COMPLETE SPORTS AND MANAGEMENT

Consumer Cyclical — Leisure · BSE

₹180.00−₹6.30 (−3.38%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:03 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of COMPLETE SPORTS AND MANAGEMENT — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Complete Sports and Management India Limited engages in the sourcing, trading, and distribution of various amusement and leisure equipment.

IndustryLeisure

SectorConsumer Cyclical

Employees109

Annual revenue₹117 Cr

How does it make money?

Turns over ₹117 Cr a year. Of every ₹100 of sales, about ₹16 reaches shareholders as profit, with ₹22 left at the operating level before interest, tax and depreciation. Each of its 109 employees supports ₹1.07 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin21.8%

Net margin15.5%

Revenue / employee₹1.07 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 56.7%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 54.0% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE56.7%

ROE54.0%

Peer median ROE25.9%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +279% while net margin moved +287% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+279%

Margin effect+287%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

79/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

71/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

20.4x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 71% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -71%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

20.4x

P/B

6.32x

EV/EBITDA

14.8x

PEG

0.14

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 6.1% to 21.8% over 3 years.
Return on capital is rising
ROCE has improved from 38.6% to 56.7%.
High return on capital employed
ROCE of 56.7% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.21x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 506% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 842% against revenue growth of 279% — customers are taking longer to pay.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 506% over 3 years, from ₹1 Cr to ₹9 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 842% against revenue up 279% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹8 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 56.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 6.1% to 21.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 71% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 842% against revenue up 279%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 42% a year✓ 55.9% CAGR
Latest reported year was 6.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 20%✓ 21.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹8 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 54%✓ 56.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹370 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

20.4x

Fair

Fairly valued against the generic band

P/B Ratio

6.32x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹8.84

Profitable

Profitable on a per-share basis

ROE

54.0%

Strong

Strong capital efficiency

ROCE

56.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.21x

Low

Conservative leverage

Revenue Growth (YoY)

6.1%

Modest

Modest growth

Profit Growth (YoY)

59.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹10 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹180

ROA

20.7%

Good

Assets are working hard

Operating Margin

29.5%

Good

Healthy core-business profitability

Net Margin

15.5%

Good

Strong bottom-line conversion

Current Ratio

1.77

Comfortable

Healthy short-term liquidity

52W Range Position

53%

Mid-range

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹31 Cr	₹82 Cr	₹110 Cr	₹117 Cr	+55.9%
EBITDA	₹2 Cr	₹14 Cr	₹17 Cr	₹26 Cr	+137.9%
EBITDA Margin	6.1%	17.0%	15.3%	21.8%	—
PAT (Net Profit)	₹1 Cr	₹10 Cr	₹11 Cr	₹18 Cr	+144.9%
ROE	40.6%	76.8%	46.4%	42.6%	—
ROCE	38.6%	95.7%	64.8%	56.7%	—
Total Debt	₹1 Cr	₹2 Cr	₹2 Cr	₹9 Cr	+82.4%
Free Cash Flow	-₹0 Cr	₹9 Cr	-₹3 Cr	-₹8 Cr	—

🟢 Revenue has grown at 55.9% a year over 3 years.

🟢 EBITDA has grown at 137.9% a year over 3 years.

🟢 EBITDA Margin has risen from 6.1% to 21.8% over 3 years (+15.7 pts).

🟢 PAT (Net Profit) has grown at 144.9% a year over 3 years.

🟢 ROE has risen from 40.6% to 42.6% over 3 years (+2.0 pts).

🟢 ROCE has risen from 38.6% to 56.7% over 3 years (+18.1 pts).

🔴 Total Debt has grown at 82.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹83 Cr

Total Liabilities

₹41 Cr

Total Debt

₹9 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹4 Cr

Capex

-₹4 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.1%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

6 general

Complete Sports and Management India Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Compare with PRESSURE SEN

Equitymaster, 16 Oct

Complete Sports & Management India IPO Date, Price Band, GMP, Subscription & Allotment

IndiaIPO, 28 Aug

COMPLETE SPORTS AND MANAGEMENT Share Price

Upstox, 04 Sept

Paluck Technologies, Complete Sports, Management SME IPOs open today. Here’s what GMPs indicate

The Economic Times, 28 Aug

Complete Sports & Management Lists 3% Higher; IPO Subscribed 3.45×

HDFC Sky, 04 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong17.9/20

🟢Financial HealthStrong13/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong13.1/15

🟡ValuationFair6.8/15

🔴RiskHigh2.5/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 42% a year55.9% CAGR
✓EBITDA margin holds above 20%21.8%
✗Free cash flow remains positive-₹8 Cr
✓Debt / EBITDA stays below 2x0.4x
✓ROCE stays above 54%56.7%