1. IPO Snapshot
| Particular | Details |
|---|
| Company name | Core4 Engineers Limited |
| Fresh issue | Up to 58,94,400 equity shares |
| Total issue size | 58,94,400 shares, aggregating up to approximately ₹55 crore |
| Face value | ₹10 per equity share |
| Price band | ₹88–₹93 per share |
| Lot size | 1,200 shares per lot; minimum individual application 2,400 shares |
| Opening / closing | October 23, 2026 / October 27, 2026 |
| Listing exchange | BSE SME; BSE is the designated stock exchange |
| Registrar | Purva Sharegistry (India) Private Limited |
| Book-running lead manager | Socradamus Capital Private Limited |
| Market maker | Mansi Share and Stock Broking Private Limited |
2. IPO Details
| Particulars | Shares | At Floor Price ₹88 | At Cap Price ₹93 |
|---|
| Total Issue Size | 58,94,400 | ₹5,186.27 lakhs | ₹5,481.79 lakhs |
| Market Maker Reservation | 7,20,000 | ₹633.60 lakhs | ₹669.60 lakhs |
| Net Fresh Issue / Public Offer | 51,74,400 | ₹4,552.27 lakhs | ₹4,812.19 lakhs |
| Pre-Issue Shareholding | 1,47,88,845 | ₹13,014.19 lakhs | ₹13,753.62 lakhs |
| Post-Issue Shareholding | 2,06,83,245 | ₹18,201.26 lakhs | ₹19,235.42 lakhs |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
| Individual / Retail Bidders | Not less than 35% of the Net Issue |
| Market Maker | Up to 7,20,000 shares |
| Anchor Investor Portion | The Company, in consultation with the BRLM, may allocate up to 60% of the QIB Portion to Anchor Investors, subject to the RHP terms. |
4. IPO Lot Size
| Investor / Application Category | Lots | Shares | Amount at ₹88 | Amount at ₹93 |
|---|
| Individual bidder — minimum | 2 | 2,400 | ₹2,11,200 | ₹2,23,200 |
| Individual bidder — maximum | 2 | 2,400 | ₹2,11,200 | ₹2,23,200 |
| S-HNI — minimum | 3 | 3,600 | ₹3,16,800 | ₹3,34,800 |
| S-HNI — maximum | 8 | 9,600 | ₹8,44,800 | ₹8,92,800 |
| B-HNI — minimum | 9 | 10,800 | ₹9,50,400 | ₹10,04,400 |
5. About the Company
Core4 Engineers Limited provides engineering, procurement, construction and commissioning (EPCC) services across railway infrastructure, power transmission and distribution, water and wastewater treatment, automation/SCADA, and HT/LT distribution panels. The company offers end-to-end project execution capabilities covering design, engineering, procurement, construction, installation, testing, commissioning, and operations and maintenance.
The company's business verticals include railway electrification and infrastructure; extra-high-tension transmission and distribution; water and wastewater treatment projects; PLC-based automation and SCADA systems; and manufacturing and supply of HT/LT distribution and control panels and compact substations. The company also undertakes subcontracting and project-execution support activities.
The company was originally established as the partnership firm Core4 Engineers under a deed dated June 6, 2014, and registered with the Registrar of Firms, Mysore, on July 11, 2014. It was converted into Core4 Engineers Private Limited on February 3, 2022, and later into a public limited company renamed Core4 Engineers Limited, with a fresh certificate dated April 23, 2025.
The company's registered and corporate office is located in Kuvempunagar, Mysore, Karnataka. It also operates a manufacturing facility and warehouse in Mysore. As of June 30, 2026, the company disclosed a workforce of 462, comprising 62 payroll employees and 400 floating labourers engaged primarily in project execution.
Disclosed Competitive Strengths
- Integrated EPCC capabilities: End-to-end project execution across multiple stages.
- Diversified business portfolio: Operations across several infrastructure sectors.
- Experienced project workforce: Technical and execution capabilities supported by its workforce.
- In-house manufacturing capabilities: Manufacturing of panels and related systems.
- Presence across key infrastructure sectors: Participation in railway, power, water and automation-related infrastructure projects.
6. Restated Financial Information
| Particular (₹ lakh, except EPS) | Jun 30, 2026 | FY 2026 | FY 2025 | FY 2024 |
|---|
| Revenue from operations | 4,565.18 | 9,133.83 | 3,415.68 | 3,345.13 |
| Other income | 12.26 | 45.02 | 44.16 | 17.57 |
| Total income | 4,577.44 | 9,178.85 | 3,459.84 | 3,362.70 |
| Total expenses | 3,747.72 | 7,524.67 | 2,924.11 | 2,954.30 |
| Profit before tax | 829.73 | 1,654.18 | 535.72 | 408.41 |
| Current tax | 213.93 | 467.02 | 169.39 | 123.72 |
| Deferred tax | (0.88) | (49.44) | (14.53) | (3.88) |
| Profit after tax | 616.67 | 1,236.61 | 380.86 | 288.57 |
| Basic and diluted EPS (₹) | 4.17 | 8.36 | 13.28 | 10.31 |
| Total assets | 14,542.76 | 11,632.24 | 6,711.63 | 3,196.51 |
| Share capital | 1,478.88 | 1,478.88 | 295.78 | 280.00 |
| Reserves and surplus | 2,244.35 | 1,627.68 | 1,574.18 | 363.45 |
| Total shareholders' funds | 3,723.23 | 3,106.56 | 1,869.96 | 643.45 |
| Long-term borrowings | 559.35 | 225.94 | 172.71 | 129.03 |
| Short-term borrowings | 3,497.36 | 2,932.13 | 1,685.39 | 1,546.01 |
| Trade receivables | 10,154.46 | 7,544.74 | 3,619.02 | 758.63 |
| Inventories | 1,172.08 | 1,448.94 | 1,440.98 | 1,009.93 |
| Trade payables — MSME | 328.43 | 260.86 | 122.76 | 104.06 |
| Trade payables — other creditors | 1,348.15 | 1,383.97 | 560.67 | 291.14 |
| Finance costs | 113.46 | 306.59 | 222.18 | 153.99 |
| Depreciation and amortisation | 1.07 | 5.61 | 5.12 | 6.65 |
7. Key Performance Indicators
| Indicator | Jun 30, 2026 | FY 2026 | FY 2025 | FY 2024 |
|---|
| Revenue from operations (₹ lakh) | 4,565.18 | 9,133.83 | 3,415.68 | 3,345.13 |
| EBITDA (₹ lakh) | 908.47 | 1,830.40 | 670.73 | 495.72 |
| EBITDA margin | 19.90% | 20.04% | 19.64% | 14.82% |
| PAT (₹ lakh) | 616.67 | 1,236.61 | 380.86 | 288.57 |
| PAT margin | 13.51% | 13.54% | 11.15% | 8.63% |
| Return on equity | 18.06% | 49.70% | 30.31% | 57.81% |
| Return on capital employed | 13.23% | 37.78% | 23.59% | 32.71% |
| Debt-equity ratio | 1.09 | 1.02 | 0.99 | 2.60 |
| Inventory days | 34 | 86 | 214 | 92 |
| Trade receivables days | 174 | 223 | 234 | 53 |
| Trade payables days | 44 | 69 | 94 | 45 |
| Working capital cycle (days) | 165 | 240 | 353 | 100 |
8. IPO Valuation
| Metric | RHP Disclosure |
|---|
| Price band | ₹88–₹93 per share |
| Issue price / premium | Final issue price not specified in the available details |
| EPS | FY 2026 basic and diluted EPS: ₹8.36; June 2026 quarter EPS: ₹4.17 (not annualised) |
| P/E | The RHP's Basis for Issue Price section contains P/E disclosures. Final valuation depends on the issue price. |
| Market capitalisation | ₹192.35 crore at the upper price |
| NAV | ₹21.01 as of March 31, 2026, and ₹25.18 as of June 30, 2026 |
| Price-to-book | 4.43x as of March 31, 2026, and 3.69x as of June 30, 2026 |
9. Peer Comparison
As at March 31, 2026
| Indicator | Core4 Engineers Limited | K2 Infragen Limited |
|---|
| Revenue from operations (₹ lakh) | 9,133.83 | 18,254.43 |
| EBITDA (₹ lakh) | 1,830.40 | 2,225.32 |
| EBITDA margin | 20.04% | 12.19% |
| PAT (₹ lakh) | 1,236.61 | 1,329.47 |
| PAT margin | 13.54% | 7.28% |
| Return on equity | 49.70% | 16.02% |
| Return on capital employed | 37.78% | 14.70% |
| Debt-equity ratio | 1.02 | 1.16 |
| Inventory days | 86 | — |
| Trade receivables days | 223 | 268 |
| Trade payables days | 69 | 96 |
| Working capital cycle (days) | 240 | 172 |
As at March 31, 2025
| Indicator | Core4 Engineers Limited | K2 Infragen Limited |
|---|
| Revenue from operations (₹ lakh) | 3,415.68 | 14,680.83 |
| EBITDA (₹ lakh) | 670.73 | 1,737.61 |
| EBITDA margin | 19.64% | 11.84% |
| PAT (₹ lakh) | 380.86 | 1,154.31 |
| PAT margin | 11.15% | 7.86% |
| Return on equity | 30.31% | 19.04% |
| Return on capital employed | 23.59% | 17.31% |
| Debt-equity ratio | 0.99 | 0.72 |
| Inventory days | 214 | — |
| Trade receivables days | 234 | 237 |
| Trade payables days | 94 | 115 |
| Working capital cycle (days) | 353 | 122 |
10. Shareholding & Capital Structure
| Particular | Disclosure |
|---|
| Pre-issue equity shares | 1,47,88,845 shares |
| Post-issue equity shares | 2,06,83,245 shares |
| Fresh issue | 58,94,400 shares |
| Face value | ₹10 per share |
| Promoters | Agrahara Chamaraje Gowda Abhinandan; Hosahalli Appagigowda Savitha; Mahadevappa Tejus; Anala |
| Authorised / issued / paid-up capital | Detailed disclosures appear in the Capital Structure section. |
| Capital history | Partnership formed in 2014; converted into a private limited company in 2022 and a public limited company in 2025. |
11. Key Risks Highlighted in the RHP
| Editorial Category | RHP Disclosure in Simple Language | Potential Impact Described Neutrally |
|---|
| Business / project execution | The company executes infrastructure projects with different scopes, timelines and levels of complexity. The RHP discusses project delays and execution challenges. | Delays or execution issues could affect costs, schedules, revenue recognition or project performance. |
| Customer / order dependence | The company's business is linked to government organisations, PSUs, utilities, contractors and private enterprises. The RHP addresses project awards and customer concentration risks. | Changes in orders, payment cycles or customer demand could affect operating results. |
| Working capital / receivables | The RHP reports substantial trade receivables and discusses working-capital requirements and project funding needs. | Delayed collections or increased working-capital requirements could affect cash availability and funding needs. |
| Debt / liquidity | The company has short-term and long-term borrowings, finance costs, and disclosed bank guarantees and other commitments. | Borrowing costs and repayment obligations may affect liquidity and financial flexibility. |
| Industry / competition | The company operates in infrastructure and engineering markets where competition and sector conditions are relevant considerations. | Competitive pressures or changes in sector activity could affect order wins and margins. |
| Legal / regulatory | The company must comply with laws, approvals, licences and regulatory requirements relevant to its activities. | Changes in compliance requirements or delays in approvals could affect operations or project delivery. |
| Issue / market risk | The RHP states that there has been no formal market for the company's equity shares and that the issue price does not indicate the post-listing market price. | There is no assurance of active or sustained trading or of the price at which shares may trade after listing. |
| Use of proceeds | The RHP states that the objects have not been appraised by a bank or financial institution. Working-capital estimates rely on management estimates and assumptions. | Actual requirements or deployment timing may differ from the stated estimates. |
12. Litigation & Contingent Liabilities
| Contingent Liability / Commitment | Amount (₹ lakh) |
|---|
| Estimated contracts remaining to be executed on capital account and not provided for | 427.00 |
| Other commitments (bank guarantees) | 658.48 |
| Total | 1,085.48 |
13. Registrar
| Field | Details |
|---|
| Name | Purva Sharegistry (India) Private Limited |
| Address | 9, Shiv Shakti Industrial Estate, J.R. Boricha Marg, Lower Parel (East), Mumbai – 400 011, Maharashtra, India |
| Contact person | Deepali Gaonkar |
| Telephone | 022–4961 4132 |
| Email | newissue@purvashare.com |
| Investor grievance email | newissue@purvashare.com |
| Website | www.purvashare.com |
| SEBI registration number | INR000001112 |
14. Book-Running Lead Manager
| Field | Details |
|---|
| Name | Socradamus Capital Private Limited |
| Address | 2402 C&D, 24th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, Lower Parel, Mumbai – 400 013, Maharashtra, India |
| Contact person | Kritika Rupda |
| Telephone | 022–4740 0238 |
| Email | mb@socradamus.in |
| Investor grievance email | investors@socradamus.in |
| Website | https://socradamus.in/ |
| SEBI registration number | INM000013138 |
15. Company Contact Details
| Field | Details |
|---|
| Registered and corporate office | Mathrushree No. 12, 1st Floor, Near Ramana Maharshi Gyana Kendra, Next to New Court, K Block, Kuvempunagar, Mysore – 570 023, Karnataka, India |
| Telephone | 0821 4507882 |
| Email | investor@core4grp.com |
| Website | https://core4engineers.com/ |
| Company Secretary / Compliance Officer | Theja Raju |
| Chief Financial Officer | Vinodkumar Siddappa |
