Complete Sports & Management has received a confirmed Type A work order worth Rs 24 crore from a large South India-based domestic company. The scope covers design, development, execution, and construction of what the filing describes as India's first and largest indoor go-karting facility, including associated infrastructure and related requirements.

Order in Financial Context

Complete Sports & Management reported quarterly revenue of Rs 57.90 crore in Q4FY26, making this Rs 24 crore order equivalent to approximately 41.4% of one quarter's average revenue, a meaningful single-order addition for a company of this scale. However, because no prior order disclosures are available for the last three fiscal quarters, a total disclosed order book figure cannot be computed, and therefore book-to-bill and order book coverage in quarters are not calculable from the available data. The order book coverage stands at 0.00 quarters as per pre-computed metrics, reflecting the absence of a disclosed backlog baseline prior to this filing.

Company Order Track Record

No previous order disclosures have been found for Complete Sports & Management in the last three fiscal quarters. This filing represents the first disclosed order in the available reference window, which means inflow velocity, trend direction, and typical per-order size benchmarks cannot be established from the current dataset.

Execution and Revenue Quality

The company's available quarterly financial data covers Q4FY26 only. In that quarter, Complete Sports & Management delivered an OPM of 29.16%, materially above the trailing twelve-month OPM of 7.3% reported in the TTM P&L, suggesting the annual figure reflects a mix of quarters with varying margin profiles. Net profit of Rs 12.50 crore on revenue of Rs 57.90 crore in Q4FY26 points to solid profitability in the most recent reported period.

Revenue Growth - Order Wins Translating to Revenue

As Complete Sports & Management has operated without a disclosed order track record in recent quarters, its annual revenue has grown from Rs 111.40 crore in FY25 to Rs 118.80 crore in FY26, representing a year-on-year growth of 6.6% based on the latest annual data. Net profit expanded more sharply, rising 59.6% year-on-year to Rs 18.20 crore in FY26, indicating that margin improvement has outpaced topline growth in the most recent fiscal year.

Working Capital and Execution Capacity

The consolidated balance sheet as of FY26 shows a current ratio of 1.77x, providing adequate near-term liquidity to support execution of the new order. Total Liabilities/Equity stands at 0.95x, a level that does not raise immediate leverage concerns, though this figure includes trade payables and other non-debt liabilities and is not a pure debt measure. Operating cashflow was -Rs 3.70 crore in FY26 and -Rs 3.10 crore in FY25, indicating that reported profits have not yet converted to cash, and the working capital cycle warrants monitoring as the new contract moves into active execution.

What to Watch

• Execution rate: With this order representing roughly 41.4% of one quarter's revenue, the pace at which it flows into recognised revenue over coming quarters will be a key indicator of project delivery capability.
• OPM trajectory: Q4FY26 OPM of 29.16% is significantly above the TTM figure of 7.3%; whether the new contract sustains or compresses margins as it executes will determine earnings quality.
• Cash conversion: Operating cashflow has been negative for two consecutive fiscal years; monitoring whether the new contract improves or further stretches the working capital cycle is important.
• Promoter stake: The sharp decline in promoter holding from 96.80% to 70.67% between Q1FY27 and Q2FY27 is a significant development; the reason for and structure of this change merit close scrutiny.

Key Observations

• Cash conversion: Operating cashflow of -Rs 3.70 crore in FY26 and -Rs 3.10 crore in FY25; backlog is not converting to cash efficiently, and the receivables or working capital cycle appears stretched across both reported years.
• Promoter holding: Moved from 96.80% to 70.67% in Q2FY27, a 26.13 percentage point decline. This is a material change in promoter ownership and warrants investor attention regarding the nature and counterparty of the stake transfer.
• Valuation check (as of 21 Sep 2026): P/E of 16.4x against ROCE of 56.76%. At the time of this article, the valuation appeared undemanding relative to the return ratio, suggesting the market had not yet fully priced in the current return profile. (P/E is price-derived and will change; ROCE is from audited financials)
• Margin divergence: Q4FY26 standalone OPM of 29.16% versus TTM OPM of 7.3% indicates significant intra-year margin variability; the sustainability of the Q4 margin level through the new contract's execution cycle is a key variable to track.

Complete Sports & Management’s IPO closed with a 3.2x overall subscription, driven by a massive late-day surge in QIB interest. The issue crossed the fully subscribed mark in the final hours of Day 3, with QIB jumping from 0.88x to 7.25x.

Final Subscription Status

Category-wise Breakdown

• QIB: 7.25x (Surged +1971.4% intraday from 0.35x)
• NII (bHNI): 1.73x (Led by high-net-worth individual interest)
• NII (sHNI): 3.13x
• Retail: 1.12x
• Overall: 3.20x

Intra-day Momentum on Day 3

The subscription numbers picked up pace significantly after 1pm on the final day. QIB investors were the standout movers, jumping from 0.35x to 7.25x (+1971.4%). NII (bHNI) also saw strong momentum, rising from 0.22x to 1.73x (+686.4%).

About the Company

Complete Sports and Management India Limited (CSML), founded in 2002, is engaged in sourcing, trading, and distribution of diversified amusement and leisure equipment. The company provides installation, commissioning, maintenance, and advisory services across the amusement value chain. It is the authorized distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia, and Indonesia. Promoters Rohit Rajesh Mathur (MD) and Abha Rohit Mathur (CEO) lead the management team.

Financial Highlights

Revenue grew from ₹110.35 crores in FY 2025 to ₹117.09 crores in FY 2026. Profit after tax increased significantly to ₹18.18 crores from ₹11.41 crores.

Objects of the Issue

• Funding capital expenditure for gaming equipment at Bhiwandi warehouse: ₹39.88 crores
• Setting up 'Duckpin – The Bowling Bistro' entertainment centre in Mumbai: ₹8.09 crores
• Repayment and/or prepayment of outstanding borrowings: ₹11.50 crores
• General Corporate Purposes: Balance net proceeds

Risk Factors

• High Customer Concentration Risk: Top ten customers contributed 80.53% of revenue in Fiscal 2026.
• Dependence on Brunswick Bowling Products: Revenues from Brunswick equipment accounted for 50.21% of revenue in Fiscal 2026.
• Negative Cash Flow from Operations: Company reported negative cash flows from operating activities of ₹382.09 lakhs in Fiscal 2026.

What's Next

Allotment date is scheduled for 2026-09-02. The shares are expected to list on 2026-09-04. Basis of allotment will be determined by the registrar based on subscription levels.