Published: 24 August 2026 | 7.00 AM
Last Updated: 24 August 2026 | 7.00 AM
Complete Sports and Management IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | 🟢 Apply |
| Overall Rating | ⭐⭐⭐⭐☆ (4/5) |
| GMP Today | Updated Daily |
| Issue Size | Rs. 74.93 Crore |
| Price Band | Rs. 128 – Rs. 135 |
| Lot Size | 1,000 Shares |
| Minimum Retail Investment | Rs. 2,70,000 for 2,000 Shares |
| IPO Opens | 28 August 2026 |
| IPO Closes | 1 September 2026 |
| Allotment | 2 September 2026 |
| Listing | 4 September 2026 |
| Exchange | BSE SME |
| Market Maker | Shreni Shares Ltd. |
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
Investor Decision Box
| Question | Chanakya View |
|---|---|
| Suitable for Listing Gain? | 🟢 Yes, if GMP remains healthy |
| Suitable for Long-Term? | 🟢 Positive, with SME risks |
| Risk Level | Medium to High |
| Business Quality | ⭐⭐⭐⭐☆ |
| Financial Strength | ⭐⭐⭐⭐☆ |
| Balance Sheet | ⭐⭐⭐⭐☆ |
| Valuation Comfort | ⭐⭐⭐⭐☆ |
👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment
Chanakya View
Complete Sports and Management India Limited operates in the growing amusement, gaming and leisure-infrastructure industry. Its portfolio includes bowling solutions, arcade games, trampoline parks, soft-play systems, laser tag, bumper cars and go-karting equipment. The company also provides consultancy, installation, commissioning, maintenance and operations-management services.
The financial performance is encouraging. FY26 total income increased by 7% to Rs. 118.76 crore, while PAT jumped by 59% to Rs. 18.18 crore. The PAT margin stood at a healthy 15.81%. Return ratios are also impressive, with ROE of 53.55% and ROCE of 47.97%. Borrowings of Rs. 8.99 crore remain manageable compared with the size of operations.
At the upper price of Rs. 135, the company will have a post-issue market capitalisation of approximately Rs. 277.56 crore. Based on post-issue EPS of Rs. 8.84, the P/E ratio works out to 15.27 times. This valuation appears reasonable considering the company’s profitability, return ratios and growth potential.
The company’s exclusive distributorship for Brunswick bowling products in India and relationships with international equipment manufacturers provide competitive advantages. However, this is an SME IPO requiring a minimum investment of Rs. 2.70 lakh, and investors must consider liquidity and execution risks.
Chanakya Recommendation: 🟢 Apply
About the Company
Incorporated in 2002, Complete Sports and Management India Limited sources, trades and distributes amusement and leisure equipment. It provides end-to-end solutions for developing and operating family entertainment centres, theme parks, shopping-mall gaming zones, hotels, resorts and other recreational destinations.
Its product portfolio includes bowling systems, arcade games, soft-play equipment, trampoline parks, laser tag, bumper cars and go-karting solutions. The company also offers consultancy and management-contract services.
Complete Sports and Management has an operational presence in India and Singapore, enabling it to serve domestic and international customers. Its exclusive distributorship for Brunswick bowling products in India provides access to a globally recognised brand.
The company is also moving towards ownership and operation of entertainment centres through the “Duckpin – The Bowling Bistro” and “All Sett Go” brands. This forward integration may create recurring revenue opportunities but will also expose the company to consumer-footfall and operating risks. As of 31 July 2026, it employed 136 people.
Why This IPO Stands Out
✅ More than two decades of experience in amusement and leisure solutions.
✅ Exclusive distributorship for Brunswick bowling products in India.
✅ End-to-end capabilities covering equipment, installation and maintenance.
✅ FY26 PAT increased by 59% to Rs. 18.18 crore.
✅ Healthy PAT margin of 15.81%.
✅ Strong ROE of 53.55% and ROCE of 47.97%.
✅ Reasonable post-issue P/E of approximately 15.27 times.
✅ Expansion into owned entertainment centres can generate recurring revenue.
Key Risks
⚠ Revenue growth was limited to 7% in FY26 despite strong profit growth.
⚠ Demand depends on discretionary spending and entertainment-sector investment.
⚠ Imported equipment may expose the company to currency and supply-chain risks.
⚠ Owned entertainment centres require consistent customer footfall.
⚠ Forward integration into centre operations carries execution and occupancy risks.
⚠ SME shares may experience lower liquidity and higher post-listing volatility.
Financial Snapshot (Rs. Crore)
| Particulars | FY26 | FY25 |
|---|---|---|
| Total Income | 118.76 | 111.42 |
| PAT | 18.18 | 11.41 |
| Assets | 83.26 | 69.78 |
| Reserves and Surplus | 27.71 | 24.57 |
| Borrowings | 8.99 | 2.19 |
Chanakya Interpretation
The company has delivered moderate revenue growth but a substantial improvement in profitability. PAT increased by 59%, reflecting better operating leverage and business efficiency. Borrowings increased during FY26 but remain comfortable, with a debt-equity ratio of only 0.21. Investors should monitor whether the higher profit margin can be sustained as the company expands its owned entertainment-centre business.
Business Quality Score
| Parameter | Rating |
|---|---|
| Business Model | ⭐⭐⭐⭐☆ |
| Industry Outlook | ⭐⭐⭐⭐☆ |
| Financial Performance | ⭐⭐⭐⭐⭐ |
| Management Experience | ⭐⭐⭐⭐☆ |
| Balance Sheet | ⭐⭐⭐⭐☆ |
| Growth Potential | ⭐⭐⭐⭐☆ |
| Valuation Comfort | ⭐⭐⭐⭐☆ |
IPO Proceeds & Why They Matter
| Purpose | Amount |
|---|---|
| Purchase of Gaming and Other Capital Equipment | Rs. 39.88 Crore |
| Setting up “Duckpin – The Bowling Bistro” in Mumbai | Rs. 8.09 Crore |
| Repayment or Prepayment of Borrowings | Rs. 11.50 Crore |
| General Corporate Purposes | Balance Amount |
Chanakya Interpretation
The largest portion of the IPO proceeds will be used to purchase gaming and capital equipment for the company’s Bhiwandi warehouse. This should strengthen its ability to supply amusement equipment and execute larger projects.
The new Duckpin entertainment centre represents forward integration from equipment distribution into operating leisure destinations. This can create recurring income but also introduces footfall, location and execution risks. Debt repayment should reduce finance costs and strengthen the balance sheet.
Business Outlook
India’s organised amusement and family-entertainment industry is benefiting from growing urbanisation, higher disposable income, expanding shopping malls and rising demand for experience-based recreation. Hotels, resorts, residential complexes and corporate venues are also adding leisure facilities to attract customers.
Complete Sports and Management is positioned across this value chain through equipment distribution, installation, maintenance, consultancy and management services. Its exclusive distributorship for Brunswick bowling products provides an important competitive advantage.
The expansion of owned centres under the “Duckpin – The Bowling Bistro” and “All Sett Go” brands could improve recurring revenue. However, these centres will require effective location selection, customer engagement and cost control.
Strengths vs Concerns
| 👍 Strengths | ⚠ Concerns |
|---|---|
| Established operating history | SME liquidity risk |
| Exclusive Brunswick distributorship | Dependence on discretionary spending |
| FY26 PAT growth of 59% | Imported-equipment and currency risks |
| Strong ROE and ROCE | Owned-centre execution risk |
| Reasonable post-issue valuation | Minimum investment of Rs. 2.70 lakh |
IPO Valuation
At the upper price of Rs. 135, Complete Sports and Management has a post-issue market capitalisation of approximately Rs. 277.56 crore. Based on post-issue EPS of Rs. 8.84, the P/E ratio is around 15.27 times.
The valuation appears reasonable considering FY26 PAT of Rs. 18.18 crore, PAT margin of 15.81%, ROE of 53.55% and ROCE of 47.97%. However, investors should monitor whether the exceptional return ratios and profitability can be sustained after the expanded equity base.
Final Investment View
Complete Sports and Management combines an established niche business, recognised international partnerships, strong profitability and acceptable valuation. Its expansion into owned entertainment centres can provide an additional growth platform.
The principal risks are the discretionary nature of amusement spending, imported-equipment exposure and relatively low liquidity associated with SME shares. Subject to a healthy GMP and satisfactory subscription response, the IPO appears suitable for investors who accept SME-market risks.
Chanakya Recommendation: 🟢 Apply
Overall Rating: ⭐⭐⭐⭐☆ (4/5)
Complete Sports and Management IPO FAQs
What is the Complete Sports and Management IPO price band?
The price band is Rs. 128 to Rs. 135 per share.
What is the minimum investment in Complete Sports and Management IPO?
Individual investors must apply for at least 2,000 shares, requiring Rs. 2,70,000 at the upper price.
When will Complete Sports and Management IPO open?
The IPO opens on 28 August and closes on 1 September 2026.
When will Complete Sports and Management shares list?
The tentative listing date is 4 September 2026 on BSE SME.
What is the Chanakya View on Complete Sports and Management IPO?
The IPO carries an Apply recommendation, subject to GMP and subscription demand.