Bench Mark Infotech Services Limited

Bench Mark Infotech Services Limited is an integrated IT and digital infrastructure solutions provider with over 19 years of operational track record in India. Operating as a single-window partner, the company designs, supplies, installs, commissions, and maintains complete networking, communication, surveillance, and connectivity backbones. Its underlying business model functions under an order-driven, tender-based turnkey project execution framework. The company procures active and passive IT equipment from Original Equipment Manufacturers (OEMs) and authorized vendors, integrating hardware and software to deliver customized, end-to-end solutions tailored to specific project requirements.

The company caters primarily to government departments, public sector undertakings (PSUs), educational institutions, and corporate clients. Sectorally, government and public sector entities constitute the core client demographic, accounting for 73.10% of revenue from operations in FY26 (and upwards of 92%–95% in FY24–FY25), with non-government private enterprise clients representing the remaining 26.90%. Key public sector clients include Bihar State Electronics Development Corporation Limited (BELTRON), RailTel Corporation of India, Central Coalfields Limited (CCL), and Syama Prasad Mookerjee Port. Geographically, the company's operations and revenue generation are heavily concentrated in Eastern India, with Bihar contributing 43.30%, Odisha 20.16%, West Bengal 16.58%, and Jharkhand 13.20% of FY26 revenues.

In terms of physical infrastructure, Bench Mark Infotech Services Limited operates strictly as an IT system integration and service enterprise rather than a manufacturing concern. Consequently, the company owns no manufacturing plant or machinery, and conventional metrics such as installed capacity and capacity utilization are not applicable to its operations. Its physical operational setup is managed through a registered corporate office in Kolkata, West Bengal, and a regional branch office in Patna, Bihar, supported by deployed field engineering teams across Eastern India. Additionally, the company has been allotted a leasehold industrial property by the Bihar Industrial Area Development Authority (BIADA) in Bihar, which is currently under evaluation for setting up an assembly, integration, testing, quality inspection, and light manufacturing facility for IT equipment.

Operational capabilities and quality standards are underscored by ISO 9001:2015 certification for quality management systems and ISO/IEC 27001:2022 certification for information security management. The company is registered as an Infrastructure Provider Category-I (IP-I) with the Department of Telecommunications (DoT), enabling it to establish, maintain, and lease dark fiber, right-of-way (RoW), duct space, and towers to licensed telecom operators. Furthermore, the company holds national-level empanelments as a System Integrator with Bharat Sanchar Nigam Limited (BSNL) and as a Business Partner with RailTel Corporation of India for delivering pan-India ICT and enterprise networking solutions.

To capitalize on emerging market demand, the company has recently expanded its service portfolio into high-growth verticals, including Data Storage and Data Centre Solutions (covering compute, enterprise storage, virtualization, IaaS/SaaS, and cloud security), AI Lab Solutions (providing GPU-enabled computing platforms, edge nodes, and high-performance AI infrastructure), and advanced Cybersecurity (including Next-Generation Firewalls, Unified Threat Management, and centralized Network Operations Center management).

Based on its historical financial data, Bench Mark Infotech Services Limited posted total income and net profits of ₹34.76 Cr / ₹1.48 Cr in FY24, ₹50.80 Cr / ₹5.83 Cr in FY25, and ₹63.99 Cr / ₹10.22 Cr in FY26. The company has demonstrated consistent top-line and bottom-line growth, with total income expanding at a CAGR of 35.71% and net profit growing at a robust CAGR of 162.74% over the FY24–FY26 period. It maintains a conservative debt profile, with total debt standing at ₹2.71 Cr as of FY26. It boasts an average EPS of ₹6.71 and an average RoNW of 33.49% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.50 against a NAV of ₹24.42 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.45. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 106.07x (FY24), 26.93x (FY25), and 15.36x (FY26). According to the RHP, a comparison shows that peers such as Dynacons Systems & Solutions Ltd, Xtranet Technologies Ltd, and Esconet Technologies Ltd trade at P/E ratios of 26.55x, 50.87x, and 15.66x respectively. This makes the company's FY26 post-issue valuation of 15.36x competitively priced relative to the industry peer average of 31.03x, though adjusted earnings quality warrants attention due to non-operating creditor write-backs in FY26.

On the Book Running Lead Manager (BRLM) front, the issue is managed by GYR Capital Advisors Private Limited, which has handled 64 public issues to date. Out of its last 10 managed IPOs, all 10 listed at or above their issue price. As of September 21, 2026, two of these recent issues are currently trading below their issue price, while the remaining eight are trading at or above it.

• 1 Mr. Vineet Kumar Gupta
• 2 Mrs. Juli Gupta