Updated on 18.06.2026|9:02 PM
CSM Technologies Limited is set to launch its Initial Public Offering (IPO). It is an established IT and ITeS firm specialising in digital transformation and e-governance solutions across various sectors.
This IPO will be open for investor bidding from Wednesday, June 24, 2026, until Monday, June 29, 2026.
Through this 100% book-built fresh issue, the company intends to raise approximately ₹145.78 Crores at the price band of ₹107 – ₹113 per equity share.
The proceeds are earmarked for funding working capital requirements, repaying debt, and fuelling strategic inorganic growth initiatives.
Read this article to get the latest CSM Technologies IPO details, such as the GMP, price limits, allotment timeline, and our review.
CSM Technologies IPO Details:
- Price Band: ₹107 – ₹113 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: June 24, 2026 – June 29, 2026
- Lot Size: 132 Shares (Minimum Retail Investment: ₹14,916)
- Issue Size: 1,29,01,000 Equity Shares / ~₹145.78 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE, NSE
IPO Reservation:
The company is offering a total of 1,29,01,000 shares in this issue.The net offer is allocated as follows:
- QIB Portion: Not more than 50% of the Net Issue (Anchor Investors may be allocated up to 60% of this portion).
- NII (HNI) Portion: Not less than 15% of the Net Issue.
- Retail (RII) Portion: Not less than 35% of the Net Issue.
What is the Latest GMP for the IPO of CSM Technologies?
Our GMP hub page lets you monitor the grey market rates for this IPO and others.
For more analysis on GMP behaviour check our report on GMP vs Listing Gains May 2026 IPOs: A Data Analysis of 14 IPOs.
Note: These rates change daily based on market interest and also they are unofficial indicators.
What is the Detailed Timeline of Important Events in the CSM Technologies IPO?
The table below outlines the important events and timelines that investors should be aware of when allocating funds to the IPO.
- IPO Open Date: Wednesday, June 24, 2026
- IPO Close Date: Monday, June 29, 2026
- Basis of Allotment Date: Tuesday, June 30, 2026
- Refund Initiation Date: Wednesday, July 1, 2026
- Credit of Shares: Wednesday, July 1, 2026
- Listing Date: Thursday, July 2, 2026
What Are The Objectives of CSM Technologies IPO?
The firm intends to spend the net funds from this offer on the following plans:
- Working Capital: A significant allocation of ₹56.00 Crores is earmarked for meeting incremental working capital requirements, essential for managing the long receivables cycle typical in government IT contracts.
- Debt Repayment: The company plans to allocate around ₹22.63 Crores for the repayment or prepayment of existing debt, which is expected to lower finance costs and improve its leverage profile.
- Inorganic Growth & Corporate Purposes:The rest of the money, up to 35% of the total raised, will pay for buying other businesses and daily company running costs.
How is The Financial Performance of CSM Technologies?
The table below highlights the key financial performance metrics of the company.
(Figures in ₹ Crores)
Period Ended | 31 Dec 25 (9M) | 31 Mar 25 | 31 Mar 2024 | 31 Mar 23 |
Total Income | 167.05 | 200.63 | 198.65 | 161.50 |
Profit After Tax (PAT) | 14.70 | 14.09 | 12.55 | 15.82 |
EBITDA | 30.07 | 29.27 | 23.71 | 27.87 |
Total Borrowing | 74.50 | 32.17 | 30.04 | 5.55 |
Assets | 206.00 | 154.55 | 124.45 | 80.02 |
Source: RHP
Financial Analysis & Observations:
·Total Income:
The company demonstrated steady revenue scaling over the past three fiscal years, though growth plateaued slightly between FY24 and FY25.
- Total Income grew from ₹161.50 Crores in FY23 to ₹200.63 Crores in FY25.
- The 9-month period ending December 2025 recorded ₹167.05 Crores, indicating sustained demand.
- This growth is heavily reliant on government e-governance contracts, particularly in the state of Odisha.
·Profit After Tax (PAT):
Net profitability experienced some volatility before stabilizing in the recent periods.
- PAT dipped from ₹15.82 Crores in FY23 to ₹12.55 Crores in FY24, before recovering to ₹14.09 Crores in FY25.
- The recent 9-month period (ending Dec 2025) showed a robust PAT of ₹14.70 Crores, already surpassing the previous full year.
- This recovery suggests improved margin realisation on newer projects.
· EBITDA:
Operational efficiency improved as the company managed its direct costs effectively across its large-scale projects.
- EBITDA increased to ₹29.27 Crores in FY25, up from ₹23.71 Crores in FY24.
- The EBITDA margin stood at a healthy 14.69% in FY25 and expanded further to 18.16% in the recent 9-month period.
- This highlights the company's capability to maintain core profitability in a competitive IT bidding landscape.
Total Borrowing:
To fund its working capital-intensive government contracts, the company has drastically increased its reliance on external debt.
- Total borrowings surged from just ₹5.55 Crores in FY23 to ₹74.50 Crores by December 2025.
- This massive debt accumulation is tied to extended trade receivable cycles (129 days in 9MFY26).
- The planned IPO debt repayment of ₹22.63 Crores will be crucial in managing this leverage.
·Assets:
The asset base has expanded rapidly to support the growing order book and operations.
- Total assets grew from ₹80.02 Crores in FY23 to ₹206.00 Crores by December 2025.
- A significant portion of this growth (over 41%) is locked in trade receivables.
- This highlights the capital-intensive nature of fulfilling large public sector IT deployments.
What Are the P/E Ratio and Peer Comparison?
To determine whether the IPO is reasonably valued, we consider the Price-to-Earnings (P/E) ratio derived from the top end of the price band.
- Issue Price (Upper Band): ₹113
- EPS (FY25): ₹3.72
- P/E Ratio: ~30.37x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Revenue (₹ Crores) |
CSM Technologies | 30.37 | 18.49 | 3.72 | 199.24 |
Allied Digital Service | 24.44 | 5.34 | 4.98 | 807.07 |
Trigyn Technologies | 14.58 | 1.59 | 3.82 | 898.05 |
Dev Information Tech | 4.12 | 21.54 | 6.85 | 170.66 |
Silver Touch Tech | 11.91 | 16.60 | 288.38 | 17.50 |
Analysis:
CSM Technologies is entering the market at a P/E multiple of approximately 30.37x based on its FY25 EPS.
When compared to the industry average of ~14.28x and listed peers like Allied Digital (24.44x) and Trigyn Technologies (14.58x), the issue is priced at a noticeable premium.
However, investors must weigh this premium against CSM's superior Return on Net Worth (RoNW) of 18.49%, which significantly outperforms peers like Allied Digital (5.34%) and Trigyn (1.59%).
This suggests that while the valuation is rich, the company uses its equity much more efficiently than its larger revenue-generating competitors.
What is The Industry Outlook of CSM Technologies?
Growth Potential: The IT and ITeS sector in India continues to benefit from rapid digital transformation, specifically the government's push for e-governance and digital public infrastructure.
Market Trends: There is a growing demand for proprietary, customizable platforms like Low Code No Code (LCNC) and AI orchestration, which CSM Technologies provides, allowing for faster deployment of public services.
What Are The Strengths and Risks of CSM Technologies IPO?
Strengths:
- Strong Order Book: An outstanding order book of over ₹357 Crores provides excellent revenue visibility for the medium term.
- Proprietary IP: Owning platforms like LCNC and patented Ore Sampling Technology creates a strong competitive moat against generic IT service providers.
- High Capital Efficiency: A RoNW of 18.49% (FY25) indicates efficient management of shareholder funds.
Risks:
- Extreme Concentration: Over 63% of recent revenue comes from government tenders, specifically heavily concentrated (62%) in the state of Odisha, exposing the firm to regional and political risks.
- Working Capital & Cash Flow: The company reported negative operating cash flows (-₹24.20 Crores in 9MFY26) due to severe delays in trade receivables (129 days).
- Auditor Warnings: Statutory auditors raising "substantial doubt" about the going concern status of two foreign subsidiaries is a significant red flag.
Key Considerations for Investors
- Valuation vs. Risk: At ~30.3x P/E, the IPO is priced at a premium. Investors must balance this against the high concentration risk and working capital intensity typical of B2G (Business-to-Government) models.
- Cash Flow Profile: The negative cash flow from operations is a critical metric to monitor; the successful deployment of the ₹56 Crore working capital allocation from the IPO is essential to stabilize this.
- Governance/Auditor Notes: The auditor's remarks regarding foreign subsidiaries require careful assessment by risk-averse investors.
Key Takeaways
- IPO Price: ₹113 per share (Upper Band).
- Min Investment: ₹14,916 (132 Shares).
- Valuation: P/E of ~30.37x (Premium to Peers).
- Financials: Revenue ₹200 Cr (FY25); Negative Cash Flows.
- Listing: BSE & NSE on July 2, 2026.
Other Important IPO Resources:
3. Daily IPO Subscription Status
4. IPO Valuation vs Listing Performance Study 2026
5. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
6. IPO Glossary
FAQs on CSM Technologies IPO
What is the Current GMP for the CSM Technologies IPO?
The GMP reflects prevailing market sentiment and is subject to frequent changes. Readers may check our dedicated GMP section or trusted financial media outlets for the latest figures.
What are the lower and upper price limits of the CSM Technologies IPO?
Investors can bid for the IPO within the price band of ₹107 to ₹113 per equity share.
When will the allotment results for the CSM Technologies IPO be finalized?
The official share allotment results are expected to be ready on Tuesday, June 30, 2026.
How to check CSM Technologies IPO allotment status?
Investors can access their allotment details through Kfin Technologies Ltd., the issue registrar, or by using the IPO allotment portals provided by BSE and NSE.
When is CSM Technologies scheduled to make its debut on the NSE and BSE?
The company's shares are provisionally scheduled to debut on the stock exchanges on Thursday, July 2, 2026.
Investment Perspective on CSM Technologies IPO
CSM Technologies offers a play on India's growing e-governance and digital transformation theme, backed by a strong order book and proprietary tech.
However, the premium valuation, heavy reliance on government contracts in a single state, and strained working capital cycles are significant risks that necessitate a cautious approach.
Disclaimer:
This article has been published for educational purposes and is not a recommendation to invest. It is advisable for readers to obtain professional advice from a SEBI-registered investment advisor before making any investment decisions.
