Coreintegra Consulting Services Ltd

Coreintegra Consulting Services Ltd IPO

Coreintegra Consulting Services Ltd

₹2,36,800 /3200 sharesMinimum investment

IPO details

Minimum investment
₹2,36,800
Price range
₹74 - ₹78
Lot size
1,600
Issue size
21.99 Cr
Face value
10
IPO document

Subscription rate

Qualified Institutional Buyers1.05x
Non-Institutional Investor0.02x
Retail Individual Investor0.06x
Total0.13x
As of 23 Sep'26, 06:55 PM

Schedule

23 Sep 2026
IPO open date
25 Sep 2026
IPO close date
28 Sep 2026
Allotment date
28 Sep 2026
Funds unblock or debit
30 Sep 2026
Tentative listing date

About

Coreintegra Consulting Services Limited is a human resource (HR) solutions provider offering staffing, payroll outsourcing, labour law compliance, HR advisory and technology-based HR solutions. The company operates across five key verticals: HR services, vendor management services, compliance and advisory, reg tech, and HR tech solutions. Its services include recruitment, staffing, payroll processing, labour compliance, licences and registrations, policy drafting, just-in-time hiring, retainership and assurance services. The company also provides proprietary technology platforms, including CoreX and Core Pay under HR tech and Ctrl-F and Core-PFT under reg tech. These platforms are used for functions such as employee lifecycle management, competency evaluation, learning and upskilling, workforce engagement, and regulatory compliance. The company operates through seven branch offices and, during FY24-FY26, served more than 600 customers across over 30 industries, with a presence in 23 states and four Union Territories and services provided across more than 1,500 client locations. Use of proceeds: The IPO is a fresh issue of shares.​ The net proceeds will be utilised for the following purposes:​ Capital expenditure towards upgrading the existing IT infrastructure - Rs 11.76 crore Augmenting leadership team for the company - Rs 5.75 crore Enhancing the visibility and awareness of our brand- Rs 0.50 crore General corporate purposes ;
Founded in
2009
MD/CEO
Mr. Mahesh Krishnamoorthy
Parent organisation
Coreintegra Consulting Services Ltd

Coreintegra Consulting Services Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
366403515202420252026

Strengths & Risks

Strengths
Risks
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.

Application details

For Coreintegra Consulting Services IPO, eligible investors can apply as Individual investor.

Apply asPrice bandApply rangeLot size
Individual investor₹74 - ₹78₹2 - ₹5 Lakhs1600

About

Objectives of Coreintegra Consulting Services IPO Proceeds

Particulars

Estimated Amount

(in ₹ Cr.)

Augmenting Leadership Team for the company

11.75

Enhancing the visibility and awareness of its brand

5.75

Capital expenditure towards upgrading the existing IT infrastructure

0.50

General corporate purposes

[.]

Total

[.]

Book Running Lead Manager & Registrar of Coreintegra Consulting Services IPO

Book Running Lead Manager

Marwadi Chandarana Intermediaries Brokers Private Limited

Registrar to the Issue

Purva Sharegistry (India) Private Limited

Key Performance Indicators (KPIs) of Coreintegra Consulting Services Ltd.

KPI

Value (for the year ended March 31, 2026)

ROE (%)

17.94

ROCE (%)

20.19

EBITDA Margin (%)

1.17

PAT Margin (%)

0.87

Net Asset Value (NAV) per Equity Share (₹)

35.74

EPS (Pre-IPO) (₹)

5.88

Coreintegra Consulting Services IPO Contact Details

Company Name

Coreintegra Consulting Services Limited

Registered Office

1st Floor, 106, 107, 112, Swastik Chambers, Swastik Park, SG Barve Marg, Chembur, Mumbai City, Mumbai – 400071, Maharashtra, India

Phone

022-69034100 / 022-69034101

Email

[email protected]

Website

www.coreintegra.com

Coreintegra Consulting Services IPO Registrar Contact Details

Company Name

Purva Sharegistry (India) Private Limited

Phone

+91 22 4961 4132

Email

newissue@purvashare

Website

www.purvashare.com

Frequently Asked Questions