CSM Technologies Limited (CSM) share price
₹91.82 on NSE as of 2026-10-07. -1.12% on the day. 52-week range ₹83.44 to ₹109.85. Information Technology.
CSM Technologies IPO: A 27-Year GovTech Veteran Asks ₹146 Crore at ~30x, With a 20-for-1 Bonus in Its Past
At a glance
CSM Technologies writes and runs software for state governments, and has done so for 27 years. Its systems sit behind farmer registries, scholarship portals and school admissions. The company is now asking the public market for ₹145.78 crore of fresh capital. Post-issue market capitalisation works out at ₹583.12 crore.
On annualised earnings for the year to March 2026, the market would pay close to ₹30 for every ₹1 of yearly profit. The peer set listed in the offer document runs from about ₹4 to ₹24 for that same ₹1.
The income statement pulls in two directions. Total income for the year to March 2023 was ₹161.50 crore. By the year to March 2025 it had reached ₹200.63 crore. Profit after tax travelled the other way across those two years. It was ₹15.82 crore in the first and ₹14.09 crore in the last.
The order book stood at ₹357.63 crore on 31 March 2026. That is roughly 1.8 times the latest full year of income. Nothing in the offer is an existing holder cashing out; every share on sale is a new one.
The share count has been rebuilt twice over. A 20-for-1 bonus issue came in March 2023, then a 5-for-1 bonus in June 2025. A bonus issue hands existing holders free shares, cutting the same company into more pieces. Today's share count is a different animal from the one the older accounts were drawn against.
Introduction
CSM Technologies was incorporated in 1998 and works out of Bhubaneswar, in Odisha. It designs and runs digital infrastructure for government agencies, and has done so for nearly three decades. The company describes itself as a long-term digital transformation partner to the public sector. What it sells is e-governance plumbing: the systems a state needs to register, pay, admit and answer its citizens.
The Red Herring Prospectus, the offer document filed ahead of a listing, puts the company's presence across 14 countries. India, Ethiopia, Kenya and Rwanda are among them. So are Gambia, Gabon, Malawi and Cape Verde. North America is covered as well, with work in the United States and Canada.
The recent corporate record is mostly a capital story. The company sold shares at a fixed price in January, February and May 2025. It issued bonus shares on a 20-for-1 basis in March 2023 and on a 5-for-1 basis in June 2025. A formal dividend policy was adopted in August 2025.
The maiden offer is book-built, which means bidders set the price within a stated band. It is entirely fresh capital, with no existing shareholder selling a stake. Bidding opened on 24 June 2026 and closed on 29 June 2026. Listing was set tentatively for 2 July. The offer accounts for 25% of post-IPO paid-up equity.
Anchor investors are large institutions allotted shares shortly before bidding opens. They put in ₹20 crore on 23 June 2026.
The net proceeds have three destinations. ₹56.00 crore goes to working capital, the single largest line. ₹22.63 crore repays borrowings. The remainder is set aside for general corporate purposes and for acquisitions, which the shopper has not yet named. The offer document identifies no target company.
Business model
CSM sells software to governments. The platforms are the ones citizens shuffle through without ever learning who wrote the back end: farmer registries, scholarship portals, school admission systems and complaint-handling engines.
The project list reads as a tour of state machinery. KRUSHAK Odisha and SAFAL serve farmers, while SAMS Odisha and OFSS Bihar handle student admissions. Mo Sarkar is a grievance system built on artificial intelligence. GO-SWIFT is a single-window investor portal, meaning one application counter rather than a dozen departments.
The work abroad follows the same shape. The company has run seed certification in Kenya and a wheat-rust warning system in Ethiopia, wheat rust being a fungal crop disease. It tracks donor aid in Rwanda and Mozambique. Exports account for more than 15% of the order book.
Selling to the state has a structural feature. The company lists high entry barriers and long, sticky client relationships among its competitive strengths. The other half of that feature is the payment cycle. The customer pays slowly, and the cheque clears on its own calendar. Delivery is paid for first and collected for later, and the gap between the two is what working capital means.
That gap is where the largest slice of the issue goes. ₹56.00 crore is earmarked for working capital, ahead of any product, factory or idea. The model lives and dies on that line rather than on a piece of plant.
The revenue itself is contracted work: a state signs, the platform gets built, and the invoicing runs for years afterwards. The order book stood at ₹357.63 crore on 31 March 2026, against total income of ₹200.63 crore in the year to March 2025. Borrowings take a further ₹22.63 crore of the proceeds.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for CSM Technologies Limited.
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