CSM Technologies Ltd.

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Overview

CSM Technologies Limited is an IT/ITeS company specializing in GovTech and digital transformation, building and operating e-governance platforms and digital infrastructure across sectors such as mining, public services, agriculture, education, healthcare, and tourism. Incorporated in 1998, it delivers end-to-end services from consulting and development to operations and maintenance, and has executed large-scale public digital infrastructure projects in India and overseas (including multiple African countries and North America), supported by proprietary platforms and a patented ore sampling technology.

Opening Date

Jun 24, 2026

Closing Date

Jun 29, 2026

Listing Date

Jul 02, 2026

IPO Type

Mainboard

IPO Status

Closed

Issue Size

145.78 Cr

Fresh Issue

145.78 Cr

Offer for Sale

0 Cr

Price Band

₹107 - ₹113

Lot Size

132

IPO Price

₹113.00

Listing Price

₹113.00

Listing Gains

+0.00%

Est. Listing Gains

+0.00%

GMP Trend

Listed 0.00% above GMP estimate

IPO Timeline

Jun 24, 2026

Open Date

Jun 29, 2026

Close Date

Jun 30, 2026

Allotment Date

Jul 01, 2026

Initiation of Refunds

Jul 02, 2026

Listing Date

Financials

Revenue

Profit After Tax (PAT)

Use of IPO funds

Total IPO size₹145.78 Cr

Funding working capital requirements of our Company₹56 Cr

Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company₹22.63 Cr

Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes—

Key Performance Indicator

P/E Ratio

31.05

EPS

3.64

ROE

23.75%

ROCE

24.4%

RONW

16.54%

Debt to Equity Ratio

0.86

PAT Margin

8.8%

EBITDA Margin

18.16%

P/B

4.92

Bull vs Bear

📈

Bull case

•
Repeat revenue base: existing customers contributed 95.71% of revenue in 9M FY26, suggesting sticky relationships and multi-year delivery capability.
•
Execution pipeline: order book was ₹35,763.17 lakhs as on March 31, 2026 across 181 active projects (9M FY26), supporting visibility into ongoing work.
•
Industry digital tailwind: India fixed broadband subscriptions rose to 3.2 per 100 people in CY24 from 1.4 in CY19 (18% CAGR), aiding digitization demand.

📉

Bear case

•
Government tender dependence: 63.45% of 9M FY26 revenue came from government tenders; fewer tenders, policy shifts, or payment delays can compress execution and cash flows.
•
Geographic concentration: Odisha contributed 62.56% of 9M FY26 revenue; adverse state-level policy/procurement changes can disproportionately hit operations.
•
Customer concentration: top 3 customers contributed 40.62% of 9M FY26 revenue and top 10 were 69.58%; losing a key account can quickly reduce utilization and margins.

Net takeaway

At its core this is a bet on profitable GovTech execution: 9M FY26 PAT was ₹1,470.14 lakhs on ₹16,552.36 lakhs revenue (8.80% PAT margin). If you believe order book ₹35,763.17 lakhs converts smoothly, the upside holds. If cancellations/terminations persist (₹126.91+₹67.31 lakhs losses), the risk holds. Keep watching working-capital stress: trade receivables were 41.21% of total assets in 9M FY26 and operating cash flow was (₹2,420.28) lakhs.

Subscription Rate

Category	Shares Bid For	Shares Offered	Times Subscribed
Qualified Institutional Buyers	17.70 L	46.15 L	0.38x
Non-Institutional Investors	20.96 L	19.16 L	1.09x
Retail Individual Investors	33.72 L	44.70 L	0.75x
Employee	1.20 L	1.30 L	0.92x
Total	73.58 L	1.11 Cr	0.66x

Application Details

Category	Price Band	Application Range	Lot Size
Regular	—	Upto ₹2 Lakhs	—
High Networth Individual	—	Above ₹2 Lakhs	—

Frequently Asked Questions

The CSM Technologies Ltd. IPO is scheduled to open for subscription on Jun 24, 2026 and close on Jun 29, 2026. Investors can apply for shares during this period through eligible platforms.

The price band for the CSM Technologies Ltd. IPO is ₹107 to ₹113. Investors can place bids within this range once the issue opens.

The minimum lot size for the CSM Technologies Ltd. IPO is 132 shares. The minimum investment amount ₹14,916.

The total issue size of the CSM Technologies Ltd. IPO is approximately ₹145.78. Issue size represents the total value of shares offered to the public.

As per the latest available information, the CSM Technologies Ltd. IPO has been subscribed 0.66 times. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the CSM Technologies Ltd. IPO is ₹[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of CSM Technologies Ltd. are expected to list on stock exchanges on Jul 02, 2026, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the CSM Technologies Ltd. IPO are proposed to be used for Our Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, referred to herein as the 'Objects'):, Funding working capital requirements of our Company, Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company, Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

Before applying for the CSM Technologies Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.