CSM TechnologiesIPO Review — Financials, Valuation & Peers
A data-only look at the CSM Technologies IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2023 | 161.5 | 15.82 | 27.87 | 50.31 | 80.02 | — |
| FY 2024 | 198.65 | 12.55 | 23.71 | 59.75 | 124.45 | — |
| FY 2025 | 200.63 | 14.09 | 29.27 | 76.18 | 154.55 | — |
| Dec 2025 (interim) | 167.05 | 14.7 | 30.07 | 88.88 | 206 | 3.64 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 31.05x
- P/E (post-issue)
- 29.75x
- RoNW
- 16.54%
- RoE
- 23.75%
- RoCE
- 24.4%
- Debt / Equity
- 0.86
- EPS (pre-issue)
- ₹3.64
- EPS (post-issue)
- ₹3.8
- EBITDA Margin
- 18.16%
- PAT Margin
- 8.8%
- P/BV
- 4.92x
- NAV / share
- ₹22.97
- Market Cap
- ₹583.12 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| CSM Technologies | 3.72 | 118.73 | — | 18.49% | — |
| Allied Digital Service Ltd | 4.98 | 106.73 | 24.44x | 5.34% | 1.12x |
| Dev Information Technology Ltd | 6.85 | 30.45 | 4.12x | 21.54% | 0.93x |
| Silver Touch Technologies Ltd | 17.5 | 105.44 | 11.91x | 16.6% | 1.98x |
| Trigyn Technologies Ltd. | 3.82 | 240.71 | 14.58x | 1.59% | 0.23x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Priyadarshi Pany and Lagna Panda
- Holding (pre-issue)
- 94.9%
- Holding (post-issue)
- 71.18%
- Dilution
- 23.72%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Avoid |
Third-party analyst views on the CSM Technologies IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
2 anchor investors participated in the CSM Technologies IPO ahead of the public offer, together allocated ₹20 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE (₹10 crore) and ZEAL GLOBAL OPPORTUNITES FUND (₹10 crore). Investor categories represented include FII/FPI. The lock-in on half the anchor shares ends on 30 Jul 2026, with the remainder locked until 28 Sept 2026.
Analyst view tally
ipostation tracks 1 third-party reviewer on the CSM Technologies IPO, including Capital Market. Of the 1 with a stated verdict, 1 says "Avoid". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. CSM Technologies operates at an EBITDA margin of 18.16% and a net (PAT) margin of 8.8% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 24.4% and a return on equity (RoE) of 23.75%. At the upper band, the post-issue market capitalisation works out to about ₹583.12 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹56 crore), alongside achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes (₹50.16 crore). In all, 4 objects are disclosed.
Financials
In FY2025, CSM Technologies reported revenue of ₹167.05 crore and a net profit of ₹14.7 crore. Revenue grew from ₹161.5 crore in FY2023 to ₹167.05 crore in FY2025 (+3.0%). Net worth stood at ₹88.88 crore at the end of FY2025. At the upper band, that puts the issue at roughly 31.0× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 29.75× post-issue earnings and 4.92× book value, against a return on net worth of 16.54% and a debt-to-equity ratio of 0.86. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Allied Digital Service Ltd and Dev Information Technology Ltd, with a median peer P/E of about 13.2×. The issue's own post-issue P/E works out to 29.75×.
Promoters
The promoters of the company are Priyadarshi Pany and Lagna Panda. Promoter holding stands at 94.9% before the issue and comes down to 71.18% after listing.
Frequently asked questions
- What is the reservation split in the CSM Technologies IPO?
- Of the total shares offered, retail investors get 34.65%, QIBs 35.78% (plus 13.72% anchor), non-institutional investors 14.85%.
- Who are the promoters of CSM Technologies and what is their holding?
- The promoters are Priyadarshi Pany and Lagna Panda. Promoter holding is 94.9% before the issue and 71.18% after listing.
- What is the P/E ratio of the CSM Technologies IPO?
- At the upper price band, the CSM Technologies IPO is valued at 31.05× pre-issue earnings and 29.75× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the CSM Technologies IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 4 disclosed objects.