KYC segment deep-dive on CSM Technologies, a Bhubaneswar-based e-governance and IT services company, covering its business model, financials and valuation with an overall neutral-leaning rating

Wed 30 Sep 2026

Order book

360 crore rupees

Order book projected Q1

450 crore rupees

Government revenue share

64 percent

Private revenue share

36 percent

Repeat revenue share

95 percent

Heard on Live TV News Channel between 11:32:45 - 11:34:00 IST.

• Company established in 1998, headquartered in Bhubaneswar, Odisha, offering software, e-governance, AI/ML, IoT and GIS solutions across mining, government and agri sectors.
• Presence across roughly 14 countries including Africa, UAE, US and Canada; 95% of revenue comes from repeat customers, order book about 360 crore rupees, likely over 450 crore by end of Q1.
• Government revenue contribution is about 64% versus 36% from private clients; key projects include Aadhaar, Odisha State dashboard, e-Shiksha Kosh and COVID-19 dashboard.
• Risks flagged: lack of analyst coverage, client concentration risk, higher working capital intensity for private/international projects, and cash flow lumpiness due to government payment cycles.
• Return ratios called strong at 25%+ ROCE; stock down about 14% from listing price but up 19% from a recent low; valuations seen as cheapest among peers; overall KYC rating given as 5.5 out of 8.

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