Bench Mark Infotech Services Limited, a Kolkata-headquartered integrated IT and digital infrastructure solutions provider, has filed its Draft Red Herring Prospectus for an SME IPO. The company proposes to raise ₹30.00 crore through a fresh issue only, with no offer for sale component. Incorporated in 2007, the firm has over 19 years of operational history serving government departments, PSUs, and institutional clients.

About the Company

Bench Mark Infotech operates as an end-to-end technology infrastructure services company. Its core service verticals include LAN/WAN networking, audio-visual systems, surveillance, data centre solutions, AI labs, cybersecurity, and fibre optic services. The company executes projects under a tender-based model, handling design, supply, installation, commissioning, and Annual Maintenance Contracts (AMCs). It holds empanelments with BSNL as a National Level System Integrator and RailTel as a Business Partner, along with registered vendor status with NTPC, SAIL, IOCL, PGCIL, AAI, and ONGC.

Financial Performance

The company has demonstrated robust top-line growth, with revenue from operations increasing from ₹34.10 crore in FY2024 to ₹60.53 crore in FY2026, representing a CAGR of 33.24%. Net profit surged from ₹1.48 crore in FY2024 to ₹10.22 crore in FY2026. However, operating cash flow turned negative at -₹6.77 crore in FY2026, primarily driven by a significant increase in trade receivables.

Why the Company Is Raising Funds

The entire fresh issue proceeds of ₹30.00 crore are designated for funding working capital requirements for Fiscal 2027 and 2028. This infusion aims to support anticipated growth in integrated IT infrastructure project operations and address the working capital-intensive nature of its business model.

Business Strengths

The company benefits from an integrated business model that offers single-vendor convenience for clients across the project lifecycle. It maintains strong customer stickiness, with repeat customers accounting for 56.10% of total customers in FY2026 and an average top customer relationship duration of 11 years. Strategic empanelments with major telecom entities like BSNL and RailTel provide access to large government contracts.

Key Risks

A primary concern is high customer concentration, with the top 10 customers contributing 94.19% of total revenue in FY2026. Additionally, trade receivables stood at ₹5,497.96 lakhs as of March 31, 2026, representing 280 days outstanding. The bid-to-win ratio declined from 41.07% in FY2024 to 30.43% in FY2026, indicating increasing competitive pressure. Geographic concentration is also notable, with Bihar, Odisha, and West Bengal contributing 80.04% of revenue in FY2026.

Important IPO Dates

• IPO Opening Date: 25-Sep-2026
• IPO Closing Date: 29-Sep-2026
• Allotment Date: 30-Sep-2026
• Listing Date: 05-Oct-2026

Offer Details

• Issue Type: Fresh Issue Only
• Fresh Issue Size: ₹30.00 Crore
• Offer for Sale: Nil
• Price Band: Not Available

Bottom Line

Bench Mark Infotech presents a growth story with a 33.24% revenue CAGR and expanding margins, supported by strong government empanelments. However, the sharp reversal in operating cash flow to negative territory and extreme customer concentration remain critical factors alongside the proposed working capital infusion.