Csm Technologies Limited

Priyadarshi Pany, the company’s founder and director has over 25 years of experience in the engineering and IT industry. He i s a member of the NASSCOM Council, Confederation of Indian Industry (CII) and other industry bodies. He is one of the founding members of Confederation of Information Technology Enterprises (CITE) Bhubaneswar. He is the recipient of Best Entrepreneurship Excellence Award by Jewels of Odisha in 2024. His key responsibilities include oversight of business operati ons,

The customer profile includes government organisations and reputed corporate clients. Top five customers contributed ~67% of TOI in FY25, making it susceptible to client concentration. However, comfort is drawn from the fact that the company has long and established relations with its clients and has been able to get repeat orders from them over the years. Satisfactory order book position CSM has an outstanding order book of ₹370 crore on January 31, 2026 (increase from ₹261 crore as on January

CSM has an outstanding order book of ₹370 crore on January 31, 2026 (increase from ₹261 crore as on January 31, 2025), which is 1.86x of FY25 TOI and provides revenue visibility over medium term. Over 50% of orders are from government organisations and recurring in nature. A substantial portion of the company’s current order book originates from India, which exposes it to the country’s economic and regulatory risks. To mitigate this concentration, the company has established subsidiaries in Keny

The net worth base improved to ₹75.73 crore as on March 31, 2025 from ₹58.03 crore as on March 31, 2024, although it remained modest despite the company being in the industry for over 25 years. In FY25, the promoters infused funds in the form of equit y amounting to ₹5.19 crore. The entity's capital structure improved and stood comfortable, as reflected in an overall gearing of 0.46x as on March 31, 2025 (0.58x as on March 31, 2024) with major reliance on external debt availed for construction o

Majority projects, ~73% of total work orders executed were from Odisha, which exposes the company to geography concentration risk. However, the company is gradually diversifying its geography reach and securing orders at a PAN India level. The company is also securing export work orders, expanding its global presence. In FY25, the company executed export work orders worth ₹25.07 crore (~contributed 13% of TOI in FY25) compared to ₹22.23 crore in FY24 (~contributed 11% of TOI in FY24).

The company’s scale of operations remained stable and to an extent moderate with TOI of ₹199.36 crore in FY25 against ₹196.98 crore in FY24. In FY25, the company executed high value orders from current customers and acquired new customers, such as Odisha Bridge & Construction Corporation Limited, Chhattisgarh Infotech Promotion Society, and Ceinsys Tech Limited among others. In 9MFY26, the company has achieved sales of ₹156.09 crore.

Majority orders are received from government organisations. The contract is tender-based and revenues depend on CSM’s ability to bid successfully for these tenders. The company’s profitability margins may come under pressure considering the industry’s competitive nature. Orders are generally tender driven by government entities, indicating a risk of non-receipt of contract in a 2 CARE Ratings Ltd. Press Release competitive industry. However, CSM’s promoters’ long industry experience in the engin

The company’s exchange risk arises from its foreign currency revenues (primarily in US Dollars), however, a significant portion of the company’s revenue is in Indian Rupee. CSM derives ~4-5% of its revenues in foreign currency, while a major portion of its corresponding costs are in Indian Rupee. The company remains exposed to foreign currency fluctuation to the extent of expenses of its foreign subsidiaries , such as employee costs, rentals, maintenance, among others. The company does not hedge

CSM is a relatively moderate -scale player in the IT services industry, which is dominated by large multinationals with deep pockets. The industry faces intense competition considering low entry barriers. The IT industry also faces challenges from rapid technological changes, which may lead to obsolescence of certain software/services. Availability and retention of a skilled workforce, attrition levels and wage inflation pose a challenge. Players in this industry remain exposed to macroeconomic