Complete Sports and Management India Limited: 91% equipment-led

CSML remained predominantly an amusement-equipment supplier and installer in Fiscal 2026, when distribution, supply and installation produced Rs 103.86 crore, or 91.46%, of Rs 113.56 crore revenue from operations. Its first company-owned sports bar opened in April 2026, after the March 31, 2026 financial-year end, so hospitality venues did not shape the reported FY26 revenue mix.

How dependent was CSML on equipment supply in FY26?

CSML depended principally on project-based equipment revenue in FY26. Distribution, supply and installation of bowling, arcade games, go-karting, laser tag, cashless gaming systems, soft play and bumper cars generated Rs 103.86 crore, compared with Rs 104.87 crore, or 95.04% of operating revenue, in FY25 and Rs 79.58 crore, or 97.64%, in FY24. The equipment share declined by 3.58 percentage points from FY25 but remained above 90% of the Rs 113.56 crore FY26 total.

The FY26 change in revenue mix came from services rather than company-owned venue revenue. Management contracts generated Rs 9.68 crore, or 8.53%, in FY26, up from Rs 5.22 crore, or 4.73%, in FY25, while consultancy services generated Rs 1.50 lakh, or 0.01%, compared with Rs 26 lakh, or 0.24%, a year earlier. Service revenue therefore rose to Rs 9.70 crore, or 8.54%, from Rs 5.48 crore, or 4.96%, and the disclosed FY26 categories contain no separate line for company-owned hospitality venues.

CSML's equipment-led model covers more than product delivery. Its project process begins with customer requirements and may include design consultation, equipment sourcing, logistics, customs clearance, installation, testing, commissioning, training, maintenance and after-sales support. The company served about 90 customers in FY26, compared with 95 in FY25 and 72 in FY24, across family entertainment centres, clubs, hotels, corporate clients, resorts and residential developments.

Which categories made CSML's FY26 revenue equipment-led?

Bowling and arcade games made CSML equipment-led in FY26. Bowling generated Rs 57.01 crore, or 50.21% of FY26 operating revenue, while arcade games generated Rs 41.99 crore, or 36.97%; together, the two categories produced Rs 99.00 crore, or 87.18%, of the FY26 total. This concentration means the reported model relied chiefly on supplying and installing these two attraction categories for venue operators and other project customers.

Bowling became a larger part of the FY26 revenue mix while arcade games and go-karting declined. Bowling revenue increased from Rs 37.98 crore in FY25 to Rs 57.01 crore in FY26, raising its share from 34.42% to 50.21%. Arcade-game revenue fell from Rs 47.40 crore to Rs 41.99 crore, and go-karting fell from Rs 16.54 crore to Rs 2.66 crore; these movements limited the increase in total operating revenue to Rs 113.56 crore from Rs 110.35 crore.

CSML's bowling business is connected to its authorised distributorship of Brunswick Bowling Products LLC. The India distributorship began on January 1, 2010, and was expanded on August 28, 2025 to Singapore, Malaysia and Indonesia. Brunswick bowling equipment generated Rs 57.01 crore in FY26, and CSML's bowling offering includes design, supply, installation, commissioning, lane servicing, scoring-system integration, spare-parts management and support for traditional and duckpin formats.

How concentrated were CSML's customers and suppliers?

CSML's FY26 revenue was concentrated in family entertainment centres and among a limited number of customers. Family entertainment centres, or FECs, contributed Rs 99.33 crore, equal to 87.47% of FY26 operating revenue, compared with 73.77% in FY25. FECs are venues combining leisure attractions for families, and their contribution indicates that CSML's reported revenue largely followed the capital spending and project requirements of entertainment operators.

Customer concentration increased in FY26. CSML's largest customer contributed Rs 36.50 crore, or 32.14% of operating revenue, compared with 20.05% in FY25; the top three customers supplied Rs 61.32 crore, or 54.00%. The top 10 customers generated Rs 91.45 crore, or 80.53%, broadly similar to FY24's 80.45% and above FY25's 65.55%, making facility openings, expansions, refurbishments and attraction additions material to continued project revenue.

CSML's procurement was also internationally weighted. The United States accounted for Rs 31.78 crore, or 60.17%, of FY26 purchases of Rs 52.82 crore, while India accounted for Rs 6.94 crore, or 13.14%. Its largest supplier provided Rs 26.82 crore, or 50.77%, of FY26 purchases, and the top 10 suppliers accounted for 81.93%; the demand-driven procurement model can require international freight, customs documentation, duties and logistics coordination for imported equipment.

Have CSML's new consumer venues changed its reported business model?

CSML's consumer-venue launches did not change reported FY26 revenue because both began after the financial year ended on March 31, 2026. All Set Go, its company-owned sports bar at Infiniti Mall, Andheri, Mumbai, commenced operations in April 2026. The venue combines live sports viewing, food and beverage service, and interactive gaming, but the prospectus discloses no FY26 revenue contribution for it.

CSML also commenced Duckpin – The Bowling Bistro at Infiniti Mall, Malad, Mumbai in July 2026. Duckpin combines duckpin bowling, arcade and interactive games, food and beverage, pool and other recreational activities. The two venues are forward integration, meaning CSML is moving beyond equipment supply and services into direct operation of customer-facing entertainment and hospitality sites.

The proposed owned-centre model is intended to earn revenue from gaming and entertainment activities as well as food and beverage sales. CSML states that the relative contribution of those streams may vary by location, customer profile, seasonality, operating capacity and customer footfall. The prospectus does not disclose venue revenue, footfall, capacity utilisation or profitability for All Set Go or Duckpin, so their effect on the equipment-led FY26 mix cannot be measured from the reported figures.

Conclusion

CSML's FY26 figures show that its business remained an equipment distribution, supply and installation operation, with bowling and arcade games contributing 87.18% of operating revenue and family entertainment centres contributing 87.47%. All Set Go and Duckpin broaden the company's operating scope, but their post-year-end launches do not retrospectively alter the financial-year mix ended March 31, 2026.

The next disclosed step is an additional company-operated Duckpin – The Bowling Bistro centre, for which CSML intends to use Rs 8.09 crore of net proceeds. The location decision, establishment progress and later disclosure of gaming and food-and-beverage revenue will indicate whether forward integration becomes material relative to CSML's established project-equipment business.