CSM Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹113 | ₹0 |
| 01 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹113 | ₹0 |
| 30 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹113 | ₹0 |
| 29 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹113 | ₹0 |
| 28 Jun 2026 | ₹4 | +3.54% | ₹400 | ₹117 | ₹528 |
| 27 Jun 2026 | ₹4 | +3.54% | ₹400 | ₹117 | ₹528 |
| 26 Jun 2026 | ₹4 | +3.54% | ₹400 | ₹117 | ₹528 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Jun 2026 – 29 Jun 2026
- Listing date
- 02 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹113
- Issue price
- ₹113 per share
- Lot size
- 132 shares
- Total issue size
- ₹146 Cr
- Market cap at offer price
- ₹583 Cr
- Promoter holding
- 94.90% → 71.18% pre-issue → post-issue
- ISIN
- INE0ZK601013
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Keynote Financial Services Ltd.
- Registered office
- Plot No-E/56, Infocity-1, Chandrasekharpur, Dist.: Khurda, Khordha, Odisha
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,70,120 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 132 shares per lot, in multiples, at ₹113
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 132 | ₹14,916 |
| Retail (max) | 13 | 1,716 | ₹1,93,908 |
| S-HNI (min) | 14 | 1,848 | ₹2,08,824 |
| S-HNI (max) | 67 | 8,844 | ₹9,99,372 |
| B-HNI (min) | 68 | 8,976 | ₹10,14,288 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹113 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.64 | 3.80 |
| P/E (×) | 31.04 | 29.74 |
| Price to book (×) | 0.95 | — |
| Market cap | — | ₹583 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 18.49%
- ROCE
- 22.62%
- Debt / equity
- 0.46
- PAT margin
- 7.02%
- EBITDA margin
- 14.69%
- NAV per share
- ₹118.73
- Price to book
- 0.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About CSM Technologies
Incorporated in 1998 and headquartered in Bhubaneswar, Odisha, CSM Technologies Limited is an IT solutions company with twenty-seven years of experience in designing, developing and implementing e-governance platforms and digital infrastructure, operating as a long-term digital transformation partner to government agencies. It serves a diverse client base comprising government agencies, public sector undertakings (PSUs), development agencies and enterprises, operates across multiple Indian states (Odisha, Bihar, New Delhi, Uttar Pradesh, Jharkhand, Chhattisgarh and others) and internationally in Africa (Ethiopia, The Gambia, Gabon, Kenya, Rwanda) and North America (Canada and parts of the USA). It makes money by providing software solutions and services across seven verticals - mining and allied services, government and public services, agriculture and allied services, education, industry & trade facilitation, healthcare and tourism - with the majority of projects awarded through competitive bidding from government entities (70.59% of projects in the nine months ended December 31, 2025), and government customers contributing 63.45% of its ₹16,552.36 lakh revenue from operations for the nine months ended December 31, 2025 (Fiscal 2025 revenue from operations: ₹19,924.42 lakhs; PAT: ₹1,408.65 lakhs). Subsidiaries named in the document include Kwantify Solutions Private Limited, CSM Technologies Inc, CSM Tech Corp, CSM USA Inc and CSM Dubai.
Company Analysis
from RHPCSM Technologies Limited is an Indian IT/ITeS company specialising in GovTech solutions, e-governance platforms and digital transformation services, delivering technology solutions to government agencies, PSUs, development agencies and enterprises across sectors such as mining, government & public services, agriculture, industry & trade facilitation, education, healthcare and tourism.
Incorporated in 1998 and headquartered in Bhubaneswar, Odisha, CSM Technologies Limited is an IT solutions company with twenty-seven years of experience in designing, developing and implementing e-governance platforms and digital infrastructure, operating as a long-term digital transformation partner to government agencies. It serves a diverse client base comprising government agencies, public sector undertakings (PSUs), development agencies and enterprises, operates across multiple Indian states (Odisha, Bihar, New Delhi, Uttar Pradesh, Jharkhand, Chhattisgarh and others) and internationally in Africa (Ethiopia, The Gambia, Gabon, Kenya, Rwanda) and North America (Canada and parts of the USA). It makes money by providing software solutions and services across seven verticals - mining and allied services, government and public services, agriculture and allied services, education, industry & trade facilitation, healthcare and tourism - with the majority of projects awarded through competitive bidding from government entities (70.59% of projects in the nine months ended December 31, 2025), and government customers contributing 63.45% of its ₹16,552.36 lakh revenue from operations for the nine months ended December 31, 2025 (Fiscal 2025 revenue from operations: ₹19,924.42 lakhs; PAT: ₹1,408.65 lakhs). Subsidiaries named in the document include Kwantify Solutions Private Limited, CSM Technologies Inc, CSM Tech Corp, CSM USA Inc and CSM Dubai.
Objects of the Issue
- Funding working capital requirements of our Company ₹ 5,600.00 lakhs p.6
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹ 2,262.75 lakhs p.6
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes (cumulative utilisation capped at 35% of Gross Proceeds; acquisitions capped at 25% and general corporate purposes capped at 25% of Gross Proceeds) p.6
Issue Structure
- Total Issue
- Up to 1,29,01,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 1,29,01,000 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹ 10
Business Model
Earns revenue from providing technology solutions - e-governance platforms, digital infrastructure and software services - under contracts with government agencies, PSUs, development agencies and enterprises, with most projects secured through competitive bidding from government entities (70.59% of total projects awarded in the nine months ended December 31, 2025); government clientele contributed 63.45% of revenue from operations in that period, with the balance from non-government clients including PSUs (36.55%), and ~93.93% of revenue from within India and 6.07% from outside India.
Business Segments
SWOT Analysis
- • Deep sectoral expertise across a diversified spectrum of industries(p.5)
- • Proprietary technology and patented in-house innovations(p.5)
- • Extensive geographic footprint with scalable operations(p.5)
- • Established presence in a high-entry-barrier industry(p.5)
- • Experienced Promoters and Senior Management with domain knowledge(p.5)
- • Track record of healthy financial performance(p.5)
- • Amongst the few IT solutions companies delivering first-of-its-kind projects for government and private sector(p.3)
- • Twenty-seven years of e-governance experience; long-term digital transformation partner to government agencies(p.3)
- • Heavy dependence on government tenders, which accounted for ~63.45%-77.13% of revenue from operations(p.10)
- • Geographic concentration in eastern India/Odisha, contributing 62.56%-83.95% of revenue from operations(p.11)
- • High customer concentration - top 10 customers account for ~78.63%-85.27% of Order Book value/revenue(p.11)
- • Reliance on top 10 suppliers for critical IT infrastructure (24.00%-34.80% of Revenue from Operations)(p.11)
- • Inability to obtain or protect intellectual property rights(p.11)
- • Statutory auditors reported reservations, qualifications, adverse remarks and matters of emphasis on the Restated Consolidated Financial Information(p.11)
- • Overseas subsidiary (CSM Technologies Inc) suffering losses with negative net worth and going-concern doubt(p.12)
- • Contingent exposure via ₹250.00 lakhs performance bank guarantee for subsidiary Kwantify Solutions' loan, with risk of subsidiary default(p.11)
- • Global e-governance market expected to grow from USD 27 Billion (CY25) to USD 47 Billion (CY30P) at 11.8% CAGR(p.5)
- • Robust e-governance market growth propelled by governments' digital transformation prioritization and citizen demand for online services(p.5)
- • Growth strategy centered on infrastructure improvements and advancing AI/ML innovation(p.5)
- • Capitalizing on Government initiatives and policies(p.5)
- • Accelerating growth by entering new markets and emerging industries(p.5)
- • Inorganic growth through acquisitions funded from Net Proceeds of the Issue(p.6)
- • Adverse changes in government policies; delays or lack of tenders could lead to contract foreclosures, terminations, restructurings or renegotiations(p.10)
- • Intense competition in securing government contracts via competitive bidding (70.59%-100.00% of projects); failure to qualify for, complete or win new contracts would hurt business(p.11)
- • Significant social, political, or economic changes in key industry segments (government and public services, mining & allied services, agriculture and allied services)(p.11)
- • Online security breaches or cyberattacks causing unauthorized access to network, systems, or data(p.11)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Priyadarshi Pany | Promoter (also Chairman, CEO and Managing Director) | 93.60% | — |
| Lagna Panda | Promoter (also Whole-Time Director and Chief Human Resources Officer) | Nil | — |
| Sushama Pany | Promoter Group (other than Promoters) | 1.30% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.