CSM Technologies Limited

• Funding working capital requirements of our Company₹56.0 Cr
• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company₹22.6 Cr
• Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes₹50.2 Cr

• 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 lower number of contracts available for bidding, an increase in the time gap between invitation for bids and award of the contract, 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)

• Further, 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)

• 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)

• Since contracts are predominantly tender driven by government units, there is an inherent risk of not securing orders in such a competitive environment.(Competition)

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.

• CSM Technologies Limited - RHP17 Jun 2026