Complete Sports & Management India Limited

Complete Sports and Management India Limited (CSML) is a leading, integrated B2B solutions provider in the Indian indoor and outdoor amusement, leisure, and entertainment industry. Originally incorporated in 2002, the company has systematically transitioned from an equipment import distributor to a comprehensive, turnkey amusement solution platform. CSML’s core value proposition lies in its ability to offer concept-to-commissioning services that include site conceptualization, interior layout planning, procurement sourcing, international shipping, logistical clearance, site installation, testing, and post-installation technical maintenance . Under its business model, the company acts as a critical link between global amusement equipment manufacturers and regional entertainment center developers, enabling operators to launch world-class, engaging family centers with high operational uptime.

The company's primary client segments are concentrated in high-value B2B leisure and hospitality categories, including Family Entertainment Centres (FECs) (which contributed 87.47% of total revenue in FY26), clubhouse developers, corporate complexes, premium hotels, luxury resorts, and theme parks. Its target end-user demographics are urban children, adolescents, and young adults seeking modern, interactive, and experiential group gaming. Geographically, CSML has built a wide pan-India presence, executing large-scale, high-traffic projects across major metros like Mumbai, Thane, Hyderabad, and Bangalore. Furthermore, the company has established an active export footprint in neighboring South Asian and Southeast Asian markets, including Indonesia, Sri Lanka, Nepal, and Singapore, which is supported by its wholly owned Singapore subsidiary, CSML Group PTE. Limited.

Since Complete Sports and Management India Limited operates as a specialized B2B system integrator, logistics coordinator, and service-oriented installation partner rather than an industrial manufacturer, traditional manufacturing plants, dedicated factory locations, and industrial capacity utilization metrics are Not Applicable / Not Disclosed in Document. Instead, the company's core physical asset is its centralized logistical hub and warehouse located at Bhiwandi, Maharashtra. This warehouse is used to receive, store, test, and distribute imported bowling lanes, arcade consoles, spare parts, and consumables prior to site dispatch. As part of its growth strategies, the company is using its fresh IPO proceeds to establish a gaming equipment assembly and refurbishment unit inside this existing Bhiwandi warehouse, enabling local assembly of select components to optimize costs.

The primary operational highlight and moat of CSML is its long-standing, exclusive distributorship agreement with Brunswick Bowling Products LLC (secured in 2010), which grants the company exclusive rights to import, distribute, install, and service world-renowned Brunswick bowling equipment across India, Singapore, Malaysia, and Indonesia. The company has also established distributorships with other global brands, including Intercard Inc. (for cashless RFID debit card billing systems), Coastal Amusements Inc., Elaut, and KOMUSE America Inc.. The company’s technical moat is supported by a dedicated sourcing, project management, and customer support team of 136 employees as of July 31, 2026, which ensures consistent, compliance-led project executions. This high quality of service has enabled the company to secure deep relationships with premier operators like Timezone, Snow World Entertainment, and TORQ03, with repeat customer revenues growing at an impressive 68.53% CAGR over the last three fiscal years.

As per financial performance, Complete Sports and Management India Limited has posted total income / net profits of Rs 82.61 Cr / Rs 10.12 Cr (FY24), Rs 111.42 Cr / Rs 11.41 Cr (FY25) and Rs 118.76 Cr / Rs 18.18 Cr (FY26). So as per previous financials data, the company has shown steady top-line and bottom-line scaling with a net profit CAGR of 34.06%, while actively deleveraging its balance sheet as outstanding borrowings decreased from Rs 21.92 Cr in FY25 to Rs 8.99 Cr as of March 31, 2026. Company has an average EPS of Rs 10.61 and average RoNW of 43.85% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.85 as per NAV of Rs 28.46 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.38. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 28.04, 24.87, and 15.60 respectively. As per RHP, a comparison between listed peers shows that there are no listed companies in India that are engaged in a directly comparable line of business, rendering direct peer valuation comparisons not applicable.

On BRLM's front, Smart Horizon Capital Advisors Private Limited is associated with this IPO, and has handled 27 IPOs in the past. From last 10 IPOs, two opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 10 IPOs, three are trading below the issue price and the remaining seven are trading above the issue price or at par. (As On 24.08.26)

• 1 Mr. Rohit Rajesh Mathur
• 2 Mrs. Abha Rohit Mathur
• 3 Mr. Rohan Rohit Mathur