CSM Technologies Ltd IPO

Deep sectoral expertise across a diversified spectrum of industries.

Proprietary technology driven innovations and patented technology developed in-house.

Extensive geographic footprint with scalable operations across key markets.

Established presence in a high-entry-barrier industry.

Experienced Promoters and Senior Management team, having domain knowledge.

Our business is heavily dependent on tenders from government authorities, accounting for approximately 63.45%,74.15%, 69.17% and 77.13% of our revenue from operations for the nine months period ended December 31, 2025,Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. However, delays or a lack of tenders from government entities,along with adverse changes in government policies, could materially impact our business through contractforeclosures, terminations, restructurings, or renegotiations, affecting our operations and financial performance.

Out of the total projects awarded to us, 70.59%, 100.00%, 91.67% and 91.30% of such projects in the nine monthsperiod ended December 31, 2025, Fiscal 2025, 2024 and 2023, respectively were secured through competitive biddingprocess from government entities. Failure to complete our projects within contractual time may affect our futurebusiness prospects and financial performance. Failure to qualify for, complete or win new contracts could negativelyimpact our business, potentially affecting our financial condition, operational results, growth prospects, and cash flowstability.

Our operations are geographically concentrated in the eastern region of India, particularly in the State of Odishawhich contributed to 62.56%, 72.97%, 76.76% and 83.95% of our revenue from operations for the nine months periodended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Any adverse developments in theseregions could materially affect our business and growth prospects.

A significant portion of our Order Book and revenue from operations is attributable to certain key customers and toprojects located in India, and our business and profitability is dependent on our ability to win projects from suchcustomers. The Order Book value attributable to our top 10 customers has accounted for approximately 78.63%,84.02%, 89.87% and 85.27% of our total revenue from operations during the nine months period ended December 31,2025 and for Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. Loss of one or more of our customers or reductionin their demand for our offerings could adversely affect our business, results of operations and financial conditions.

Inability to obtain or protect our intellectual property rights may adversely affect our business.

For the nine months period ended December 31, 2025 and Fiscals 2025, 2024, and 2023, the cost of supplies from ourtop ten suppliers represented 26.69%, 24.00%, 34.80%, and 32.96%, of our Revenue from Operations, respectively.We rely on our suppliers for various critical aspects of our information technology infrastructure. If any of our top10 suppliers ceased supplying products/services to us and we were unable to find a supplier to replace it, it could havean adverse effect on our business, financial condition, results of operations, and cash flows.

Reservations, qualifications, adverse remarks and matters of emphasis have been reported by our Statutory Auditorsin their examination report on the Restated Consolidated Financial Information, which may adversely affect investorconfidence and the trading price of our Equity Shares.

Our Company has given a performance bank guarantee of Rs. 250.00 lakhs in respect of a loan availed by one of ourSubsidiaries, namely, Kwantify Solutions Private Limited, and we cannot assure that there will be no default by ourSubsidiary in the future in repaying its debt obligations which could in turn adversely affect us.

The majority of our Order Book and our revenues are from industry segments such as government and public services,mining & allied services and agriculture and allied services sector, which contributed to 21.91%, 27.96% and 30.09%of our Order Book and 31.52%, 24.65% and 14.56% of our revenue from operations as of December 31, 2025, respectively. Significant social, political, or economic changes in these sectors could adversely affect our business,results of operations, financial condition, and cash flows.

Any online security breach or cyberattack resulting in unauthorized access to our network, systems, or data mayadversely impact our business operations, financial results, and reputation.