CSM Technologies Ltd. IPO

CSM Technologies

• CSM Technologies is coming out with a 100% book building; initial public offering (IPO) of 1,29,01,000 shares of face value Rs 10 each in a price band Rs 107-113 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 June 24, 2026 and will close on June 29, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 10.70 times of its face value on the lower side and 11.30 times on the higher side.
• Book running lead manager to the issue is Keynote Financial Services.
• Compliance officer for the issue is Shweta Janardhan Sharma.

Profile of the company

CSM Technologies is amongst the few Information Technology (IT) solutions companies, who have delivered first of its kind projects for government as well as for the private sector. It also specialises in providing GovTech solutions and digital transformation services. It provides technology solutions across sectors such as mining and allied services, government & public services, agriculture and allied services, industry and trade facilitation, education, healthcare and tourism. Incorporated in 1998, it has twenty-seven years of experience in designing, developing, and implementing e-governance platforms and digital infrastructure and operate as a long-term digital transformation partner to government agencies.

These solutions are aimed at streamlining operations, improving data-driven decision-making, and facilitating citizencentric services. It also offers consulting and advisory services and provide self-service technologies that enable government organisations and corporate clients to migrate, automate, and manage customer-facing business processes through self-service channels. It integrates sectoral knowledge, scalable technology platforms, and analytics to support governments in adopting data driven processes and improving service delivery. Its experience across multiple sectors enables to contribute to the implementation of technology solutions for public service initiatives.

Its diversified customer base includes customers from the government sector (government institutions/departments), and enterprises. It has a diverse client base, with a primary focus on government entities and development organizations across India, Africa, and the United States. It works extensively with central and state government departments, public sector undertakings, and agencies across sectors such as infrastructure, and public administration in India and abroad. In addition, it collaborates with donor and development agencies active in key areas like rural development, healthcare, and education, supporting them in the execution and management of critical social impact initiatives and development programs.

Proceed is being used for:

• Funding working capital requirements of the company
• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
• Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes 

Industry overview

The Indian IT sector is at the forefront of adopting Industry 4.0, utilizing cutting-edge technologies to enhance innovation and efficiency. By incorporating AI, IoT, big data analytics, and robotics, Indian firms are revolutionizing conventional processes into intelligent, automated systems. Programs like ‘Digital India’ and ‘Make in India’ are also driving this transformation, helping Indian businesses secure a strong position in global markets. Industry 4.0, also known as the Fourth Industrial Revolution (4IR), marks a transformative phase in digitization. It is characterized by disruptive advancements in data and connectivity, sophisticated analytics, seamless human-machine interaction, and considerable progress in robotics.

India's IT market has demonstrated a steady increase in its share of the global IT market over the years, rising from 5.0% in CY20 and CY21 to a projected 6.3% by CY30P. While the share remained stagnant in the initial two years, there was a noticeable increase beginning in CY22, reaching 5.2%, and further climbing to 5.9% in CY23. The projected rise to 6.3% by CY30P indicates a positive long-term outlook.

In India, the government has launched various schemes to promote the adoption of IT solutions across key industries. These initiatives focus on improving infrastructure, promoting digital literacy, fostering economic growth, and improving efficiency in government services. IT is playing an integral role in driving India's development in sectors such as agriculture, healthcare, education, tourism, mining, governance and many more thereby contributing to national growth.

Pros and strengths

Deep sectoral expertise across a diversified spectrum of industries: The company is amongst the few IT solutions companies, who have delivered first of its kind projects for government as well as for the private sector. It has developed deep sectoral expertise in delivering tailored digital solutions for the public sector, with a focus on enabling large-scale digital transformation. Its business operates through ten verticals that function as distinct operating segments: Mining & Allied Services, Governance & Public Services, Agriculture & Allied Services, Industry & Trade Facilitation, Education, Healthcare, and Tourism. It has built focused capabilities within each vertical to address specific needs, allowing it to serve a wide range of clients. It offers end-to-end technology services, from consulting and development to operations and maintenance, using technologies that includes Artificial Intelligence (AI), Internet of Things (IoT), cloud, and data analytics. Its deep sectoral expertise and a diversified portfolio of IT offerings, has enabled it to deliver scalable and outcome-oriented digital solutions.

Extensive geographic footprint with scalable operations across key markets: It has established a geographically diversified presence across India and select international markets, enabling it to serve a broad and varied client base while de-risking concentration across regions. In India, it operates across multiple states including Odisha, Bihar, New Delhi, Uttar Pradesh and Jharkhand. Internationally, it has successfully executed projects in several countries across Africa, including Ethiopia, The Gambia, Gabon, Kenya, and Rwanda, and have recently expanded into North America, with a presence in Canada and in certain parts of the USA.

Established presence in a high-entry-barrier industry: The IT-ITeS (Information Technology enabled services) market is characterised by significant entry barriers owing to factors such as proven operational track record, meeting eligibility criteria requirements, complex domain knowledge and experienced talent pool. These factors make it challenging for new entrants to compete effectively in this space. These barriers are driven by factors such as long procurement and qualification cycles, requirement for prior execution track record, deep domain expertise, client trust built over time, and the need for sustained investment in technology, compliance, and talent. Moreover, engagements in sectors such as e-governance and regulated industries often involve complex integration requirements and high switching costs, further reducing the likelihood of client migration to new service providers.

Track record of healthy financial performance: The company has established a track-record of strong and consistent financial performance. The projects it undertakes ensure visibility of revenues and it generated Rs 16,552.36 lakh, Rs 19,924.42 lakh, Rs 19,671.05 lakh, and Rs 16,043.87 lakh, as revenue from operations in the nine months period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively. Its EBITDA for the nine months period ended December 31, 2025 and Fiscals 2025, 2024, and 2023 was Rs 3,006.66 lakh, Rs 2,927.00 lakh, Rs 2,370.94 lakh, and Rs 2,787.23 lakhs, respectively. Its Net Working Capital days stood at 85 days, 78 days, 53 days, and 64 days in the nine months period ended December 31, 2025 and in the Fiscals 2025, 2024, and 2023, respectively. Its focus on operational and functional excellence has contributed to its track record of healthy financial performance.

Risks and concerns

Significant reliance on Government contracts and tenders: The company works extensively with central and state government departments, public sector undertakings, and agencies across sectors such as mining, infrastructure, and public administration in India and abroad. Its business is heavily dependent on tenders from government authorities. During the nine months period ended December 31, 2025 and the Fiscals 2025, 2024, and 2023, it derived 63.45%, 74.15%, 69.17%, and 77.13% respectively, of its revenue from operations from the tenders released by government entities including central or state governmental organizations. Any delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact its business through contract foreclosures, terminations, restructurings, or renegotiations, affecting its operations and financial performance.

Dependence on key suppliers for critical IT infrastructure: Its suppliers provided it with a broad range of essential hardware and software products and services. This included fundamental IT infrastructure, such as servers, storage solutions, and antivirus software. It also relied on these suppliers for various software services, general IT hardware and software solutions, and comprehensive enterprise-level support. For the nine months period ended December 31, 2025 and Fiscals 2025, 2024, and 2023, the cost of supplies from its top ten suppliers represented 26.69%, 24.00%, 34.80%, and 32.96%, of its Revenue from Operations, respectively. it relies on its suppliers for various critical aspects of its information technology infrastructure. If any of its top 10 suppliers ceased supplying products/services to the company and it was unable to find a supplier to replace it, it could have an adverse effect on its business, financial condition, results of operations, and cash flows.

Heavy revenue dependence on Odisha: The company’s operations are geographically concentrated in the eastern region of India, particularly in the State of Odisha. During the nine months period ended December 31, 2025 and in Fiscals 2025, 2024 and 2023, it derived Rs 10,354.78 lakh, Rs14,539.75 lakh, Rs15,099.45 lakh, and Rs13,469.85 lakh aggregating to 62.56%, 72.97%, 76.76% and 83.95%, respectively of its total revenue from operations from the eastern Indian State of Odisha. Any adverse developments in these regions could materially affect its business and growth prospects.

Dependence on third-party OEMs for hardware and server infrastructure: The company relies on third-party Original Equipment Manufacturers (OEMs) for the supply of critical hardware components and server infrastructure required for the development, deployment, and maintenance of its technology solutions and project executions. Its ability to procure these components in a timely and cost-effective manner is essential to meet project deadlines and client expectations. Any increase in costs from OEMs due to factors such as supply chain disruptions, raw material price volatility, changes in trade policies, or currency fluctuations could lead to cost overruns, thereby adversely impacting project margins and overall financial performance.

Outlook

CSM Technologies provides a wide range of Information Technology services relating to software development, software licensing & designing with a minimal up-gradation which looks into the business need, end-to-end business solutions, creation of web enabled applications, web portals, corporate-wise process integration, business critical application, data warehousing, system integration, turnkey projects, e-Governance, community development, system integration technology and process solutions and other related services. On the concern side, the majority of its Order Book and its revenues are from industry segments such as government and public services, mining & allied services and agriculture and allied services sector, which contributed to 21.91%, 27.96% and 30.09% of its Order Book and 31.52%, 24.65% and 14.56% of its revenue from operations as of December 31, 2025, respectively. Significant social, political, or economic changes in these sectors could adversely affect its business, results of operations, financial condition, and cash flows.

The issue has been offering 1,29,01,000 shares in a price band of Rs 107-113 per equity share. The aggregate size of the offer is around Rs 138.04 crore to Rs 145.78 crore based on lower and upper price band respectively. Minimum application is to be made for 132 shares and in multiples thereon, thereafter. On performance front, its total income increased by 1.00% to Rs 20,062.73 lakh for Fiscal 2025 from Rs 19,865.05 lakh for Fiscal 2024. The restated profit after tax for Fiscal 2025 was stood at Rs 1,408.65 lakh, as compared to the restated profit after tax of Rs 1,254.93 lakh for Fiscal 2024.

Meanwhile, the company has aligned its business operations with key central and state government initiatives aimed at fostering growth in the information technology (IT) and digital services sector. Its ability to identify and capitalize on these policy-driven opportunities has enabled it to optimise costs, access world-class infrastructure, and expand strategically across geographies. This approach has also contributed to strengthening its competitiveness, operational resilience, and long-term growth. Over the years, it has successfully executed several digital infrastructure and governance projects under flagship government programmes. These include incubation support, infrastructure subsidies, fiscal incentives, and sustain ability linked benefits, which have helped it scales its presence efficiently.

Dhanwel Hybrid Seeds

• Dhanwel Hybrid Seeds is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 95-99 per equity share.
• The issue will open on June 24, 2026 and will close on June 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Parul Agarwal.

Profile of the company

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. The seed production process is carried out in a structured manner across multiple stages and involves the use of improved genetic seed material procured from recognised sources. Such seed material is multiplied, processed, conditioned, and handled in accordance with prescribed agronomic and processing practices to produce seeds suitable for agricultural use, including seeds supplied to farmers for crop cultivation.

It procures genetic seed material, including breeder and other suitable seed material, from recognised agricultural institutions, government-supported research organizations and open market. In addition, seed production is undertaken through arrangements with identified seed-growing farmers, wherein agricultural land owned by such farmers is utilised for cultivation. Under these arrangements, the company supplies the requisite seed material and provides technical guidelines and cultivation protocols. The farmers carry out sowing and related agricultural operations in accordance with its instructions, while its field staff and agronomists monitor and supervise the crop to maintain quality standards. Although the ownership of agricultural land remains with the farmers, seed production undertaken through contractual arrangements is carried out in accordance with its prescribed guidelines and supervision, and all subsequent processing, quality control, and commercial activities relating to such seeds are undertaken by it.

Its team comprises experienced agronomists, field staff, and technicians who ensure adherence to quality standards, support productivity improvements, and implement sustainable agricultural practices. Over time, it has established strong working relationships with the farming community and continues to follow an integrated approach that includes sourcing, production, quality control, and supply of seeds. Its seeds are sold under the brand name ‘Dhanwel Seeds’. The company is ISO 9001:2015 certified and is committed to maintaining consistent seed quality and supporting the agricultural sector with reliable seed solutions.

Proceed is being used for:

• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
• Funding the working capital requirements of the company.
• General corporate purposes. 

Industry overview

India’s agricultural output has expanded significantly in the past decade, recording 40% growth and achieving surplus capacity for exports. In FY25, the sector grew by 5.4% year-on-year, supported by record production and higher trade volumes. Agricultural exports touched an all-time high of Rs 4,40,000 crore ($51.86 billion) in FY25, up from Rs 3,95,793 crore ($48.15 billion) in FY24. Agriculture and allied activities together contributed 17.8% to India’s GDP in 2023-24, reaffirming the sector’s importance to the national economy.

The current India seed market size stands at $3.82 billion in 2025 and is projected to reach $5.00 billion by 2030, reflecting a forecast CAGR of 5.55%. Sustained policy support, rising certified‐seed penetration, and expanding climate smart varieties continue to anchor industry resilience. Government programs such as the National Mission on High-Yielding Seeds and the Clean Plant Program are fast-tracking premium seed adoption by funding disease-free planting material hubs, demonstration plots, and village-level clusters. Row crops dominate revenue because cereals, oilseeds, and fiber crops align with food-security and import-substitution priorities, while hybrids retain farmer loyalty thanks to consistent yield premiums under erratic rainfall. Meanwhile, protected cultivation and digital traceability pilots are opening lucrative niches for specialized vegetable and high-value seed segments. Competitive intensity is low because multinational pipelines compete with regionally adapted portfolios, yet counterfeit trade and GM regulatory uncertainty exert margin pressure.

The India seed market size in open field accounted for a 99.8% share of the India seed market size in 2024, and protected cultivation seeds are forecast to expand at an 11.08% CAGR between 2025 and 2030. Break-even analysis under national subsidy schemes shows growers recouping greenhouse investment within 30 months when leveraging high-density, indeterminate tomato lines that yield 280 metric tons per hectare. Uniformity and disease resistance top trait wish-lists, prompting breeders to re-select parental lines for vertical canopy structure and synchronized fruit setting. Seed supply chains adapt by introducing small-gram, high-unit-value packets that align with greenhouse transplant schedules. Companies deploy agronomists to steer nutrient and pruning regimes, ensuring genetic potential translates to yield. As greenhouse acreage compounds, protected cultivation’s double-digit growth rate promises a steadily expanding niche within the wider India seed market. 

Pros and strengths

Wide range of seeds and its variants: The company offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. The company may, from time to time, consider addition of new seed varieties or crops based on business requirements and availability.

Quality assurance: The company places importance on maintaining quality standards across its operations. The company is ISO 9001:2015 certified for manufacturing, processing, and supply of seeds. Quality considerations form part of routine business activities across sourcing, processing, and packing. Where considered appropriate, seeds are tested through government laboratories and other approved agencies.

Customer satisfaction: It considers customer satisfaction to be an important aspect of its business operations. The company supplies its products to customers in the ordinary course of business and seeks to meet customer requirements through consistent product standards and routine commercial engagement. Ongoing business interactions and repeat transactions form part of normal business operations and support continuity of customer relationships.

Risks and concerns

Seasonal and climatic dependencies: Its operations are closely aligned with agricultural cycles and are seasonal in nature. The demand for its seed products is largely dependent on monsoon patterns, timing and quantum of rainfall, sowing seasons, cropping patterns and farmers’ sowing decisions. Any delay, deficiency or excess in rainfall, or occurrence of unfavourable weather conditions, pest attacks or other natural factors, may adversely affect agricultural activity and reduce demand for its products. As a result of the seasonal nature of its business, a substantial portion of its revenues is generated during specific periods of the year, and its sales volumes and operating results may fluctuate significantly from quarter to quarter and year to year. Adverse climatic conditions during peak sowing seasons may have a material adverse effect on its business, financial condition, results of operations and cash flows. 

Substantial revenue dependence on key customers: The substantial portion of its revenues has been dependent upon few customers. Its top ten customers accounted for around 64.27%, 22.23% and 17.26% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its customers and the success of its business is accordingly significantly dependent on it maintaining good relationships with them. The loss of one or more of these significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. 

Concentration of revenue in oil seed products: The sale of Oil seeds is the largest contributor towards its total revenue, and contributed 56.67%, 55.41% and 65.39% to its revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. As a result, its business is exposed to risks related to product concentration. Its inability to produce sufficient quantities of its existing products in a timely manner or at all, its failure to develop new products that meet the evolving demands of its end consumers or to obtain the regulatory approvals for such products, the development of successful products by its competitors and general economic conditions. It cannot assure that the performance of its oil seeds will continue to meet its customers’ expectations. In addition, its business, financial condition, results of operations and prospects could be materially and adversely affected if one or more of these uncertainties or disruptions occur.

Outlook

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. It offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. On the concern side, the substantial portion of its purchases has been dependent upon few suppliers. Its top ten suppliers accounted for 58.55%, 24.61%, and 13.63% of its total purchase for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its suppliers and the success of its business is accordingly significantly dependent on its maintaining good relationships with them for regular supply of its raw material. The inability of a supplier to meet these requirements, the loss of a significant supplier, or any labour issues or work stoppages at a significant supplier could disrupt the supply of raw materials and parts to its facilities, preventing the company from delivering to its customers, or cause returns of products.

The company is coming out with a maiden IPO of 27,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-99 per equity share. The aggregate size of the offer is around Rs 25.65 crore to Rs 26.73 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 7,458.69 lakh as against Rs 4,412.94 lakh for FY24-25, an increase of 69.02%. Profit after tax for the FY 25-26 was at Rs 611.54 lakh against profit after tax of Rs 215.74 lakh in FY 24-25, an increase of 183.46%.

The company seeks to strengthen its presence in existing markets while gradually expanding its reach to additional geographies, based on market opportunities and demand conditions. It intends to cater to the requirements of its existing customers and, where feasible, broaden its customer base through increased distribution reach. Its focus remains on maintaining long-term relationships with dealers, distributors, and farmers through consistent business engagement and reliable supply of products. Further, the company markets its products under the brand name ‘Dhanwel’. It intends to continue efforts aimed at enhancing brand visibility and recognition in existing and potential markets. Brand-related initiatives are focused on reinforcing customer awareness and recall through consistent product quality and market presence, which supports sustained demand for its products.

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and other applicable SEBI circular(s), Shayona Engineering has informed that the company has received a Purchase Order from a domestic customer for supply industrial piping. The broad consideration / size of the aforesaid Purchase Order is Rs. 25,55,906/- Including GST at 18%. The name of the customer is not disclosed in this intimation due to contractual confidentiality / nondisclosure obligations. The Company shall provide such details to the Stock Exchange(s) / regulatory authority, if required, subject to applicable confidentiality safeguards. The details required under Regulation 30 of the SEBI Listing Regulations read with the applicable SEBI Master Circular and Industry Standards on Regulation 30 are enclosed as Annexure I. 

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

Pursuant to Regulation 30 and other applicable Regulations, if any, of the Listing Regulations, Titagarh Rail Systems has informed that it enclosed copies of newspaper advertisements of the Notice issued to the shareholders of the Company pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 for transfer of shares in respect of which dividend has remained unclaimed/unpaid for a period of seven consecutive years, as published today, 23rd June, 2026, in the newspapers: Financial Express (English) and Ekdin (Bengali). The advertisement is also available on the website of the Company at www.titagarh.in.