The company has developed four proprietary technology platforms in-house. This includes Ctrl-F for compliance management, CoreX for HR processes, Core PFT for provident fund trust operations and Core Pay for vendor management services. As of the RHP date, it had four copyrights registered in India for these platforms.
Coreintegra claims to have experience across over 30 industries, including IT/ITeS, infrastructure, banking, automotive, manufacturing, healthcare, logistics, and technology. This provides the company with exposure to different industry-specific HR and regulatory requirements.
The company claims to have a presence across 23 states and four Union Territories, serving clients at more than 1,500 locations. Its branch offices are spread across major cities in northern, western, southern, and eastern India.
Coreintegra has established long-term relationships with several of its major customers. Its top five customers by FY26 revenue had relationships ranging from about four years to more than 10 years, while all customer contracts expiring during FY26 were either renewed or extended as of March 31, 2026.
The company provides multiple HR and compliance services through a single platform and service portfolio. Customers can use one or more services or selected sub-modules, covering areas such as staffing, compliance, payroll, HR processes, and vendor management.
The company is ISO/IEC 27001:2022 and ISO 9001:2015 certified, relating to information security management and quality management, respectively. It also holds a safe to host/web clearance security certificate for its Ctrl-F application, with the RHP stating that the application was tested against standards including OWASP ASVS and CERT-In guidelines.
The company’s top five customers contributed Rs 460.07 crore (89.31%), Rs 354.45 crore (88.04%), and Rs 330.31 crore (90.16%) of its revenue from operations in FY26, FY25, and FY24, respectively. If the company loses business from one or more of these customers, it could adversely affect the company’s revenue and profitability.
The company is significantly dependent on the IT/ITeS and infrastructure sectors, which together contributed 90.91%, 89.99%, and 90.38% of revenue from operations in FY26, FY25, and FY24, respectively. Revenue from these two sectors stood at Rs 468.30 crore in FY26, Rs 362.33 crore in FY25 and Rs 331.14 crore in FY24, respectively.
The company’s revenue is concentrated in HR Services and Vendor Management Services. Revenue from HR Services stood at Rs 325.67 crore (63.22%), Rs 274.59 crore (68.20%), and Rs 251.33 crore (68.60%), while revenue from Vendor Management Services stood at Rs 165.40 crore (32.11%), Rs 111.29 crore (27.64%), and Rs 103.57 crore (28.27%) in FY26, FY25, and FY24, respectively. A decline in revenue from any of these segments may adversely affect the company’s revenue, profitability, and cash flows.
The company has experienced a high employee attrition rate. Its attrition rate stood at 54%, 42%, and 42% in FY26, FY25, and FY24, respectively, while its employee base, including on-site employees, stood at 12,027, 10,290, and 8,715, respectively.
There have been several instances of delays or defaults in the payment of statutory dues by the company, including Employee Provident Fund, Labour Welfare Fund, Profession Tax, and Employees’ State Insurance. The RHP states that delays in depositing undisputed statutory dues occurred during the last three financial years, including due to liquidity issues, which may expose the company to interest, penalties, or regulatory action.
The company depends on its proprietary technology platforms, including CoreX, Core Pay, Ctrl-F, and Core PFT, for its operations. The gross carrying amount relating to its technology stood at Rs 17.36 crore, Rs 13.35 crore, and Rs 10.39 crore in FY26, FY25, and FY24, respectively, and the company states that it cannot ascertain whether these investments have generated benefits proportionate to the costs incurred.
Trade receivables constituted 40.02%, 40.51%, and 37.58% of total assets in FY26, FY25, and FY24, respectively. Trade receivables stood at Rs 27.42 crore, Rs 23.01 crore, and Rs 18.77 crore, respectively, and delays or defaults by customers could affect the company’s cash flows and working capital requirements.
Employee benefit expenses form a significant portion of the company’s revenue from operations. These expenses stood at Rs 324.25 crore, Rs 268.41 crore, and Rs 242.24 crore in FY26, FY25, and FY24, respectively, representing 62.94%, 66.67%, and 66.12% of revenue from operations. An inability to pass increases in employee costs on to customers could affect its margins.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company has reported negative cash flows from certain activities in the past. Net cash flow from operating activities was negative at Rs 3.05 crore in FY26, largely due to taxes paid and a rise in trade receivables, short-term loans and advances and some current assets. Net cash flow from investing activities was negative at Rs 6.45 crore and Rs 5.06 crore in FY25 and FY24, respectively, mainly due to the purchase of fixed assets and investment in fixed deposits. Net cash flow from financing activities was negative at Rs 0.07 crore, Rs 0.02 crore, and Rs 0.04 crore in FY26, FY25, and FY24, respectively, mainly due to repayment of borrowings. It is important for the company to generate positive cash flows for its operating and other activities; else it will have to depend on borrowings, which will come at a cost that will weigh on the bottomline.