Bench Mark Infotech Services Limited is an integrated IT and digital infrastructure solutions company based in Kolkata. The company provides technology infrastructure solutions to government departments, public sector undertakings (PSUs), institutional customers and private-sector clients across India. The Bench Mark Infotech IPO is scheduled to open on 25 September 2026 and close on 29 September 2026, with a price band of ₹104 to ₹110 per share and an issue size of up to ₹42.44 crore.
The IPO is proposed to be listed on the NSE Emerge platform. It comprises a fresh issue of 34 lakh shares and an offer for sale of 4.58 lakh shares by promoter Vineet Kumar Gupta. The company plans to use the majority of the fresh issue proceeds to fund working capital requirements.
Table of Contents
- Bench Mark Infotech IPO Details
- About the Company
- Bench Mark Infotech Business Model
- Customer and Geographic Concentration
- Bench Mark Infotech Order Book
- Bench Mark Infotech Financial Performance
- Bench Mark Infotech Cash Flow and Receivables
- Bench Mark Infotech IPO Objectives
- Fresh Issue vs OFS
- Promoters and Shareholding
- Bench Mark Infotech IPO Valuation
- Bench Mark Infotech IPO Peer Comparison
- Bench Mark Infotech IPO Strengths
- Bench Mark Infotech IPO Risks
- Bench Mark Infotech IPO Litigation
- Bench Mark Infotech IPO GMP
- Bench Mark Infotech IPO Important Dates
- What Should Investors Track?
- Conclusion
The following table summarises the key Bench Mark Infotech IPO details, including the issue size, price band, lot size and proposed listing.
| Particulars |
Details |
| Company |
Bench Mark Infotech Services Limited |
| IPO Type |
Book-built SME IPO |
| Exchange |
NSE Emerge |
| IPO Open Date |
25 September 2026 |
| IPO Close Date |
29 September 2026 |
| Price Band |
₹104–₹110 per share |
| Face Value |
₹10 per share |
| Total Issue Size |
Up to ₹42.44 crore |
| Fresh Issue |
34 lakh shares |
| Offer for Sale |
4.58 lakh shares |
| Total Shares Offered |
38.58 lakh shares |
| Lot Size |
1,200 shares |
| Minimum Retail Application |
2 lots / 2,400 shares |
| Minimum Retail Investment |
₹2.64 lakh at ₹110 |
| Proposed Listing Date |
5 October 2026 |
| Lead Manager |
GYR Capital Advisors Private Limited |
| Registrar |
KFin Technologies Limited |
The Bench Mark Infotech IPO issue size is up to ₹42.44 crore, comprising 38.58 lakh equity shares. The fresh issue consists of 34 lakh shares, while 4.58 lakh shares are offered for sale by promoter Vineet Kumar Gupta.
At the upper price band of ₹110, an application for the minimum two lots of 2,400 shares would require ₹2.64 lakh.
The company is seeking listing on NSE Emerge, the SME platform of NSE. NSE describes Emerge as a platform intended for small and medium enterprises that are not large enough for the main board and need access to public capital markets.
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Get the latest Bench Mark Infotech IPO details, including its price band, issue structure, lot size, minimum investment and proposed NSE Emerge listing.
Bench Mark Infotech Services Limited was incorporated in 2007 and operates from Kolkata. The company has more than 19 years of experience in the technology infrastructure sector.
It provides end-to-end technology infrastructure solutions covering:
- Design and supply of IT infrastructure
- Installation and commissioning
- Networking and communication infrastructure
- Fibre optic infrastructure
- Surveillance solutions
- Connectivity infrastructure
- Data storage and data-centre-related solutions
- Annual maintenance and facility support
Its customers include government departments, PSUs, institutional customers and private-sector organisations.
A significant part of its business is obtained through competitive bidding and tendering processes, including government procurement platforms such as the Government e-Marketplace (GeM) and state-level e-procurement portals.
This makes project execution, tender wins and the ability to convert orders into revenue important factors for the company's future financial performance.
Bench Mark Infotech operates through three principal business verticals. Integrated IT solutions accounted for the majority of revenue in FY2026.
| Business Vertical |
FY2026 Revenue |
| Integrated IT solutions |
₹50.45 crore |
| Fibre optic infrastructure solutions |
₹7.84 crore |
| AMC and facility support services |
₹2.24 crore |
Integrated IT Solutions
Integrated IT solutions contributed 83.35% of FY2026 revenue from operations.
The company supplies, installs and commissions equipment and infrastructure such as:
- Switches and routers
- CCTV cameras
- Video walls
- Racks
- Boom barriers
- Security scanners
It also undertakes turnkey project execution, system integration, installation, testing and commissioning.
The high contribution of this segment means the company's overall revenue remains substantially linked to the performance of its integrated IT solutions business.
Fibre Optic Infrastructure
The fibre optic vertical contributed 12.95% of FY2026 revenue.
The business includes fibre infrastructure solutions and related activities. The company has also disclosed recurring revenue from its fibre optic business of approximately ₹2 crore per quarter, although this recurring revenue was not reflected in the reported order-book figure.
Annual Maintenance and Facility Support
AMC and facility support services contributed 3.69% of FY2026 revenue.
The company provides preventive maintenance, troubleshooting and repair services under annual maintenance and support contracts. These contracts can range from a few months to as long as five years.
This business provides a service component alongside the company's project-based activities.
Customer concentration is a significant part of the Bench Mark Infotech IPO analysis because government and PSU customers account for a large share of revenue.
Government customers contributed 73.10% of revenue from operations in FY2026, down from 95.01% in FY2025 and 92.91% in FY2024. The share of non-government customers increased to 26.90% in FY2026.
Geographic concentration also remains high.
| State |
FY2026 Revenue Share |
| Bihar |
43.30% |
| Odisha |
20.16% |
| West Bengal |
16.58% |
| Jharkhand |
13.20% |
| Others |
6.76% |
Bihar, Odisha and West Bengal together contributed 80.04% of FY2026 revenue.
Although the company has expanded beyond its historical concentration in Bihar, these three states continue to represent a substantial majority of revenue.
Customer concentration is even more pronounced. The company's 10 largest customers accounted for 94.19% of FY2026 revenue, while its largest single customer contributed 25.21%.
The company does not have long-term or exclusive arrangements with its customers, which means changes in project awards, tender outcomes or customer relationships could affect revenue.
As of 15 September 2026, Bench Mark Infotech reported an order book of ₹12.18 crore.
The disclosed orders included projects for RailTel, Bihar State Electronics Development Corporation, Central Agricultural University, NTPC, South Eastern Railway and other government-linked entities.
| Customer / Client |
Project and Order Value |
| RailTel |
Fibre optic railway backbone infrastructure, ₹3.22 crore |
| ITI Colleges via BSEDC |
Next-generation digital classrooms, ₹6.93 crore |
| BSEDC |
LAN infrastructure, ₹0.20 crore |
| Central Agricultural University via RailTel |
IoT-based Wi-Fi infrastructure, ₹0.49 crore |
| NTPC |
Audio/video conferencing system, ₹0.34 crore |
| Central Agricultural University |
Integrated campus CCTV surveillance, ₹0.51 crore |
The company also reported fresh orders of ₹8.96 crore during FY2026-27 up to the disclosed date. In addition, ₹3.22 crore of orders from FY2025-26 remained pending.
The order book provides visibility into future project execution, but the conversion of orders into revenue and cash flow remains an important factor for investors to track.
Bench Mark Infotech reported substantial growth in revenue and profitability between FY2024 and FY2026.
| Particulars |
FY2024 |
| Revenue from Operations |
₹34.10 Cr |
| Total Income |
₹34.76 Cr |
| EBITDA |
₹2.28 Cr |
| EBITDA Margin |
6.56% |
| PAT |
₹1.48 Cr |
| PAT Margin |
4.34% |
| Net Worth |
₹10.50 Cr |
| RoE |
15.16% |
| RoCE |
18.51% |
| Debt-Equity Ratio |
0.13x |
| Particulars |
FY2025 |
| Revenue from Operations |
₹50.04 Cr |
| Total Income |
₹50.80 Cr |
| EBITDA |
₹8.28 Cr |
| EBITDA Margin |
16.30% |
| PAT |
₹5.83 Cr |
| PAT Margin |
11.65% |
| Net Worth |
₹16.33 Cr |
| RoE |
43.45% |
| RoCE |
48.08% |
| Debt-Equity Ratio |
0.05x |
| Particulars |
FY2026 |
| Revenue from Operations |
₹60.53 Cr |
| Total Income |
₹63.99 Cr |
| EBITDA |
₹14.06 Cr |
| EBITDA Margin |
21.97% |
| PAT |
₹10.22 Cr |
| PAT Margin |
16.88% |
| Net Worth |
₹26.55 Cr |
| RoE |
47.65% |
| RoCE |
47.74% |
| Debt-Equity Ratio |
0.10x |
Revenue from operations increased from ₹34.10 crore in FY2024 to ₹60.53 crore in FY2026, while PAT increased from ₹1.48 crore to ₹10.22 crore.
Profitability also improved during this period. EBITDA margin increased from 6.56% in FY2024 to 21.97% in FY2026, while PAT margin increased from 4.34% to 16.88%.
The reported debt-equity ratio remained relatively low at 0.10x in FY2026.
The company's reported profit growth needs to be assessed alongside its operating cash flow and movement in trade receivables.
Cash Flow
The company's operating cash flow turned negative in FY2026, mainly due to working-capital movements and higher trade receivables.
FY2024 Cash Flow
| Particulars |
FY2024 |
| Operating Cash Flow |
₹4.87 Cr |
| Investing Cash Flow |
₹0.19 Cr |
| Financing Cash Flow |
-₹3.22 Cr |
FY2025 Cash Flow
| Particulars |
FY2025 |
| Operating Cash Flow |
₹6.54 Cr |
| Investing Cash Flow |
-₹0.92 Cr |
| Financing Cash Flow |
-₹0.84 Cr |
FY2026 Cash Flow
| Particulars |
FY2026 |
| Operating Cash Flow |
-₹6.77 Cr |
| Investing Cash Flow |
-₹1.06 Cr |
| Financing Cash Flow |
₹1.67 Cr |
Operating cash flow turned negative at ₹6.77 crore in FY2026, despite the company reporting PAT of ₹10.22 crore.
The primary factor was working-capital movement, particularly the increase in trade receivables.
Trade Receivables
Trade receivables increased significantly over the three-year period.
FY2024 Trade Receivables
| Particulars |
FY2024 |
| Trade Receivables |
₹25.59 Cr |
| Receivables as % of Revenue |
75.07% |
FY2025 Trade Receivables
| Particulars |
FY2025 |
| Trade Receivables |
₹37.96 Cr |
| Receivables as % of Revenue |
75.86% |
FY2026 Trade Receivables
| Particulars |
FY2026 |
| Trade Receivables |
₹54.98 Cr |
| Receivables as % of Revenue |
90.83% |
As of 31 March 2026, trade receivables stood at ₹54.98 crore, equivalent to 90.83% of FY2026 revenue from operations.
Of this amount, ₹10.17 crore had remained outstanding for more than one year. This represented 18.50% of total trade receivables and 38.31% of the company's net worth.
The company had recognised a provision of ₹41.38 lakh against doubtful debts.
Government and PSU projects can involve milestone-based billing, certification, approval and payment processes, which may result in longer collection cycles. However, the recovery of these receivables remains important because delayed collections can affect operating cash flow even when accounting profits are reported.
The primary purpose of the fresh issue is to fund working capital requirements.
| Use of Funds |
Proposed Allocation |
| Working capital requirements |
Up to ₹30 crore |
| General corporate purposes |
Balance amount, subject to applicable limits |
The company proposes to deploy up to ₹10 crore towards working capital requirements in FY2026-27 and up to ₹20 crore in FY2027-28.
The general corporate purposes component will not exceed 15% of the amount raised or ₹10 crore, whichever is lower, subject to applicable regulations.
The working-capital requirement is relevant to the company's business because project execution requires funds for procurement of hardware and equipment, inventory, supplier payments and other operating requirements.
This also makes working-capital efficiency an important consideration in the Bench Mark Infotech IPO review, particularly given the negative operating cash flow reported in FY2026.
The IPO consists of both a fresh issue and an offer for sale.
| Component |
Shares and Purpose |
| Fresh Issue |
34.00 lakh shares, with proceeds going to the company |
| OFS |
4.58 lakh shares sold by promoter Vineet Kumar Gupta |
| Total Issue |
38.58 lakh shares |
The company will receive the proceeds from the fresh issue after applicable issue expenses.
The proceeds attributable to the OFS will go to the selling shareholder rather than to the company.
At the upper price band, the fresh issue represents ₹37.40 crore and the OFS represents ₹5.04 crore.
The promoters of Bench Mark Infotech Services Limited are Vineet Kumar Gupta and Juli Gupta.
Before the IPO, they collectively held 99.99% of the company's equity share capital.
Vineet Kumar Gupta is the Managing Director, while Juli Gupta is an Executive Director.
The promoter shareholding is expected to reduce after the fresh issue and OFS.
At the upper price band of ₹110, the post-issue equity capital would comprise approximately 1.43 crore shares, implying a market capitalisation of around ₹157 crore.
The Bench Mark Infotech IPO valuation can be assessed using its FY2026 earnings and the price band.
The company reported FY2026 basic and diluted EPS of ₹9.40, after adjusting for the May 2026 bonus issue.
At the upper price band of ₹110, the P/E based on the RHP's FY2026 EPS is approximately 11.70x.
However, using the post-issue share count gives a different EPS and P/E.
| Valuation Measure |
Calculation |
| FY2026 EPS as reported in RHP |
₹9.40 |
| P/E at ₹110 based on RHP EPS |
11.70x |
| Post-issue FY2026 EPS |
₹7.16 |
| Post-issue P/E at ₹110 |
15.36x |
| Post-issue P/E at ₹104 |
14.53x |
| FY2026 RoNW |
38.48% |
The difference between the two P/E figures arises because the RHP's FY2026 EPS calculation uses the applicable weighted-average share count, while the post-issue calculation considers the enlarged equity base after the IPO.
The company reported FY2026 RoNW of 38.48%, compared with 35.70% in FY2025 and 14.09% in FY2024.
The RHP identifies Dynacons Systems & Solutions, Xtranet Technologies and Esconet Technologies as listed peers.
FY2026 P/E Comparison
| Company |
FY2026 P/E |
| Dynacons Systems & Solutions |
26.55x |
| Xtranet Technologies |
50.87x |
| Esconet Technologies |
15.66x |
| Bench Mark Infotech |
11.70x* |
FY2026 RoNW Comparison
| Company |
FY2026 RoNW |
| Dynacons Systems & Solutions |
26.90% |
| Xtranet Technologies |
30.01% |
| Esconet Technologies |
7.68% |
| Bench Mark Infotech |
38.48% |
The peer P/E figures are based on market prices as of 15 September 2026 and FY2026 diluted EPS, as disclosed in the RHP.
Bench Mark Infotech's valuation should be interpreted using the same methodology and share-count basis when making comparisons. The company also states that peer information is sourced from publicly available information and has not been independently verified by the company or its BRLM.
Bench Mark Infotech has several business, operational and financial factors that support its position in the IT infrastructure segment.
1. Established IT infrastructure business
Bench Mark Infotech has operated in the IT infrastructure segment since 2007 and has experience executing projects for government departments, PSUs and institutional customers.
2. Integrated service offering
The company covers multiple stages of an IT infrastructure project, including supply, installation, system integration, commissioning and maintenance.
This allows it to undertake different components of a project under an integrated engagement.
3. Improvement in profitability
Profitability improved considerably between FY2024 and FY2026.
EBITDA margin increased from 6.56% to 21.97%, while PAT margin increased from 4.34% to 16.88%.
4. Low reported leverage
The debt-equity ratio was 0.10x in FY2026, compared with 0.05x in FY2025 and 0.13x in FY2024.
However, leverage should be considered alongside working-capital requirements and cash flow rather than as a standalone metric.
Bench Mark Infotech faces several customer, operational, financial and business concentration risks that investors should consider before evaluating the IPO.
1. High customer concentration
The 10 largest customers contributed 94.19% of FY2026 revenue, while the largest customer alone contributed 25.21%.
The company does not have long-term or exclusive arrangements with its customers.
2. Dependence on government and PSU projects
Government customers accounted for 73.10% of FY2026 revenue.
Changes in government IT spending, tender competition, project delays or procurement priorities could affect the company's revenue.
3. Geographic concentration
Bihar, Odisha and West Bengal contributed 80.04% of FY2026 revenue.
This creates geographical concentration in the company's revenue base.
4. Rising trade receivables
Trade receivables increased to ₹54.98 crore in FY2026, equivalent to 90.83% of revenue from operations.
More than ₹10 crore had remained outstanding for over one year as of 31 March 2026.
5. Negative operating cash flow
The company generated negative operating cash flow of ₹6.77 crore in FY2026, despite reporting PAT of ₹10.22 crore.
The difference was substantially influenced by working-capital requirements.
6. Supplier concentration
The 10 largest suppliers accounted for 59.60% of purchases and direct expenses in FY2026.
The company generally does not enter into long-term arrangements with these vendors.
7. Employee attrition
The company had 54 employees as of 30 June 2026.
Employee attrition increased from 22.91% in FY2024 to 27.36% in FY2025 and 31.46% in FY2026.
This is a factor to monitor given the company's project execution and technology infrastructure activities.
The RHP disclosures indicate that there were no material civil litigation cases against the company and no criminal proceedings against it.
The company disclosed:
The significance of these matters depends on their nature, the company's position in each proceeding, the stage of the cases and the potential financial impact.
Therefore, the existence of disclosed proceedings should be assessed alongside the amounts involved and their potential consequences.
Bench Mark Infotech IPO GMP refers to the premium or discount at which the IPO shares may reportedly trade in the unofficial grey market before listing.
GMP is not part of the company's official IPO valuation or offer document. It can change before listing and does not represent a guaranteed listing price or return.
For analysing the Bench Mark Infotech IPO, the company's financial performance, valuation, order book, cash flows, receivables, customer concentration and use of IPO proceeds provide more fundamental information than an unofficial grey-market indicator.
The Bench Mark Infotech IPO dates are scheduled as follows:
| IPO Event |
Date |
| Anchor bidding |
24 September 2026 |
| IPO opens |
25 September 2026 |
| IPO closes |
29 September 2026 |
| Basis of allotment |
30 September 2026 |
| Refund initiation |
1 October 2026 |
| Credit of shares |
1 October 2026 |
| Proposed listing |
5 October 2026 |
The schedule is based on the currently disclosed IPO timetable.
The key factors to monitor after the IPO include:
- Whether revenue growth continues beyond FY2026.
- Whether the improvement in EBITDA and PAT margins is sustainable.
- Whether the ₹54.98 crore trade receivables are collected on time.
- Recovery of receivables outstanding for more than one year.
- Whether operating cash flow turns positive as working-capital funding improves.
- Changes in dependence on government and PSU customers.
- Customer and supplier concentration.
- Conversion of new orders into revenue.
- Utilisation of the ₹30 crore working-capital allocation.
- The valuation implied by the final IPO price.
These factors are particularly relevant because a large part of the fresh issue is intended to support working capital.
Planning to invest in the Bench Mark Infotech IPO? Apply for the issue online through Zerodha.
Bench Mark Infotech Services Limited is an IT and digital infrastructure solutions company with a substantial government and PSU customer base. Its FY2024 to FY2026 financial performance shows growth in revenue, EBITDA and PAT, along with an improvement in reported profitability and relatively low debt-equity levels.
At the same time, the Bench Mark Infotech IPO analysis needs to consider the company's high customer concentration, dependence on government projects, geographic concentration, rising trade receivables and negative operating cash flow in FY2026.
The IPO proceeds are primarily intended for working capital, making the company's ability to manage receivables, execute projects and convert reported earnings into operating cash flow particularly important.
The Bench Mark Infotech IPO price, therefore, needs to be considered alongside the company's post-issue valuation, FY2026 earnings, peer metrics, order book, customer concentration and working-capital requirements rather than in isolation.
Want to compare Bench Mark Infotech with other SME offerings on issue size, price band and minimum application requirements? Check recent SME IPOs for their key issue details.
Frequently Asked Questions
1. What is the Bench Mark Infotech IPO price band?
The Bench Mark Infotech IPO price band is ₹104 to ₹110 per equity share. The face value of each share is ₹10.
2. What is the Bench Mark Infotech IPO issue size?
The Bench Mark Infotech IPO issue size is up to ₹42.44 crore. It comprises a fresh issue of 34 lakh shares and an offer for sale of 4.58 lakh shares.
3. When will the Bench Mark Infotech IPO open and close?
The Bench Mark Infotech IPO will open for subscription on 25 September 2026 and close on 29 September 2026. The proposed listing date is 5 October 2026.
4. What is the minimum investment required for the Bench Mark Infotech IPO?
The lot size is 1,200 shares and the minimum application is two lots, or 2,400 shares. At the upper price band of ₹110, the minimum investment is ₹2.64 lakh.
5. What are the key risks in the Bench Mark Infotech IPO?
The key risks include high customer concentration, dependence on government and PSU projects, geographic concentration, rising trade receivables, negative operating cash flow in FY2026, supplier concentration and employee attrition. The 10 largest customers contributed 94.19% of FY2026 revenue, while trade receivables stood at ₹54.98 crore.