Complete Sports and Management IPO

Strengths

• ✓The company is an authorised distributor of Brunswick Bowling Products LLC across India, Singapore, Malaysia, and Indonesia, with the distributorship expanded to the latter three markets in August 2025. Revenue from Brunswick Bowling equipment stood at Rs 57.01 crore (50.21%) in FY26, Rs 37.98 crore (34.42%) in FY25, and Rs 41.30 crore (50.67%) in FY24.
• ✓The company claims to provide end-to-end amusement and leisure solutions covering site evaluation, project conceptualisation, equipment sourcing, installation, testing and commissioning, operator training, maintenance, refurbishment, repair, technical support and spare parts management. It operates across distribution, supply, and installation as well as consultancy and management services, with solutions tailored to the space, budget, target demographics, and operational requirements of individual projects.
• ✓The company claims to have experience serving diverse segments of the leisure and hospitality industry, including club houses, corporate clients, family entertainment centres, hotels, residential complexes, and resorts. It further states to have project experience covering entertainment and recreational installations of varying sizes and configurations, with capabilities across solution identification, equipment sourcing, installation, testing, commissioning and post-installation support.
• ✓The company claims to have undertaken forward integration through its owned entertainment and hospitality destinations under the “Duckpin – The Bowling Bistro” and “All Sett Go” brands. It launched “All Sett Go” in April 2026 and commenced “Duckpin – The Bowling Bistro” on July 25, 2026, both at Infiniti Mall, Malad, Mumbai, enabling it to participate directly in customer-facing entertainment operations.
• ✓The company claims to have established relationships with internationally recognised amusement and entertainment equipment manufacturers and suppliers, including Brunswick Bowling Products LLC, Baohui, Coastal Amusements Inc., Elaut NV, Intercard Inc., Komuse America Inc., Bandai Namco, and Sega. These relationships enable it to source products across categories such as bowling equipment, arcade games, bumper cars, laser tag systems, and go-karting equipment based on customer and project requirements.
• ✓The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 110.34 crore in FY24 to Rs 117.09 crore in FY25, while PAT increased from Rs 11.41 crore in FY24 to Rs 18.18 crore in FY25 – all on a consolidated basis.

Risks

• !The company is highly dependent on a limited number of customers, with its top 10 customers contributing Rs 91.44 crore (80.53%) in FY26, Rs 72.33 crore (65.55%) in FY25 and Rs 65.57 crore (80.45%) in FY24. Its top 5 customers contributed Rs 72.31 crore (63.68%), Rs 55.34 crore (50.15%) and Rs 42.83 crore (52.56%), respectively. Any loss of these customers or reduction in business from them could materially adversely affect the company’s business, financial condition, results of operations and cash flows.
• !The company’s revenues are substantially dependent on its amusement and entertainment solutions portfolio, with distribution, supply and installation of such solutions contributing Rs 103.86 crore (91.46%) in FY26, Rs 104.87 crore (95.04%) in FY25 and Rs 79.58 crore (97.64%) in FY24. Any decline in demand, changes in customer preferences, deferment or cancellation of projects, or adverse developments in the entertainment and leisure industry could hurt the company’s business, financial condition, results of operations and cash flows.
• !The company’s purchases are largely concentrated among a limited number of international manufacturers and suppliers, with its top 10 suppliers accounting for Rs 43.27 crore (81.93%) of total purchases in FY26, Rs 63.93 crore (73.20%) in FY25 and Rs 54.91 crore (81.07%) in FY24. Any disruption, termination, pricing change, commercial disagreement, or geopolitical issue affecting key suppliers could hit CSML’s ability to procure equipment, components and spare parts on acceptable terms and materially affect its business, profitability and cash flows.
• !The company’s revenues are substantially dependent on Brunswick bowling equipment, which accounted for Rs 57.01 crore (50.21%) of revenue from operations in FY26, Rs 37.98 crore (34.42%) in FY25 and Rs 41.30 crore (50.67%) in FY24. The company is the authorised and exclusive distributor of Brunswick Bowling Products LLC in India, Singapore, Malaysia and Indonesia, and any loss of exclusivity, deterioration in the relationship with Brunswick, disruption in supply, or adverse changes in the distributorship arrangement could adversely affect its business, financial condition, results of operations and cash flows.
• !The company’s revenue is substantially dependent on family entertainment centres (FECs), which contributed Rs 99.33 crore (87.47%) of revenue from operations in FY26, Rs 81.40 crore (73.77%) in FY25 and Rs 64.15 crore (78.70%) in FY24. The company's business also relies on maintaining long-term relationships with customers across FECs, club houses, hotels, corporate customers, resorts and residential complexes, and any adverse developments affecting these customer segments or relationships could hurt its business and finances.
• !A substantial portion of the company's revenue from operations is geographically concentrated in Maharashtra, Karnataka, and Telangana, which collectively contributed Rs 89.22 crore (78.57%) in FY26, Rs 67.26 crore (60.95%) in FY25 and Rs 45.18 crore (55.44%) in FY24. Any adverse economic, regulatory, political or operational developments affecting these key geographies, or disruptions in the limited international jurisdictions from which the company derives export revenue, could materially and adversely affect its business, financial condition, results of operations and cash flows.
• !The company and its promoters are involved in ongoing tax proceedings. Any adverse rulings in any of these cases could be detrimental to the company’s business prospects.
• !The company reported negative cash flows from operating activities of Rs 3.82 crore in FY26 and Rs 3.33 crore in FY25. In FY26, the negative operating cash flow was primarily due to an increase in trade receivables of Rs 35.64 crore, a decrease in other current liabilities of Rs 16.57 crore, payment of income taxes of Rs 2.66 crore, and increases in other current and non-current assets of Rs 0.24 crore and Rs 2.29 crore, respectively. In FY25, the negative operating cash flow was primarily due to increases in loans and advances of Rs 11.19 crore, an increase in inventories of Rs 9.34 crore, an increase in trade receivables of Rs 4.69 crore and income tax payments of Rs 4.55 crore.
• !As of FY26, the company’s trade receivables were Rs 47.94 crore. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
• !As of FY26, the company had outstanding financial indebtedness of Rs 8.99 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.

About Complete Sports and Management

Complete Sports and Management India Limited (CSML) is engaged in the sourcing, trading and distribution of amusement and leisure equipment, along with installation, commissioning, maintenance, advisory, and consulting services. Its product portfolio includes bowling solutions, arcade games, soft play areas, trampoline parks, laser tag systems, bumper cars, go-karting systems, cashless gaming systems, spares, and accessories. The company is an authorised distributor of Brunswick Bowling Products LLC in India, Singapore, Malaysia, and Indonesia and also has relationships with other international amusement equipment manufacturers. Its customers include family entertainment centres, clubs, hotels, resorts, corporate clients, and residential developments. CSML operates in India and Singapore and has a wholly owned subsidiary in Singapore. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: 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 – Rs 39.88 crore Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company from banks and financial institutions – Rs 11.50 crore Funding the capital expenditure requirements for setting up of the ‘Duckpin – The Bowling Bistro’ entertainment centre in Mumbai – Rs 8.09 crore General corporate purposes