Core4 Engineers IPO
- Price band
- ₹88 – ₹93
- Issue size
- ₹54.82 Cr
- Min. investment
- ₹1,11,600
- 1,200 shares
- GMP
- ₹0
- 0.00%
- Subscribed
- —
- Bidding dates
- 23 – 27 Oct 2026
IPO timeline
- Opens23 OctFri
- Closes27 OctTue
- Allotment28 OctWed
- Refunds29 OctThu
- Demat credit29 OctThu
- Listing30 OctFri
Issue details
- Price band
- ₹88 – ₹93 per share
- Issue size
- ₹54.82 Cr
- Fresh issue
- ₹54.82 Cr · 0.59 Cr shares
- Offer for sale
- None
- Issue type
- Fresh capital only
- Face value
- ₹10 per share
- Lot size
- 1,200 shares
- Minimum investment
- ₹1,11,600
- Listing on
- BSE SME
- Exchange code
- —
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,11,600 |
| Retail (Max) | 1 | 1,200 | ₹1,11,600 |
| HNI (Min) | 2 | 2,400 | ₹2,23,200 |
Reservation
- QIB
- Not more than 50% of the Net Issue
- Retail
- Not less than 35% of the Net Issue
- NII
- Not less than 15% of the Net Issue
Grey market premium (GMP)
- Current GMP
- ₹0
- 0.00%
- Estimated listing price
- ₹93
- Issue price ₹93
- Highest
- ₹0
- 19 Oct
- Lowest
- ₹0
- 19 Oct
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 21 Oct 2026 | ₹0 | 0.00% | ₹93 |
| 20 Oct 2026 | ₹0 | 0.00% | ₹93 |
| 19 Oct 2026 | ₹0 | 0.00% | ₹93 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
Subscription figures will appear here once bidding opens on 23 Oct 2026.
Financials
- P/E (pre-issue)
- 5.57
- P/E (post-issue)
- 7.79
- EPS (₹)
- 11.93
- RoE
- 18.06%
- RoCE
- 13.23%
- RoNW
- 16.56%
- PAT Margin
- 13.51%
- EBITDA Margin
- 19.90%
- Debt / Equity
- 1.09
- NAV (₹)
- 25.18
Pre-issue P/E uses the shares outstanding before the IPO; post-issue P/E includes the new shares. Calculated by Be IPO Ready at the issue price on profit for the period ended 30 Jun 2026, annualised.
| Period ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 145.43 | 116.32 | 67.12 | 31.97 |
| Total Income | 45.77 | 91.79 | 34.60 | 33.63 |
| Profit After Tax | 6.17 | 12.37 | 3.81 | 2.89 |
| EBITDA | 9.08 | 18.30 | 6.71 | 4.96 |
| NET Worth | 37.23 | 31.07 | 18.70 | 6.43 |
| Reserves and Surplus | 22.44 | 16.28 | 15.74 | 3.63 |
| Total Borrowing | 40.57 | 31.58 | 18.58 | 16.75 |
About Core4 Engineers
Core4 Engineers was incorporated in June 2014. It is an engineering, procurement, construction and commissioning (EPCC) company that builds infrastructure for railways, power transmission and distribution, and water and wastewater treatment. It handles design, engineering, procurement, construction, testing, commissioning and operation and maintenance. Its work includes railway overhead electrification and traction substations, station redevelopment works, turnkey power projects up to 220 kV, and water, sewage and effluent treatment plants. It also does PLC-based automation and SCADA systems. The company makes high-tension and low-tension electrical panels and compact substations at its own facility. These support its own projects and are also supplied to others. Its customers are government bodies, public sector undertakings, utilities, infrastructure contractors and private enterprises. As of 30 June 2026 the company had 462 people: 62 employees on its payroll and 400 floating labourers. The issue is a fresh issue of Rs 54.82 crore with no offer for sale. Socradamus Capital is the book running lead manager and Purva Sharegistry is the registrar. The shares list on BSE SME.
Strengths
- Profit after tax rose from Rs 3.81 crore in FY2025 to Rs 12.37 crore in FY2026, a rise of about 224.67%. It was Rs 6.17 crore in the three months to 30 June 2026.
- Total income rose from Rs 34.60 crore in FY2025 to Rs 91.79 crore in FY2026, a rise of about 165.29%. In the three months to 30 June 2026 it was Rs 45.77 crore.
- EBITDA rose from Rs 6.71 crore in FY2025 to Rs 18.30 crore in FY2026. The margin on total income went from about 19.39% to about 19.94%.
- Net worth rose from Rs 6.43 crore at 31 March 2024 to Rs 18.70 crore at 31 March 2025 and Rs 31.07 crore at 31 March 2026. It was Rs 37.23 crore at 30 June 2026.
- Return on equity is 18.06% and return on net worth is 16.56%, as given in the source. PAT margin is 13.51%.
- At the upper band of Rs 93 the P/E is 11.12 on pre-issue EPS of Rs 8.36, and the pre-issue market cap is Rs 137.54 crore.
- The company works across railway electrification, power transmission up to 220 kV, and water and wastewater treatment, and makes HT and LT electrical panels and compact substations in-house.
- The issue is fresh capital only, so all Rs 54.82 crore goes to the company. Rs 4.12 crore is for a property for a new manufacturing facility and corporate office, and Rs 32.68 crore is for working capital.
Risks
- The source shows a post-issue EPS of Rs 11.93 and a P/E of 7.8, but post-issue EPS is higher than the pre-issue EPS of Rs 8.36. That cannot be right for a fresh issue, so these two figures have been left out here.
- Growth is very recent. Total income grew only about 2.88% in FY2025, from Rs 33.63 crore to Rs 34.60 crore, then about 165.29% in FY2026. A jump of this size may not repeat.
- Borrowing keeps rising: Rs 18.58 crore at 31 March 2025, Rs 31.58 crore at 31 March 2026 and Rs 40.57 crore at 30 June 2026, against net worth of Rs 37.23 crore. Debt to equity is 1.09.
- Total assets rose from Rs 116.32 crore at 31 March 2026 to Rs 145.43 crore at 30 June 2026 in three months, which shows how fast the balance sheet is growing.
- Working capital takes Rs 32.68 crore, about 59.61% of the Rs 54.82 crore issue, while only Rs 4.12 crore goes to the property. The business needs a lot of cash to run its projects.
- Work comes from Indian Railways, public sector undertakings and infrastructure contractors. The source gives no customer break-up, so concentration and payment delays cannot be measured here.
- Of 462 people at 30 June 2026, 400 are floating labourers engaged for projects, so the business depends on contract labour.
- Promoters hold 82.09% before the issue and will hold 58.69% after it.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.12 lakh at the upper band of Rs 93, and SME shares usually trade in low volume after listing.
Objects of the issue
- 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 Cr
- Funding incremental working capital requirements; and₹32.68 Cr
- General corporate purposes
Promoters and shareholding
Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala
- Promoter holding, pre-issue
- 82.09%
- Promoter holding, post-issue
- 58.69%
Registrar, lead managers and documents
Lead manager
Company contact
Mathrushree No. 12, 1st Floor, Near Ramana Maharshi Gyana Kendra, Next to New court, K Block, Kuvempunagar, Mysuru, Karnataka, 570023
0821 4507882
investor@core4grp.comCore4 Engineers IPO: common questions
1.When does the Core4 Engineers IPO open and close?
The Core4 Engineers IPO opens on 23 Oct 2026 and closes on 27 Oct 2026.
2.What is the price band of the Core4 Engineers IPO?
The price band is ₹88 – ₹93 per share, with a lot size of 1,200 shares and a minimum investment of ₹1,11,600.
3.What is the size of the Core4 Engineers IPO?
The issue size is ₹54.82 Cr (Fresh capital only).
4.What is the GMP of the Core4 Engineers IPO?
The last reported grey market premium is ₹0 per share as of 21 Oct 2026, 10:12 AM IST. GMP is unofficial and changes frequently.
5.When is the Core4 Engineers IPO allotment?
The basis of allotment is expected on 28 Oct 2026. Allotment status can be checked with the registrar, Purva Sharegistry (India) Private Limited.
6.When will the Core4 Engineers IPO list?
The shares are expected to list on 30 Oct 2026 on BSE SME.
7.Who is the lead manager of the Core4 Engineers IPO?
The book running lead manager is Socradamus Capital Pvt. Ltd., and the registrar is Purva Sharegistry (India) Private Limited.
8.What will the money raised in the Core4 Engineers IPO be used for?
As stated in the offer document, the proceeds are for: 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;; Funding incremental working capital requirements; and; General corporate purposes.
9.How can my company launch an IPO like Core4 Engineers?
Start with an IPO readiness assessment: eligibility for the NSE Emerge or BSE SME platform, audited financials, governance, conversion to a public limited company and an indicative valuation. Be IPO Ready advises promoters through each step, from readiness to listing day.
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