Core4 Engineers Limited is launching a ₹54.82 crore SME IPO on the BSE SME platform, with a price band of ₹88-₹93 per share. The IPO will open on 23 October 2026 and close on 27 October 2026. The entire issue comprises fresh equity shares, with no Offer for Sale (OFS).
The Mysuru-based engineering company operates in railway infrastructure, power transmission and distribution, water treatment and electrical panel manufacturing. Its FY26 revenue increased to ₹91.34 crore, while profit after tax reached ₹12.37 crore. However, negative operating cash flow, rising borrowings and high working-capital requirements remain important concerns.
This Core4 Engineers IPO Analysis 2026 examines the company's business, financial performance, IPO valuation, issue proceeds, growth opportunities and risks investors should understand before the listing.
Table of Contents
- Core4 Engineers IPO Details
- Core4 Engineers IPO Price and Lot Size
- About Core4 Engineers Limited
- Core4 Engineers Promoters and Shareholding
- Core4 Engineers Financial Performance
- Order Book, Borrowings and Cash Flow Analysis
- Objects of the Core4 Engineers IPO
- Core4 Engineers IPO Valuation
- Core4 Engineers IPO Review: Strengths and Risks
- Core4 Engineers IPO GMP
- How to Apply for the Core4 Engineers IPO
- What Investors Should Monitor
- Core4 Engineers IPO Analysis: Final Takeaways
The Core4 Engineers IPO is a book-built public issue comprising 58,94,400 fresh equity shares. At the upper price band of ₹93, the company plans to raise approximately ₹54.82 crore.
The issue is scheduled to list on the SME platform of BSE Limited.
| Particulars |
Details |
| IPO name |
Core4 Engineers IPO |
| IPO opening date |
23 October 2026 |
| IPO closing date |
27 October 2026 |
| Anchor investor bidding |
22 October 2026 |
| Basis of allotment |
28 October 2026 (tentative) |
| Tentative listing date |
30 October 2026 |
| Listing exchange |
BSE SME |
| Issue type |
Book-built IPO |
| Total issue size |
₹54.82 crore |
| Fresh issue |
58,94,400 shares |
| Offer for Sale |
Nil |
| Price band |
₹88-₹93 per share |
| Face value |
₹10 per share |
| Lot size |
1,200 shares |
| Minimum retail application |
2,400 shares |
| Minimum retail investment |
₹2,23,200 |
| Market-maker reservation |
7,20,000 shares |
| Book-running lead manager |
Socradamus Capital Pvt. Ltd. |
| Registrar |
Purva Sharegistry (India) Pvt. Ltd. |
At the lower end of the price band, the issue would raise approximately ₹51.87 crore. The final proceeds will depend on the issue price determined through book building.
The market-maker reservation comprises 7,20,000 shares, equivalent to approximately ₹6.70 crore at the upper price band.
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Get the latest updates on the Core4 Engineers IPO, including its issue details, price band, subscription timeline and key information for investors assessing the offering.
Core4 Engineers IPO Date and Listing Timeline
Investors planning to participate in the Core4 Engineers IPO 2026 should keep track of the following dates.
| Event |
Date |
| Anchor bidding |
22 October 2026 |
| IPO opens |
23 October 2026 |
| IPO closes |
27 October 2026 |
| Allotment finalisation |
28 October 2026 |
| Expected refunds and share credit |
29 October 2026 |
| Tentative BSE SME listing |
30 October 2026 |
The allotment and listing dates are tentative and may change following official announcements.
The Core4 Engineers IPO price band is fixed at ₹88-₹93 per equity share. Although the trading lot comprises 1,200 shares, the minimum retail application requires two lots, or 2,400 shares.
At the upper price band, retail investors must commit ₹2,23,200.
Minimum Investment by Investor Category
|
Investor category
|
Shares
|
|
Retail minimum
|
2,400
|
|
Retail maximum
|
2,400
|
|
Small HNI minimum
|
3,600
|
|
Small HNI maximum
|
9,600
|
|
Big HNI minimum
|
10,800
|
Investment at ₹93 per Share
|
Investor category
|
Investment at ₹93
|
|
Retail minimum
|
₹2,23,200
|
|
Retail maximum
|
₹2,23,200
|
|
Small HNI minimum
|
₹3,34,800
|
|
Small HNI maximum
|
₹8,92,800
|
|
Big HNI minimum
|
₹10,04,400
|
A single lot of 1,200 shares costs ₹1,11,600 at the upper band, but that is not the minimum retail application amount.
The minimum investment of more than ₹2 lakh makes this SME offering substantially larger than a typical one-lot retail IPO application.
Core4 Engineers Limited is a Mysuru, Karnataka-based Engineering, Procurement, Construction and Commissioning (EPCC) company providing infrastructure execution and engineering services.
The business began as a partnership firm in 2014 and was converted into a private limited company in February 2022. It subsequently became a public limited company in April 2025.
The company's operations cover project design, engineering, procurement, erection, testing, commissioning and operation and maintenance.
Major Business Segments
Core4 Engineers operates across several infrastructure and engineering activities.
1. Railway infrastructure and electrification
The company undertakes railway electrification, station infrastructure, electrical installations, traction-related works and other railway projects.
2. Power transmission and distribution
Core4 provides transmission and distribution engineering services, including extra-high-tension infrastructure up to 220 kV, substations, cabling and electrical distribution networks.
3. Water and wastewater treatment
The company executes water-treatment, sewage-treatment and related infrastructure projects, including pumping, distribution and associated electrical systems.
4. Automation and SCADA
Core4 designs and implements automation solutions using Supervisory Control and Data Acquisition (SCADA), programmable logic controllers and related monitoring systems.
5. Electrical panel manufacturing
The company has in-house manufacturing capabilities for high-tension (HT) and low-tension (LT) electrical panels, distribution and control panels, and compact substations.
Its subsidiary, Core4 Energy Private Limited, also contributes product-related income from electrical distribution and control equipment.
Who Are Core4 Engineers' Customers?
The company serves Indian Railways, public sector undertakings (PSUs), government-linked infrastructure agencies and private infrastructure businesses.
The integrated business model allows Core4 to combine engineering services with internally manufactured electrical equipment.
This may improve coordination during project execution and reduce dependence on external suppliers for selected components.
However, the business remains dependent on winning contracts through competitive bidding and completing projects within the agreed cost and time.
As of 30 September 2025, the company reported 433 personnel, including project-based labour.
Core4 Engineers Limited has four promoters who collectively held 82.09% of the company's equity capital before the IPO.
The promoters are:
-
Agrahara Chamaraje Gowda Abhinandan: Promoter and Managing Director.
-
Hosahalli Appagigowda Savitha: Promoter, Chairperson and Executive Director.
-
Mahadevappa Tejus: Promoter and Whole-time Director.
-
Anala: Promoter and Non-Executive Director.
Pre-IPO and Post-IPO Shareholding
| Particulars |
Shareholding |
| Promoter holding before IPO |
82.09% |
| Expected promoter holding after IPO |
Approximately 58.7% |
| Pre-issue equity shares |
1,47,88,845 |
| Post-issue equity shares |
2,06,83,245 |
The post-issue share count assumes full subscription of the fresh issue.
Since Core4 Engineers is issuing new shares rather than facilitating an OFS, the proceeds will go to the company after accounting for issue-related expenses.
The reduction in promoter ownership is therefore primarily due to equity dilution, not the sale of existing promoter shares.
Core4 Engineers recorded substantial revenue and profit growth in FY26, supported by increased infrastructure project execution.
According to the restated consolidated financial information in the Red Herring Prospectus dated 16 October 2026, revenue from operations increased from ₹34.16 crore in FY25 to ₹91.34 crore in FY26.
Profit after tax rose from ₹3.81 crore to ₹12.37 crore during the same period.
Core4 Engineers Financial Results: FY25 vs FY26
| Particulars |
FY25 |
FY26 |
| Revenue from operations |
₹34.16 cr |
₹91.34 cr |
| EBITDA |
₹6.71 cr |
₹18.30 cr |
| Profit after tax |
₹3.81 cr |
₹12.37 cr |
| EBITDA margin |
19.64% |
20.04% |
| PAT margin |
11.15% |
13.54% |
| Return on equity |
30.31% |
49.70% |
| Return on capital employed |
23.59% |
37.78% |
| Debt-to-equity ratio |
0.99 |
1.02 |
| Trade receivables cycle |
234 days |
223 days |
Source: Core4 Engineers RHP, restated consolidated financial information. Figures rounded.
For additional historical context, FY24 revenue from operations was approximately ₹33.45 crore, EBITDA was ₹4.96 crore and PAT was ₹2.89 crore on a restated basis.
What Drove Revenue and Profit Growth?
Revenue increased approximately 167.4% YoY in FY26, reflecting a sharp rise in project execution compared with FY25.
This was accompanied by an improvement in operating profitability.
The company's EBITDA margin increased from 19.64% to 20.04%, while its PAT margin improved from 11.15% to 13.54%.
The combination of revenue expansion and improved margins contributed to PAT growth of approximately 224.7% in FY26.
However, EPC revenue recognition can depend on project progress, certification and contractual billing milestones. Consequently, strong growth in one period does not necessarily indicate that the same growth rate will continue.
Latest Financial Performance: Quarter Ended June 2026
The latest restated consolidated financial information also includes the three months ended 30 June 2026, corresponding to Q1 FY27.
| Financial metric |
Q1 FY27 |
| Revenue from operations |
₹45.65 cr |
| EBITDA |
₹9.08 cr |
| Profit after tax |
₹6.17 cr |
| EBITDA margin |
19.90% |
| PAT margin |
13.51% |
The company generated ₹6.17 crore in profit during the first quarter of FY27.
However, investors should not mechanically annualise quarterly earnings. Large infrastructure contracts can create uneven revenue and profit recognition across reporting periods.
Earlier September 2025 Financial Snapshot
Earlier IPO summaries reported total income of ₹47.31 crore, EBITDA of ₹8.81 crore and PAT of ₹6.05 crore for the six months ended 30 September 2025.
They also reported net worth of ₹24.75 crore, borrowings of ₹22.07 crore and total assets of ₹77.35 crore. The EBITDA margin was stated at 18.73%, with debt-to-equity of 0.89 and NAV per share of ₹16.74.
Earlier FY25 summaries cited EBITDA of ₹6.82 crore and an EBITDA margin of 19.98%.
These figures should not be substituted for the more recent restated financial information. The October 2026 RHP reports FY25 EBITDA of ₹6.71 crore and a margin of 19.64%, along with complete FY26 and June 2026 results.
For an EPCC company, reported profitability is only one part of financial performance. Order execution, customer collections and access to working capital are equally important.
Core4's financial disclosures indicate a growing project pipeline, but also reveal substantial funds tied up in receivables.
Order Book and Project Execution
As of the date of its 16 October 2026 RHP, Core4 Engineers disclosed an order book of approximately ₹285.83 crore.
This represents about 3.1 times FY26 revenue from operations.
The company also reported 42 completed projects during FY26 and 32 projects in progress as of June 2026.
The order book provides visibility into contracted project activity, but it does not guarantee revenue or profits.
Actual earnings will depend on execution schedules, client approvals, potential project modifications and successful collection of outstanding payments.
Borrowings and Balance Sheet Position
Core4's borrowings increased alongside its business expansion.
Core4 Engineers Balance Sheet: June 2026
|
Particulars
|
June 2026
|
|
Total assets
|
₹145.43 cr
|
|
Net worth
|
₹37.23 cr
|
|
Total borrowings
|
₹40.57 cr
|
|
Trade receivables
|
₹101.54 cr
|
|
Debt-to-equity ratio
|
1.09
|
|
NAV per share
|
₹25.18
|
Core4 Engineers Balance Sheet: March 2026
|
Particulars
|
March 2026
|
|
Total assets
|
₹116.32 cr
|
|
Net worth
|
₹31.07 cr
|
|
Total borrowings
|
₹31.58 cr
|
|
Trade receivables
|
₹75.45 cr
|
|
Debt-to-equity ratio
|
1.02
|
|
NAV per share
|
₹21.01
|
Source: Core4 Engineers RHP, restated consolidated balance sheet.
By June 2026, total borrowings had increased to ₹40.57 crore, compared with net worth of ₹37.23 crore.
The debt-to-equity ratio of 1.09 indicates that borrowings remained material relative to shareholder funds.
Trade receivables also increased from ₹75.45 crore in March 2026 to ₹101.54 crore in June 2026.
This is particularly important because EPC contractors incur expenditure on materials, subcontractors and project execution before receiving all their customer payments.
Cash Flow Remains a Key Concern
Despite reporting positive profits, Core4 recorded negative operating cash flow.
-
FY25: Negative operating cash flow of approximately ₹8.59 crore.
-
FY26: Negative operating cash flow of approximately ₹10.81 crore.
-
Q1 FY27: Negative operating cash flow of approximately ₹8.32 crore.
The June 2026 figure covers only three months, whereas the FY26 and FY25 figures cover complete financial years.
The company also reported a trade receivables cycle of 223 days in FY26.
Its disclosed working-capital cycle was 240 days in FY26 and 165 days for the June 2026 quarter. The quarterly calculation uses a 90-day basis, so these figures should not be interpreted as directly comparable annual measures.
For investors, the central question is whether Core4 can convert its growing reported profits and receivables into cash without continually increasing borrowings.
Core4 Engineers plans to utilise its IPO proceeds primarily for working-capital requirements and manufacturing-related expansion.
The latest RHP specifies the following uses of net proceeds.
| Objects of the issue |
Proposed amount |
| Acquisition of land and an existing building for a manufacturing facility and corporate office |
₹4.12 cr |
| Funding incremental working-capital requirements |
₹40.48 cr |
| General corporate purposes |
To be finalised |
The general corporate purposes allocation is subject to the limits disclosed in the offer document.
The company intends to use the property for establishing and operating an additional manufacturing facility and corporate office.
Why Is Working Capital the Largest Allocation?
The proposed ₹40.48 crore working-capital allocation represents approximately 74% of the ₹54.82 crore gross issue size at the upper price band.
This reflects the funding requirements of the company's project-based business.
Working capital may be required for:
-
Procurement of electrical equipment, raw materials and project components.
-
Payments to subcontractors and project workers.
-
Funding infrastructure projects before milestone payments are received.
-
Managing inventories, receivables and other execution expenses.
Some earlier IPO summaries cited ₹32.68 crore for working capital, equivalent to nearly 60% of the gross issue size. The updated RHP dated 16 October 2026 specifies ₹40.48 crore, which is the figure used in this analysis.
The fresh capital may help Core4 support more projects simultaneously and reduce short-term funding constraints.
However, the extent of any improvement in liquidity will depend on receivable collections, project execution and future borrowing requirements.
At the upper price band of ₹93 per share, Core4 Engineers would have an indicative post-issue market capitalisation of approximately ₹192.35 crore.
Valuation must account for the increase in equity shares resulting from the fresh issue.
Core4 Engineers IPO Valuation Metrics
| Valuation metric |
Indicative value |
| Upper IPO price |
₹93 |
| Post-issue equity shares |
2,06,83,245 |
| Post-issue market capitalisation |
₹192.35 cr |
| FY26 PAT |
₹12.37 cr |
| FY26 reported EPS |
₹8.36 |
| P/E using reported pre-issue FY26 EPS |
Approximately 11.1x |
| P/E using post-issue shares and FY26 PAT |
Approximately 15.6x |
| June 2026 pre-issue NAV per share |
₹25.18 |
| Price-to-June 2026 NAV |
Approximately 3.7x |
These figures are indicative calculations and are not forecasts.
Understanding the P/E Ratio
The company disclosed FY26 EPS of ₹8.36 based on its applicable pre-issue share count.
Dividing the ₹93 issue price by this EPS produces a P/E ratio of approximately 11.1 times.
However, the IPO creates additional equity shares.
If FY26 profit of ₹12.37 crore is spread across the enlarged post-issue share count, the implied historical earnings multiple rises to approximately 15.6 times.
This distinction matters because new shares increase the number of shares over which future earnings are distributed.
An earlier indicative valuation of approximately 15.9 times used annualised PAT of ₹12.10 crore, derived from the ₹6.05 crore profit reported for the six months ended September 2025. The availability of complete FY26 financial statements makes that annualised estimate less relevant.
Price-to-Book Value
At ₹93, the issue price is approximately 3.7 times the pre-issue NAV per share of ₹25.18 reported for June 2026.
For comparison, using the older September 2025 NAV of ₹16.74 would produce a multiple of approximately 5.6 times.
These comparisons use pre-issue book values. The post-issue book value will change following the receipt of fresh equity capital and deduction of relevant expenses.
Whether the IPO valuation is sustainable will depend on Core4's ability to retain operating margins, execute its order book and convert earnings into cash.
The Core4 Engineers IPO presents exposure to several infrastructure segments through a relatively small company. Its revenue and profit expansion are notable, but the balance sheet and cash-flow requirements deserve equal attention.
Key Strengths of Core4 Engineers
1. Diversified infrastructure operations
The company operates across railway infrastructure, transmission and distribution, water treatment and automation, reducing dependence on a single service category.
2. Strong recent financial growth
FY26 revenue reached ₹91.34 crore and PAT increased to ₹12.37 crore, reflecting significantly higher business activity.
3. Operating profitability
The company reported an EBITDA margin of 20.04% in FY26, compared with 19.64% in FY25.
4. Integrated engineering and manufacturing
In-house HT/LT panel and compact substation manufacturing may support project execution and provide additional product-related income.
5. Fresh capital for business requirements
The absence of an OFS means the capital raised, after expenses, will be available to the company for its disclosed purposes.
Key Risks of Core4 Engineers IPO
1. Working-capital-intensive operations
The planned ₹40.48 crore allocation towards incremental working capital demonstrates the scale of funding required for project execution.
2. Negative operating cash flow
Despite profitability, operating cash flow remained negative in FY25, FY26 and Q1 FY27. Continued weak cash conversion could increase financing requirements.
3. Increasing borrowings
Borrowings stood at ₹40.57 crore in June 2026, while the debt-to-equity ratio reached 1.09.
4. Dependence on infrastructure spending and customer payments
Indian Railways, PSUs and government-linked clients can have extended approval, certification and payment cycles. Delays may affect liquidity.
5. Execution and margin pressure
Competitive bidding, raw material fluctuations, subcontractor dependence and project delays can affect profit margins.
6. Limited listed-company history
Although the business traces its roots to 2014, Core4 became a private limited company in 2022 and has no established listed-company trading history.
7. SME liquidity and price volatility
Shares listed on BSE SME may experience limited trading volumes, wider bid-ask spreads and sharp price movements. Exiting a position may be difficult during periods of low liquidity.
Investors should also examine related-party transactions, outstanding litigation, contingent liabilities, bank guarantees and contract concentration in the company's offer documents.
The Core4 Engineers IPO GMP refers to the grey-market premium, an unofficial indication of the price at which IPO shares may be traded in an informal market before listing.
As of 20 October 2026, no independently verified grey-market premium has been established for this analysis.
Some tracking websites may display a zero premium or no available quote. These should not automatically be interpreted as evidence of an expected flat listing.
Grey-market prices are unofficial, unregulated and subject to rapid changes.
A positive GMP does not guarantee listing gains, while a low or unavailable premium does not necessarily reflect the company's financial fundamentals.
For the Core4 Engineers IPO, financial performance, valuation, cash conversion and execution risks provide a more substantive basis for analysis than unofficial GMP estimates.
Investors can apply for the IPO through eligible brokerage platforms or supported ASBA banking channels during the subscription period.
The process generally involves:
-
Check account readiness: Ensure that the demat account, trading account and required bank or UPI facilities are active.
-
Open the IPO section: Find Core4 Engineers Limited under upcoming or open IPOs on the brokerage platform.
-
Enter the application details: Select the relevant investor category, quantity and bid price.
-
Complete the payment authorisation: Approve the UPI mandate or complete the applicable ASBA process so that the required application funds are blocked.
-
Track allotment: Check the application status after the allotment basis is finalised.
For retail applicants, the minimum investment is ₹2,23,200 at the upper band for 2,400 shares.
The RHP states that the UPI mandate deadline is 5:00 pm on the issue closing date, 27 October 2026.
Want to apply for the Core4 Engineers IPO? Submit your IPO application online through Zerodha.
How to Check Core4 Engineers IPO Allotment Status
The tentative allotment date is 28 October 2026.
Applicants can check the allotment status through:
-
Purva Sharegistry (India), the official IPO registrar.
-
BSE, through its IPO allotment information services.
-
Their broker's IPO application dashboard.
The shares are tentatively expected to list on BSE SME on 30 October 2026.
Core4 Engineers' growth prospects depend on more than winning new contracts. The quality of execution and conversion of project revenue into cash will determine how effectively the company can scale.
The following indicators are particularly important after the IPO.
-
Order book execution: Whether the disclosed ₹285.83 crore order book translates into completed and billed projects.
-
Revenue growth: Whether strong FY26 growth continues without excessive dependence on a small number of projects.
-
EBITDA margin: Whether the company can maintain operating margins around the levels reported in FY26.
-
Receivable collection: Whether outstanding customer receivables decline relative to business activity.
-
Operating cash flow: Whether Core4 begins generating positive cash from its reported profits.
-
Debt levels: Whether fresh working capital limits the need for further borrowing.
-
Manufacturing expansion: Progress in acquiring and operationalising the proposed manufacturing facility.
-
Project and client concentration: Exposure to major contracts, government customers and payment delays.
-
Contingent liabilities and governance: Developments in litigation, related-party transactions, guarantees and regulatory compliance.
India's ongoing investment requirements in railways, electricity networks and water infrastructure create opportunities for EPCC contractors.
However, the industry also has competitive tendering, execution uncertainties and significant working-capital requirements.
For Core4, participation in these sectors must ultimately translate into timely project completion, sustainable profitability and improved liquidity.
Core4 Engineers enters the IPO market after a period of substantial financial expansion. The company reported ₹91.34 crore in FY26 revenue, ₹12.37 crore in PAT and an EBITDA margin of 20.04%.
Its diversified infrastructure services, in-house manufacturing capabilities and disclosed ₹285.83 crore order book provide a foundation for future business activity.
However, the company also faces financial challenges. Operating cash flow remains negative, trade receivables have increased substantially and borrowings stood at ₹40.57 crore in June 2026.
A significant portion of the IPO proceeds is allocated towards working capital rather than directly revenue-generating capital expenditure.
The Core4 Engineers IPO is therefore best assessed as a relatively high-risk SME infrastructure offering, where reported growth must be considered alongside debt, cash collection and limited secondary-market liquidity.
For investors, the key factor is whether Core4 can convert its order book and reported profits into sustainable cash flows while maintaining financial discipline.
Want to compare Core4 Engineers' pricing and issue structure with other SME offerings? Use the SME IPO dashboard to review upcoming issues, price bands and listing-related details across companies.
Frequently Asked Questions
1. What is the Core4 Engineers IPO price band and minimum investment?
The Core4 Engineers IPO price band is ₹88–₹93 per share. The lot size is 1,200 shares, but retail investors must apply for at least two lots, or 2,400 shares. The minimum investment at the upper price band is ₹2,23,200.
2. What are the Core4 Engineers IPO opening, closing and listing dates?
The Core4 Engineers IPO opens on 23 October 2026 and closes on 27 October 2026. Allotment is tentatively scheduled for 28 October, while the shares are expected to list on BSE SME on 30 October 2026.
3. Is Core4 Engineers a profitable company, and how is its IPO valued?
Core4 Engineers reported FY26 revenue of ₹91.34 crore and profit after tax of ₹12.37 crore. At ₹93 per share, the indicative post-issue market capitalisation is ₹192.35 crore, implying a historical P/E of approximately 15.6 times when FY26 profit is spread across the enlarged share count.
4. What are the major risks in the Core4 Engineers IPO?
The major risks include negative operating cash flow, working-capital requirements, borrowings, delayed customer payments, project execution risks and limited liquidity on the BSE SME platform. Investors should examine receivables, debt, order book quality and cash conversion alongside reported profit growth.