| Annual Financials | Mar 2023 | Mar 2024 | Mar 2025 |
| Revenue | 160.44 | 196.71 | 199.24 |
| Expenses | 138.88 | 180.83 | 180.19 |
| Other Income | 1.07 | 1.94 | 1.38 |
| Total Revenue | 161.50 | 198.65 | 200.63 |
| Profit Before Tax | 22.63 | 17.82 | 20.44 |
| Net Profit | 15.82 | 12.55 | 14.09 |
CSM Technologies
CSM Technologies IPO
₹14,124
0.35 xOver-subscribedBidding Dates 24 Jun, 26 -29 Jun, 26
Min Investment ₹14,124
Lot Size132
Price Range ₹107 – ₹113
Issue Size ₹145.78 Cr.
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IPO Subscription Details
Retail Subscription Details
0.57 x
Non-Institutional Buyers (sHNI)
0.25 x
Non-Institutional Buyers (bHNI)
0.85 x
Qualified Institutional Buyers (QIB)
0 x
Employees
0.69 x
Total0.35 x
0.35 x IPO Timeline
IPO Offer Start
24 Jun,26
IPO Offer Ends
29 Jun,26
Allotment Finalisation
30 Jun,26
Refund Initiation
01 Jul,26
Listing of Shares
02 Jul,26
IPO Analysis
Strengths
The company is amongst the few IT solutions companies who have delivered first-of-its-kind projects for government and private sector, operating through ten verticals including Mining & Allied Services, Governance & Public Services, Agriculture & Allied Services, Industry & Trade Facilitation, Education, Healthcare, and Tourism.
The company has developed proprietary platforms including Low Code No Code Framework, AI Model Orchestration Platform, Document Management System, and patented Ore Sampling Technology - one of the first kind of solutions in India under the I3MS regulatory framework.
The company operates across multiple states in India and internationally in several African countries, North America (Canada and USA), with revenue from exports at 6.07% for nine months ended December 31, 2025 and 12.58% in Fiscal 2025.
Risks
The company derives approximately 63.45%-77.13% of its revenue from government tenders across different periods. Any delays, lack of tenders, or adverse changes in government policies could materially impact business through contract foreclosures, terminations, or restructurings.
70.59%-100% of the company's projects are secured through competitive bidding from government entities. Failure to complete projects within contractual time or win new contracts could negatively impact business prospects and financial performance.
The company derives 62.56%-83.95% of revenue from the eastern region of India, particularly Odisha state. Any adverse developments in these concentrated regions could materially affect business and growth prospects.
Objectives
The company proposes to utilize Net Proceeds towards funding working capital requirements due to its service-oriented, project-driven business model in the IT-ITeS sector. The company undertakes large-scale technology implementation and digital transformation projects requiring significant upfront costs while receiving milestone-based payments over time.
The company proposes to utilize Net Proceeds towards full or partial repayment/prepayment of certain borrowings to reduce outstanding indebtedness, maintain favorable debt-equity ratio and enable utilization of additional amounts from internal accruals for business growth and expansion.
The company proposes to deploy Net Proceeds towards strategic acquisitions and inorganic growth initiatives aimed at expanding service capabilities, entering new geographies, accessing new customer bases, and enhancing operational efficiency. The company also intends to use funds for general corporate purposes including meeting business requirements, strengthening lead generation capabilities, and ongoing corporate contingencies.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2023 | Mar 2024 | Mar 2025 |
| Total Assets | 80.02 | 124.45 | 154.55 |
| Current Assets | 46.45 | 67.32 | 89.39 |
| Fixed Assets | 33.42 | 56.98 | 65.01 |
| Total Equity & Liabilities | 80.02 | 124.45 | 154.55 |
| Total Liabilities | 29.70 | 64.71 | 77.56 |
| Current Liabilities | 18.58 | 38.80 | 47.06 |
| Non Current Liabilities | 10.97 | 25.74 | 30.24 |
| Total Equity | 50.31 | 59.75 | 76.98 |
Cash Flow
| Cash Flow | Mar 2023 | Mar 2024 | Mar 2025 |
| Net Cash Flow | 3.13 | -3.49 | 0.07 |
| Investing Activities | -8.23 | -31.87 | -8.96 |
| Operating Activities | 17.42 | 9.59 | 8.72 |
| Financing Activities | -6.06 | 18.79 | 0.31 |
About CSM Technologies
CSM Technologies Limited is an IT solutions company established in 1998 with twenty-seven years of experience in designing, developing, and implementing e-governance platforms and digital infrastructure. The company operates as a long-term digital transformation partner to government agencies, providing technology solutions across sectors including mining and allied services, government &...more
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