CSM Technologies Limited
RHP · filed 17 Jun 2026
CSM Technologies Limited is a company that generates revenue primarily from government tenders, which accounted for over 63% of its revenue from operations in the most recent fiscal year. The company reported a revenue of Rs 165.52 crore and a profit after tax of Rs 14.70 crore for the latest period, with a return on equity of 15.93%. The offer is structured as a fresh issue of shares, and the company's financial trajectory shows a revenue CAGR of 1.05%. The most material risks include a heavy dependence on government tenders, which account for over 70% of revenue, and the potential for delays or cancellations of these contracts due to government policies or budgetary issues.
What stands out
Risk factor. Our business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of our revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
Risk factor. Delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact our business through contract foreclosures, terminations, restructurings, or renegotiations, affecting our operations and financial performance.
Risk factor. In the event any one or more of these customers cease to release tenders, our business may be adversely affected.
Risk factor. Contracts with government and government-owned customers may be subject to extensive internal processes, policy changes, government or external budgetary allocation, insufficiency of funds and political pressure, which may lead to a renegotiation of the terms of these contracts after they are awarde
Healthy return on equity. ROE of 15.9%.
How the offer is structured
- Funding working capital requirements of our Company₹5.60k Cr
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company₹2.26k Cr
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes
Restated financials
Revenue
₹166 Cr
Latest fiscal year
Profit after tax
₹14.7 Cr
Revenue CAGR
1.1%
Return on equity
15.9%
Debt / equity
0.86
PAT CAGR
-2.4%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2022 | ₹160 Cr | ₹15.8 Cr | ₹50.3 Cr | |
| 2023 | ₹197 Cr | ₹12.5 Cr | ₹59.7 Cr | |
| 2024 | ₹199 Cr | ₹14.1 Cr | ₹77.0 Cr | |
| 2025 | ₹166 Cr | ₹14.7 Cr | ₹92.3 Cr |
Promoters, litigation & related parties
Promoter (pre)
93.6%
Related-party
3.9%
Share of revenue
Risks the company discloses
Our business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of our revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.(Customer Concentration)
Delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact our business through contract foreclosures, terminations, restructurings, or renegotiations, affecting our operations and financial performance.(Government Policy)
In the event any one or more of these customers cease to release tenders, our business may be adversely affected.(Customer Concentration)
Contracts with government and government-owned customers may be subject to extensive internal processes, policy changes, government or external budgetary allocation, insufficiency of funds and political pressure, which may lead to a renegotiation of the terms of these contracts after they are awarded, or delays in payments against our invoices.(Government Policy)
If a government or government-owned customer terminates its agreement with us, we are typically entitled to compensation, unless the agreement is terminated pursuant to a material breach of contract by us. However, the recovery of such compensation is typically a time-consuming process and the amount we are paid may not be adequate to recover the costs already incurred.(Contractual Risk)
Government and government-owned customers typically have the right to change the scope of work to include additional work which was not contemplated at the time of execution of the contract. Although we may be entitled to additional fees for such increased scope of work (subject to a fixed cap), we may be required to mobilize additional resources, which may not be readily available on reasonable terms or within the stipulated project timelines.(Operational Risk)
Out of the total projects awarded to us, 70.59%, 100.00%, 91.67% and 91.30% of such projects in the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively were secured through competitive bidding process from government entities.(Competition)
Failure to qualify for, complete or win new contracts could negatively impact our business, potentially affecting our financial condition, operational results, growth prospects, and cash flow stability.(Competition)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.