Compucom Software Limited

CSL was incorporated in 1999 and has a long track record of operations and extensive experience of its promoters. Surendra Kumar Surana, serving as Managing Director and Chief Executive Officer (MD & CEO), has over 30 years of experience in the ICT industry. He is ably supported by experienced staff overseeing their respective functions. The company has a qualified and experienced Board of Directors. Demonstrated track record in securing and executing projects of State Governments, though with m

CSL maintained a comfortable capital structure as on March 31, 2026, with an overall gearing of 0.34x (FY25: 0.21x) and a stable net worth of ₹141.85 crore. Debt levels increased to ₹48.58 crore, primarily comprising working capital borrowings; however, the majority of the same is backed by fixed deposits, and it remained supported by cash and liquid investments of ₹40.01 crore, reflecting adequate liquidity. However, debt coverage indicators moderated in FY26, with PBILDT interest coverage at 0

CSL’s TOI remained broadly stable at ₹34.14 crore in FY26 (FY25: ₹33.68 crore), reflecting a limited scale of operations and subdued revenue visibility. Operating profitability moderated to 7.55% in FY26 (FY25: 17.43%), driven by higher operating costs (including losses incurred in the recently commenced hotel operations owing to its initial stage) and lower contribution from project execution activities. The company continues to have limited order book visibility, with revenues largely dependin

Majority of CSL’s revenue is derived from participation in tenders floated by state governments for CALP/ICT projects, making its operations depend on the policies of government authorities. As tenders for these projects are not issued by states on a regular basis, the company’s TOI has historically remained volatile and limited. Accordingly, it is imperative for the company to consistently secure new tenders to ensure revenue visibility in the coming years.

Historically, the company’s ICT projects have been characterised by elongated payment cycles due to delays in receipts from government departments. This has resulted in elevated receivables, with the average collection period for the past three year s remaining in the range of ~300–400 days. Accordingly, timely realisation of outstanding receivables, and sustained improvement in the collection cycle against historical levels, remains critical for the company’s liquidity profile.