CORE4 ENGINEERS IPO
CORE4 ENGINEERS is a SME IPO with a current status of OPEN. The price band is 88 - 93. The issue opens on 23 OCT and closes on 27 OCT. The listing date is 30 OCT.
Price Band
88 - 93
Unofficial GMP
₹0
Lot Size
1,200 shares
Minimum Investment
₹2,23,200
CORE4 ENGINEERS IPO GMP
The latest available GMP is ₹0. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹93.00
Estimated Gain
0.0%
CORE4 ENGINEERS IPO GMP History
0
22 OCT
0
23 OCT
0
24 OCT
0
25 OCT
0
26 OCT
0
27 OCT
CORE4 ENGINEERS IPO Details
- IPO Type
- SME
- Status
- OPEN
- Price Band
- 88 - 93
- Issue Size
- ₹54.82 Cr
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹48.12 Cr
- Face Value
- 10 Per Equity Share
- Lot Size
- 1,200
- Minimum Investment
- 2,23,200
- Exchange
- BSE
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead Managers
- Socradamus Capital Pvt.Ltd.
- Market Maker
- ₹6.70 Cr
CORE4 ENGINEERS IPO Dates
- Open Date
- 23 OCT
- Close Date
- 27 OCT
- Allotment Date
- 28 OCT
- Refund Date
- 29 OCT
- Demat Credit Date
- 29 OCT
- Listing Date
- 30 OCT
CORE4 ENGINEERS IPO Subscription
- QIB
- 0.00x
- NII / HNI
- 0.05x
- Retail
- 0.14x
- Employee
- --
- Total Subscription
- 0.08x
CORE4 ENGINEERS IPO Financials
Revenue
FY2026
₹34.16 Cr
+2.12% vs FY2025
PAT
FY2026
₹3.81 Cr
+32.29% vs FY2025
Total Assets
FY2026
₹68.10 Cr
+112.95% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 13.12 | 33.45 | 34.16 |
| Net Profit | 0.84 | 2.88 | 3.81 |
| Total Assets | 14.61 | 31.98 | 68.10 |
CORE4 ENGINEERS IPO Valuation
- Market Cap (Post IPO)
- ₹192.35 Cr.
- EPS
- 8.36
- P/E Ratio
- 11.12
- Price to Book Value
- 3.69
- ROE
- 18.06%
- ROCE
- 13.23%
- RONW
- 16.56%
- Debt / Equity
- 1.09%
- PAT Margin
- 13.51%
- EBITDA Margin
- 19.90%
CORE4 ENGINEERS Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| K2 INFRAGEN Ltd. | 182.54 | 13.29 | 10.53 | 3.97x | -- | 14.83% | 1.16x |
CORE4 ENGINEERS IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,23,200 |
| Retail Maximum | 2 | 2,400 | ₹2,23,200 |
| Small HNI | 3 | 3,600 | ₹3,34,800 |
| Big HNI | 9 | 10,800 | ₹10,04,400 |
CORE4 ENGINEERS IPO Reservation
- QIB
- 50%
- NII / HNI
- 15%
- Retail
- 35%
CORE4 ENGINEERS Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 82.09%
- Post-IPO Promoter Holding
- 58.69%
CORE4 ENGINEERS Company Overview
1. **Business Profile:** Core4 Engineers Limited is an engineering company providing integrated infrastructure and project execution solutions. 2. **Established Operations:** The company operates in the engineering and infrastructure sector, with its corporate identity registered in Karnataka. 3. **Core Business Model:** It undertakes projects covering engineering, procurement, construction, installation, testing and commissioning. 4. **Key Sectors:** Its principal areas include railway infrastructure, power transmission and distribution, and water and wastewater treatment. 5. **Electrical Manufacturing:** The company manufactures high-tension (HT) and low-tension (LT) electrical panels and compact substations at its in-house manufacturing facility. 6. **Project Lifecycle:** Its services span design and engineering through execution, commissioning and operation and maintenance support. 7. **Additional Services:** The company also undertakes subcontracting assignments and provides on-ground execution support for engineering projects. 8. **Customer Base:** It serves private-sector customers as well as government and government-owned entities. 9. **Financial Performance:** For FY2024–25, the company reported revenue from operations of approximately ₹34.15 crore and profit after tax of ₹3.81 crore. For the six months ended 30 September 2025, it reported revenue of approximately ₹47.07 crore and PAT of ₹6.05 crore. 10. **IPO Structure:** The proposed IPO is a fresh issue of up to 58,94,400 equity shares, with no offer-for-sale component described in the reported issue structure. 11. **Price Band:** ₹88–₹93 per equity share. 12. **Issue Size:** Approximately ₹51.87 crore to ₹54.82 crore, depending on the final issue price. 13. **Proposed IPO Schedule:** Subscription from 23 October to 27 October 2026, with a tentative listing date of 30 October 2026, subject to the final exchange schedule.
CORE4 ENGINEERS Business Model
1. **Railway Infrastructure:** Undertakes railway infrastructure and electrification projects, including associated engineering and installation work. 2. **Power Transmission and Distribution:** Provides engineering and execution services for power transmission and distribution systems. 3. **Water and Wastewater Treatment:** Executes projects involving water treatment, sewage treatment and wastewater management. 4. **Engineering and Design:** Provides project planning, technical design and engineering solutions to meet customer requirements. 5. **Procurement:** Sources equipment, electrical components and construction materials required for project execution. 6. **Construction and Installation:** Carries out on-site installation and infrastructure development activities. 7. **Testing and Commissioning:** Performs system testing and commissioning to prepare completed projects for operation. 8. **HT and LT Electrical Panels:** Manufactures high-tension and low-tension electrical panels for power distribution and industrial applications. 9. **Compact Substations:** Offers compact substations and related electrical infrastructure products. 10. **Automation and SCADA:** Provides automation and supervisory control and data acquisition solutions for monitoring and controlling infrastructure systems. 11. **Operation and Maintenance:** Offers support services for infrastructure and electrical installations after project completion. 12. **Subcontracting Services:** Undertakes subcontracting assignments and provides execution support to other engineering and infrastructure companies. 13. **Customer Segments:** Works with private-sector customers, government agencies and public-sector organisations. 14. **Revenue Model:** Generates revenue primarily through engineering and infrastructure project contracts, manufacturing and related services. 15. **Geographical Exposure:** Its project revenues have historically been significantly concentrated in Karnataka, making regional diversification an important factor for future growth.
CORE4 ENGINEERS Objects of the Issue
1. **IPO Type:** The proposed public issue is entirely a fresh issue of up to 58,94,400 equity shares, with no offer-for-sale component in the draft issue structure. 2. **New Manufacturing Facility and Corporate Office:** Approximately ₹4.12 crore is earmarked for capital expenditure towards acquiring land and an existing building for a new manufacturing unit and corporate office. 3. **Incremental Working Capital:** Approximately ₹40.48 crore is proposed to fund the company's incremental working capital requirements. 4. **General Corporate Purposes:** Approximately ₹10.22 crore is allocated for general corporate purposes, subject to the final offer document and applicable limits. 5. **Business Expansion:** The proposed facility is intended to support additional manufacturing and operating capacity. 6. **Manufacturing Capabilities:** Investment in the new facility may help strengthen the company's in-house manufacturing capabilities and support its engineering projects. 7. **Project Execution:** Additional working capital is intended to support the cash-flow needs associated with executing infrastructure contracts. 8. **Operational Flexibility:** The funds may help the company manage project-related expenditure, procurement and operating requirements. 9. **Issue Expenses:** IPO-related expenses will be handled as specified in the final offer documents and the applicable utilisation schedule. 10. **Investor Consideration:** The proposed allocation is heavily weighted towards working capital, so investors should assess the company's operating cycle, receivables and cash-flow requirements. 11. **Total Issue Size:** At the reported price band of ₹88–₹93 per share, the issue is estimated at approximately ₹51.87–₹54.82 crore. Final amounts should be confirmed from the final prospectus.
CORE4 ENGINEERS Strengths
1. **Multi-Sector Presence:** Operations across railway infrastructure, power systems and water treatment provide exposure to multiple infrastructure segments. 2. **Integrated Project Capabilities:** The company covers several stages of project execution, from engineering and procurement to commissioning. 3. **In-House Manufacturing:** Its HT/LT panel and compact-substation manufacturing capabilities complement its project execution business. 4. **Technical Expertise:** Engineering, installation, testing and commissioning capabilities can help the company deliver integrated solutions. 5. **Infrastructure Demand:** Investment in railway electrification, power distribution and water infrastructure may create opportunities for qualified engineering contractors. 6. **Multiple Customer Categories:** The company serves both private-sector and government-related customers, providing exposure to different sources of project demand. 7. **Reported Order Book:** An order book of approximately ₹285.83 crore was reported as of 16 October 2026 by an IPO information provider. Order-book conversion, execution schedules and cancellations remain important to monitor. 8. **Recent Financial Performance:** The company reported revenue of approximately ₹47.07 crore and PAT of ₹6.05 crore for the six months ended 30 September 2025, according to published financial summaries. 9. **Operational Track Record:** The business originated as a partnership in 2014, giving it a longer operating history than its incorporation as a company alone might suggest. 10. **Potential Capacity Expansion:** The proposed manufacturing facility and corporate office could support future operating capacity if successfully established and utilised. 11. **Infrastructure Project Experience:** Experience in engineering and infrastructure execution may help the company compete for suitable projects across its service areas. 12. **Fresh-Issue Funding:** Since the proposed issue is structured as a fresh issue, proceeds are intended to fund the company’s stated objectives rather than provide an exit for selling shareholders.
CORE4 ENGINEERS Risks
1. **Geographical Concentration:** A significant share of revenue has historically come from Karnataka. Regional disruption or slower investment could affect business performance. 2. **Customer Concentration:** Dependence on a limited number of customers can make revenue vulnerable to contract cancellations, payment delays or reduced orders. 3. **Private-Sector Exposure:** Private-sector customers contributed a substantial portion of revenue in recent periods. Lower private capital expenditure could affect new project awards and collections. 4. **Government Contract Exposure:** Government and public-sector projects may involve tender requirements, approval processes, delayed payments and changes in project schedules. 5. **Working Capital Requirements:** Infrastructure projects often require upfront spending on materials, labour and subcontractors before customer payments are received. 6. **Project Execution Risk:** Delays, cost overruns, technical issues or failure to meet contractual milestones may reduce profitability and damage the company's reputation. 7. **Water-Treatment Sector Exposure:** Water and wastewater treatment projects represented a substantial share of service revenue in recent reported periods, creating sector-concentration risk. 8. **Supplier Dependence:** The company relies on construction materials and other inputs and may be exposed to price increases or supply shortages. The absence of long-term supplier agreements can increase uncertainty. 9. **Performance Guarantees:** Project contracts may require bank guarantees or other performance security. Difficulty obtaining guarantees or their invocation could put pressure on cash flow. 10. **Order-Book Uncertainty:** Projects in the order book may be delayed, modified or cancelled. The reported order book does not guarantee future revenue or profit. 11. **Competition:** The company competes with other engineering contractors and equipment providers on price, technical capability, execution record and tender eligibility. 12. **Profitability Risk:** Infrastructure contracts can carry variable margins. Higher material costs, labour expenses, subcontracting costs or project delays may reduce profitability. 13. **Regulatory and Compliance Risk:** The draft prospectus identifies a matter concerning non-maintenance of a separate bank account under Section 42(6) of the Companies Act, 2013, for which an adjudication process was initiated. Investors should review the final disclosure and its status. 14. **IPO Valuation Risk:** The offer price may not reflect the price at which the shares trade after listing. Post-listing liquidity and market demand are not assured. 15. **SME Share Liquidity:** Shares listed on the SME platform may experience limited trading volumes and larger price movements than more liquid stocks. 16. **Expansion Risk:** The proposed new manufacturing facility and corporate office may involve acquisition, development and operational risks. Benefits depend on timely completion and effective utilisation of the facility. 17. **Cash-Flow Risk:** Reported profits do not necessarily translate into cash generation. Receivable collection and working-capital management should be monitored closely. 18. **Infrastructure Spending Dependence:** A slowdown in railway, power, water or industrial infrastructure investment could reduce the availability of new projects. 19. **Subcontracting Risk:** Dependence on subcontractors can affect quality, project schedules and cost control. 20. **Investment Risk:** Investors should read the final RHP, review financial statements and material risk factors, and assess their own risk tolerance before making an investment decision.
CORE4 ENGINEERS Frequently Asked Questions
What is the CORE4 ENGINEERS IPO price band?
The CORE4 ENGINEERS IPO price band is 88 - 93.
What is the latest CORE4 ENGINEERS IPO GMP?
The latest available CORE4 ENGINEERS IPO GMP in the IPOWEB database is ₹0. GMP is unofficial and does not guarantee a listing gain.
When does the CORE4 ENGINEERS IPO open and close?
The CORE4 ENGINEERS IPO opens on 23 OCT and closes on 27 OCT.
When is the CORE4 ENGINEERS IPO allotment date?
The CORE4 ENGINEERS IPO allotment date is 28 OCT.
When is the CORE4 ENGINEERS IPO listing date?
The CORE4 ENGINEERS IPO listing date is 30 OCT.
What is the CORE4 ENGINEERS IPO subscription?
The latest total subscription available for the CORE4 ENGINEERS IPO is 0.08x.