{"id":52205,"date":"2026-06-22T14:44:06","date_gmt":"2026-06-22T09:14:06","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=52205"},"modified":"2026-06-22T14:44:06","modified_gmt":"2026-06-22T09:14:06","slug":"csm-technologies-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/csm-technologies-ipo\/","title":{"rendered":"CSM Technologies IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"52205\" class=\"elementor elementor-52205\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ac171af elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ac171af\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f669731\" 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<\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">132 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min Investment: \u20b914,916<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Issue<\/div>\n      <div class=\"cmr-g-value\">1,29,01,000 shares<\/div>\n      <div class=\"cmr-g-sub\">Fresh capital only<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Jul 2, 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Manager<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 14px; font-weight: 600; color: #006666;\">Keynote Financial Services<\/div>\n      <div class=\"cmr-g-sub\">Registrar: Kfin Technologies<\/div>\n    <\/div>\n  <\/div>\n  \n \n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2>About the Company: Digital Transformation &#038; GovTech Specialist<\/h2>\n  <p>\n    Incorporated in <strong>1998<\/strong>, CSM Technologies is one of the few IT solution providers that have delivered unique projects for both government and private clients. It specializes in GovTech and digital transformation, offering solutions across sectors like mining, agriculture, trade, education, healthcare, tourism, and public services.\n  <\/p>\n\n  <p>\n    The company has 27 years of experience in building e-governance platforms and digital infrastructure, working as long-term partners for government agencies. Its solutions help improve efficiency, enable data-driven decisions, and deliver citizen-focused services. The company also provides consulting, advisory, and self-service technologies to help governments and businesses automate and manage customer-facing processes.\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li>\n      <strong>Agriculture:<\/strong> Farmer empowerment systems like <em>KRUSHAK Odisha<\/em>, <em>SAFAL<\/em> (credit facilitation), and <em>GO SUGAM<\/em> (single-window for fisheries\/animal resources). International projects include Kenya\u2019s seed certification, Ethiopia\u2019s Wheat Rust Warning System, and National Soil Information System.\n    <\/li>\n    <li>\n      <strong>Education:<\/strong> Platforms like <em>SAMS Odisha<\/em> (student management), <em>OFSS Bihar<\/em> (admissions), <em>eSikshakosh<\/em>, and the <em>Unified Scholarship Portal<\/em>. These projects have won national awards.\n    <\/li>\n    <li>\n      <strong>Governance &#038; Trade:<\/strong> AI\/ML-based grievance systems like <em>Mo Sarkar<\/em>, integrating call centers and analytics. It developed the <em>Digital Logistics Management System<\/em> for JSW Steel, later adopted by state governments.\n    <\/li>\n    <li>\n      <strong>Global Presence:<\/strong> Its market presence spans across 12 countries, including India, Ethiopia, Kenya, Rwanda, Gambia, Gabon, the USA, and Canada. As of March 31, 2026, the company has 1,327 employees and its order book stood at Rs 35,763.17 lakhs.\n    <\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters &#8211; <strong>Priyadarshi Pany and Lagna Panda<\/strong> &#8211; collectively manage the senior team with specialized domain knowledge.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIALS \u2500\u2500 -->\n  <h2>Financial Trends &amp; Performance<\/h2>\n  <p>\n    CSM Technologies has shown stable performance across its consolidated financial summaries. The tables below show restated consolidated financial statistics as reported in the official RHP filings.\n  <\/p>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>31 Dec 2025<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n          <th>31 Mar 2023<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Assets<\/td><td data-label=\"31 Dec 2025\">206.00<\/td><td data-label=\"31 Mar 2025\">154.55<\/td><td data-label=\"31 Mar 2024\">124.45<\/td><td data-label=\"31 Mar 2023\">80.02<\/td><\/tr>\n        <tr><td>Total Income<\/td><td data-label=\"31 Dec 2025\">167.05<\/td><td data-label=\"31 Mar 2025\">200.63<\/td><td data-label=\"31 Mar 2024\">198.65<\/td><td data-label=\"31 Mar 2023\">161.50<\/td><\/tr>\n        <tr><td>Profit After Tax<\/td><td data-label=\"31 Dec 2025\">14.70<\/td><td data-label=\"31 Mar 2025\">14.09<\/td><td data-label=\"31 Mar 2024\">12.55<\/td><td data-label=\"31 Mar 2023\">15.82<\/td><\/tr>\n        <tr><td>EBITDA<\/td><td data-label=\"31 Dec 2025\">30.07<\/td><td data-label=\"31 Mar 2025\">29.27<\/td><td data-label=\"31 Mar 2024\">23.71<\/td><td data-label=\"31 Mar 2023\">27.87<\/td><\/tr>\n        <tr><td>NET Worth<\/td><td data-label=\"31 Dec 2025\">88.88<\/td><td data-label=\"31 Mar 2025\">76.18<\/td><td data-label=\"31 Mar 2024\">59.75<\/td><td data-label=\"31 Mar 2023\">50.31<\/td><\/tr>\n        <tr><td>Reserves and Surplus<\/td><td data-label=\"31 Dec 2025\">56.29<\/td><td data-label=\"31 Mar 2025\">73.21<\/td><td data-label=\"31 Mar 2024\">55.88<\/td><td data-label=\"31 Mar 2023\">45.69<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  \n  <p class=\"fin-note\">Amount in \u20b9 Crore &nbsp;|&nbsp; Source: Chittorgarh <\/p>\n\n  <!-- KPIs -->\n  <h2>Key Performance Indicators<\/h2>\n  <div class=\"kpi-grid\">\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">23.75%<\/div>\n      <div class=\"kpi-label\">ROE (Dec 25)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">24.40%<\/div>\n      <div class=\"kpi-label\">ROCE (Dec 25)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">16.54%<\/div>\n      <div class=\"kpi-label\">RoNW (Dec 25)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">8.80%<\/div>\n      <div class=\"kpi-label\">PAT Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">18.16%<\/div>\n      <div class=\"kpi-label\">EBITDA Margin<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">0.86<\/div>\n      <div class=\"kpi-label\">Debt \/ Equity<\/div>\n    <\/div>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 COMPETITIVE STRENGTHS \u2500\u2500 -->\n  <h2>Competitive Strengths<\/h2>\n  <ul class=\"cmr-feature-list\">\n    <li>\n      <strong>Deep Sectoral Expertise:<\/strong> Specialized domain intelligence operating across a highly diversified spectrum of complex public and industrial settings.\n    <\/li>\n    <li>\n      <strong>In-House Innovation Architecture:<\/strong> Proprietary tech stacks built and patented internally for GovTech automation pipelines.\n    <\/li>\n    <li>\n      <strong>High Entry Barrier Moat:<\/strong> Established operational presence inside regulatory-heavy environments providing visible execution defensibility.\n    <\/li>\n    <li>\n      <strong>Extensive Sourcing Networks:<\/strong> Geographic footprint with highly scalable systems built across several emerging international operational segments.\n    <\/li>\n  <\/ul>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2>Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Shares Offered<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td data-label=\"Investor Category\">QIB Shares Offered<\/td><td data-label=\"Shares Offered\">Not more than 50% of the Net Issue<\/td><\/tr>\n        <tr><td data-label=\"Investor Category\">Retail Shares Offered<\/td><td data-label=\"Shares Offered\">Not less than 35% of the Net Issue<\/td><\/tr>\n        <tr><td data-label=\"Investor Category\">NII Shares Offered<\/td><td data-label=\"Shares Offered\">Not less than 15% of the Net Issue<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2>IPO Structure &amp; Use of Proceeds<\/h2>\n  <p>\n    The Net Proceeds from the fresh issuance are planned to satisfy core operational goals listed transparently by the corporate council:\n  <\/p>\n\n  <ul class=\"objects-list\">\n    <li>\n      <span class=\"obj-label\">Funding working capital requirements of the Company<\/span>\n      <span class=\"obj-amt\">\u20b956.00 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">Prepayment or repayment of all or a portion of certain outstanding borrowings availed by Company<\/span>\n      <span class=\"obj-amt\">\u20b922.63 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes<\/span>\n      <span class=\"obj-amt\"><\/span>\n    <\/li>\n  <\/ul>\n\n  <p>\n    The public subscription track spans from <strong>June 24 to June 29, 2026<\/strong>, with trading allocations structured globally across major mainline Indian indices.\n  <\/p>\n\n  <!-- \u2500\u2500 VERDICT \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      CSM Technologies Ltd. presents an interesting enterprise software and e-governance case track within the domestic Mainboard ecosystem. Leveraging extended long-term execution partnerships alongside proprietary software deployment fields places the entity distinct from run-of-the-mill IT outsourcers.\n    <\/p>\n    <p style=\"margin-top: 12px;\">\n      The underlying financials demonstrate visibility with return dynamics like ROCE hitting 24.40% and a managed debt-to-equity baseline of 0.86 as of recent filings. Long-term investment circles tracking structural digital transformations and state automation systems will follow the listing price patterns carefully.\n      <br> Source: chittorgarh\n    <\/p>\n  <\/div>\n\n  <!-- \u2500\u2500 CTA \u2500\u2500 -->\n  <div class=\"cta-wrap\">\n    <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n      Apply for CSM Technologies IPO on Flattrade\n    <\/a>\n  <\/div>\n\n<\/div>\n\n<\/body>\n<\/html>\n\n\n\n\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-987112f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"987112f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column 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\u20b910&hellip;","protected":false},"author":10,"featured_media":52265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-52205","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ipos","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CSM Technologies IPO - Flattrade Kosh<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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