Complete Sports & Management IPO

Complete Sports and Management India Limitedcsmlgroup.com

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹128 – ₹135
Issue size: ₹74.93 Cr
Lot size: 1000 sh
Bidding: 28 Aug – 1 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Complete Sports and Management India buys amusement and leisure equipment and sells, installs and maintains it for entertainment venues; the record's business description puts distribution, supply and installation at 91.46% of Fiscal 2026 revenue from operations of Rs 113.56 crore, management contracts and consultancy at 8.54%, and family entertainment centres at 87.47% of revenue. Revenue was Rs 81.50 crore in FY24, Rs 110.35 crore in FY25 and Rs 113.56 crore in FY26 — rises of 35.40% and then 2.91% — while profit after tax was Rs 10.12 crore, Rs 11.41 crore and Rs 17.95 crore, and EBITDA margin read 15.53%, 13.39% and 20.51% over the same three years. The Rs 74.93 crore issue was entirely fresh, priced at Rs 128-135, and the single subscription snapshot on record, from the closing day of 1 September 2026, shows 3.45 times overall. It listed on 4 September 2026 at Rs 139 against a band top of Rs 135 and last traded at Rs 160 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

73Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Complete Sports & Management, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2002 · Mumbai, Maharashtra, India · 136 employees

Complete Sports and Management India Limited buys amusement and leisure equipment from manufacturers in India and abroad and sells, installs, commissions and maintains it for the operators of entertainment venues. The catalogue covers bowling lanes, arcade and redemption games, go-karting, laser tag, bumper cars, soft play structures, trampoline parks and cashless debit-card gaming systems, plus spares and consumables. Customers are family entertainment centres, clubs, hotels, resorts, corporate clients and residential developments; family entertainment centres alone were 87.47% of revenue in Fiscal 2026. The company has been the authorised distributor of Brunswick Bowling products in India since January 2010, a territory extended to Singapore, Malaysia and Indonesia in August 2025. It had 136 permanent employees at 31 July 2026 and is based in Andheri East, Mumbai.

Revenue is mostly equipment resale: distribution, supply and installation contributed 91.46% of Fiscal 2026 revenue from operations of Rs 113.56 crore, with management contracts and consultancy the remaining 8.54%. The dominant cost is the stock itself — purchases of stock-in-trade were Rs 52.82 crore in Fiscal 2026, of which 86.84% was imported, so landed margin carries currency, freight and customs exposure. Supply is concentrated: Brunswick bowling equipment alone generated 50.21% of Fiscal 2026 revenue and the top ten suppliers were 81.93% of purchases. Demand is project-based and lumpy — 90 customers in Fiscal 2026, the single largest at 32.14% of revenue.

The company on paper

Legal name: Complete Sports and Management India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 26 Dec 2002
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U92410MH2002PLC138419
Sector: Consumer Discretionary · Distribution, installation and maintenance of amusement and leisure equipment for entertainment venues
Employees: 136
Registered office: Mumbai, Maharashtra, India
Promoters: Rohit Rajesh Mathur, Abha Rohit Mathur, Rohan Rohit Mathur
Promoter holding, pre-issue: 96.8%
Promoter holding, post-issue: 70.7%
Website: csmlgroup.com

The numbers

Financial performance

Revenue has compounded at 18.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹74.93 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹74.93 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,80,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 26.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription3.45×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹135.00
Listed at: ₹139.00
Listing gain: up 3.0%
Since listing: up 23.7%
Against the issue price: up 27.3%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,000
At cut-off price: ₹135.00
Amount blocked: ₹2,70,000

One lot is 1000 shares at ₹1,35,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,70,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~64%

chance of one lot, per application

Retail subscription: 1.57×
Applicants per share available: 1.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹139.00

listed at, 3.0% against the issue price

Issue price: ₹135.00
Premium said: —
If allotted 1000 shares: ₹4,000

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Profit after tax went from Rs 10.12 crore in FY24 to Rs 11.41 crore in FY25, a rise of 12.75%, and then to Rs 17.95 crore in FY26, a rise of 57.32% — the FY26 increase coming on revenue 2.91% higher at Rs 113.56 crore against Rs 110.35 crore.
FY26 EBITDA was Rs 23.29 crore on revenue of Rs 113.56 crore, a margin of 20.51%, against Rs 14.78 crore on Rs 110.35 crore (13.39%) in FY25 and Rs 12.66 crore on Rs 81.50 crore (15.53%) in FY24; the FY26 margin is the highest of the three years on record.
Net worth was Rs 13.17 crore at the FY24 year-end, Rs 24.58 crore at FY25 and Rs 42.47 crore at FY26, up 86.64% and then 72.78%; FY26 profit after tax of Rs 17.95 crore against that closing net worth of Rs 42.47 crore works out at 42.27%.
The whole Rs 74.93 crore issue was fresh, with the offer-for-sale component at Rs 0, and promoter holding is recorded at 96.80% before the issue and 70.67% after it. The business description states the company has been the authorised distributor of Brunswick Bowling products in India since January 2010, a territory extended to Singapore, Malaysia and Indonesia in August 2025.

What to weigh against it

Revenue rose 2.91% between FY25 and FY26 (Rs 110.35 crore to Rs 113.56 crore), against 35.40% between FY24 and FY25 (Rs 81.50 crore to Rs 110.35 crore).
The business description records several concentrations for Fiscal 2026: Brunswick bowling equipment at 50.21% of revenue, the top ten suppliers at 81.93% of purchases, family entertainment centres at 87.47% of revenue, and the single largest of 90 customers at 32.14% of revenue.
Purchases of stock-in-trade were Rs 52.82 crore in Fiscal 2026 — 46.51% of the Rs 113.56 crore revenue — and the business description states 86.84% of that was imported.
Total borrowings were Rs 2.14 crore at FY24, Rs 2.19 crore at FY25 and Rs 8.99 crore at FY26, against net worth of Rs 13.17 crore, Rs 24.58 crore and Rs 42.47 crore — 0.16, 0.09 and 0.21 times net worth respectively.

Easy to miss in the prospectus

The record holds one subscription snapshot, from the closing day: QIB 7.34 times, NII 2.66 times, retail 1.57 times, 3.45 times overall.
The shares listed at Rs 139 against a band top of Rs 135, a premium of 2.96%, and last traded at Rs 160 on 23 October 2026 — 18.52% above the band top and 15.11% above the listing price.
The record carries no cash flow from operations and no total-assets figure for any of the three years, and no valuation block, peer set or offer objects, so the reported profits cannot be reconciled against cash or against the stated uses of the Rs 74.93 crore raised from within this record.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Smart Horizon Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Built from 8 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 28 Aug 2026
Closes: 1 Sep 2026
Allotment: 2 Sep 2026
Lists: 4 Sep 2026
Revenue (FY26): ₹114 Cr
Profit (FY26): ₹17.95 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.