Bench Mark Infotech
What they do: The business model appears to be unstable, with significant fluctuations in revenue and profit. The company may be facing challenges in maintaining consistent operations and profitability.
By IPO Milega Research · Published · Updated
Analysis score 6.2 +1.5 for 88.62x QIB subscription
The company shows a volatile revenue trend with a significant increase in FY2025 after a dip in FY2024.
- GMP (unofficial)
- +23.64%
- ₹26 a share
- Subscribed
- 103.12x
- Total
- Retail odds
- 1%
- 1 in 97
GMP is an unofficial grey market indication.
- Price band
- ₹104-110
- Lot size
- 2400 shares
- Min. investment
- ₹2,64,000
- Issue size
- 42.44 Cr.
- Open25 Sept 2026
- Close29 Sept 2026
- Allotment30 Sept 2026
- Listing5 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 88.62x
- NII
- 136.92x
- Retail
- 96.9x
₹136 (+23.64%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials4.0
- Performance8.0
- Flexibility8.0
- Timing7.0
- Risk4.0
The expected gains are primarily driven by the Grey Market Premium (GMP) of 122, indicating a 10.91% potential increase on listing. This is supported by the company's strong performance and flexibility scores, suggesting robust operational capabilities and market adaptability, despite financial fundamental concerns.
Strengths3
- Empanelment with BSNL and RailTel as a National Level System Integrator and Business Partner, respectively.
- Successful execution of large-scale projects for government and public sector clients, including the Indian Air Force and Bihar State Electronics Development Corporation.
- Expansion into data storage and data center solutions, enhancing service offerings.
Concerns5
- High customer concentration risk with top ten customers contributing over 90% of revenue.
- Dependence on limited suppliers for IT equipment, risking supply chain disruptions.
- Significant trade receivables impacting liquidity and cash flows.
- Exposure to natural calamities and force majeure events affecting operations.
- Regulatory changes in tax and foreign investment laws increasing compliance costs.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,64,0002 lots, 2400 shares
- Retail Maximum2,64,0002 lots, 2400 shares
- S-HNI Minimum3,96,0003 lots, 3600 shares
- S-HNI Maximum9,24,0007 lots, 8400 shares
- B-HNI Minimum10,56,0008 lots, 9600 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,64,000 |
| Retail Maximum | 2 | 2400 | 2,64,000 |
| S-HNI Minimum | 3 | 3600 | 3,96,000 |
| S-HNI Maximum | 7 | 8400 | 9,24,000 |
| B-HNI Minimum | 8 | 9600 | 10,56,000 |
Timing
7.0/10The IPO is well-timed considering the company's recent transition to a public limited company and the structured approach to the book-building process. The regulatory environment is supportive, and the company's financial dealings with related parties are transparent, which may instill confidence in potential investors.
- Time to market
- The company's recent conversion to a public limited company and the structured book-building process suggest a strategic approach to entering the market. The timing aligns with favorable regulatory conditions for SME IPOs, enhancing the attractiveness of the offering.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- NSE SME
Key milestones
- 25 Sept 2026IPO Opens
- 29 Sept 2026IPO Closes
- 30 Sept 2026Basis of Allotment
- 1 Oct 2026Refunds Initiated
- 1 Oct 2026Credit to Demat Account
- 5 Oct 2026Listing Date
Financials
4.0/10- Revenue
- ₹63.99 Cr
- +26.0%
- Profit after tax
- ₹10.22 Cr
- +75.3%
- Net margin
- 16.0%
- +4.5 pts
- Assets
- ₹74.05 Cr
- +22.6%
- Return on equity
- 31.04%
- Debt to equity
- 0.75
- Revenue CAGR
- 13.5%
- ROCE
- 27.24%
- Return on net worth
- 38.48%
- NAV per share (₹)
- 24.42
Financial performance trend
Amount ₹ in croresThe company shows a volatile revenue trend with a significant increase in FY2025 after a dip in FY2024. Profitability is low with a marginal net profit in FY2025 and a history of losses. The financial ratios indicate potential liquidity issues, and the debt-to-equity ratio is not calculable due to lack of debt data. Overall, the fundamentals are weak, with concerns about sustainability and financial health.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks2
- Operational risks2
- Regulatory risks1
High dependency on few customers and suppliers, significant trade receivables, and regulatory changes pose substantial risks to financial stability and operational continuity.
How the company offsets these
Diversifying customer base and suppliers, improving receivables management, and monitoring regulatory changes can mitigate risks.
Financial risks3
- Significant trade receivables impacting liquidity and cash flows.
- Interest rate fluctuations affecting profitability.
- Inflationary pressures impacting operational stability.
Market risks2
- High customer concentration risk with top ten customers contributing over 90% of revenue.
- Economic slowdowns affecting profitability.
Operational risks2
- Dependence on limited suppliers for IT equipment, risking supply chain disruptions.
- Exposure to natural calamities and force majeure events affecting operations.
Regulatory risks1
- Regulatory changes in tax and foreign investment laws increasing compliance costs.
Performance
8.0/10Bench Mark Infotech Services Limited is an integrated IT and digital infrastructure solutions provider with a strong focus on government and institutional clients. The company has demonstrated significant revenue growth and operational expansion, particularly in IT infrastructure and fiber optic solutions. It has a robust business model with diversified revenue streams and a strong track record of project execution.
- Historical growth
- The company has shown a consistent upward trajectory in revenue, growing from ₹3,409.51 Lakhs in FY 2024 to ₹6,052.76 Lakhs in FY 2026., 33.24% CAGR over the last three years.
- Market comparison
- The company operates in a rapidly growing IT and digital infrastructure market in India, with significant government support and investment in digital initiatives. It competes with major players like TCS and Infosys but focuses on niche government and institutional projects.
- Future potential
- The company is well-positioned to capitalize on the growing demand for IT infrastructure and digital solutions in India, with plans to expand its service offerings and geographic reach.
- Operational consistency
- The company's integrated business model and strong client relationships contribute to its consistent performance.
- Experience
- The management team, led by Mr. Vineet Kumar Gupta, has over two decades of experience in IT infrastructure and project execution.
- Track record
- The company has a strong track record of executing diverse projects across multiple industries, maintaining long-term customer relationships.
Key achievements
- 01Empanelment with BSNL and RailTel as a National Level System Integrator and Business Partner, respectively.
- 02Successful execution of large-scale projects for government and public sector clients, including the Indian Air Force and Bihar State Electronics Development Corporation.
- 03Expansion into data storage and data center solutions, enhancing service offerings.
Flexibility
8.0/10The company is well-positioned in the rapidly growing IT and digital infrastructure market in India, with a strong focus on emerging technologies such as AI, cloud, and cybersecurity. It has established relationships with key government and public sector clients, enabling it to adapt to market demands effectively.
The company has shown significant financial growth, with a CAGR of 33.24% in revenue from FY 2024 to FY 2026. It maintains a low debt-equity ratio and high profitability margins, indicating strong financial stability.
The company operates an integrated business model with end-to-end service capabilities, allowing it to efficiently manage project execution and maintenance. Its ability to execute diverse projects across multiple sectors demonstrates operational agility.
The company demonstrates strong flexibility and adaptability, driven by its diversified service offerings, robust financial growth, and strategic expansion plans.
- Product diversification
- The company offers a wide range of services, including IT infrastructure solutions, data storage, data center solutions, AI lab solutions, and cybersecurity services, providing a diversified product portfolio.
- Future adaptability
- The company is well-positioned to adapt to future market changes, with plans to expand its optical fiber infrastructure capabilities and enhance its marketing and business development efforts. Its focus on emerging technologies and strategic expansion into new service areas supports its adaptability potential.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.