A Kolkata-based integrated IT-infrastructure system integrator opens its Rs 42.44 crore NSE SME issue on September 25
Bench Mark Infotech Services Ltd (BMISL) is an integrated IT and digital-infrastructure solutions company with over 19 years of experience, serving government departments, PSUs, institutional customers and private-sector clients across India.
It’s a play on India’s government-led digitisation and IT-infrastructure spend, operating as a single-window “under one roof” partner that designs, supplies, installs, commissions and maintains the networks, communication systems, surveillance and connectivity backbone that customers rely on.
It spans LAN and WAN networking, wireless communication systems, active network devices, structured cabling, multimedia and audio-visual systems, smart/e-classrooms and professional AV, access control, safety and security surveillance, and allied infrastructure — plus annual maintenance contracts (AMC), 24×7 support, and fibre-optic solutions including trenching, ducting, cable-laying and network integration.
During the current year BMISL entered data storage and data-centre solutions (servers, storage, virtualization, backup, IaaS/SaaS, cloud security), initiated AI Lab Solutions (AI labs, GPU-enabled computing, edge nodes, AI-ready data infrastructure), and expanded into cybersecurity (Next-Gen Firewalls, UTM, endpoint security, IAM, managed security services and a NOC).
This positions it across data centres, AI and cyber — high-growth verticals beyond its traditional networking base.
BMISL is empaneled with BSNL as a National Level System Integrator (enabling turnkey private-network solutions across India) and with RailTel as a Business Partner for ICT solutions — credentials that unlock central-government and PSU procurement opportunities beyond individual tenders. It had 54 employees as of June 30, 2026, and the promoters are Prakash Chandra Agarwal and family.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 25, 2026 |
| Issue Closes | September 29, 2026 |
| Listing | NSE SME Emerge |
| Listing Date | October 5, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 104 – Rs 110 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 42.44 crore (38,58,000 shares) |
| Fresh Issue | Rs 37.40 crore (34,00,000 shares) |
| Offer for Sale | Rs 5.04 crore (4,58,000 shares) |
| Min. Application | 2,400 shares (2 lots; multiples of 1,200 thereafter) |
| Min. Retail Investment | Rs 2,64,000 |
| Post-IPO Market Cap | Rs 157.00 crore |
| IPO as % of Post-IPO Capital | 27.03% |
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
The issue is majority fresh (Rs 37.40 crore) with a Rs 5.04 crore OFS. From the net proceeds, BMISL will utilise Rs 30.00 crore for working capital, with the rest for general corporate purposes — a heavily working-capital-weighted use of proceeds (reflecting the receivables intensity discussed below).
Post-IPO, paid-up equity capital rises from Rs 10.87 crore to Rs 14.27 crore.
Price Band
At the upper band of Rs 110, on FY26 earnings the issue is valued at a P/E of about 15.36x, with a P/BV of 4.50 on the March 31, 2026 NAV of Rs 24.42 (post-IPO NAV disclosure is missing).
GMP Watch
Grey-market interest has been modest but stable. In tracked data, the Bench Mark Infotech Services IPO GMP stood at around ₹12 (~11% premium) — showing mild but steady interest — implying an indicative listing near ₹122 over the Rs 110 upper band.
As always, GMP is unofficial and unregulated and for the SME grey market can move on low volume.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 34.76 | 50.80 | 63.99 |
| Net Profit (PAT) | 1.48 | 5.83 | 10.22 |
| PAT Margin (%) | 4.34 | 11.65 | 16.88 |
| RoCE (%) | 18.51 | 48.08 | 47.74 |
Total income nearly doubled from Rs 34.76 crore in FY24 to Rs 63.99 crore in FY26 (up ~26% in FY26), and PAT surged nearly 7x from Rs 1.48 crore to Rs 10.22 crore (up ~75% in FY26), with PAT margin leaping from 4.34% to 16.88%. Return ratios are excellent — RoCE ~48%, average RoNW of 33.49% — and the balance sheet is low-debt.
Trade receivables of Rs 54.98 crore in FY26 against total revenue of just Rs 63.99 crore — i.e. roughly 86% of a full year’s revenue is stuck in receivables.
The company reported an average EPS of about Rs 6.71; contingent liabilities were Rs 1.51 crore. It has no dividend history.
Peer Comparison
The offer document lists Dynacons Systems, Xtranet Technologies and Esconet Technologies as peers, trading at P/Es of roughly 15.4x, 37.2x and 46.9x (as of September 25, 2026). BMISL’s ~15.4x FY26 P/E sits in line with Dynacons and below the other two.
Risks to Consider
Trade receivables of Rs 54.98 crore against Rs 63.99 crore revenue (~86%) point to a serious cash-conversion problem tied to slow government/PSU payments — the single biggest red flag, straining working capital (the dominant use of proceeds).
Revenue is concentrated in government, PSU and institutional clients on a project/tender basis — so demand is tied to government IT budgets and tender cycles, and payment delays are structural.
Much of the business is project execution, which can be lumpy year to year and depends on continued tender wins and empanelment access.
The model is cash-hungry (Rs 30 crore of proceeds to working capital), the team is lean (54 employees), and execution on the new data-centre/AI/cyber verticals carries ramp-up risk.
