CSM Technologies Ltd IPO

IT - Software

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Price Band

₹107 – ₹113

Lot Size

132

Minimum Bid Quantity

132

Minimum Investment

₹14916

Issue Size

₹145.78Cr

Opens

2026-06-24

Closes

2026-06-29

Listing

02-07-2026

Subscription Status

Qualified Institutional Buyers

1.02 x

Non-Institutional Investor

1.52 x

Retail Individual Investor

1.53 x

Employees

1.73 x

Total

1.32 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE0ZK601013

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Incorporated in 1998, CSM Technologies is engaged in providing information technology solutions, GovTech platforms, and digital transformation services across sectors such as mining, agriculture, education, healthcare, tourism, industry, and public services. With over 27 years of experience, it designs, develops, and implements e-governance platforms and digital infrastructure for government agencies and corporate clients. The company offers technology consulting, advisory services, and self-service solutions that support process automation and customer engagement. It has executed projects focused on public digital infrastructure and citizen-centric service delivery across India and international markets. Its key solutions include platforms for agriculture, education, grievance redressal, logistics management, social protection, urban governance, and investor facilitation. The company has implemented projects for various state governments in India and international programs across Africa. The company has a presence in 14 countries, including India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, Malawi, Cape Verde, the United States of America, and Canada. It leverages sector expertise, analytics, and scalable technology platforms to support digital transformation initiatives.

Pros

  • • 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.

Cons

  • • 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.

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