Complete Sports and Management India Limited IPO Details
This article is based only on the attached Red Herring Prospectus (RHP) dated August 21, 2026 and the attached Price Band Advertisement August 24, 2026. The latest applicable IPO terms are taken from the Price Band Advertisement where it updates provisional or [●] disclosures in the RHP. No external sources have been used.
1. IPO Snapshot
| Particular | Details |
|---|---|
| Company Name | Complete Sports and Management India Limited |
| IPO Type | 100% Book Built Issue; Fresh Issue |
| Fresh Issue | 55,50,000 Equity Shares |
| Issue Size | ₹71.04 crore to ₹74.925 crore |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹128–₹135 per Equity Share |
| Lot Size / Minimum Bid | 2,000 Equity Shares; bids thereafter in multiples of 1,000 |
| Opening Date | August 28, 2026 |
| Closing Date | September 1, 2026 |
| Anchor Investor Bidding | August 27, 2026 |
| Listing Exchange | BSE SME |
| Registrar | Bigshare Services Private Limited |
| Book Running Lead Manager | Smart Horizon Capital Advisors Private Limited |
2. IPO Details
| Particular | At Floor Price ₹128 | At Cap Price ₹135 |
|---|---|---|
| Fresh Issue Shares | 55,50,000 | 55,50,000 |
| Fresh Issue Amount | ₹7,104.00 lakh | ₹7,492.50 lakh |
| Total Issue Shares | 55,50,000 | 55,50,000 |
| Pre-Issue Shares | 1,50,10,000 | 1,50,10,000 |
| Post-Issue Shares | 2,05,60,000 | 2,05,60,000 |
| Post-Issue Market Capitalisation | ₹26,316.80 lakh | ₹27,756.00 lakh |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|---|
| QIB Portion | Not more than 50.00% of the Net Issue |
| Non-Institutional Investors | Not less than 15.00% of the Net Issue |
| Individual Investors | Not less than 35.00% of the Net Issue |
| Market Maker | Up to 2,80,000 Equity Shares; 5.05% of the Issue |
| Anchor Investors | May be allocated up to 60.00% of the QIB Portion, subject to the RHP terms |
4. IPO Lot Size
| Application Category | Lots | Shares | Amount @ ₹128 (Floor Price) | Amount @ ₹135 (Cap Price) |
|---|---|---|---|---|
| Individual Investors (IND) – Min | 2 | 2,000 | ₹2,56,000 | ₹2,70,000 |
| Individual Investors (IND) – Max | 2 | 2,000 | ₹2,56,000 | ₹2,70,000 |
| S-HNI – Min | 3 | 3,000 | ₹3,84,000 | ₹4,05,000 |
| S-HNI – Max | 7 | 7,000 | ₹8,96,000 | ₹9,45,000 |
| B-HNI – Min | 8 | 8,000 | ₹10,24,000 | ₹10,80,000 |
5. About the Company
Complete Sports and Management India Limited (CSML) was originally incorporated as Complete Sports and Management India Private Limited on December 26, 2002. It was converted into a public limited company in 2025, with a fresh certificate of incorporation issued on January 21, 2026.
The Company is engaged in sourcing, trading and distribution of amusement and leisure equipment and also provides installation, commissioning, maintenance, advisory and consulting services. Its portfolio includes bowling solutions, arcade games, soft play and indoor play structures, trampoline parks, laser tag systems, bumper cars, go-karting systems, debit card and cashless gaming systems, spares, consumables and accessories.
The RHP states that CSML procures equipment from domestic and international manufacturers and serves family entertainment centres, clubs, hotels, resorts, corporate clients and residential developments. It also describes customised solutions based on customer requirements such as available space, budget, operational requirements and target demographics.
The Company is an authorised distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia and Indonesia. It also describes relationships with manufacturers including Baohui, Coastal Amusements, Elaut, Intercard, Komuse America, Bandai Namco and Sega.
CSML has incorporated a wholly owned subsidiary, CSML Group PTE. Ltd., in Singapore. The RHP describes the subsidiary as a regional operational and distribution hub supporting procurement coordination, logistics and cross-border activities.
The Company also describes forward integration initiatives. It launched its first sports restro-bar, All Sett Go, at Infiniti Mall, Andheri, Mumbai, in April 2026, and commenced operations of its first company-operated Duckpin – The Bowling Bistro at Infiniti Mall, Malad, Mumbai, on July 25, 2026.
During Fiscal 2026, Fiscal 2025 and Fiscal 2024, the Company served approximately 90, 95 and 72 customers, respectively. As of July 31, 2026, its workforce comprised 136 employees.
6. Restated Financial Information
| Particulars (₹ lakh) | FY2026 | FY2025 |
|---|---|---|
| Income Statement | ||
| Revenue from Operations | 11,709.34 | 11,034.57 |
| Other Income | 166.67 | 107.13 |
| Total Income | 11,876.01 | 11,141.70 |
| Purchases of Stock in Trade | 5,471.05 | 8,732.69 |
| Change in Inventories | 1,405.09 | (934.42) |
| Employee Benefit Expenses | 773.86 | 509.88 |
| Finance Costs | 112.05 | 55.26 |
| Depreciation & Amortisation | 25.26 | 2.45 |
| Other Expenses | 1,644.45 | 1,213.64 |
| Total Expenses | 9,431.76 | 9,579.49 |
| Profit Before Tax | 2,444.25 | 1,562.21 |
| Total Tax Expense | 625.90 | 421.34 |
| Profit After Tax | 1,818.35 | 1,140.87 |
| Basic EPS (₹) | 12.11 | 7.60 |
| Diluted EPS (₹) | 12.11 | 7.60 |
| Balance Sheet | ||
| Share Capital | 1,501.00 | 1.00 |
| Reserves & Surplus | 2,771.10 | 2,456.92 |
| Total Shareholders' Funds | 4,272.10 | 2,457.92 |
| Long-term Borrowings | 110.03 | 1.80 |
| Short-term Borrowings | 788.56 | 217.42 |
| Trade Payable – MSME | 150.35 | 49.62 |
| Trade Payable – Others | 436.35 | 320.51 |
| Other Current Liabilities | 1,795.64 | 3,587.08 |
| Short-term Provisions | 651.29 | 274.70 |
| Total Equity & Liabilities | 8,326.15 | 6,977.65 |
| Property, Plant & Equipment | 302.51 | 10.17 |
| Capital Work-in-Progress | 56.80 | — |
| Non-current Investments | 249.78 | 505.96 |
| Long-term Loans & Advances | 585.48 | 475.07 |
| Inventories | 1,005.08 | 2,410.17 |
| Trade Receivables | 4,769.68 | 1,230.33 |
| Cash & Cash Equivalents | 98.27 | 100.57 |
| Total Assets | 8,326.15 | 6,977.65 |
| Cash Flow Statement | ||
| Net Cash from Operating Activities | (364.78) | (309.29) |
| Net Cash from Investing Activities | (206.91) | 391.64 |
| Net Cash from Financing Activities | 569.39 | (49.87) |
| Net Decrease in Cash & Cash Equivalents | (2.30) | 32.48 |
| Opening Cash & Cash Equivalents | 100.57 | 68.09 |
| Closing Cash & Cash Equivalents | 98.27 | 100.57 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ lakh) | 11,356.02 | 11,034.57 | 8,150.42 |
| PBT (₹ lakh) | 2,419.35 | 1,562.28 | 1,355.21 |
| PAT (₹ lakh) | 1,795.32 | 1,140.94 | 1,011.76 |
| EBIT (₹ lakh) | 2,468.35 | 1,582.51 | 1,369.93 |
| EBIT Margin | 21.74% | 14.34% | 16.81% |
| Adjusted EBITDA (₹ lakh) | 2,329.46 | 1,477.83 | 1,266.38 |
| Adjusted EBITDA Margin | 20.51% | 13.39% | 15.54% |
| PBT Margin | 21.30% | 14.16% | 16.63% |
| PAT Margin | 15.81% | 10.34% | 12.41% |
| Return on Equity (ROE) | 53.55% | 60.45% | 124.73% |
| Return on Capital Employed (ROCE) | 47.97% | 59.11% | 89.49% |
| Debt to Equity | 0.21x | 0.09x | 0.16x |
| Debt Service Coverage Ratio | 26.78x | 21.39x | 22.88x |
| Current Ratio | 1.76x | 1.31x | 1.00x |
8. IPO Valuation
| Valuation Metric | Disclosure |
|---|---|
| Price Band | ₹128–₹135 |
| Diluted EPS – FY2026, Standalone | ₹11.96 |
| Diluted EPS – FY2026, Consolidated | ₹12.11 |
| P/E at Floor Price | 10.70x, based on diluted FY2026 EPS |
| P/E at Cap Price | 11.29x, based on diluted FY2026 EPS |
| RoNW – FY2026, Standalone | 42.27% |
| Weighted Average RoNW – Last Three Fiscals | 49.14% |
| NAV per Share – FY2026, Standalone | ₹28.29 |
| NAV per Share – FY2026, Consolidated | ₹28.46 |
9. Shareholding & Capital Structure
| Sr. No. | Particulars | Pre-issue Shares (₹10 FV) | Pre-issue % | Post-issue Shares at ₹128 | Post-issue % at ₹128 | Post-issue Shares at ₹135 | Post-issue % at ₹135 |
|---|---|---|---|---|---|---|---|
| A | Promoters | — | — | — | — | — | — |
| 1 | Rohit Rajesh Mathur | 75,05,000 | 50.00% | 75,05,000 | 36.50% | 75,05,000 | 36.50% |
| 2 | Adha Rohit Mathur | 51,48,430 | 34.30% | 51,48,430 | 25.04% | 51,48,430 | 25.04% |
| 3 | Rohan Rohit Mathur | 15,01,000 | 10.00% | 15,01,000 | 7.30% | 15,01,000 | 7.30% |
| Total (A) | 1,41,54,430 | 94.30% | 1,41,54,430 | 68.84% | 1,41,54,430 | 68.84% | |
| B | Promoter Group (other than promoters) | — | — | — | — | — | — |
| 4 | Rajeshnarain Premnarain Mathur | 1,50,100 | 1.00% | 1,50,100 | 0.73% | 1,50,100 | 0.73% |
| 5 | Ratnamala Mathur | 1,50,100 | 1.00% | 1,50,100 | 0.73% | 1,50,100 | 0.73% |
| 6 | Rahul Mathur | 75,050 | 0.50% | 75,050 | 0.36% | 75,050 | 0.36% |
| Total (B) | 3,75,250 | 2.50% | 3,75,250 | 1.82% | 3,75,250 | 1.82% | |
| C | Additional Top 10 Shareholders | — | — | — | — | — | — |
| 7 | Deepak Gangji Savla | 3,00,200 | 2.00% | 3,00,200 | 1.46% | 3,00,200 | 0.01%* |
| 8 | Tyna Valerian Dsilva | 75,050 | 0.50% | 75,050 | 0.36% | 75,050 | 0.36% |
| 9 | Amit Thapar | 75,050 | 0.50% | 75,050 | 0.36% | 75,050 | 0.36% |
| 10 | Amol Namdev Shelke | 30,020 | 0.20% | 30,020 | 0.14% | 30,020 | 0.14% |
| Total (C) | 4,80,320 | 3.20% | 4,80,320 | 2.33% | 4,80,320 | 2.33% | |
| Total (A + B + C) | 1,50,10,000 | 100.00% | 1,50,10,000 | 73.00% | 1,50,10,000 | 73.00% |
10. Objects of the Issue
| Object | Amount (₹ lakh) | Deployment / Timeline |
|---|---|---|
| Purchase of gaming equipment and other capital equipment for Bhiwandi warehouse | 3,988.24 | FY2027: 1,994.12; FY2028: 1,994.12 |
| Set up Duckpin – The Bowling Bistro in Mumbai | 809.05 | FY2027: 500.00; FY2028: 309.05 |
| Repayment / prepayment of certain borrowings | 1,150.00 | FY2027: 1,150.00 |
11. Key Risks Highlighted in the RHP
-
Business / Customer: The top 10 customers contributed 80.53% of standalone revenue from operations in FY2026. Any reduction in business from key customers could adversely affect revenue and operating performance.
-
Supplier: The top 10 suppliers accounted for 81.93% of purchases in FY2026. The Company also depends on a limited number of international manufacturers and suppliers, creating supply-chain concentration risk.
-
Strategic Supplier: The Company’s relationship with Brunswick Bowling is important to its bowling solutions business. Continued access to Brunswick products on commercially acceptable terms is a key dependency.
-
Liquidity / Working Capital: The Company depends on timely realisation of receivables and effective management of working capital, liquidity, capital expenditure and financing obligations.
-
Industry / Demand: Changes in discretionary consumer spending, customer footfall, consumer preferences and capital expenditure by entertainment operators could adversely affect demand.
-
Geographic: The Company has geographic concentration in certain Indian states and is also exposed to risks associated with international jurisdictions where it has export sales.
-
People / Execution: The Company requires qualified and experienced technicians for the assembly, installation, testing and commissioning of amusement equipment. Shortages or attrition of skilled personnel could affect execution.
-
Competition: The Company operates in a competitive industry where competition is influenced by equipment relationships, execution capabilities and customer requirements.
-
Technology / Compliance: The amusement industry involves equipment certification, fire safety, structural integrity and other safety requirements. Technological changes and evolving entertainment formats may also affect the business.
-
Offer / Market: There has been no formal market for the Equity Shares prior to the Issue, and there can be no assurance of active or sustained trading in the shares after listing.
12. Litigation & Contingent Liabilities
| Relevant Party | Proceeding / Claim | Cases | Amount (₹ lakh) |
|---|---|---|---|
| Company | TDS demands | 4 | 0.68 |
| Promoter – Rohit Rajesh Mathur | Income-tax demands | 2 | 1.83 |
| Senior Management (excluding Executive Directors) | Tax proceeding | 1 | 0.73 |
| Contingent Liability / Commitment | FY2026 (₹ lakh) | FY2025 (₹ lakh) | FY2024 (₹ lakh) |
|---|---|---|---|
| Bank Guarantees | 51.68 | 129.36 | — |
| TDS Demands | 0.68 | 0.06 | — |
| Capital Commitment – Purchase of Property | 140.22 | 66.11 | 203.08 |
| Capital Commitment – Purchase of Shares | 3.91 | — | 25.57 |
13. Registrar
| Particular | Details |
|---|---|
| Name | Bigshare Services Private Limited |
| Address | Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri East, Mumbai – 400093, Maharashtra, India |
| Contact Person | Aniket Seebag |
| Telephone | 022 - 6263 8200 |
| ipo@bigshareonline.com | |
| Investor Grievance Email | investor@bigshareonline.com |
| Website | www.bigshareonline.com |
| SEBI Registration No. | INR000001385 |
14. Lead Manager
| Particular | Details |
|---|---|
| Name | Smart Horizon Capital Advisors Private Limited |
| Address | B/908, Western Edge II, Kanakia Space, Behind Metro Mall, Off Western Express Highway, Magathane, Borivali East, Mumbai – 400066, Maharashtra, India |
| Contact Person | Parth Shah |
| Telephone | 022 - 28706822 |
| Investor Grievance Email | investor@shcapl.com |
| director@shcapl.com | |
| Website | www.shcapl.com |
| SEBI Registration No. | INM000013183 |
15. Company Contact Details
| Particular | Details |
|---|---|
| Registered Office | B-223–226, 2nd Floor, Chintamani Plaza, Mohan Studio Compound, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India |
| Telephone | 022 - 49739657 |
| investors@csmlindia.com | |
| Website | www.csmlgroup.com |
| Company Secretary & Compliance Officer | Manali Jain |
| CFO | Amol Namdev Shelke |
| Investor Grievance Contact | investors@csmlindia.com |