Minerva Capital Research Solutions

Bench Mark Infotech Services

ListedListed 5 Oct 2026NSE SMENSE: BMISL-SMCheck allotment
Current price₹ 177.1+61% since issue
Listing day0%
Issue price
₹ 110
Issue size
₹ 42.44 Cr.
Min. investment
₹ 1,32,000
Listing price
₹ 110
Subscribed
95.97x
Lot size
1,200 shares
P/E
15.36
RoNW
38.48%
RoCE
47.74%
Debt / Equity
0.10
PAT margin
16.88%
EBITDA margin
21.97%
RoE
47.65%
EPS
₹ 7.16
NAV
₹ 24.42
Promoter stake
72.97%

About

Bench Mark Infotech Services Limited was started in 2007. It provides integrated IT and digital infrastructure solutions, working mainly for government departments, public sector undertakings, institutional customers and private clients across India. Its speciality is turnkey execution, meaning it takes on a complete project rather than supplying one part of it. The work covers networking and communication systems, structured cabling, fibre optic infrastructure, surveillance systems, audio-visual solutions, data centre infrastructure, cloud solutions and annual maintenance. Its offerings fall into three groups: integrated IT solutions covering supply, installation and commissioning of infrastructure; annual maintenance contracts and facility support services; and fibre optic infrastructure solutions. It handles the full project life cycle, from system design and engineering through procurement, installation, commissioning, system integration and testing to maintenance and after-sales support. It also provides fibre optic network execution, dark fibre leasing, cloud computing, virtualisation, data storage and AI enabled edge computing infrastructure.

Timeline

  1. Opens
    25 Sep
    done
  2. Closes
    29 Sep
    done
  3. Allotment
    30 Sep
    done
  4. Refunds
    1 Oct
    done
  5. Demat credit
    1 Oct
    done
  6. Listing
    5 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 29 on 28 Sep 2026
Lowest
₹ 0 on 24 Sep 2026
First quoted
₹ 12 on 21 Sep 2026

Subscription

How many times each investor group bid for its share, as of 05 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,32,000
Retail (Max)11,200₹ 1,32,000
HNI (Min)22,400₹ 2,64,000

Company overview

Financials

Financials by year
Assets74.0560.3939.33
Total Income63.9950.834.76
Profit After Tax10.225.831.48
EBITDA14.068.282.28
NET Worth26.5516.3310.5
Reserves and Surplus26.4416.2310.4
Total Borrowing2.710.781.41

Strengths

  • Profit has grown nearly seven times in two years, from Rs 1.48 crore in FY2024 to Rs 5.83 crore in FY2025 and Rs 10.22 crore in FY2026.
  • Sales have almost doubled over the same period, from Rs 34.76 crore to Rs 63.99 crore.
  • EBITDA has grown from Rs 2.28 crore in FY2024 to Rs 14.06 crore in FY2026.
  • The margin is high for IT infrastructure work, with a PAT margin of 16.88% and an EBITDA margin of 21.97%.
  • Return ratios are excellent, with RoCE of 47.74% and RoNW of 38.48%.
  • The company is almost debt free, with borrowing of Rs 2.71 crore against a net worth of Rs 26.55 crore.
  • Annual maintenance contracts and facility support give repeat income after the project is handed over.
  • The issue is priced at about 15.36 times earnings on an EPS of Rs 7.16.

Risks

  • The growth is very fast and from a small base. Profit rose nearly seven times in two years, which cannot be assumed to continue.
  • Rs 30 crore of the Rs 42.44 crore issue goes into working capital, which shows how much cash government projects block before payment arrives.
  • Most customers are government departments and public sector undertakings. They buy through tenders where price decides, and they pay slowly.
  • Project revenue is lumpy. A quarter without new orders leaves the team and overheads idle.
  • Technology infrastructure work carries obsolescence risk, as equipment specified today can be superseded before the next contract.
  • The company is small, with a net worth of Rs 26.55 crore.
  • This is a fresh issue combined with an offer for sale, and promoter holding falls from 99.99% to 72.97%.
  • This is an SME issue. One lot is 1,200 shares, which is Rs 1.32 lakh at the upper band of Rs 110, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding the working capital requirements of the company30
General Corporate Purposes—

Promoters

  • Vineet Kumar Gupta
  • Juli Gupta
Promoter holding99.99%→72.97%before → after the issue · down 27.02 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
GYR Capital Advisors Pvt.Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.