Minerva Capital Research Solutions

Complete Sports & Management India

ListedListed 4 Sep 2026BSE SMENSE: CSMLCheck allotment
Current price₹ 188.15+39.37% since issue
Listing day+2.96%
Issue price
₹ 135
Issue size
₹ 74.93 Cr.
Min. investment
₹ 1,35,000
Listing price
₹ 139
Subscribed
3.28x
Lot size
1,000 shares
P/E
15.27
RoNW
42.27%
RoCE
47.97%
PAT margin
15.81%
EPS
₹ 8.84
Promoter stake
70.67%

About

Complete Sports and Management India Limited was started in 2002. The company sources, trades and distributes amusement and leisure equipment, and also installs it, commissions it, maintains it and gives consultancy on it. In simple words it sets up and supports the games and rides that entertainment centres run on. Its product range covers complete bowling centre solutions for theme parks, family entertainment centres, malls, resorts and hotels, arcade games for different age groups and venue sizes, soft play systems and trampoline parks for clubhouses, hotels and residential complexes, laser tag systems for indoor centres and theme parks, and other equipment such as bumper cars and go-karting. On the services side it offers consultancy and runs venues for clients under management contracts. The company is the exclusive distributor for Brunswick Bowling Products in India. It has also moved a step forward in the chain by opening its own entertainment centres under the brand Duckpin, The Bowling Bistro. It operates in both India and Singapore. As on 31 July 2026 it had 136 employees.

Timeline

  1. Opens
    28 Aug
    done
  2. Closes
    1 Sep
    done
  3. Allotment
    2 Sep
    done
  4. Refunds
    3 Sep
    done
  5. Demat credit
    3 Sep
    done
  6. Listing
    4 Sep
    done

Subscription

How many times each investor group bid for its share, as of 04 Sep 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)11,000₹ 1,35,000
Retail (Max)11,000₹ 1,35,000
HNI (Min)22,000₹ 2,70,000

Company overview

Financials

Financials by year
Assets83.2669.78
Total Income118.76111.42
Profit After Tax18.1811.41
Reserves and Surplus27.7124.57
Total Borrowing8.992.19

Strengths

  • Profit grew strongly in the last year, up 59% from Rs 11.41 crore in FY2025 to Rs 18.18 crore in FY2026.
  • Sales also grew, from Rs 111.42 crore in FY2025 to Rs 118.76 crore in FY2026, and total assets rose from Rs 69.78 crore to Rs 83.26 crore.
  • It holds the exclusive distributorship for Brunswick Bowling Products in India, which is a recognised global name in bowling equipment.
  • The company does the full job, from supplying the equipment to installing, commissioning and maintaining it, and also offers consultancy, so it earns after the sale as well.
  • The product range is wide, covering bowling, arcade games, laser tag, soft play, trampoline parks, bumper cars and go-karting, so it is not tied to one format.
  • Borrowing is low at Rs 8.99 crore as on 31 March 2026.
  • Most of the issue money goes into growth. About Rs 39.88 crore is for gaming and other equipment at its Bhiwandi warehouse and Rs 8.09 crore for a new Duckpin entertainment centre in Mumbai.
  • It has an operational presence in Singapore as well as India, and it is moving forward in the chain by running its own centres.

Risks

  • Only two years of financial data are given in the offer document, FY2025 and FY2026, which is a short record to judge the company on.
  • The EBITDA and net worth rows are missing from the financial data available, so the operating margin and the exact own funds position cannot be checked.
  • Sales grew only about 7% while profit grew 59%. The profit jump came mainly from better margin, which may not repeat.
  • Borrowing rose about four times in one year, from Rs 2.19 crore to Rs 8.99 crore.
  • This is largely a sourcing and distribution business, so it buys equipment made by others and resells it. Such businesses depend on holding on to their distribution rights.
  • The exclusive Brunswick distributorship is a major strength but also a single point of dependence. If that arrangement ended, a core part of the business would be affected.
  • Amusement and leisure spending is discretionary and cyclical. Malls, theme parks and family entertainment centres cut back on new equipment when consumer spending slows.
  • The Duckpin owned centre business is new and unproven, and running venues is a different skill from supplying equipment.
  • The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
  • This is an SME issue. One lot is 1,000 shares, which is Rs 1.35 lakh at the upper band of Rs 135, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
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.39.88
Funding the capital expenditure requirements of the Company towards the setting up of the 'Duckpin – The Bowling Bistro' entertainment centre in Mumbai, Maharashtra.8.09
Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the Company from banks and financial institutions11.5
General Corporate Purpose—

Promoters

  • Rohit Rajesh Mathur
  • Abha Rohit Mathur
  • Rohan Rohit Mathur
Promoter holding96.8%→70.67%before → after the issue · down 26.13 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Lead managers
Smart Horizon Capital Advisors
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.