Faith Industries Ltd. IPO

Bench Mark Infotech Services

• Bench Mark Infotech Services is coming out with an initial public offering (IPO) of 38,58,000 shares in a price band of Rs 104 - 110 per equity share.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.40 times of its face value on the lower side and 11.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Sucheta Todi.

Profile of the company

Bench Mark Infotech Services is an integrated IT and digital infrastructure solutions company with over 19 years of experience in providing technology infrastructure solution to government departments, public sector undertakings, institutional customers and private sector clients across India. Operating as a single-window partner, it designs, supplies, installs, commissions and maintains the networks, communication systems, surveillance and connectivity backbone on which its customers rely to build, manage and scale their technology ecosystems. Its service offerings include local and wide area networking (LAN & WAN), wireless communication systems, installation of active network devices, Structured cabling, multimedia and audio-visual systems, smart classrooms, e-classrooms and professional AV, Access control solutions, safety and security surveillance, and allied infrastructure services. It has expanded its service offerings by entering the data storage and data centre solutions segment. Its services under this vertical include supply, deployment and integration of servers, storage systems, virtualization, data backup and recovery solutions, cloud-based services such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS), and cloud security solutions. 

It has also initiated its offerings towards Artificial Intelligence (AI) Lab Solutions, including setting up of AI labs and providing edge computing nodes and related infrastructure for AI, machine learning and other computing applications, including AI laboratories, GPU-enabled computing platforms, enterprise storage, high-performance networking, and AI-ready data infrastructure. Further, it has expanded its offerings in the areas of cybersecurity and data security by providing solutions such as Next-Generation Firewalls (NGFW), Unified Threat Management (UTM), endpoint security, identity and access management, and managed security services and NOC (Network Operations center) for centralized monitoring and handling the challenges related to managing, monitoring, and controlling the networks in customer IT ecosystem. In addition to project execution, it provides annual maintenance contracts (AMC) and support services under contractual arrangements, including technical assistance, operational support, and 24x7 support services to help ensure business continuity and timely resolution of customer requirements. It also provides fibre optic solutions as part of its service offerings, including renting and provisioning of fibre optic lines wherever required under project contracts, thereby supporting the connectivity requirements of its customers. It also undertakes fibre optic infrastructure execution activities such as trenching, digging, ducting, laying of fibre cables, integration of fibre networks and restoration work.

Its business model is to provide integrated solutions with on an order-driven project execution framework, wherein it undertakes projects awarded through competitive bidding and tendering processes after providing complete end to end solutions. It procures hardware and software components from original equipment manufacturers (OEMs) and authorized vendors and integrate them to deliver customized, end-to-end solutions in accordance with project specifications. It is committed to maintaining quality standards and operational capabilities. The company holds ISO 9001:2015 certification for quality management systems and ISO/IEC 27001:2022 certification for information security management systems. It is registered as an Infrastructure Provider Category-I (IP-I), which enables it to establish, maintain and lease telecom infrastructure assets such as dark fibre, right of way, duct space and towers to licensed telecom service providers. This registration also supports its capability to undertake fibre optic network development and selective leasing of fibre infrastructure as part of its service offerings.

Proceed is being used for:

• Funding the working capital requirements of the company
• General corporate purposes

Industry overview

India Networking Market size was valued at $114.07 million in 2023 and the total revenue is expected to grow at a CAGR of 18.6% through 2024 to 2030, reaching nearly $376.50 million. The process of integrating computers, cell phones, and Internet of Things (IoT) devices is known as networking. The connection is functional in terms of hardware and software, as well as wired and wireless technology. These gadgets are also capable of connecting to networks such as the Internet. Computer Engineering, Computer Application, Computer Science, IT Engineering, Electrical Engineering, and more subjects are represented. The two types of network connections are a local area network (LAN) and a wide area network (WAN). As India is Asia's IT hub, networking is in high demand. In India, networking has a huge potential. TCS, Infosys, Wipro, HCL, Tech Mahindra, and other companies are continually looking for qualified applicants to join them. 

The India networking market is expected to be driven by the key factors such as the rising networking awareness and the growing need for more agile and efficient networking infrastructure. Moreover, during the forecast period 2024-2030, government efforts such as ‘Digital India’ are expected to have a beneficial impact on the India networking market. The growth of the India networking market is aided by government investment in public infrastructure restoration and company spending in the telecom and banking divisions as part of the digitization process. 

Increased investments in the three segments- Ethernet switches, routers, and WLAN - were seen across enterprise and service provider deployments. In India, the Ethernet Switch market was valued at $148.1 million, representing a remarkable year-over-year increase of 24.2%. Cisco held a 60.7% share of the Ethernet Switch market, followed by Hewlett Packard Enterprise (HPE) and Huawei. To solve the automation and orchestration needs resulting from complex network infrastructures, businesses are turning to next-generation networking technologies. In terms of compound annual growth rate (CAGR), all three segments of the India networking market are expected to rise in the single digits between 2024-2030.

Pros and strengths

Integrated business model with end-to-end service capabilities under one roof: The company operates an integrated business model, providing a comprehensive range of services under one roof across its key verticals, including design, supply, installation and commissioning of IT hardware and networking equipment, annual maintenance contracts (AMCs), and fibre optic infrastructure solutions. Under its IT hardware and networking vertical, it undertakes supply of a wide range of equipment such as switches, routers, CCTV systems, video walls, racks, along with turnkey project execution, system integration, installation, testing, and commissioning. This is complemented by its AMC services, which provide preventive maintenance, troubleshooting, and repair support through customised contracts, thereby ensuring continuity of operations for customers and generating recurring revenue. In addition, the company offers fibre optic infrastructure solutions, including deployment of fibre networks and associated civil works, as well as leasing of fibre infrastructure, enabling clients to access connectivity solutions without significant upfront investment.

Long standing customer relationships with repeat order flow: The company has developed and maintained long-standing relationships with its customers across its business verticals, resulting in a consistent flow of repeat orders. Its customer base includes government departments, public sector undertakings, and institutional clients, with whom the company has engaged across multiple projects over time. A portion of the company revenue is derived from repeat business from existing clients, reflecting continuity in engagements and ongoing participation in projects within similar domains and requirements.

Established track record of execution across diverse project segments: It has an established track record of executing projects across its business verticals, including design, supply, installation and commissioning of IT infrastructure solutions, annual maintenance contracts (AMCs), facility support services, and fibre optic infrastructure solutions. It undertakes projects for government departments, public sector undertakings, institutional clients, and private sector clients across India under an order-driven execution model. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams.

Risks and concerns

Concentration of revenue among top ten customers: It is dependent on certain key customers for a substantial portion of its revenues. Its top ten customers contribute 94.19%, 89.08%, and 91.87% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.

Geographic concentration of revenue in Bihar, Odisha and West Bengal: Its business operations span various regions across India. However, a significant percentage of its revenue is contributed by Bihar, Odisha and West Bengal. It derives majority of its revenue from these three states which accounted for 80.04%, 85.39%, and 64.00% of its revenue from operations for the F.Y. ended March 31, 2026, March 31, 2025 and March 31, 2024. As a result, its geographic concentration, its business and financial results are susceptible to economic, social, weather, and regulatory conditions or other circumstances in each of these states. Any deterioration of macroeconomic conditions or decline in cyber security demand in these states could unfavourably impact the volume of its business.

High revenue dependence on government contracts: Its business is substantially dependent on contracts undertaken by various government bodies, government entities, and government institutions of the government of India (Government customers) including, inter alia, various public sector undertakings and other entities funded by the Government. The Government customers contributed 73.10%, 95.01%, and 92.91% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. A vast majority of contract awarded by Government Customers are tender based. It competes with various companies while submitting the tender for these contracts. Its performance could be adversely affected if it is not able to successfully bid for these contracts or required to lower its bid value.

Outlook

Bench Mark Infotech Services provides integrated IT and digital infrastructure solutions, including networking, communication, surveillance, fibre optic, cloud and data centre solutions, with installation, maintenance and managed support services across India. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams. On the concern side, a significant portion of its assets comprises trade receivables. Any delay in realization, inability to recover outstanding dues, or deterioration in the creditworthiness of its customers may adversely affect its liquidity, cash flows, financial condition and results of operations.

The company is coming out with a maiden IPO of 38,58,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 104-110 per equity share. The aggregate size of the offer is around Rs 40.12 crore to Rs 42.44 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 20.96% from Rs 5,003.85 lakh in Fiscal 2025 to Rs 6,052.76 lakh in Fiscal 2026. Profit after tax increased 75.25% from Rs 583.04 lakh in Fiscal 2025 to Rs 1,021.80 lakh in Fiscal 2026.

Meanwhile, it intends to broaden its portfolio of technology infrastructure services, encompassing networking and connectivity solutions, security and surveillance systems, audio-visual and display solutions, data center infrastructure, power and electrical systems, and associated support services. By diversifying and enhancing its service offerings, the company seeks to address the evolving technological and operational requirements of customers across both public and private sectors. Going forward, it intends to expand its presence in the optical fiber infrastructure segment by undertaking projects across multiple geographies in India. Its focus is on strengthening its capabilities in fibre optic network deployment, including cable laying, installation, splicing, testing, commissioning, and associated civil works such as trenching, ducting, and restoration.

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule III Part A, RHI Magnesita India has informed that the company will be attending Arihant Bharat Connect Virtual Conference - Rising Stars 2026 on 28 September 2026 at 3:00 PM. No unpublished price sensitive information will be shared at the aforesaid meeting. Investor presentation is uploaded on the website of the Company at the following link: https://www.rhimagnesitaindia.com/uploads/image/672imguf_investor-presentation.pdf. 

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

Pursuant to Regulation 30(6) of the SEBI Listing Regulations, Susan Electricals India has informed that it enclosed schedule of Analyst/Institutional Investor Meeting. No unpublished price sensitive information pertaining to the Company is/ shall be shared at the aforesaid Analyst(s)/Investor(s) meetings. This intimation is also being upload on Company’s website and can accessed at https://seil.net.in/investors/. 

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