Severeconcentrationpage 29
Top 10 customers drive 80.53% of revenue
We derived 80.53%, 65.55% and 80.45% of our revenue from our top ten customers for the Fiscals 2026, 2025 and 2024, respectively
ListedSMECSML
Complete Sports and Management India IPO
Complete Sports and Management India IPO is an SME IPO raising ₹75 Cr at ₹128 – ₹135 a share. It listed on 4 Sept 2026 at ₹139, +3.0% against its issue price of ₹135, and trades at ₹156 today (+15.6% since issue). It was subscribed 3.28× in total.
₹135
Issue price
₹156
Price now
+15.6%
Since issue price
4 Sept 2026
Listed on
3.28×Subscribed (final) · all exchanges
3.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 481-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 296 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 34
Exclusive Brunswick distributorship drives ~50% of revenue
revenues generated from Brunswick bowling equipment accounted for 50.21%, 34.42% and 50.67% of our revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively
Severeconcentrationpage 32
Top 10 suppliers at 81.93% of purchases; reliance on limited international manufacturers
Our business is dependent on the procurement of amusement equipment, components, spare parts and related products from a limited number of internationally reputed manufacturers and suppliers
Severefinancialpage 45
Trade receivable days nearly tripled to 97; receivables at ₹4,794 lakhs
Trade receivable days 97 (FY26) vs 33 (FY25) vs 28 (FY24); Trade receivables ₹4,794.10 lakhs vs ₹1,230.33 lakhs
Severepromoterpage 58
Promoters acquired Equity Shares at Nil cost — below Price Band
Average cost of acquisition per Equity Share... Rohit Rajesh Mathur 75,05,000 Nil... Abha Rohit Mathur 51,48,430 Nil... Rohan Rohit Mathur 15,01,000 Nil... the average cost of acquisition of Equity Shares by our Promoters may be lower than the Price Band.
Severeoperationalpage 50
Forward integration into Duckpin Bowling Bistro venues — strategic pivot
We intend to utilise approximately ₹809.05 lakhs from the Net Proceeds towards the establishment of another 'Duckpin – The Bowling Bistro' entertainment centres across Mumbai. The proposed expansion represents a strategic forward integration initiative and marks our entry into the ownership and operation of customer-facing entertainment and food and beverage venues, which differs from our traditional business of distributing, supplying and installing amusement and entertainment equipment.
Severeconcentrationpage 35
Family entertainment centres alone account for 87.47% of revenue
Family Entertainment Centres ... collectively contributed 78.57% [Maharashtra, Karnataka, Telangana] ... 87.47% of our revenue from operations
Highconcentrationpage 37
Revenue geographically concentrated 78.57% in three states
Maharashtra, Karnataka and Telangana collectively contributed ... 78.57%, 60.95% and 55.44% of our revenue from operations
Highregulatorypage 43
Statutory filing delays up to 1,834 days and pending post-conversion regulatory updates
The delays in respect of such statutory filings ranged from a few days to 1,834 days.
Highfinancialpage 41
Singapore subsidiary and Group Companies loss-making with negative net worth
Our Subsidiary, CSML Group PTE. Ltd., and certain of our Group Companies, including Ignite Services Private Limited and Teamworks Hospitality Private Limited, have incurred losses... certain of these entities have reported negative net worth
Highfinancialpage 36
Negative operating cash flow of ₹382 lakhs despite ₹2,500 lakhs operating profit
Our net cash outflow from operating activities was ₹382.09 lakhs in Fiscal 2026 ... although our operating profit before working capital changes was ₹2,500.35 lakhs during Fiscal 2026, our operating cash flows were adversely affected primarily by an increase in trade receivables of ₹3,563.79 lakhs
Highmarketpage 61
No listed peers for niche amusement equipment business
there are no listed companies in India with a business model, scale of operations, product portfolio, customer profile and operational characteristics that are directly comparable to our Company
Highpromoterpage 60
Promoter group retains 96.80% pre-issue control
our Promoters along with the members of Promoter Group collectively hold 96.80% of the pre-issue paid-up equity share capital of our Company on a fully diluted basis.
Highfinancialpage 56
Secured debt is 89.47% of borrowings with restrictive lender covenants
As of March 31, 2026, we had total outstanding borrowings of ₹898.59 lakhs... our total secured borrowings amounted to ₹803.97 lakhs, comprising of 89.47% of our total indebtedness... we are required to create a charge by way of hypothecation on the assets of our Company... obtaining prior consent of the lender for, among others, change in the capital structure, availing additional borrowings, change in ownership or management control
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.0 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 4 | 0 | ₹0.0 Cr |
| Promoters | 0 | 2 | 0 | ₹0.0 Cr |
| Directors | 0 | 0 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹0.0 Crpage 378
Promoter Rohit Rajesh Mathur – 2 income tax demands aggregating ₹1.83 lakh (incl. interest): AY 2007-08 (₹27,833 + interest ₹59,770) and AY 2008-09 (₹31,634 + interest ₹63,516)
case₹0.0 Crpage 379
Senior Management – Amit Thapar – 1 income tax demand of ₹0.73 lakh (incl. accrued interest) for AY 2019-20
case₹0.0 Crpage 378
Company – 4 outstanding TDS demands aggregating ₹0.68 lakh across FY 2010-11, FY 2019-20, FY 2021-22, FY 2024-25 and FY 2025-26
All stated amounts converted from lakhs to crore (1 crore = 100 lakhs). Company: Direct Tax (Income Tax) Nil, Direct Tax (TDS) 4 cases / ₹0.68 lakh, Indirect Tax (GST) Nil. Promoters (other than Rohit Rajesh Mathur): Nil. Directors, KMP, Subsidiary, Group Companies: Nil. No criminal, civil or regulatory/statutory proceedings outstanding against any Relevant Party. Materiality Threshold = ₹65.80 lakhs (5% of avg. absolute PAT, last 3 fiscals); all disclosed tax amounts fall below this threshold and were disclosed individually as direct tax particulars rather than as material tax litigation (Section VII.B states no material tax litigation).. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.