Clay Craft India Ltd. IPO

Clay Craft India

• Clay Craft India is coming out with an initial public offering (IPO) of 54,24,000 shares in a price band of Rs 193-203 per equity share. 
• The issue will open on June 17, 2026 and will close on June 19, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 19.30 times of its face value on the lower side and 20.30 times on the higher side.
• Book running lead manager to the issue is Hem Securities.
• Compliance officer for the issue is Anil Kumar Sharma.

Profile of the company

Clay Craft India is a manufacturer and distributor of ceramic tableware products in India, engaged in the design, development, production and sale of a wide range of ceramic tableware including dinner sets, tea and coffee serving sets, mugs, tumblers, platters, bowls, and table top accessories. Its product portfolio addresses the diverse requirements of retail consumers, institutional buyers, and the hospitality industry. It markets its products under its in-house brands, Clay Craft and JCPL, in addition to its proprietary brands, it has entered into arrangements with various customers for whom it undertakes design, development, and manufacturing activities.

It also offers customized ceramic solutions for corporate and institutional clients based on specific requirements and has developed a product range for the HoReCa (Hotel, Restaurant, and Catering) segment to meet the operational needs of the industry. Its capability to serve both broad-based and specialized demand segments, supported by its design and manufacturing infrastructure, enables it to operate across domestic and select international markets. It offers around 5,770 stock keeping units (SKUs) across various product categories under different brands. 

It primarily operates on a business-to-business (B2B) model, supplying the majority of its products through its own distribution network, large format retail chains and using different retail channels. It is committed to offering quality ceramic tableware at competitive prices and aims to foster long-term relationships with customers by adhering to industry standards and meeting specific business requirements. Its distribution network includes around 132 distributors across major states and union territories in India, supported by a dedicated sales and marketing team of 47 personnel. Over the years, it has developed and maintained long-standing relationships with its distributors, large format retail chains and retailers, which has contributed to consistent market access and customer loyalty. 

Proceed is being used for:

• Funding capital expenditure towards setting up an additional manufacturing facility at Manda, Rajasthan.
• General corporate purpose.

Industry overview

The ceramic tableware industry in India presents a dynamic and steadily evolving landscape, shaped by rising consumer sophistication, expanding hospitality infrastructure, and a robust manufacturing base. India is one of the largest producers and exporters of ceramic tableware globally, with the industry offering a broad range of products such as plates, bowls, mugs, teapots, serving dishes, and specialty items. These are manufactured using various ceramic types, including porcelain, stoneware, bone China, and earthenware, each catering to different price points, functionalities, and aesthetic preferences. In India, ceramic tableware production is concentrated in key clusters known for their scale and craftsmanship. Morbi in Gujarat leads the sector, producing the bulk of India’s tableware with a strong focus on exports and modern manufacturing technologies. Khurja in Uttar Pradesh is another prominent hub, recognized for its traditional hand-painted ceramics and artistic designs. Jaipur and nearby areas in Rajasthan contribute with semi-premium and design-focused tableware suited for boutique and export markets. Smaller centers like Thangarh (Gujarat), parts of West Bengal, and Tamil Nadu also support niche and regional production. These hubs benefit from access to raw materials, skilled labour, and improved logistics. 

The ceramic industry in India plays a pivotal role in supporting various end-use sectors, serving both domestic demand and international markets. Beyond traditional uses like tiles and sanitary ware, the industry has evolved to include high-performance ceramics used in electronics, automotive, and aerospace applications. This diversification reflects a shift from being purely utility driven to offering high-value, technologically advanced solutions. The sector benefits from India's well-established manufacturing ecosystem, robust supply chain of raw materials, and a growing emphasis on quality and innovation. As infrastructure projects, real estate development, and industrial expansion continue to rise, the ceramic industry is poised to serve as a critical enabler of aesthetic and functional advancement, while also moving toward sustainability and digitalization in production practices. From CY 2019 to CY 2025, the market expanded from Rs 630.7 billion to Rs 993.2 billion, driven by rising construction activity, infrastructure development, and evolving consumer preferences.

The Indian ceramic industry is set to continue its upward growth trajectory beyond 2025, reflecting the sector's increasing relevance in India’s infrastructure, real estate, and consumer goods landscape. As a core component of the construction and lifestyle ecosystem, the ceramic industry is benefiting from a strong convergence of demographic growth, urbanization, policy support, and evolving consumer preferences. This period of expansion is expected to be marked not just by volume growth, but also by product diversification, export potential, and increased adoption of technology in manufacturing. From a projected market size of Rs 993.2 billion in CY 2025P, the Indian ceramic industry is expected to reach Rs 1,461.3 billion by CY 2029P, registering a healthy CAGR of around 9.9% over the four-year period. This significant growth reflects increasing demand across various segments including tiles, sanitary ware, tableware, and technical ceramics.

Pros and strengths

Integrated and scalable manufacturing capabilities: It operates two manufacturing facilities located in the state of Rajasthan, India, with a combined installed capacity of around 6,000 metric tonnes (MTs) per annum. Its first manufacturing facility located at VKIA, Jaipur, is spread across 17431.04 square meters. Its second manufacturing facility (Plant II) is situated at RIICO, Manda-2 Industrial Area, Near Kaladera, Jaipur and covers an area of around 72000 square meters. These facilities are owned/leased and operated by it. Its manufacturing units are equipped with requisite plant and machinery, including air compressor, automatic China machine, Ball Mill, coating machine, cup plant hollowware machine, Filter Press, flatware machine, Klin, Pugmill, ram press machine, rubbing machine, screen printing machine etc. and utility equipment’s like conveyer belt, transformer etc. capable of undertaking the manufacturing activities, which enable it to undertake both manufacturing and design functions in-house. The integrated nature of its operations allows for scalability, quality control, and operational efficiency across production lines.

Extensive distribution network and multi-channel presence: It has established an extensive and growing distribution network that enables it to efficiently deliver its products across a wide geographic footprint. Its distribution model includes a combination of direct sales, distributors, retail networks, large format retail chain and e-commerce platform, allowing it to cater to a diverse and expanding customer base. Its products are available across multiple cities and towns in India, and its network has been built to support both scale and speed in order fulfilment.

Diversified product portfolio: The demand in the ceramic tableware industry is influenced by consumer preferences that are shaped by both functional needs and lifestyle choices. Additionally, factors such as disposable income, lifestyle upgrades, growth in the hospitality and food service sectors, and increasing awareness of sustainability and health considerations impact product demand. It focuses on identifying the needs and preferences of its consumers through its sales network and designing its products to cater to their differing requirements and preferences, while endeavouring that its products are available across various price points and meet quality standards expected by its consumers. It offers around 5,770 stock-keeping units across various product categories which includes dinner sets, tea and coffee serving sets, mugs, tumblers, Vaccum Bottles, platters, bowls, and table top accessories etc. Under its in-house brands, Clay Craft and JCPL, along with the brands for whom it undertakes design, development, and manufacturing activities. Its product offerings cater to a wide range of consumer needs. Further, its ability to innovate across multiple categories helps it stay competitive and resilient to market fluctuations. The diversified nature of its product lines not only supports revenue stability but also positions it for its customer’s household and gifting needs, both in domestic and selected export markets.

Risks and concerns

Reliance on external distribution channels: It currently distributes its products through a network of distributors, retailers, large-format retail stores, and online platforms. It generally does not enter into any exclusive distribution agreement with any of its distributers, retailers or online platforms any disruption in its trade channel could have an adverse effect on its business, financial condition, cash flows and results of operations. Further, with some of its customers (multi-retail stores and e-commerce platforms), it has entered into non-exclusive agreements which govern the terms of such distribution. These agreements contain certain terms and conditions that may be unfavourable to it and could have an adverse impact on its operations and financial performance. Such terms include, the right of customers to reject and return products at its expense if they do not meet specified quality or are destroyed, right to terminate the agreement without cause, at any time and without prior notice etc. Any invocation of these contractual provisions or the imposition of additional onerous terms, may result in financial liabilities, disruptions in product placement, or reputational damage. Such occurrences could adversely affect its business, prospects, financial condition, and results of operations.

Key revenue dependence on limited number of customers: A significant portion of its revenue is derived from a limited number of customers which are existing from last few years and comes into top 10. For the Fiscal Years 2026, 2025 and 2024, its top 10 customers contributed around 33.73%, 32.72% and 36.84% of its total revenue, respectively. Accordingly, its business and results of operations are substantially dependent on the continued association with these key customers. The loss of any of these customers, or a significant reduction in the volume of business from them, for any reason such as inability to agree on commercial terms, decline in their financial or operational performance, loss of market share, supply chain disruptions, changes in sourcing strategy, or disputes could materially and adversely affect its revenue, profitability, and cash flows.

Dependence on seasonal demand: Its business is subject to seasonality as it may see higher demand of its products from its customers during the festive seasons. Further, its demand is also sensitive to consumer spending and housing markets, which affect home goods sales. Accordingly, its results of operations and financial condition in one quarter may not accurately reflect the trends for the entire financial year and may not be comparable with its results of operations and financial condition for other quarters. Additionally, any significant event such as unforeseen economic slowdown, political instabilities or epidemics during these peak seasons may adversely affect its business and results of operations. Any such fluctuations or disruptions may materially and adversely affect its business, results of operations, cash flows, and financial condition.

Outlook

Clay Craft India is engaged in manufacturing and dealing of wide range of Ceramic Tableware products such as dinner sets, tea sets, mugs, and other table top items for both household and hospitality use. It undertakes comprehensive activities including product designing, development, manufacturing, decal printing, and packaging entirely within its own facilities. This vertically integrated approach enables it to exercise stringent control over quality, production timelines, and cost structures. By minimizing reliance on third-party vendors for core functions, it is able to significantly reduce lead times, avoid operational bottlenecks, and maintain consistency across product lines. On the concern side, nature of its finished products may result in higher handling, packaging, and logistics costs and could adversely affect its business and results of operations. Further, its operations are highly dependent on information technology systems, including software, hardware, and network infrastructure. Any failure, disruption, or inadequacy in these systems could affect business continuity, operational efficiency, and customer service.

The company is coming out with a maiden IPO of 54,24,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 193-203 per equity share. The aggregate size of the offer is around Rs 104.68 crore to Rs 110.11 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for fiscal year 2026 was Rs 17,988.67 lakh as against Rs 15,194.22 lakh for Fiscal year 2025, an increase of 18.39%. Profit after tax for the Fiscal 2026 was at Rs 2,701.49 lakh against profit after tax of Rs 2,075.74 lakh in fiscal 2025, an increase of 30.15%.

It is leveraging its capabilities to both enhance its existing product offerings and develop a broader product portfolio across its various categories and brands. Its current focus is on expanding the Consumer tableware segment, with a strategic emphasis on introducing a new range of products within kitchenware, Tableware, and Hotel-ware. By launching innovative and quality products in these categories, it aims to increase its market share in the consumer houseware space, drive repeat purchases from existing customers, and attract new consumer segments, thereby scaling its overall business. Further, to capitalize on new market opportunities and drive long-term growth, it is focused on expanding its global footprint. This includes strengthening its presence in existing regions and focus on entering new international markets, particularly in regions such as the Middle East, North America, South America and Europe. By increasing its global footprint, it aims to not only grow revenue from new regions but also build a more diversified and resilient business.

Bal Pharma has informed that 39th AGM of Bal Pharma Limited Scheduled to be held on Thursday, September 24, 2026 at 11.00 AM through VC Mode.

The above information is a part of company’s filings submitted to BSE.

Devson Catalyst has informed about appointment of Mr. Girdharbhai Natvarbhai Keraliya as an internal auditor of the company for f.y. 2026-27 and appointment of M/s. ALAP & CO. LLP as secretarial auditor of the company for f.y. 2025-26.

The above information is a part of company’s filings submitted to BSE.

ESDS Software Solution

• ESDS Software Solution is coming out with a 100% book building; initial public offering (IPO) of 1,76,47,058 shares of face value Rs 1 each in a price band Rs 408-429 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 28, 2026 and will close on September 1, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 408 times of its face value on the lower side and 429 times on the higher side.
• Book running lead managers to the issue are DAM Capital Advisors and Systematix Corporate Services.
• Compliance officer for the issue is Prasad Deochand Deokar. 

Profile of the company

ESDS Software Solution is an AI-enabled cloud, managed services, data centre infrastructure and software solutions provider in India. It is one of the only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. It offers a comprehensive platform of cloud infrastructure and software solutions consisting of (i) infrastructure as a service (IaaS), which is broadly divided into colocation and data centre services, cloud services and cloud computing, (ii) managed services, and (iii) software as a service (SaaS), which allows to provide well-architected cloud-adoption solutions to its customers aimed at reducing their cost while providing security, flexibility, scalability and reliability. The company was one of the first cloud service providers in India to offer community cloud services, provided on a multi-tenant model to a group of organizations with similar business models and requirements, such as data privacy, security, compliances and regulatory requirements.

The company provides its services to a diverse range of end-user industries and customers, comprising: (i) banking, financial services and insurance companies (BFSI); (ii) public sector entities, including central, state, and local government departments, public sector undertakings (PSUs), government agencies, and institutions that procure products or services for administrative, infrastructure, or public service purposes (Government); (iii) and businesses and enterprises not included in BFSI or Government (Enterprises).

Proceed is being used for: 

• Purchase and installation of cloud computing and other equipment and infrastructure for its relevant data centres 
• General corporate purposes

Industry overview

The IT/ITES industry in India continues to be a key pillar of economic growth, exports, innovation, and employment. The sector is increasingly driven by demand for artificial intelligence (AI), cloud computing, digital engineering, cybersecurity, data analytics, and platform-based services, as enterprises globally accelerate technology-led transformation initiatives. India has also strengthened its position as a preferred destination for Global Capability Centers (GCCs), engineering R&D, and high-value digital services. India’s technology industry is expected to cross $315 billion by 2026 and contribute 10% towards the country’s GDP. Direct employment in the sector is projected to reach approximately 6 million professionals in FY 2026, with a net addition of around 135,000 jobs over the previous year.

The growing demand for digital services is a crucial factor driving the expansion of data centres in India. The proliferation of smart devices, increased use of digital payments, and the shift towards cloud-based solutions have significantly increased the need for data storage capabilities. The data centre market in India is valued at Rs 114 billion for FY 2026 and has grown at a CAGR of 20.39% from FY 2020 to FY 2025. The market in the future is expected to grow at a CAGR of 20.70% from Rs 114 billion in FY 2026 to Rs 242 billion in FY 2030. As of 31st March 2026, the total data centre installed capacity in India is 1,545 MW.

Indian software development market has demonstrated significant growth over the past few years, particularly following a boom in the IT industry in 2021. During FY 2020 to FY 2026, the market revenues increased from Rs 2,695 billion to Rs 3,961 billion, reflecting a CAGR of 6.63%. This steady growth trajectory highlights the industry’s resilience and adaptability amid global economic fluctuations. During the forecasted period, software development industry in India is poised for robust expansion. Projections indicate that the market will continue to grow at a CAGR of 8.95%, increasing from Rs 3,961 billion for FY 2026 to an estimated Rs 5,581 billion by the end of FY 2030.

Pros and strengths 

The company is leading player offering end-to-end cloud, managed services, data centre infrastructure and software solutions in India: Among the Indian players, it was one of the early adopters of cloud technology in India, establishing its first data centre in Nashik, Maharashtra during 2010 and launching cloud services in 2011 (which was launched as eNLight Cloud and rebranded as SWARAJ Cloud). Recognising the need for holistic solutions, it introduced end-to-end offerings integrating infrastructure, managed services, and application support. Among the leading players in the cloud, managed services, data centre infrastructure and software solutions, it is one of the only two players providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions in India. Its ability to offer end-to-end cloud, data centre and software solutions has enabled the company to focus on its Revenue Retention Rates as a larger share of existing customers increase their service scope to include its comprehensive range of IaaS, SaaS and managed services. This is reflected in its Revenue Retention Rates and by the split of customers who are availing the comprehensive product and service suite versus those engaging with the company for standalone services.

Comprehensive Security-as-a-Service framework: As a cybersecurity partner, it delivers Security as a Service (SECaaS) solutions to enterprises, BFSI institutions, and government organisations. Its Security Operations Centre (SOC) actively monitors and mitigates cyber threats, ensuring operational resilience and regulatory compliance. With more than 123 customers onboarded across more than 7,175 devices as at June 30, 2026, its security information and event management (SIEM) programs analysed more than 5,143 security alerts in the period from January 1, 2026 to June 30, 2026. As organisations increasingly adopt SECaaS, several BFSI institutions and enterprises have engaged it for the provision of cybersecurity solutions as standalone services. Its comprehensive security framework, encompassing SIEM, endpoint security, vulnerability management, and incident response, provides scalable and cost-efficient protection against evolving cyber risks.

It has long-term relationships with well-established banks and other businesses: As a result of its diversified product offering and clientele, it is able to cater to a wide range of industries. It has long-standing relationships with over 100 banks and well-established businesses, including STPI. It has been able to steadily increase the ageing of its customer relationships, with customers having a relationship of more than three years rising from 49.28% to 65.60%, and those with a relationship of more than five years increasing from 23.25% to 47.75% from Fiscal 2024 to Fiscal 2026. This reflects its ability to foster long-standing partnerships, driven by its diversified and end-to-end offerings that cater to evolving digital transformation needs.

AI-driven innovations and patented technology: The company holds commercial patents for its SWARAJ software, which intelligently identifies customer requirements and applies vertical and diagonal scaling technologies, which enable dynamic resource allocation for cost-effective and efficient cloud performance. It is engaged in the development and commercialisation of AI and ML driven systems for cloud environments. In November 2025, it launched a fully managed GPUaaS, allowing its customers across industries to create customised, high-performance AI environments, on a large scale, at global standards. These services empower developers and enterprises to build, train, and deploy AI models quickly for applications such as computer vision, natural language processing, and predictive analytics. In India, adoption of these platforms is accelerating as organisations aim to speed up innovation cycles without heavy capital investment in infrastructure. The market for cloud GPU in India was estimated at around $67.31 million in Fiscal 2025 and is projected to reach around $513.67 million by Fiscal 2030, reflecting a CAGR of around 50.15% over the period.

Risks and concerns

Loss or reduction in revenue from key clients could adversely impact business: A substantial portion of its operating revenue is derived from a top ten clients. The company’s top 10 customers contributed 45.36%, 49.34%, and 37.38% of its revenue from operations for Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. Furthermore, its reliance on any individual client for a significant portion of its revenues may give that client a certain degree of leverage when negotiating pricing and the other terms and conditions of the agreement(s) between the company and that client. The loss of any of its top clients for Fiscal 2026, or a significant decrease in the revenue it receives from them, could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant portion of assets pledged in favour of lenders: A substantial portion of its assets are hypothecated or mortgaged in favour of lenders as security for some of its borrowings. As at March 31, 2026, 2025 and 2024, the total value of its hypothecated current assets as a percentage of its total current assets was 96.72%, 88.96% and 84.84%, respectively, and the total value of its mortgaged property, plant and equipment as a percentage of its total property, plant and equipment was 18.89%, 27.05% and 56.62%, respectively. Its lenders may enforce the security in the event of its failure to service its debt obligations, which could adversely affect its business, financial condition, results of operations and cash flows.

Reliance on government contracts and projects: The company has earned revenue from government and quasi-government clients and private sector clients that assist in the execution of government IT projects. Its revenue, directly or indirectly, from government entities and government projects represented 27.37%, 29.52%, and 34.04% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any changes in government policies or budgetary allocations or its ability to satisfy eligibility and selection criteria in relation to outsourcing of services may adversely affect its business, financial condition, results of operations and cash flows.

Significant dependence on single UAE-based client: Its revenue from its top client in Fiscal 2026, a UAE company, represented 15.93% of its revenue from operations. The war between Israel and the United States on the one hand and Iran on the other has had a material adverse effect on the UAE’s economy. If the war was to continue, it could continue to have a material adverse effect on the UAE’s economy and thereby adversely affect the business, financial condition, results of operations and cash flows of its top client for Fiscal 2026. A material decreases in the revenue it earns from this client would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Outlook

ESDS Software Solution is engaged in providing IT enabled services (Infrastructure as a service, software as a service and managed services) and supply of IT enabled products closely connected with the rendering of the IT enabled services. In addition to its standalone operations, the company conducts certain business activities through its subsidiaries, which support its domestic and international expansion strategy. On the concern side, it derived 43.88%, 56.36% and 49.59% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from Infrastructure as a Service (IaaS). If there is any decline in demand for IaaS or it is unable to maintain its existing market share in this sector, it could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The issue has been offering 1,76,47,058 shares in a price band of Rs 408-429 per equity share. The aggregate size of the offer is around Rs 720.00 crore to Rs 757.06 crore based on lower and upper price band respectively. Minimum application is to be made for 34 shares and in multiples thereon, thereafter. On performance front, its total income increased by 27.62% from Rs 3,766.41 million in Fiscal 2025 to Rs 4,806.52 million in Fiscal 2026. Its profit for the year increased by 117.26% from Rs 556.12 million in Fiscal 2025 to Rs 1,208.23 million in Fiscal 2026.

Meanwhile, it plans to increase such technical collaboration with third parties, including collaborations that allow it to offer complete digital transformation solutions to customers. Additionally, it aims to enhance its ecosystem by expanding its strategic alliances with companies with expertise in robotic process automation, business intelligence, AI/ML and the internet of thing. In addition, it is planning to open two new data centres: one in Kolkata, West Bengal, which it expects to be operational in the third quarter of Fiscal 2027; and one in Sahibabad, Uttar Pradesh, which it expects to be operational in the first quarter of Fiscal 2028.

Complete Sports and Management India

• Complete Sports and Management India is coming out with an initial public offering (IPO) of 55,50,000 shares in a price band of Rs 128 - 135 per equity share.
• The issue will open for subscription on August 28, 2026 and will close on September 01, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 12.80 times of its face value on the lower side and 13.50 times on the higher side.
• Book running lead manager to the issue is Smart Horizon Capital Advisors.
• Compliance officer for the issue is Manali Jain.

Profile of the company

Complete Sports and Management India is engaged in the business of sourcing, trading and distribution of a diversified portfolio of amusement and leisure equipment. It also provides installation, commissioning, maintenance and related advisory and consulting services. It operates across the amusement, entertainment and leisure infrastructure value chain and provides solutions to customers for the development and operation of entertainment destinations. 

It procures amusement and entertainment equipment from domestic and international manufacturers and suppliers for distribution and installation in India and overseas. Its customer base includes family entertainment centres (FECs), clubs, hotels, resorts, corporate clients and residential developments. Its product portfolio comprises bowling solutions, arcade games, soft play areas and indoor play structures, trampoline parks, laser tag systems, bumper cars, go-karting systems, debit card and cashless gaming systems, as well as related spares, consumables and accessories. It also provides customised amusement and entertainment solutions based on the specific requirements of its customers, including considerations relating to available space, budget, operational requirements and target demographics. 

The company is the authorised distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia and Indonesia. It entered into a distributorship agreement with Brunswick Bowling & Billiards Corporation for the territory of India on January 1, 2010, pursuant to which it was appointed as its authorised distributor in India. Subsequently, on August 28, 2025, its distributorship was expanded to include the territories of Singapore, Malaysia and Indonesia, further strengthening its presence across South and Southeast Asia. Through this strategic association with Brunswick Bowling products LLC, it provides comprehensive bowling solutions, including design and layout consultation, supply, installation, commissioning, lane servicing, preventive and corrective maintenance, scoring systems integration, spare parts management and technical support for both traditional and duckpin bowling formats. Its bowling solutions cater to a diverse customer base, including bowling centres, family entertainment centres, clubs, hotels, shopping malls and integrated leisure and entertainment destinations.

Proceed is being used for:

• Funding the capital expenditure requirements of the company towards the purchase of gaming equipment and other capital equipment, including computers, printers and software, equipment and tools, and CCTV and safety equipment, for its existing warehouse located at Bhiwandi, Maharashtra.
• Funding the capital expenditure requirements of the company towards the setting up of the ‘Duckpin - The Bowling Bistro’ entertainment centre in Mumbai, Maharashtra.
• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company from banks and financial institutions.
• Meeting general corporate purposes.

Industry overview

Indoor Amusement Centers (IACs) are organized, indoor leisure and entertainment facilities designed to offer a wide range of recreational experiences within a controlled and weather-independent environment. Typically located within shopping malls, mixed-use developments, or standalone urban facilities, IACs cater to diverse age groups, including children, teenagers, families, and young adults. Their core objective is to provide safe, immersive, and repeat-visit entertainment, making them an important component of modern urban leisure infrastructure. From a services perspective, Indoor Amusement Centers provide paid entertainment access through multiple formats, such as time-based play passes, pay-per-use rides, memberships, and group packages. Services often extend beyond pure play to include birthday party hosting, school and corporate group bookings, curated food and beverage offerings, and retail or redemption counters. Increasingly, IACs also integrate technology-enabled experiences such as virtual reality (VR), augmented reality (AR), interactive gaming, and digital ticketing systems to enhance customer engagement and operational efficiency. 

The Indian indoor amusement center market has transitioned from a niche entertainment segment to a more organized and scalable leisure industry over recent years. The sector has benefited from increasing formalization of entertainment formats, improved safety and quality standards, and greater participation from organized operators and real estate developers. Indoor amusement centers are increasingly positioned as professionally managed leisure assets with standardized offerings, clearer monetization models, and growing acceptance across urban consumer segments, supporting steady and sustained market expansion. 

The market size increased from Rs 34.8 billion in FY 2021 to Rs 50.9 billion in FY 2025, registering a CAGR of 10.0% over the period. Year-on-year growth remained consistent, with the market expanding to Rs 37.9 billion in FY 2022, Rs 41.3 billion in FY 2023, and Rs 45.0 billion in FY 2024, reflecting a gradual recovery and scale-up phase. The steady progression in market value indicates improving capacity utilization, higher revenue realization per center, and increased rollout of new formats, rather than short-term or volatile growth patterns. The market is projected to grow from Rs 50.9 billion in FY 2025 to Rs 93.7 billion by FY 2030, implying a CAGR of 13.0% over FY 2025-30. Annual market additions are expected to accelerate in absolute terms-from Rs 6.6 billion between FY 2025 and FY 2026 to nearly Rs 10.8 billion between FY 2029 and FY 2030-indicating increasing scale and momentum as the industry matures.

Pros and strengths

Exclusive distributorship for Brunswick Bowling products in India: It is an authorised distributor of Brunswick Bowling Products LLC in India, Singapore, Malaysia and Indonesia. It entered into a distributorship agreement with Brunswick Bowling Products LLC on January 1, 2010, pursuant to which it was appointed as its authorised distributor for India. Subsequently, on August 28, 2025, the scope of its distributorship was expanded to include Singapore, Malaysia and Indonesia. This expansion has enabled it to extend its distribution and project execution capabilities across additional markets in South and Southeast Asia. Through its association with Brunswick Bowling Products LLC, it provides comprehensive bowling solutions covering design and layout consultation, equipment supply, installation, commissioning, lane servicing, preventive and corrective maintenance, scoring systems integration, spare parts management and technical support for both traditional and duckpin bowling formats.

Comprehensive end-to-end amusement and entertainment solutions platform: It operates as an integrated provider of amusement and leisure solutions, with capabilities spanning multiple stages of an entertainment project, including sourcing, distribution, installation, testing and commissioning, operations management, maintenance and advisory and consulting services. Its business is principally organised across two verticals: i) distribution, supply and installation of amusement and entertainment solutions; and ii) consultancy and management services. Under its distribution, supply and installation vertical, it sources and distributes a diversified portfolio of amusement and entertainment equipment to a range of customers, including club houses, corporate clients, family entertainment centres (FECs), hotels, residential complexes and resorts. Under its consultancy and management services vertical, it provides advisory and consulting services and undertakes management contracts relating to the establishment and operation of entertainment facilities.

Experience across diverse leisure and hospitality segments: It has developed experience in catering to customers across a diversified range of segments within the leisure and hospitality industry, including club houses, corporate clients, family entertainment centres, hotels, residential complexes and resorts. Its experience across these segments has enabled it to develop an understanding of varying customer requirements, operating environments, space configurations, customer profiles and project-specific considerations, which supports its ability to provide solutions aligned with the requirements of different customer segments.

Risks and concerns

Significant revenue derives from Brunswick bowling equipment: It is the exclusive distributor of Brunswick bowling product LLC in certain jurisdictions, and revenues generated from Brunswick bowling equipment accounted for 50.21%, 34.42% and 50.67% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any loss of exclusivity, deterioration in its relationship with Brunswick, or disruption in the supply of Brunswick products could materially and adversely affect its business, financial condition, results of operations and cash flows.

Business substantially dependent on demand from family entertainment centres: Its business is substantially dependent on demand from family entertainment centres, which accounted for 87.47%, 73.77% and 78.70% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively, and on its ability to maintain long-term relationships with customers in its key end-user segments. Any adverse developments affecting such customer segments or relationships could materially and adversely affect its business, financial condition, results of operations and cash flows.

Complete Sports and Management India is engaged in the business of trading of amusement equipment and services regarding installation, testing & commissioning, operations & maintenance, consulting and technical support. It has established and maintained business relationships with several internationally recognized manufacturers and suppliers of amusement and entertainment equipment, including Brunswick Bowling Products LLC, Baohui, Coastal Amusements Inc., Elaut NV, Intercard Inc., Komuse America Inc., Bandai Namco and Sega. These relationships enable it to access a diversified range of amusement and entertainment equipment sourced from manufacturers across multiple jurisdictions. On the concern side, a substantial portion of its revenue from operations is geographically concentrated in Maharashtra, Karnataka and Telangana, which collectively contributed 78.57%, 60.95% and 55.44% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It also derives a portion of its revenue from export sales to a limited number of international jurisdictions. Any adverse developments affecting these geographies could materially and adversely affect its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 55,50,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 128-135 per equity share. The aggregate size of the offer is around Rs 71.04 crore to Rs 74.93 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 2.91% from Rs 11,034.57 lakh in Fiscal 2025 to Rs 11,356.02 lakh in Fiscal 2026. Profit after tax increased 57.35% from Rs 1,140.94 lakh in Fiscal 2025 to Rs 1,795.32 lakh in Fiscal 2026.

Meanwhile, it has historically been engaged in the distribution, installation, commissioning, maintenance and consultancy of amusement and gaming equipment. As part of its long-term growth strategy and with a view to increasing its participation across the amusement equipment value chain, it proposes to commence the assembly and integration of amusement games at its existing warehouse facility located at E-8, Gala No. 19 & 20, Bhiwandi, Maharashtra. Going forward, strengthening its core distribution and consulting capabilities is a key component of its growth strategy. It intends to deepen its relationships with existing customers and selectively expand the range of products and services offered to them. By leveraging its experience in the amusement and leisure industry, operational capabilities and consulting expertise, it seeks to provide solutions across various stages of the lifecycle of entertainment and leisure facilities, including equipment selection, facility planning, installation, commissioning, operational support and maintenance, as applicable to the requirements of individual projects.