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Core4 Engineers Ltd IPO
Core4 Engineers Ltd
₹2,11,200 /2400 sharesMinimum investment
IPO listing details
Listed on
30 Oct '26
Issue price
₹93.00
Listing price
₹74.40
Listing gains
-₹18.60 (20.00%)
Exchange
--
IPO details
Minimum investment
₹2,11,200
Price range
₹88 - ₹93
Lot size
1,200
Issue size
54.82 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers5.06x
Non-Institutional Investor6.78x
Retail Individual Investor2.59x
Total4.62x
As of 27 Oct'26, 04:55 PM
Schedule
23 Oct 2026
IPO open date
27 Oct 2026
IPO close date
28 Oct 2026
Allotment date
28 Oct 2026
Funds unblock or debit
30 Oct 2026
Tentative listing date
About
Founded in
2014
MD/CEO
Mr Agrahara Chamaraje Gowda Abhinandan
Parent organisation
Core4 Engineers Ltd
Core4 Engineer Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
Core4 Engineers operates across railway electrification and infrastructure, extra-high-tension transmission and distribution, water and wastewater treatment, SCADA and automation, and electrical panel manufacturing. According to the prospectus, the company has executed projects across several Indian states, with 50 ongoing projects and 24 completed projects across its listed business segments.
As of the filing of the Draft Red Herring Prospectus, the company had an order book of approximately Rs 111.47 crore. The projects span Uttar Pradesh, Karnataka, Tamil Nadu, Jammu and Kashmir, Odisha, Delhi, Kerala, Maharashtra, Rajasthan, and Andhra Pradesh.
The company claims to manufacture high-tension (HT) and low-tension (LT) electrical panels at its facility in Karnataka. It manufactures 415-volt and 750-volt LT systems, depending on project requirements, and states that electrical panels account for approximately 20% of the total value of almost all its service projects.
Core4 Engineers claims to have an in-house testing facility certified by the Central Power Research Institute (CPRI), Bengaluru. The company states that it conducts eight prescribed type tests covering temperature rise, mechanical impact protection, ingress protection, dielectric properties and other parameters for its electrical panels and related products.
The company claims to manufacture compact substations with capacities of up to 2.5 MVA and voltage levels of up to 11 kV. These units combine a transformer, HT panel, LT panel, and protection systems in a single enclosure for industrial, commercial, and utility applications.
Core4 Engineers undertakes projects covering design, engineering, procurement, construction, installation, testing and commissioning. Its service portfolio includes 25 kV AC railway overhead electrification, traction substations, transmission projects up to 220 kV, water and wastewater treatment plants, and PLC-based automation systems.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 13.12 crore in FY24 to Rs 33.45 crore in FY25 and Rs 34.16 crore in FY26. PAT increased from Rs 0.84 crore in FY24 to Rs 2.88 crore in FY25 and Rs 3.81 crore in FY26.
Core4 Engineers derives a significant portion of its revenue from government and government-owned customers. Revenue from government and government-owned companies accounted for 27.57% in the six months ended September 30, 2025, 56.43% in FY25, Rs 69.66% in FY24, and 62.90% in FY23. Any adverse changes in government infrastructure spending, budget allocations, project awards, or policies could hurt the company’s revenue, order book, cash flows, and financial performance.
Core4 Engineers derives a significant portion of its revenue from Karnataka, accounting for Rs 41.77 crore (88.75%) in the six months ended September 30, 2025, Rs 14.75 crore (43.17%) in FY25, Rs 13.40 crore (40.06%) in FY24, and Rs 10.13 crore (77.18%) in FY23. All its ongoing projects are located in Karnataka as of the date of the Draft Red Herring Prospectus. Any adverse political, economic, social, or regulatory developments in the state, or a reduction in infrastructure spending, could adversely affect the company’s project execution, revenue, and financial performance.
Core4 Engineers derives a significant portion of its revenue from railway infrastructure projects, accounting for Rs 10.00 crore (21.26%) in the six months ended September 30, 2025, Rs 16.10 crore (47.13%) in FY25, Rs 20.22 crore (60.46%) in FY24, and Rs 4.84 crore (36.91%) in FY23. The company has also faced two contract terminations involving railway infrastructure projects, with related legal proceedings pending. Any reduction in railway sector spending, delays in project approvals or execution, changes in technical requirements, or further contract disputes and terminations could adversely affect the company’s order inflows, revenue, profitability, cash flows, and financial condition.
Core4 Engineers derives a significant portion of its revenue from a limited number of customers. Its top five customers contributed Rs 38.72 crore (82.27%), Rs 17.11 crore (50.09%), Rs 15.46 crore (46.21%), and Rs 6.37 crore (48.60%), respectively, during these periods. The loss of key customers, reduced orders, pricing pressure, payment disputes, or changes in their business requirements could adversely affect the company’s revenue, cash flows, profitability, and financial condition.
Core4 Engineers depends on timely procurement of construction materials and electrical components for its EPC projects and does not have long-term supply agreements with its vendors. Its top 10 suppliers accounted for 47.11%, 41.15%, 44.65%, and 62.71% of purchases, respectively. Any increase in material prices, supply shortages, quality issues, or disruption involving key suppliers could delay project execution, increase procurement costs and working capital requirements, and adversely affect the company’s financial performance and cash flows.
Core4 Engineers faces competition from established EPC companies, regional contractors, public sector undertakings, and new entrants in the public and private sectors. Competitive bidding may put pressure on pricing and margins, while competitors with greater financial resources, technical capabilities, or stronger execution records may be better positioned to secure projects. If the company fails to win new contracts on commercially viable terms, it could see lower order inflows, reduced profitability, underutilisation of resources, and adverse effects on cash flows and its financial condition.
The company had contingent liabilities of Rs 6.27 crore as of September 30, 2026. Any adverse outcome or materialisation of these liabilities could affect the company’s financial position, results of operations and cash flows.
The company had outstanding financial indebtedness of Rs 28.34 crore as of September 30, 2026. Any failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
The company had trade receivables of Rs 39.45 crore as of September 30, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.
Application details
For Core4 Engineer IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹88 - ₹93 | ₹2 - ₹5 Lakhs | 1200 |
About
Objective of Core4 Engineers IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding capital expenditure for the acquisition of a property comprising land and an existing building, proposed to be utilized for establishing and operating a new manufacturing facility and corporate office |
4.12 |
|
Funding incremental working capital requirements |
40.48 |
|
General corporate purposes. |
[.] |
|
Total |
44.60 |
Book Running Lead Managers & Registrar of Core4 Engineers IPO
|
Book Running Lead Managers |
Socradamus Capital Private Limited |
|
Registrar to the Issue |
Purva Sharegistry (India) Private Limited |
|
Market Maker to the Issue |
Mansi Share & Stock Broking Private Limited |
Key Performance Indicators (KPIs) of Core4 Engineers Ltd.
|
KPI |
Value (for the period ended June 30, 2026) |
|
ROE (%) |
18.06 |
|
ROCE (%) |
13.23 |
|
EBITDA Margin (%) |
19.90 |
|
PAT Margin (%) |
13.51 |
|
Return on Net Worth (RoNW) (%) |
16.56 |
|
Price to Book Value (x) |
3.69 |
|
Net Asset Value (NAV) per Equity Share (₹) |
25.18 |
|
EPS (Pre-IPO) (₹) |
8.36 |
Core4 Engineers IPO Contact Details
|
Company Name |
Core4 Engineers Limited |
|
Registered Office |
Mathrushree No. 12, 1st Floor, Near Ramana Maharshi Gyana Kendra, Next to New court, K Block, Kuvempunagar, Mysore – 570 023, Karnataka, India |
|
Phone |
0821 4507882 |
|
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Website |
Core4 Engineers IPO Registrar Contact Details
|
Company Name |
Maashitla Securities Private Limited |
|
Phone |
022 4961 4132 |
|
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Website |