Complete Sports & Management India SME IPO

Strengths · 8

• 01Profit grew strongly in the last year, up 59% from Rs 11.41 crore in FY2025 to Rs 18.18 crore in FY2026.
• 02Sales also grew, from Rs 111.42 crore in FY2025 to Rs 118.76 crore in FY2026, and total assets rose from Rs 69.78 crore to Rs 83.26 crore.
• 03It holds the exclusive distributorship for Brunswick Bowling Products in India, which is a recognised global name in bowling equipment.
• 04The company does the full job, from supplying the equipment to installing, commissioning and maintaining it, and also offers consultancy, so it earns after the sale as well.
• 05The product range is wide, covering bowling, arcade games, laser tag, soft play, trampoline parks, bumper cars and go-karting, so it is not tied to one format.
• 06Borrowing is low at Rs 8.99 crore as on 31 March 2026.
• 07Most of the issue money goes into growth. About Rs 39.88 crore is for gaming and other equipment at its Bhiwandi warehouse and Rs 8.09 crore for a new Duckpin entertainment centre in Mumbai.
• 08It has an operational presence in Singapore as well as India, and it is moving forward in the chain by running its own centres.

Risks · 10

• 01Only two years of financial data are given in the offer document, FY2025 and FY2026, which is a short record to judge the company on.
• 02The EBITDA and net worth rows are missing from the financial data available, so the operating margin and the exact own funds position cannot be checked.
• 03Sales grew only about 7% while profit grew 59%. The profit jump came mainly from better margin, which may not repeat.
• 04Borrowing rose about four times in one year, from Rs 2.19 crore to Rs 8.99 crore.
• 05This is largely a sourcing and distribution business, so it buys equipment made by others and resells it. Such businesses depend on holding on to their distribution rights.
• 06The exclusive Brunswick distributorship is a major strength but also a single point of dependence. If that arrangement ended, a core part of the business would be affected.
• 07Amusement and leisure spending is discretionary and cyclical. Malls, theme parks and family entertainment centres cut back on new equipment when consumer spending slows.
• 08The Duckpin owned centre business is new and unproven, and running venues is a different skill from supplying equipment.
• 09The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
• 10This is an SME issue. One lot is 1,000 shares, which is Rs 1.35 lakh at the upper band of Rs 135, and SME shares usually trade in low volume after listing.

Complete Sports and Management India Limited was started in 2002. The company sources, trades and distributes amusement and leisure equipment, and also installs it, commissions it, maintains it and gives consultancy on it. In simple words it sets up and supports the games and rides that entertainment centres run on.

Its product range covers complete bowling centre solutions for theme parks, family entertainment centres, malls, resorts and hotels, arcade games for different age groups and venue sizes, soft play systems and trampoline parks for clubhouses, hotels and residential complexes, laser tag systems for indoor centres and theme parks, and other equipment such as bumper cars and go-karting. On the services side it offers consultancy and runs venues for clients under management contracts.

The company is the exclusive distributor for Brunswick Bowling Products in India. It has also moved a step forward in the chain by opening its own entertainment centres under the brand Duckpin, The Bowling Bistro. It operates in both India and Singapore. As on 31 July 2026 it had 136 employees.

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