers for critical hardware, software, IT infrastructure, and support services. The cost of supplies from the top 10 suppliers amounted to Rs 44.17 crore (26.69% of revenue) in the period ended December 31, 2025, Rs 47.82 crore (24.00%) in FY25, Rs 68.46 crore (34.80%) in FY24, and Rs 52.88 crore (32.96%) in FY23. Since most procurements are undertaken without long-term contracts, any disruption in supplies or inability to identify alternative vendors could adversely affect operations, profitability, and cash flows.
The company operates in a talent-intensive industry and depends on its ability to attract and retain skilled professionals. Employee attrition stood at 11.80% in the period ended December 31, 2025, 23.20% in FY25, 16.90% in FY24, and 24.06% in FY23, while the total permanent employee base stood at 1,278, 1,045, 1,167, and 1,074, respectively. If the company is unable to recruit, train, or retain qualified personnel, or the attrition levels increase, it could affect project execution capabilities, customer relationships, operating margins, and overall business performance.
The company, its promoters, and directors are involved in certain ongoing tax proceedings and other material proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company reported negative cash flow from operating activities of Rs 24.20 crore in the period ended December 31, 2025, primarily due to higher working capital requirements, including a significant increase in trade receivables and other assets, along with tax payments. While the company generated positive operating cash flows in FY25, FY24, and FY23, operating cash flow has declined over the years and turned negative during the latest reported period. It also reported negative cash flow from investing activities of Rs 9.30 crore in the period ended December 31, 2025, Rs 8.95 crore in FY25, Rs 31.87 crore in FY24, and Rs 8.23 crore in FY23, mainly due to capital expenditure and investments in business expansion. Additionally, the company recorded negative cash flow from financing activities of Rs 6.06 crore in FY23. If working capital requirements continue to rise and cash outflows persist, the company may face liquidity pressures and could require additional funding to support its growth plans.
The company has contingent liabilities amounting to Rs 41.66 crore as of December 31, 2025. If any of these contingent liabilities materialise, it could harm the company’s financial performance/whatever is mentioned in the prospectus.
As of the period ended December 31, 2025, the company’s trade receivables were Rs 84.89 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of FY26, the company had outstanding financial indebtedness of Rs 118.79 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For CSM Technologies IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹107 - ₹113 | Upto ₹2 Lakhs | 132 |
| Employee | ₹107 - ₹113 | Upto ₹5 Lakhs | 132 |
| High Networth Individual | ₹107 - ₹113 | ₹2 - ₹5 Lakhs | 132 |
About
Objective of CSM Technologies IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
To fund working capital requirements of the Company |
56.00 |
|
Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company |
22.63 |
|
Achieving inorganic growth through unidentified acquisitions and other strategic initiatives |
[.] |
|
General Corporate Purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of CSM Technologies IPO
|
Book Running Lead Manager |
Keynote Financial Services Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
Key Performance Indicators (KPIs) of CSM Technologies Limited
|
KPI |
Value (for the Period ended December 31, 2025) |
|
ROE (%) |
23.75 |
|
ROCE (%) |
24.40 |
|
EBITDA Margin (%) |
18.16 |
|
PAT Margin (%) |
8.80 |
|
Debt/Equity Ratio |
0.86 |
|
EPS (Post IPO) (₹) |
3.80 |
|
Return on Net Worth (RoNW) (%) |
16.54 |
|
NAV per Equity Share (₹) |
22.97 |
CSM Technologies IPO Contact Details
|
Company Name |
CSM Technologies Limited |
|
Registered Office |
Plot No. E/56, Infocity-1, Chandrasekharpur, Dist. Khordha, Bhubaneswar – 751024, Odisha, India |
|
Phone |
0674 6635900 |
|
|
|
|
Website |
CSM Technologies IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 |
|
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|
Website |