Complete Sports’ top 10 customers generated 80.53% of FY26 revenue

Complete Sports and Management India Limited generated Rs 91.45 crore, or 80.53%, of revenue from operations from its 10 largest customers in FY26, the financial year ended March 31, 2026. Complete Sports served 90 customers in FY26, yet TORQ03 Sports & Adventures Pvt Ltd alone contributed Rs 36.50 crore, or 32.14%, of revenue from operations.

How concentrated was Complete Sports’ FY26 revenue?

Complete Sports’ FY26 revenue was concentrated among a small group of buyers: the top one, three, five and 10 customers accounted for 32.14%, 54.00%, 63.68% and 80.53%, respectively. Revenue from operations for the year ended March 31, 2026 was Rs 113.56 crore, meaning customers outside the top 10 contributed Rs 22.11 crore, or 19.47%.

The concentration is more pronounced than Complete Sports’ 90-customer count alone suggests. The largest customer generated Rs 36.50 crore, while the next two largest customers together added Rs 24.82 crore, taking the top-three total to Rs 61.32 crore. Complete Sports identifies dependence on a limited number of customers as a material risk because a reduction in orders from even one large account could affect revenue, profitability, cash flows and liquidity.

Which customers made up Complete Sports’ biggest FY26 accounts?

TORQ03 Sports & Adventures Pvt Ltd was Complete Sports’ largest FY26 customer, contributing Rs 36.50 crore, or 32.14% of revenue from operations. Malpani Arcade Private Limited ranked second with Rs 18.95 crore, or 16.69%, and Snow World Entertainment contributed Rs 5.87 crore, or 5.17%.

The remaining seven top-10 positions included four customers whose names were not disclosed because consent was not received, alongside Prasuk Jain Hospitality Pvt Ltd. The fourth-largest customer contributed Rs 5.75 crore and the fifth-largest, Prasuk Jain Hospitality Pvt Ltd, contributed Rs 5.24 crore. The sixth through 10th customers contributed between Rs 3.16 crore and Rs 4.72 crore each, showing that FY26 concentration extended beyond the two largest named accounts.

Complete Sports disclosed that several top-10 customers had relationships of more than five to seven years as of March 31, 2026. That history does not establish future revenue: Complete Sports states that contracts may be terminated or not renewed, commercial terms may not be agreed, and demand may be reduced or delayed. Complete Sports also says it has not suffered a material loss of key customers during the last three financial years, while providing no assurance that historical business levels will continue.

How did Complete Sports’ customer concentration change over three years?

Complete Sports’ top-10 customer contribution increased to 80.53% in FY26 from 65.55% in FY25, returning close to the 80.45% reported in FY24. In value terms, top-10 revenue rose to Rs 91.45 crore in FY26 from Rs 72.33 crore in FY25 and Rs 65.57 crore in FY24, while total revenue from operations was Rs 113.56 crore, Rs 110.35 crore and Rs 81.50 crore, respectively.

The largest-account dependency also increased over the period. The top customer represented 13.15% of revenue in FY24, 20.05% in FY25 and 32.14% in FY26; its revenue rose from Rs 10.72 crore to Rs 22.12 crore and then Rs 36.50 crore. TORQ03 Sports & Adventures Pvt Ltd was the largest disclosed customer in FY25 and FY26, but ranked eighth in FY24 at Rs 4.32 crore, or 5.30%.

The comparison shows that FY26 revenue grew Rs 3.21 crore from FY25, whereas revenue from the top 10 customers increased Rs 19.12 crore. Revenue from customers outside the top 10 consequently fell from Rs 38.01 crore, or 34.45% of revenue, in FY25 to Rs 22.11 crore, or 19.47%, in FY26. This shift explains why the top-10 share rose 14.98 percentage points year on year.

Why could the loss of one account matter to Complete Sports?

The loss, deferral or reduction of a large customer’s orders could have a disproportionate effect because TORQ03 Sports & Adventures Pvt Ltd alone represented nearly one-third of FY26 revenue from operations. A customer may reduce business following a change in strategy, financial distress, operational disruption, shift to a competitor, dispute, technology change or inability to agree commercial terms, according to Complete Sports’ risk disclosure.

The exposure is tied to Complete Sports’ operating model. In FY26, Rs 103.86 crore, or 91.46%, of revenue from operations came from distribution, supply and installation of amusement and entertainment solutions, while management contracts accounted for Rs 9.68 crore, or 8.53%. Bowling generated Rs 57.01 crore, or 50.21% of FY26 revenue, and arcade games generated Rs 41.99 crore, or 36.97%, making project demand and customer capital expenditure relevant to the revenue base.

For the concentration to persist, significant customers would need to continue buying on existing or comparable terms, and Complete Sports would need to meet performance and customisation requirements. Complete Sports says entertainment operators, hospitality companies, shopping malls and leisure-destination developers may defer or cancel projects as consumer spending, venue footfall, customer budgets and entertainment-industry conditions change. Complete Sports also states that lost business may not be replaced promptly, or at all.

Conclusion

Complete Sports’ FY26 customer concentration was substantial: 10 customers generated Rs 91.45 crore of Rs 113.56 crore in revenue from operations, and one account generated Rs 36.50 crore. The FY26 pattern marked a change from FY25, when the top 10 generated 65.55% of revenue and other customers contributed Rs 38.01 crore, compared with 19.47% and Rs 22.11 crore, respectively, in FY26.

The next item to watch is whether Complete Sports maintains or reduces this reliance as customer projects, commercial terms and demand develop. Complete Sports expects dependence on a limited number of key customers to continue for the foreseeable future, while stating that it cannot assure investors that customers will continue to engage on existing or comparable terms or that replacement business can be secured in time.