Complete Sports and Management India Limited (CSML)
Sector: Amusement & Leisure Equipment (Sourcing, Trading, Distribution & Solutions)
1. Overview
Complete Sports and Management India Limited ("CSML") is engaged in the sourcing, trading and distribution of a diversified portfolio of amusement and leisure equipment, complemented by installation, commissioning, maintenance and related advisory and consulting services. The company operates across the amusement, entertainment and leisure infrastructure value chain, providing end-to-end solutions to customers for the development and operation of entertainment destinations.
Originally incorporated in 2002 as Complete Sports and Management India Private Limited, the company was converted to a public limited company and operates from its registered office in Andheri (East), Mumbai, Maharashtra. Its customer base spans family entertainment centres ("FECs"), clubs, hotels, resorts, corporate clients and residential developments, and its product portfolio ranges across bowling solutions, arcade games, soft play areas, trampoline parks, laser tag, bumper cars, go-karting and cashless gaming systems.
A defining feature of CSML's competitive standing is its position as the authorised and exclusive distributor of Brunswick Bowling products LLC in India, Singapore, Malaysia and Indonesia — a relationship dating to January 1, 2010 in India and expanded to Southeast Asia on August 28, 2025. In FY2026, Brunswick bowling equipment contributed 50.21% of revenue from operations, underscoring both the strength and the concentration of this relationship.
The company has recently forward-integrated into owned, consumer-facing entertainment formats, launching the "All Sett Go" sports bar (Infiniti Mall, Andheri, April 2026) and the "Duckpin – The Bowling Bistro" integrated entertainment centre (Infiniti Mall, Malad, July 2026). On a Restated Standalone basis, revenue from operations grew from ₹81.50 Cr (FY24) to ₹113.56 Cr (FY26), a 39.33% increase, with PAT rising from ₹10.12 Cr to ₹17.95 Cr over the same period.
2. Business Model and Revenue Streams
CSML's business is principally organised across two verticals: (i) distribution, supply and installation of amusement and entertainment solutions, and (ii) consultancy and management services. The company procures equipment from domestic and international manufacturers, and provides turnkey execution spanning project conceptualisation, design consultation, layout planning, vendor sourcing, procurement, logistics, customs clearance, on-site installation, testing, commissioning, staff training, handover, and ongoing after-sales support.
Revenue by Product Line (Brunswick vs. Other) — ₹ Crore
| Particulars | FY2026 (%) | FY2025 (%) | FY2024 (%) |
|---|---|---|---|
| Brunswick Bowling Equipment | 57.01 (50.21%) | 37.98 (34.42%) | 41.30 (50.67%) |
| Other Revenue | 56.55 (49.79%) | 72.37 (65.58%) | 40.21 (49.33%) |
| Total | 113.56 (100%) | 110.35 (100%) | 81.50 (100%) |
Revenue by Geography — ₹ Crore (key states)
| Region | FY2026 | % | FY2025 | % | FY2024 | % |
|---|---|---|---|---|---|---|
| Karnataka | 49.93 | 43.97% | 43.66 | 39.56% | 8.87 | 10.89% |
| Maharashtra | 30.28 | 26.66% | 15.79 | 14.31% | 30.00 | 36.81% |
| Telangana | 9.02 | 7.94% | 7.81 | 7.08% | 6.31 | 7.74% |
| Delhi | 8.41 | 7.41% | 4.29 | 3.89% | 4.22 | 5.17% |
| Other Domestic | ~13.62 | ~12.06% | ~29.79 | ~27.61% | ~11.13 | ~39.39% |
| Total Domestic (A) | 111.34 | 98.04% | 103.13 | 93.46% | 81.50 | 100% |
| Exports (B) — Indonesia, Singapore, Sri Lanka, UAE | 2.22 | 1.96% | 7.21 | 6.54% | – | – |
| Total (A+B) | 113.56 | 100% | 110.35 | 100% | 81.50 | 100% |
Revenue is geographically concentrated: Maharashtra, Karnataka and Telangana together contributed 78.57% of FY2026 revenue.
Client Concentration
CSML exhibits high customer concentration — its top ten customers accounted for 80.53% of FY2026 revenue (65.55% in FY2025; 80.45% in FY2024). The single largest customer, TORQ03 Sports & Adventures Pvt Ltd, contributed 32.14% of FY2026 revenue, followed by Malpani Arcade Private Limited (16.69%). Named marquee clients include Timezone, Snow World Entertainment and Prasuk Jain Hospitality. In FY2026 the company served 90 customers (95 in FY2025; 72 in FY2024).
Vendor / Supply Dependency
Purchases are similarly concentrated: the top ten suppliers accounted for 81.93% of total purchases in FY2026 (73.20% FY2025; 81.07% FY2024). Beyond Brunswick, key international manufacturer relationships include Baohui, Coastal Amusements Inc., Elaut NV, Intercard Inc., Komuse America Inc., Bandai Namco and Sega.
3. Products and Service Portfolio
CSML offers a comprehensive portfolio of indoor and outdoor amusement and entertainment solutions, supplied on a standalone basis or as integrated turnkey projects.
Key Product Lines
| Product Line | Description |
|---|---|
| Bowling Solutions | Traditional and duckpin bowling lanes/systems under the Brunswick Bowling Systems brand — synthetic/wooden lanes, automatic pinsetters, scoring systems, POS-integrated software, ball-return systems, balls, pins, lane conditioning, spares. |
| Arcade Games | Redemption games, video arcade games, simulation/motion-based games, sports and skill-based games, and AR/VR-enabled interactive experiences. |
| Soft Play & Indoor Play Structures | Play areas and indoor play structures for FECs and family venues. |
| Trampoline Parks | Trampoline Park systems and allied infrastructure. |
| Laser Tag / Bumper Cars / Go-Karting | Ride and attraction systems for entertainment destinations. |
| Debit Card & Cashless Gaming Systems | Centralised card-based and cashless gaming management systems. |
| Spares, Consumables & Accessories | Recurring after-market supply supporting installed equipment. |
Primary Revenue Drivers vs. Emerging Segments
- Primary driver: Bowling Solutions anchored by the exclusive Brunswick distributorship (50.21% of FY2026 revenue). Growth from FY2024 to FY2026 was led by Bowling (+₹15.72 Cr) and Arcade Games (+₹16.18 Cr).
- Emerging segments: Company-operated entertainment centres — the "Duckpin – The Bowling Bistro" and "All Sett Go" brands — representing forward integration into consumer-facing formats with combined gaming and F&B revenue streams.
4. Key Business Strengths
- Exclusive Brunswick Distributorship: Authorised and exclusive distributor of Brunswick Bowling products across India, Singapore, Malaysia and Indonesia, providing a differentiated, hard-to-replicate product anchor.
- End-to-End Solutions Platform: Integrated capabilities spanning sourcing, distribution, installation, testing, commissioning, operations management, maintenance and consulting across the project lifecycle.
- Diverse Segment Experience: Demonstrated execution across club houses, corporate clients, FECs, hotels, residential complexes and resorts, supporting adaptation to varied space, budget and demographic requirements.
- Forward Integration into Owned Formats: Establishment of consumer-facing entertainment centres under the "Duckpin – The Bowling Bistro" and "All Sett Go" brands, capturing more of the entertainment value chain.
- Established International Supplier Network: Longstanding relationships with Baohui, Coastal Amusements, Elaut NV, Intercard, Komuse America, Bandai Namco and Sega, enabling a broad, specification-driven product portfolio.
- Experienced Promoter & Management Team: Promoters Rohit Rajesh Mathur, Abha Rohit Mathur and Rohan Rohit Mathur collectively bring over 40 years of industry experience, supported by a senior management team across operations, technical services, procurement and finance.
5. Future Growth Strategy
- Assembly Unit at Bhiwandi: Commencing in-house assembly and integration of amusement games at the existing Bhiwandi (Maharashtra) warehouse, funded by up to ₹39.88 Cr of Net Proceeds — moving CSML further up the value chain from pure distribution.
- Duckpin Entertainment-Centre Expansion: Establishing an additional company-operated "Duckpin – The Bowling Bistro" outlet (₹8.09 Cr of Net Proceeds), building on the July 2026 Malad launch, with combined gaming + F&B revenue streams.
- Strengthen Distribution & Consulting Reach: Deepening distribution and consulting capabilities and expanding presence across domestic markets to broaden the customer and geographic base.
- Increase Geographical & International Reach: Leveraging existing customer relationships and technical capabilities to expand into high-growth domestic geographies and international markets, diversifying the revenue mix.
- Leverage Promoter Experience & Industry Relationships: Continuing to draw on the promoters' two decades of industry relationships to strengthen sourcing arrangements and win turnkey projects.
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