A two-decade-old amusement-and-leisure solutions provider opens its Rs 74.93 crore BSE SME issue on August 28
An amusement and entertainment solutions company providing bowling, arcade, laser tag, trampoline and soft-play systems plans to raise Rs 74.93 crore via an SME listing on BSE SME.
Complete Sports and Management India Ltd (CSML), incorporated in 2002 and operating under the Duckpin and All Sett Go brands, opens for subscription on August 28 with the issue closing on September 1.
The company sits in a distinctive niche — amusement and leisure solutions. The company provides equipment, installation, maintenance, consultancy and management services across bowling, arcade games, laser tag, trampoline parks and soft-play systems, serving malls, hotels, resorts and entertainment centres. It is an end-to-end play on India’s growing organised-entertainment and family-entertainment-centre (FEC) economy.
The business model spans the full project lifecycle. CSML sources, distributes, installs, commissions and maintains entertainment equipment, and offers end-to-end execution covering conceptualisation, design and layout planning, procurement, logistics, installation, testing, staff training, handover and after-sales support, along with operational and maintenance advisory.
Its customer set runs across family entertainment centres, hotels, resorts, clubs, malls, corporate clients and residential developments, with solutions customised to space, budget and target demographics.
The standout competitive credential is its exclusive distributorship for Brunswick bowling products in India, alongside relationships with other international equipment manufacturers — a genuine moat in a specialised category where imported, brand-certified equipment matters.
CSML also operates its own entertainment centres under the Duckpin and All Sett Go brands, giving it a direct-to-consumer growth platform on top of the B2B equipment-and-services base.
The revenue mix is led by bowling and arcade. In FY26, Bowling contributed Rs 5,701.35 lakh, Arcade Games Rs 4,198.76 lakh, Management Contracts Rs 968.33 lakh, Go-Karting Rs 266.00 lakh, and smaller lines including Laser Tag, Intercard and Soft Play Systems making up the rest, for total revenue of Rs 11,356.02 lakh.
Notably, Management Contract revenue grew 85.62% in FY26, and bowling revenue rose sharply — though Go-Karting and Arcade softened, showing some segment volatility.
It is led by Chairman and Managing Director Rohit Rajesh Mathur, associated with the company since incorporation, who holds a Bachelor’s in Commerce from Devi Ahilya Vishwavidyalaya, Indore, and brings over 23 years of experience in the amusement and leisure industry. The promoters are Rohit Rajesh Mathur, Abha Rohit Mathur and Rohan Rohit Mathur.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | August 28, 2026 |
| Issue Closes | September 1, 2026 |
| Listing | BSE SME |
| Listing Date | September 4, 2026 |
| Price Band | Rs 128 – Rs 135 per share |
| Issue Size | Rs 74.93 crore |
| Fresh Issue | 55,50,000 shares |
| Market Maker | 2,80,000 shares |
| QIB / NII / Retail | 26,32,000 / 7,92,000 / 18,46,000 shares |
| Min. Application (Retail) | 2 lots / 2,000 shares / Rs 2,70,000 |
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
| Market Maker | Shreni Shares Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The objects of the issue are funding capex for the existing warehouse at Bhiwandi, Maharashtra (Rs 3,988.24 lakh), funding capex towards setting up the ‘Duckpin – The Bowling Bistro’ entertainment centre in Mumbai (Rs 809.05 lakh), repayment or prepayment in full or part of certain borrowings (Rs 1,150.00 lakh), and general corporate purposes.
Post-issue, promoters’ holding falls from 96.80% to 70.67%.
Price Band Analysis
At the upper price band of Rs 135, CSML is valued at a post-issue P/E of 15.46x and a P/B of 4.74x based on FY26 earnings, which appears reasonable for a profitable niche business. On pre-issue FY26 earnings, the P/E works out to about 11.15x, with a NAV of Rs 28.46 and EPS of Rs 12.11.
GMP Watch
Grey-market interest has yet to build. As of the days around opening, the recorded GMP for Complete Sports & Management India stood at ₹0, with trackers noting the premium was still to be established. In other words, no meaningful grey-market signal had formed heading into the issue — a flat read that offers no directional cue on listing demand.
As always, GMP is unofficial, unregulated and SEBI-unendorsed, and for a thin SME grey market can move quickly — treat it as one data point rather than a forecast.
Financial Performance
| Particulars (Rs lakh) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 8,150.42 | 11,034.57 | 11,356.02 |
| Adjusted EBITDA | 1,266.38 | 1,477.83 | 2,329.46 |
| Adjusted EBITDA Margin (%) | 15.54 | 13.39 | 20.51 |
| PAT | 1,011.76 | 1,140.94 | 1,795.32 |
| PAT Margin (%) | 12.41 | 10.34 | 15.81 |
| RoE (%) | 124.73 | 60.45 | 53.55 |
| RoCE (%) | 89.49 | 59.11 | 47.97 |
| EPS (Rs) | 6.74 | 7.60 | 12.11 |
| Debt to Equity | 0.16 | 0.09 | 0.21 |
Revenue grew from Rs 8,150.42 lakh in FY24 to Rs 11,356.02 lakh in FY26, with the sharpest jump in FY25; FY26 growth moderated to ~2.9% at the top line. Reviewers note standalone revenue rose 2.91% to Rs 113.56 crore, driven by a Rs 19.03 crore increase in bowling revenue and 85.62% growth in management-contract revenue, partly offset by declines in go-karting and arcade — so the growth mix shifted rather than broadly accelerated.
The profitability improved markedly in FY26: adjusted EBITDA margin expanded to 20.51% and PAT margin to 15.81%, lifting PAT to Rs 1,795.32 lakh. The return ratios look extraordinary (RoE of 53.55%, RoCE of 47.97% in FY26), though these are flattered by a small equity base and have actually been declining from even higher FY24 levels (RoE 124.73%) as net worth builds — a normalisation rather than deterioration. Leverage remains low at 0.21x debt-to-equity.
The clear red flag sits in cash flows. The company reported negative operating cash flows of Rs 3.82 crore in FY26 and Rs 3.33 crore in FY25, versus a positive Rs 8.83 crore in FY24 — meaning strong book profits are not translating into operating cash, and continued negative cash flows could strain liquidity and increase reliance on borrowings or external funding.
Risks to Consider
Negative operating cash flow is the headline risk. Two consecutive years of negative operating cash flows (Rs 3.82 crore in FY26, Rs 3.33 crore in FY25) despite healthy reported profits signal a working-capital and cash-conversion problem that could strain liquidity and push the company toward more borrowing to fund growth.
Supplier concentration is acute. The company relies heavily on a limited number of international suppliers, with its top 1 and top 10 suppliers contributing 50.77% and 81.93% of Cost of Service in FY26. Any supply disruption, termination or adverse change in supplier terms — including with Brunswick — could hit equipment availability, project execution and profitability, and carries import and forex exposure.
Customer concentration is meaningful and rising at the top — the top 1 customer contributed 32.14% of FY26 revenue (up from 20.05% in FY25), the top 5 63.68%, and the top 10 80.53%, leaving revenue exposed to the loss of a major client.
Discretionary-demand cyclicality is structural. Amusement and leisure spending is discretionary and sensitive to economic conditions, so any consumer-spending slowdown could disproportionately affect FEC equipment and management-contract demand.
Segment volatility is evident — sharp swings across go-karting, arcade and soft-play revenue year to year show the mix is not stable, and execution on the new owned-centre (Duckpin Bistro) and warehouse capex carries ramp-up risk.