Complete Sports & Management India IPO: Check Price Band, Timeline & Key Details
- Complete Sports & Management India files DRHP for IPO opening on 28-Aug-2026.
- Consolidated revenue grew to ₹117.09 Cr and PAT to ₹18.18 Cr in FY2026.
- Proceeds to fund capex (₹39.88 Cr), entertainment centre setup (₹8.09 Cr), and debt repayment (₹11.50 Cr).
- Key risks include high customer concentration (80.53%) and negative operating cash flows.
- Price band and issue size details are pending in the final RHP.
*this image is generated using AI for illustrative purposes only.
Complete Sports & Management India Limited (CSML) has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering. The Mumbai-based company, engaged in the sourcing, trading, and distribution of amusement and leisure equipment, plans to list on Indian stock exchanges. The IPO is scheduled to open on 28-Aug-2026 and close on 01-Sep-2026. While the price band and total issue size are not yet disclosed in the DRHP, the company intends to use proceeds for capital expenditure, debt repayment, and general corporate purposes.
Company Overview
CSML operates across the amusement, entertainment, and leisure infrastructure value chain. Incorporated in 2002, the company provides end-to-end solutions including sourcing, installation, commissioning, maintenance, and advisory services. Its client base includes Family Entertainment Centres (FECs), clubs, hotels, resorts, corporate clients, and residential developments.
A key competitive strength is its exclusive distributorship of Brunswick Bowling Products LLC in India, Singapore, Malaysia, and Indonesia since January 1, 2010. The company has also moved into forward integration by launching 'All Sett Go' in April 2026 and 'Duckpin – The Bowling Bistro' in July 2026. Promoters, led by Managing Director Rohit Rajesh Mathur, bring over 40 years of combined industry experience.
Offer Details
The IPO timeline is set as follows:
- IPO Opening Date: 28-Aug-2026
- IPO Closing Date: 01-Sep-2026
- Allotment Date: 02-Sep-2026
- Listing Date: 04-Sep-2026
Specific details regarding the price band, lot size, and total issue size are not available in the current DRHP data. The fresh issue component includes funding for capex, debt repayment, and general corporate purposes. An Offer for Sale (OFS) component was not specified in the provided data.
Financial Highlights
CSML has demonstrated strong revenue and profit growth over the last three years. Consolidated revenue from operations grew from ₹110.35 Cr in FY2025 to ₹117.09 Cr in FY2026. Profit After Tax (PAT) improved significantly to ₹18.18 Cr in FY2026 (consolidated) from ₹11.41 Cr in FY2025.
| Metric (₹ Crore) | FY2026 (Consolidated) | FY2025 (Consolidated) | FY2024 (Standalone) |
|---|---|---|---|
| Revenue from Operations | 117.09 | 110.35 | 81.50 |
| Total Revenue | 118.76 | 111.42 | 82.61 |
| Profit Before Tax (PBT) | 24.44 | 15.62 | 13.55 |
| Profit After Tax (PAT) | 18.18 | 11.41 | 10.12 |
| Total Equity | 42.72 | 24.58 | 13.17 |
Despite positive PAT, the company reported negative cash flows from operating activities of ₹3.65 Cr (consolidated) in FY2026 and ₹3.82 Cr (standalone) in FY2026, indicating potential working capital build-up.
Objects of the Issue
The proceeds from the IPO will be utilized for the following purposes:
- Funding capital expenditure for gaming equipment and other capital equipment at Bhiwandi warehouse: ₹39.88 Crore
- Setting up 'Duckpin – The Bowling Bistro' entertainment centre in Mumbai: ₹8.09 Crore
- Repayment and/or prepayment of outstanding borrowings from banks and financial institutions: ₹11.50 Crore
- General Corporate Purposes: Balance Net Proceeds
Risk Factors
Investors should note the following material risks highlighted in the DRHP:
- High Customer Concentration: Top 10 customers contributed 80.53% of revenue in FY2026. Loss of major clients could materially impact performance.
- Dependence on Brunswick: Brunswick revenues accounted for 50.21% of FY2026 revenue. Any loss of exclusivity poses a significant risk.
- Negative Operating Cash Flows: The company reported negative operating cash flows of ₹3.82 Cr (standalone) in FY2026 despite positive profits.
- Supplier Concentration: Top 10 suppliers accounted for 81.93% of total purchases in FY2026, creating supply chain dependency.
- Geographic Concentration: Maharashtra, Karnataka, and Telangana collectively contributed 78.57% of revenue in FY2026.
Valuation & Peer Comparison
Valuation metrics such as P/E ratio cannot be calculated as the price band and post-issue equity are not yet available. Peer comparison data was not provided in the DRHP. Investors will need to wait for the final Red Herring Prospectus (RHP) for detailed valuation benchmarks against listed peers in the amusement and leisure sector.
Bottom Line
Complete Sports & Management India presents a profile of strong top-line and bottom-line growth, bolstered by an exclusive international distributorship. However, investors must carefully weigh the high concentration risks in customers, suppliers, and geography, alongside the divergence between reported profits and negative operating cash flows. The final decision should await the disclosure of the price band and detailed peer comparisons in the RHP.
How might the divergence between rising PAT and negative operating cash flows impact CSML's valuation multiples compared to peers with healthier cash conversion cycles?
What specific strategies will CSML employ to mitigate the risk of losing its exclusive Brunswick distributorship, which accounts for over 50% of its revenue?
Could the shift towards forward integration with 'All Sett Go' and 'Duckpin' alter the company's risk profile by reducing dependence on B2B client concentration?
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