Complete Sports and Management India Limited (CSML) is engaged in the trading and distribution of amusement and entertainment equipment, along with installation, testing and commissioning, operations and maintenance, consulting and technical support services.
The company caters to multiple indoor entertainment formats, from bowling and arcade attractions to soft play, trampoline parks, laser tag, bumper cars and go-karting.
The company is also an authorised distributor of Brunswick Bowling Products in India, Singapore, Malaysia and Indonesia.
Complete Sports and Management India IPO is a book-built SME IPO proposed to be listed on the BSE SME platform. The issue comprises a fresh issue of 55.50 lakh Equity Shares, with no Offer for Sale. The price band is yet to be announced.
In this CSML IPO analysis, we examine the company's business, financial performance, valuation, strengths, risks and key factors investors should consider.
Briefs of Complete Sports and Management India IPO Details
Price Band: To be announced
IPO Open / Close Dates: 28 August 2026 / 1 September 2026
Lot Size: To be announced
Issue Size: Up to 55,50,000 Equity Shares / ₹[●] crore
Fresh Issue / OFS: Fresh Issue of up to 55,50,000 Equity Shares / OFS: Nil
Registrar: Bigshare Services Private Limited
Listing Exchange: BSE SME
Shareholders Quota
- Face Value: ₹10 per share
- Anchor Offer: Up to 60% of the QIB Portion
- QIB Shares Offered: Not more than 26,32,000 Equity Shares / Not more than 50% of the Net Issue
- NIIs Shares Offered: Not less than 7,92,000 Equity Shares / Not less than 15% of the Net Issue
- Individual Investors Shares Offered: Not less than 18,46,000 Equity Shares / Not less than 35% of the Net Issue
What is the GMP of Complete Sports and Management India IPO?
You can check the daily-changing GMP of Complete Sports and Management India IPO and other upcoming issues on our GMP Hub page.
However, GMP is an unofficial indicator driven by market demand and is not regulated by SEBI, NSE or BSE, so it should not be considered a guaranteed indication of the IPO's listing price or performance.
Investors seeking more insights into GMP and actual listing performance can also check our GMP vs Listing Performance Study 2026.
What is the Complete Sports and Management India IPO Timeline, including Key Dates and Allotment?
- IPO Open & Close Date: 28 August 2026 to 1 September 2026
- Basis of Allotment Date: 2 September 2026
- Refund Initiation Date: 3 September 2026
- Credit of Shares: 3 September 2026
- Listing Date: 4 September 2026
How will the Funds Raised through the Complete Sports and Management India IPO be Utilised?
The company's management proposes to utilise the net proceeds generated from the fresh issue for the following core corporate purposes:
- Capital Expenditure – Bhiwandi Warehouse: ₹39.88 crore will be utilised to purchase gaming equipment and other capital equipment, including computers, printers, software, equipment, tools, CCTV and safety equipment, with the proposed expansion into in-house assembly operations.
- Capital Expenditure – Duckpin: ₹8.09 crore will be utilised towards setting up the ‘Duckpin – The Bowling Bistro’ entertainment centre in Mumbai.
- Debt Repayment: ₹11.50 crore will be utilised for repayment and/or prepayment, in full or in part, of certain outstanding borrowings from banks and financial institutions.
- General Corporate Purposes: The remaining amount will be allocated towards general corporate purposes. The RHP states that this amount will be finalised after determination of the Issue Price and will not exceed 15% of the gross proceeds of the Fresh Issue or ₹10 crore, whichever is lower.
How has Complete Sports and Management India's Financial Performance Evolved?
Provided below is a summary of the financial statements for Complete Sports and Management India, presented in Indian Rupees (in crores).
Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
Total Income | 115.20 | 111.42 | 82.61 |
Profit After Tax | 17.95 | 11.41 | 10.12 |
EBITDA | 23.29 | 14.78 | 12.66 |
Total Borrowing | 8.99 | 2.19 | 2.14 |
Assets | 83.03 | 69.43 | 47.23 |
Source: RHP
Financial Observations
Total Income
The company recorded strong growth in total income over the period, although the pace moderated in FY26.
- Total income increased from ₹82.61 crore in FY24 to ₹115.20 crore in FY26.
- FY25 total income grew 34.88%, while FY26 growth moderated to 3.40%.
- FY26 standalone revenue growth was primarily supported by higher Bowling and Management Contract revenue, partly offset by declines in Go-Karting and Arcade Games.
Complete Sports and Management India Limited (CSML) Total Income (Cr.)
Profit After Tax
Net profitability improved substantially in FY26.
- PAT increased from ₹10.12 crore in FY24 to ₹17.95 crore in FY26.
- PAT margin improved from 12.41% in FY24 to 15.81% in FY26, after declining to 10.34% in FY25.
- FY26 PAT increased 57.35% over FY25, according to the RHP's standalone financial analysis.
Complete Sports and Management India Limited (CSML) IPO profit after tax from In Cr
Adjusted EBITDA
Operating profitability strengthened considerably in FY26.
- Adjusted EBITDA increased from ₹12.66 crore in FY24 to ₹23.29 crore in FY26.
- Adjusted EBITDA margin improved from 15.54% in FY24 to 20.51% in FY26, after falling to 13.39% in FY25.
- The RHP defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortisation, adjusted for other income.
Complete Sports and Management India Limited (CSML) IPO EBITDA (In Cr.)
Total Borrowing
Borrowings remain relatively low but increased materially in FY26.
- Total borrowings increased from ₹2.14 crore in FY24 to ₹8.99 crore in FY26.
- The increase was primarily due to short-term borrowings, which rose to ₹7.89 crore in FY26 from ₹2.17 crore in FY25 and ₹1.49 crore in FY24.
- Despite the increase, the company's Debt-to-Equity ratio was 0.21x in FY26, compared with 0.09x in FY25 and 0.16x in FY24.
Complete Sports and Management India Limited (CSML) IPO Borrowings In Cr
Assets
The company's asset base expanded significantly during the period.
- Total assets increased from ₹47.23 crore in FY24 to ₹83.03 crore in FY26, an increase of approximately 75.8%.
- Current assets increased from ₹32.66 crore to ₹67.28 crore, while Property, Plant and Equipment increased from ₹0.50 crore to ₹3.03 crore over the same period.
- Trade receivables were a major component of the FY26 current-asset base, rising to ₹47.94 crore from ₹12.30 crore in FY25 and ₹7.64 crore in FY24.
What Are the P/E Ratio and Peer Comparison of Complete Sports and Management India?
The Price-to-Earnings (P/E) ratio is calculated by dividing the IPO price per share by the company's Earnings Per Share (EPS). Since the price band has not yet been announced, the P/E ratio for Complete Sports and Management India cannot be calculated at this stage. The company's FY26 Basic EPS stands at ₹11.96 per share.
The RHP does not provide any listed peer-company comparison for Complete Sports and Management India. Therefore, a peer P/E comparison cannot be presented based on the RHP.
Name of the Company | Total Revenue (₹ Cr) | Face Value (₹) | Basic EPS (₹) | P/E Ratio | RoNW (%) |
Complete Sports and Management India | 115.20 | 10 | 11.96 | To be calculated | 53.55 |
Analysis:
Complete Sports and Management India enters the primary market with a strong profitability profile, reporting a FY26 PAT of ₹17.95 crore and an Adjusted EBITDA of ₹23.29 crore. Its 53.55% RoNW indicates strong returns generated on shareholders' net worth.
The company operates on a relatively smaller revenue base of ₹115.20 crore, but its profitability has improved significantly. PAT increased from ₹10.12 crore in FY24 to ₹17.95 crore in FY26, while the PAT margin reached 15.81% in FY26.
The company's Adjusted EBITDA margin also improved to 20.51% in FY26, compared with 13.39% in FY25, highlighting the sharp improvement in operating profitability.
The valuation assessment will be based on the IPO's final price band and the company's FY26 EPS of ₹11.96. The resulting P/E multiple will be updated in this section once the price band is announced.
What is the Industry Outlook of Complete Sports and Management India?
Growth potential
- Rising discretionary spending: Increasing consumer spending on entertainment is supporting organised indoor amusement formats.
- Urbanisation and demographics: Urbanisation, favourable demographics and growing organised entertainment infrastructure support industry expansion.
- Tier I & II expansion: Indoor entertainment is expanding beyond metros, with compact formats combining bowling, arcades, VR and other attractions.
Market trends
- Technology integration: VR, AR, interactive gaming, AI and digital payment systems are increasingly being adopted.
- Multi-entertainment formats: Operators are combining gaming, attractions, dining and events to create longer, more integrated customer experiences.
- Capital intensity: Indoor amusement centres require significant investment in specialised equipment, interiors, civil works and safety systems.
What Are the Strengths and Potential Risks of Complete Sports and Management India IPO?
Strengths:
- Established Industry Position: CSML has evolved into a diversified amusement solutions provider covering equipment sourcing, installation, maintenance, operations and consulting.
- Strong Brunswick Relationship: CSML is the authorised and exclusive distributor of Brunswick Bowling products in India, Singapore, Malaysia and Indonesia. Brunswick equipment contributed 50.21% of FY26 revenue from operations.
- Diversified Portfolio: The company offers bowling, arcade games, soft play, trampoline parks, laser tag, bumper cars, go-karting and cashless gaming solutions.
- Forward Integration: CSML has entered venue operations through All Sett Go and Duckpin – The Bowling Bistro, expanding beyond its traditional distribution business.
Risks:
- Brunswick Concentration: Brunswick equipment accounted for 50.21% of FY26 revenue, making the company significantly dependent on this supplier relationship. The RHP warns that loss of exclusivity or supply disruptions could materially affect the business.
- Capital and Working-Capital Pressure: The indoor amusement industry requires significant investment in specialised equipment and infrastructure and faces working-capital pressure.
- New Venue Execution Risk: The company's newer venue-operations strategy requires successful execution as it expands beyond its traditional equipment distribution and services business.
Key Considerations for Investors
- Negative Operating Cash Flow: The company reported negative operating cash flow of ₹3.82 crore in FY26 despite operating profit before working-capital changes of ₹25.00 crore. The outflow was primarily affected by the ₹35.64 crore increase in trade receivables.
- Receivables Risk: Trade receivables increased to ₹47.94 crore in FY26, while trade receivable days rose sharply to 97 days, compared with 33 days in FY25 and 28 days in FY24.
- Brunswick Dependence: Brunswick equipment contributed 50.21% of FY26 revenue from operations, creating meaningful supplier-concentration and exclusivity risk.
- Customer Segment Concentration: Family Entertainment Centres contributed 87.47% of FY26 revenue from operations, making demand from this customer segment particularly important to the company's performance.
- Growth Sustainability: Revenue from operations grew 39.33% between FY24 and FY26, but the RHP cautions that the recent growth rate may not be sustainable and highlights risks from competition, changing preferences, customer spending and project execution.
- Strong Execution Track Record: Since 2002, CSML has installed 1,500+ Brunswick Bowling Lanes, deployed 17,000+ Arcade & Amusement Games, collaborated with 250+ Amusement Centers and served 150+ customers across India and the SAARC Region.
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5. 62 Mainboard IPOs: GMP vs Actual Listing Performance – A Data Study
6. July 2026 IPO Review: 33 IPOs, ₹21140.52 Cr Raised & 56.37x Average Subscription
Key Takeaways
- IPO Price Band: To be updated
- Lot Size: To be updated
- Allotment Date: 2 September 2026
- Listing Date: 4 September 2026
FAQ
What is the latest GMP for the Complete Sports and Management India IPO?
You can check the daily-changing GMP of this and other IPOs on our GMP Hub page. GMP is an unofficial indicator driven by market demand and is not regulated by SEBI, NSE or BSE.
What is Complete Sports and Management India IPO price band?
The IPO price band will be updated once the company announces the price band.
What is Complete Sports and Management India IPO allotment date?
The share allotment is scheduled for 2 September 2026.
How to check Complete Sports and Management India IPO allotment status?
Investors can check their allotment status on the Bigshare Services Private Limited registrar's website or through the BSE platform by submitting their PAN or application details.
What is Complete Sports and Management India IPO listing date?
The equity shares are scheduled to be listed on 4 September 2026 on the BSE SME platform.
Disclaimer: This IPO analysis is for informational purposes only and is not investment advice. Investors should read the RHP and conduct their own research before investing. GMP is unofficial and unregulated.
