CSM

CSM share price & financials

Price: ₹102.64
Market cap: ₹530 Cr
Sector: Information Technology
Calls analysed: 1

Open CSM in Inve Case →

Latest concall · Q4 FY26 · call held 28 Jul 2026

CSM Q1 FY27

FY26 Revenue from Operations ₹226 cr +12%FY26 EBITDA ₹48 cr +57%FY26 EBITDA Margin 21% FY26 PAT ₹24 cr +70%

What went well

FY26 Revenue from operations increased by 12% YoY to Rs. 226 crores, reflecting continued execution across projects.
FY26 EBITDA grew 57% YoY to Rs. 48 crores, with EBITDA margin expanding significantly to 21% from 15% in FY25.
FY26 PAT grew 70% YoY to Rs. 24 crores, with PAT margin improving to 10.5% from 7% in FY25.

What to watch

Q4 FY26 revenue moderated to Rs. 60 crores from Q3 FY26's Rs. 64 crores.
A one-time exceptional charge of Rs. 2.7 crores was recognized for the statutory impact of new Labor Codes.

Read the full call →

Guidance record · Q4 FY26

updates from the last two tracked quarters 5 tracked 0 delivered 0 missed 5 open

Order Bookings open said Q4 FY26 Promised: our order bookings are going to be better than last year. Q4 FY26: Management expressed confidence that order bookings in the upcoming year (FY27) will exceed the previous year's levels.

All 5 tracked — see the targets, revisions and supporting evidence.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 28.5%, net profit down 258.3% against the same quarter last year.

₹ Cr · quarterly

Line item	Q4 FY25	Q1 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	60	35	65	60	43 −28%
Expenses	50	42	49	45	50
EBITDA	10	-7	16	15	-8 −175%
Margin	17%	-19%	24%	25%	-18%
Other income	0	0	0	-1	1
Interest	1	2	2	1	2
Depreciation	2	2	2	1	1
Profit before tax	7	-10	12	11	-11 −246%
Tax rate	29%	-24%	29%	19%	-23%
Net profit	5	-7	9	9	-8 −258%
EPS	8.15	-1.95	2.19	2.41	-1.61

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −4.4% YTD

YTD: ₹107.35 on 2 Jul 2026 → ₹102.64. High ₹107.35 (2 Jul 2026), low ₹83.44 (11 Sept 2026).

How the price took the results

close before → close after

Q4 FY26: +1.1%; 28 Jul

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Valuation and ratios

Current values use the same calculations as the financial screener. Compare FY and TTM where available. Each ratio shows its reporting period.

Return on capital employed: —; TTM · period unavailable; How it is calculated

Adjusted EBIT ÷ average capital employed, including minority equity and deposits.; 29.03%; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Return on equity: —; TTM · period unavailable; How it is calculated

Adjusted profit attributable to owners ÷ average owners’ equity.; 28.89%; FY ending Mar 2026; How it is calculated

Adjusted profit attributable to owners ÷ average owners’ equity.
Return on assets: —; TTM · period unavailable; How it is calculated

Total profit excluding exceptional items after tax ÷ average total assets.; 14.05%; FY ending Mar 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ average total assets.
Operating margin (EBITDA): —; TTM · period unavailable; How it is calculated

Operating profit ÷ revenue.; 19.91%; FY ending Mar 2026; How it is calculated

Operating profit ÷ revenue.
Net margin: —; TTM · period unavailable; How it is calculated

Total profit excluding exceptional items after tax ÷ revenue.; 11.50%; FY ending Mar 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ revenue.
Free cash flow margin: -8.93%; FY ending Mar 2026; How it is calculated

(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Cash conversion (CFO/PAT): -25.00%; FY ending Mar 2026; How it is calculated

Operating cash flow ÷ reported total net profit.
Capex intensity: 6.35%; FY ending Mar 2026; How it is calculated

Fixed-asset purchases ÷ revenue.
Revenue growth (YoY): —; TTM · period unavailable; How it is calculated

Revenue change against the same period one year earlier.; 13.57%; FY ending Mar 2026; How it is calculated

Revenue change against the same period one year earlier.
PAT growth (YoY): —; TTM · period unavailable; How it is calculated

Adjusted profit attributable to owners vs the same period one year earlier.; 85.71%; FY ending Mar 2026; How it is calculated

Adjusted profit attributable to owners vs the same period one year earlier.
EBITDA growth (YoY): —; TTM · period unavailable; How it is calculated

Operating profit vs the same period one year earlier.; 50.00%; FY ending Mar 2026; How it is calculated

Operating profit vs the same period one year earlier.
Debt to equity: 0.70×; FY ending Mar 2026; How it is calculated

Borrowings ÷ owners’ equity.
Interest coverage: —; TTM · period unavailable; How it is calculated

Adjusted EBIT ÷ interest expense.; 5.96×; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ interest expense.
Asset turnover: —; TTM · period unavailable; How it is calculated

Revenue ÷ average total assets.; 1.22×; FY ending Mar 2026; How it is calculated

Revenue ÷ average total assets.
Net debt: ₹64.00 Cr; FY ending Mar 2026; How it is calculated

Borrowings less cash equivalents.
Net debt / EBITDA: —; TTM · period unavailable; How it is calculated

(Borrowings − cash equivalents) ÷ adjusted EBITDA.; 1.34×; FY ending Mar 2026; How it is calculated

(Borrowings − cash equivalents) ÷ adjusted EBITDA.
Financial leverage (average assets/equity): 1.80×; FY ending Mar 2026; How it is calculated

Average total assets ÷ closing owners’ equity.
Net interest income: —; TTM · period unavailable; How it is calculated

Interest earned less interest expense.; —; FY ending Mar 2026; How it is calculated

Interest earned less interest expense.
Deposit growth: —; FY ending Mar 2026; How it is calculated

Deposits vs the same period one year earlier.
Price to earnings: —; TTM · period unavailable; How it is calculated

Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.; 20.38×; FY ending Mar 2026; How it is calculated

Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Price to book: —; TTM · period unavailable; How it is calculated

Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
EV / EBITDA: —; TTM · period unavailable; How it is calculated

(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.; 12.45×; FY ending Mar 2026; How it is calculated

(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Earnings yield: —; TTM · period unavailable; How it is calculated

Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.; 7.03%; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Debtor days: 145.00 days; FY ending Mar 2026; How it is calculated

Reported receivable days from the annual accounts.
Inventory days: 0.00 days; FY ending Mar 2026; How it is calculated

Reported inventory days, using material cost / cost of goods sold.
Days payable: —; FY ending Mar 2026; How it is calculated

Reported payable days, using material cost / cost of goods sold.
Cash conversion cycle: 145.00 days; FY ending Mar 2026; How it is calculated

Reported debtor days plus inventory days less payable days.
Working capital days: 73.00 days; FY ending Mar 2026; How it is calculated

Reported net working capital days from the annual accounts.
Dividend payout: 18.00%; FY ending Mar 2026; How it is calculated

Reported dividend payout as a percentage of annual profit.
Market cap: ₹530.00 Cr; Current market cap; How it is calculated

Market capitalisation from the current stock record.

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside our supported range. FY uses the reported fiscal period; TTM uses the latest twelve months. Valuations use current market cap with the selected earnings period.

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Annual ratio history

Period ending	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Return on capital employed	26.63%	49.61%	27.30%	23.24%	29.03%
Return on equity	17.49%	37.96%	23.85%	20.59%	28.89%
Return on assets	9.38%	22.22%	12.75%	10.04%	14.05%
Operating margin (EBITDA)	15.22%	17.50%	12.18%	15.08%	19.91%
Net margin	6.52%	10.00%	6.60%	7.04%	11.50%
Free cash flow margin	-12.17%	6.60%	2.38%	3.63%	-8.93%
Cash conversion (CFO/PAT)	66.67%	106.25%	76.92%	64.29%	-25.00%
Capex intensity	16.52%	4.04%	3.24%	1.05%	6.35%
Revenue growth (YoY)	—	73.91%	23.13%	1.02%	13.57%
PAT growth (YoY)	—	166.67%	-18.75%	7.69%	85.71%
EBITDA growth (YoY)	—	100.00%	-14.29%	25.00%	50.00%
Debt to equity	0.20×	0.18×	0.58×	0.45×	0.70×
Interest coverage	11.00×	12.44×	6.92×	5.96×	5.96×
Asset turnover	1.44×	2.22×	1.93×	1.43×	1.22×
Net debt	₹1.00 Cr	₹3.00 Cr	₹28.00 Cr	₹32.00 Cr	₹64.00 Cr
Net debt / EBITDA	0.07×	0.10×	1.09×	1.07×	1.34×
Financial leverage (average assets/equity)	1.87×	1.44×	1.73×	1.81×	1.80×
Net interest income	—	—	—	—	—
Deposit growth	—	—	—	—	—
Debtor days	105.00 days	51.00 days	66.00 days	113.00 days	145.00 days
Inventory days	0.00 days	—	—	—	0.00 days
Days payable	—	—	—	—	—
Cash conversion cycle	105.00 days	51.00 days	66.00 days	113.00 days	145.00 days
Working capital days	53.00 days	48.00 days	40.00 days	72.00 days	73.00 days
Dividend payout	0.00%	9.00%	11.00%	10.00%	18.00%

The same formulas applied to each reported year. Periods longer or shorter than twelve months are labelled and are not annualised. Current prices are not used for historical valuations.

Balance sheet

Year ending	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	₹0 Cr	₹6 Cr	₹6 Cr	₹6 Cr	₹39 Cr
Reserves	₹34 Cr	₹44 Cr	₹53 Cr	₹71 Cr	₹64 Cr
Borrowings	₹7 Cr	₹9 Cr	₹34 Cr	₹35 Cr	₹72 Cr
Other liabilities	₹23 Cr	₹21 Cr	₹31 Cr	₹43 Cr	₹40 Cr
Total liabilities	₹64 Cr	₹80 Cr	₹124 Cr	₹155 Cr	₹215 Cr
Fixed assets	₹19 Cr	₹28 Cr	₹31 Cr	₹59 Cr	₹69 Cr
Capital work in progress	₹1 Cr	₹3 Cr	₹23 Cr	₹0 Cr	₹1 Cr
Investments	₹1 Cr	₹0 Cr	₹1 Cr	₹0 Cr	₹1 Cr
Other assets	₹44 Cr	₹49 Cr	₹68 Cr	₹95 Cr	₹144 Cr
Total assets	₹64 Cr	₹80 Cr	₹124 Cr	₹155 Cr	₹215 Cr

How to read this

As filed on each reporting date, including interim balance sheets. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jul 2026

Promoters: 71.2%
FIIs: 9.2%
DIIs: 3.6%
Public: 16.0%

Who was buying across the market this quarter →

Who is on the register

Named in the Jul 2026 filing

Every holder of CSM above SEBI's 1% disclosure line.

Holder	Stake
Priyadarshi Pany	70.20%
Nova Global Opportunities Fund Pcc - Touchstone FPI fund	4.29%
M7 Global Fund Pcc - Cell Zgf - Alpha Fund	2.57%
Parichay Das	2.44%
Zeal Global Opportunities Fund FPI fund	1.84%
Rgsl Investment Fund - Rgsl Investment Lvf 1 AIF	1.29%
Sushama Pany	0.98%
Swagat Panda	0.00%
Lagna Panda	0.00%
Prachi Clinic IVF Center Private Limited	0.00%
Supriya Pani	0.00%
Archisman Pany	0.00%

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Learn to analyse CSM

Guides on how to read this kind of business and the numbers that matter.