| Event | Date |
|---|---|
| Open Date | 24-06-2026 , Wednesday |
| Close Date | 29-06-2026 , Monday |
| Tentative Allotment | 30-06-2026 , Tuesday |
| Tentative Listing Date | 02-07-2026 , Thursday |
| Retail Appl. Cut Off Time | 29-06-2026 , Monday 05:00 PM |
| Non Retail Appl. Cut Off Time | 29-06-2026 , Monday 04:00 PM |
| Anchor Allotment | 23-06-2026 , Tuesday |
| Initiation Of Refund | 01-07-2026 , Wednesday |
| Credit Of Share To Demat | 01-07-2026 , Wednesday |
CSM Technologies is a GovTech and digital transformation company focused on technology solutions for government departments, PSUs, enterprises and development agencies.
CSM Technologies Limited is an IT and IT-enabled services company focused on GovTech, digital transformation and technology-led solutions for government departments, public sector undertakings, enterprises and development agencies.
The company is not a general software reseller. It builds and implements technology platforms, digital governance systems, workflow automation solutions, data-driven applications and sector-specific IT solutions.
CSM Technologies has strong experience in government projects. Its solutions are used across sectors such as mining and allied services, government and public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism.
In simple words, CSM Technologies helps government bodies and institutions digitize processes, improve transparency, manage data, monitor projects and deliver services through technology platforms.
CSM Technologies IPO is a mainboard IPO proposed to be listed on BSE and NSE.
The IPO is a 100% book-built issue. The issue is a complete Fresh Issue of up to 1,29,01,000 equity shares of face value Rs. 10 each. There is no Offer for Sale.
The IPO also includes an Employee Reservation Portion of up to 1,30,000 equity shares.
Since the IPO is a fresh issue, the company will receive the IPO proceeds after deducting issue-related expenses. This is a positive point compared to an OFS-heavy IPO because the funds are meant for company purposes.
CSM Technologies Limited was originally incorporated as Cybertech Software & Multimedia Private Limited in 1998.
Later, the company changed its name to CSM Technologies Private Limited in 2014 to create better brand value in domestic and international markets. It was converted into a public limited company in 2025 and renamed CSM Technologies Limited.
The registered and corporate office of the company is located at Plot No. E/56, Infocity-1, Chandrasekharpur, Bhubaneswar, Odisha.
The promoters of the company are Priyadarshi Pany and Lagna Panda.
CSM Technologies provides IT solutions and digital transformation services.
The company works mainly on project-based technology implementation. Many of its projects come through tender-based government contracts.
GovTech means use of technology for government modernization.
It includes digital identity, public service delivery, data systems, government workflow automation, public financial management, citizen engagement platforms and government dashboards.
CSM Technologies has built a strong positioning in this GovTech space. Its solutions help government departments reduce manual processes, improve transparency, track data and manage services digitally.
This is the core identity of the company.
CSM Technologies generates revenue across multiple sectors.
This shows that the company does not depend on only one software product. It provides sector-specific digital solutions based on customer requirements.
CSM Technologies serves different types of customers, including government departments, enterprises, PSUs, development agencies and other institutional customers.
However, the company has high dependence on government customers.
| Customer Type | 9M Dec 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Government revenue contribution | 63.45% | 74.15% | 69.17% | 77.13% |
This means government projects are the most important revenue driver for the company.
A large part of CSM Technologies’ business is awarded through competitive bidding.
The company participates in tenders issued by government departments, public sector units and other project owners. If it qualifies technically and wins commercially, it receives the project.
This model can create large order inflows, but it also has uncertainty.
The company must continuously win new tenders to grow. There is no guarantee that past customers will continue awarding projects or that future bids will be successful.
Order Book is an important metric for CSM Technologies.
Order Book represents estimated billing from unexecuted portions of existing contracts.
For a project-based IT services company, Order Book helps investors understand future revenue visibility. However, Order Book is not guaranteed revenue. Projects may be delayed, modified, cancelled or prematurely terminated.
For CSM Technologies, the Order Book has meaningful contribution from government customers, enterprises and public sector undertakings.
CSM Technologies has strong presence in India, especially Odisha.
| Region | 9M Dec 2025 Revenue Contribution | FY2025 | FY2024 |
|---|---|---|---|
| Odisha | 62.56% | 72.97% | 76.76% |
| Total India | 93.93% | 87.42% | 88.70% |
| Total exports | 6.07% | 12.58% | 11.30% |
This shows strong regional concentration.
The company also has international exposure, especially in Africa. It has revenue contribution from countries such as Gabon, Ethiopia, Kenya, Gambia and other African markets.
The international presence is positive for diversification, but it also brings risks such as foreign exchange movement, country-specific regulations, political instability and payment delays.
CSM Technologies works across multiple technology areas.
The company uses these technologies to build customized solutions for government and enterprise customers.
The RHP and industry report mention multiple examples of CSM Technologies’ project capabilities.
The company has worked on digital solutions for mining, agriculture, land management, education admission systems, scholarship portals and public service platforms.
Its Crop One solution for Odisha’s Food Supplies and Consumer Welfare Department uses satellite imagery, GIS and machine learning to improve agricultural procurement.
Its solutions in Odisha’s mining ecosystem include patented ore sampling algorithms such as RADO and RGSL deployed on the i3MS platform.
These projects show that the company has domain-specific technology experience and has built solutions beyond basic software development.
As per the RHP, CSM Technologies has one Indian subsidiary and five foreign subsidiaries.
The Indian subsidiary is Kwantify Solutions Private Limited. It is engaged in consulting and staffing in the IT industry.
Foreign subsidiaries include entities in Canada, Rwanda, UAE, USA and Kenya.
This subsidiary structure supports the company’s domestic and international business operations.
CSM Technologies has reported stable revenue and profitability.
| Particulars | 9M Dec 2025 (Rs. lakhs) | FY2025 (Rs. lakhs) | FY2024 (Rs. lakhs) | FY2023 (Rs. lakhs) |
|---|---|---|---|---|
| Revenue from Operations | 16,552.36 | 19,924.42 | 19,671.05 | 16,043.87 |
| EBITDA | 3,006.66 | - | - | - |
| EBITDA Margin | 18.17% | - | - | - |
| PAT | 1,470.14 | - | - | - |
| PAT Margin | 8.88% | - | - | - |
| Net Worth | 9,230.06 | - | - | 5,031.37 |
CSM Technologies operates in the GovTech space, which is an important long-term opportunity as governments continue digitization.
The company serves sectors such as mining, agriculture, government services, education, healthcare, tourism and trade facilitation. This gives sectoral diversity.
The company has experience working with government departments, PSUs and public agencies. This is valuable because government projects require domain understanding, compliance and execution capability.
The company has reported profits, EBITDA and positive net worth. This makes it different from many high-growth but loss-making technology IPOs.
The company has an Order Book, which can provide revenue visibility if projects are executed successfully.
CSM Technologies has built many solutions in Odisha and parts of Eastern India. The ability to replicate such solutions in other states and countries can support growth.
The company has subsidiaries and business presence in foreign markets including Africa and North America. This may support long-term diversification.
Government customers contributed a major portion of revenue. Any reduction in government IT spending, tender delays, policy changes or payment delays can affect business.
The business depends on winning competitive bids. If the company fails to qualify or loses tenders, growth may slow.
Odisha contributed a large share of revenue. Any adverse change in government policy, procurement, budgeting or project execution in Odisha can affect the company.
The company’s top customers contribute a meaningful portion of revenue and Order Book. Loss of major customers or reduction in projects can affect performance.
Order Book is subject to project execution, customer approvals, budget availability, delays, cancellations and scope changes.
The company depends on suppliers for IT infrastructure, software, hardware and services. It also relies on its subsidiary Kwantify Solutions for manpower services.
The RHP mentions auditor observations, including matters related to subsidiaries’ going concern assumptions, receivables, cut-off issues and property title matters. Investors should study these carefully.
IT companies must continuously upgrade capabilities in AI, data analytics, cloud, cybersecurity and automation. Failure to keep pace can affect competitiveness.
GovTech and digital platforms may handle sensitive government or citizen data. Data privacy, cybersecurity and compliance failures can create serious risk.
The final IPO decision should depend on price band, valuation, peer comparison, growth outlook and risk comfort.
CSM Technologies is a strong example of an Indian GovTech and digital transformation company. Its business is built around government digitization, workflow automation and sector-specific technology platforms.
The most attractive point is that the company operates in a real and growing opportunity. Governments are spending on digital systems, transparency, monitoring, citizen service delivery and data-led governance. CSM Technologies has already executed projects in sectors like mining, agriculture, education, healthcare and public services.
The second positive is profitability. Unlike many technology IPOs that come with losses, CSM Technologies has shown revenue scale, EBITDA and PAT.
The third positive is domain depth. The company is not only writing software. It is building solutions for complex sectors like mining, agricultural procurement, land management and public administration. These are not simple plug-and-play products.
However, the biggest concern is concentration. The business depends heavily on government customers and Odisha. This can be a major risk if government priorities change, tenders are delayed or payments are stretched.
The second concern is tender dependency. In tender-based businesses, winning today does not guarantee winning tomorrow. Revenue growth depends on continuous bidding success.
The third concern is execution and receivables. Government projects can involve delays, scope changes and collection cycles. Investors must check working capital and cash flow carefully.
From IPORupee view, CSM Technologies IPO should be studied as a profitable GovTech company with strong domain capabilities but meaningful government, geography and customer concentration risks.
Retail investors should focus on five points before applying: final price band and valuation, revenue growth and margin sustainability, government dependency, Odisha concentration, and Order Book quality with cash flow.
A good business can still become risky if valuation is too expensive.
GovTech means technology used by governments to improve public services and administration.
Examples include digital portals, citizen service platforms, land records systems, mining monitoring systems, procurement systems, scholarship portals and healthcare dashboards.
CSM Technologies is a GovTech-focused company because it builds digital systems for government and public sector customers.
Digital transformation means converting manual or paper-based processes into technology-driven systems.
For example, instead of manual files, a government department may use an online approval system, dashboard, database and automated workflow.
IT means Information Technology. ITes means Information Technology enabled services.
These include software development, system integration, application maintenance, data management, support services and digital platforms.
Order Book means the value of work already awarded to the company but not yet executed or billed.
It gives an idea of future revenue visibility. But it is not guaranteed revenue because projects can be delayed, modified or cancelled.
In a tender-based business, customers invite bids from different companies. The company that qualifies technically and commercially may win the contract.
Government IT projects are often awarded through tenders.
Customer concentration means a large portion of revenue comes from a few customers.
If one big customer reduces orders or delays payments, the company can be affected.
Geographic concentration means a large portion of revenue comes from one region.
For CSM Technologies, Odisha is a major revenue contributor. This is positive because the company has strong presence there, but it is also a risk because overdependence on one state can affect stability.
EBITDA margin shows operating profitability before interest, tax, depreciation and amortization.
A higher EBITDA margin generally indicates better operating efficiency.
PAT margin shows how much net profit the company earns from total revenue or income.
It helps investors understand final profitability after expenses, interest and tax.
ROCE means Return on Capital Employed. It shows how efficiently a company uses its capital to generate operating returns.
For service companies, ROCE is an important quality indicator.
Cybersecurity risk means risk of hacking, data breach, system failure or unauthorized access.
GovTech companies handle sensitive data, so cybersecurity is very important.
CSM Technologies is a profitable GovTech and digital transformation company, but it is not risk-free.
The opportunity is strong because government digitization is a long-term theme. The company has experience, domain knowledge, order book and profitability.
But investors should not ignore government dependency, tender-based revenue, Odisha concentration, customer concentration, auditor observations and cash flow risk.
CSM Technologies Limited is a differentiated IT services and GovTech company with experience in government digital transformation projects.
The company has a strong business theme, sector-specific solutions, profitability and presence across India and select international markets. Its work in mining, agriculture, education, healthcare and public services shows domain depth.
However, the company’s revenue is significantly dependent on government customers and Odisha. Tender dependency, project execution risk, customer concentration and receivable risk must be carefully studied.
From IPORupee view, CSM Technologies IPO looks interesting from a business-quality angle, but the final IPO decision should depend on valuation, price band, peer comparison, order book quality, cash flow and risk comfort.
Retail investors should avoid applying only because the company is from the technology sector. Study the RHP, financials, risk factors and valuation first.
This content is prepared only for educational and informational purposes for IPORupee users. It is not investment advice, stock recommendation, IPO recommendation, research report, buy/sell/hold advice or any form of financial advisory.
IPO investments involve market risk, business risk, valuation risk, liquidity risk, regulatory risk and listing risk. Investors should read the full RHP, risk factors, financial statements, objects of the issue, basis for issue price and all official disclosures before making any investment decision.
We are not SEBI registered investment advisors.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 63,85,500 | 72.16 Cr |
Retail | 35.00 % | 44,69,850 | 50.51 Cr |
Total HNI | 15.00 % | 19,15,650 | 21.65 Cr |
SHNI | 5.00 % | 6,38,550 | 7.22 Cr |
BHNI | 10.00 % | 12,77,100 | 14.43 Cr |
Employee | 0.00 % | 1,30,000 | 1.47 Cr |
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 132 (1) | ₹ 14,916 |
Retail MAX | - | 1716 (13) | ₹ 1,93,908 |
SHNI MIN | - | 1848 (14) | ₹ 2,08,824 |
SHNI MAX | - | 8844 (67) | ₹ 9,99,372 |
BHNI MIN | - | 8976 (68) | ₹ 10,14,288 |
Employee MIN | - | 132 (1) | ₹ 14,916 |
Employee MAX | - | 4356 (33) | ₹ 4,92,228 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 1,29,01,000 | 145.78 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Keynote Financial Services Limited | Virendra Chaurasia / Sunu Thomas | +91 22 6826 6000 | mbd@keynoteindia.net | www.keynoteindia.net |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of CSM Technologies Ltd. The issue is scheduled to open on Wednesday, 24 June 2026 and closes on Monday, 29 June 2026.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount the company plans to raise through the public issue.
For CSM Technologies Ltd IPO, the total issue size is Rs 145.78 crore, consisting of a fresh issue of Rs 145.78 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 107 per share and the upper price band is Rs 113 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For CSM Technologies Ltd IPO, the minimum lot size is 132 shares. At the upper price band of Rs 113 per share, the minimum application amount is Rs 14,916. Applications must be made in multiples of 132 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For CSM Technologies Ltd IPO, the Fresh Issue size is Rs 145.78 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For CSM Technologies Ltd IPO, the IPO opens on Wednesday, 24 June 2026.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
CSM Technologies Ltd IPO closes on Monday, 29 June 2026.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For CSM Technologies Ltd IPO, the tentative allotment date is Tuesday, 30 June 2026.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
CSM Technologies Ltd IPO is expected to list on Thursday, 02 July 2026.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For CSM Technologies Ltd IPO, refund initiation is expected on Wednesday, 01 July 2026, and credit of shares to demat accounts is expected on Wednesday, 01 July 2026.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For CSM Technologies Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI), Employees. The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In CSM Technologies Ltd IPO, 50% shares are reserved under the QIB category, with 63,85,500 shares offered, and an allocation amount of ₹72.16 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In CSM Technologies Ltd IPO, 35% shares are reserved under the Retail category, with 44,69,850 shares offered, and an allocation amount of ₹50.51 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In CSM Technologies Ltd IPO, 15% shares are reserved under the NII/HNI category, with 19,15,650 shares offered, and an allocation amount of ₹21.65 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In CSM Technologies Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 6,38,550 shares offered, and an allocation amount of ₹7.22 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In CSM Technologies Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 12,77,100 shares offered, and an allocation amount of ₹14.43 crore.
Employee reservation is a special quota reserved for eligible company employees, if applicable.
In CSM Technologies Ltd IPO, 1,30,000 shares are offered under the Employee Reservation category, and an allocation amount of ₹1.47 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For CSM Technologies Ltd IPO, the minimum lot size is 132 shares. At the upper price band of Rs 113 per share, the minimum application amount is Rs 14,916. Applications must be made in multiples of 132 shares.
Retail minimum application shows the minimum application size for retail investors.
For CSM Technologies Ltd IPO, the Retail minimum application is 132 shares (1 lot) for about Rs 14,916.
Retail maximum application shows the maximum application size generally available under the retail category.
For CSM Technologies Ltd IPO, the Retail maximum application is 1,716 shares (13 lots) for about Rs 1,93,908.
SHNI minimum application shows the minimum application size for the Small HNI category.
For CSM Technologies Ltd IPO, the SHNI minimum application is 1,848 shares (14 lots) for about Rs 2,08,824.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For CSM Technologies Ltd IPO, the SHNI maximum application is 8,844 shares (67 lots) for about Rs 9,99,372.
BHNI minimum application shows the minimum application size for the Big HNI category.
For CSM Technologies Ltd IPO, the BHNI minimum application is 8,976 shares (68 lots) for about Rs 10,14,288.
Employee minimum application shows the minimum application size under the employee category, if this category is available in the IPO.
For CSM Technologies Ltd IPO, the Employee minimum application is 132 shares (1 lot) for about Rs 14,916.
Employee maximum application shows the maximum application size under the employee category, if provided in the lot size table.
For CSM Technologies Ltd IPO, the Employee maximum application is 4,356 shares (33 lots) for about Rs 4,92,228.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.