CSM Technologies Ltd IPO

Deep sectoral expertise across a diversified spectrum of industries.

Proprietary technology driven innovations and patented technology developed in-house.

Extensive geographic footprint with scalable operations across key markets.

Established presence in a high-entry-barrier industry.

The company business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%, 74.15%, 69.17% and 77.13% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. However, delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact the company business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.

Out of the total projects awarded to the company, 70.59%, 100.00%, 91.67% and 91.30% of such projects in the nine months period ended December 31, 2025, Fiscal 2025, 2024 and 2023, respectively were secured through competitive bidding process from government entities. Failures to complete its projects within contractual time may affect the company future business prospects and financial performance. Failures to qualify for, complete or win new contracts could negatively impact its business, potentially affecting the company financial condition, operational results, growth prospects, and cash flow stability.

The company operations is geographically concentrated in the eastern region of India, particularly in the State of Odisha which contributed to 62.56%, 72.97%, 76.76% and 83.95% of its revenue from operations for the nine months period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any adverse developments in these regions could materially affect its business and growth prospects.

A significant portion of the company Order Book and revenue from operations is attributable to certain key customers and to projects located in India, and its business and profitability is dependent on the company ability to win projects from such customers. The Order Book value attributable to its top 10 customers has accounted for approximately 78.63%, 84.02%, 89.87% and 85.27% of the company total revenue from operations during the nine months period ended December 31, 2025 and for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Loss of one or more of its customers or reduction in their demand for the company offerings could adversely affect its business, results of operations and financial conditions.