IPO Overview
Incorporated in 2022 and based in Mysuru, Core4 Engineers Limited is an EPCC (Engineering, Procurement, Construction & Commissioning) company. Its verticals span railway electrification, railway infrastructure, extra high tension (EHT) transmission and distribution up to 220 kV, water and wastewater treatment, automation and SCADA, and HT & LT panel manufacturing. The company also has a subsidiary, Core4 Energy Ltd., and had 433 personnel including project-based labour as of 30 September 2025.
The company is now launching its SME IPO on the BSE SME platform. The Core4 Engineers IPO is a 100% fresh issue of 58,94,400 equity shares of face value ₹10, open from 23 to 27 October 2026 on the BSE SME platform. The company has set a price band of ₹88 to ₹93 per share, aiming to raise ₹55 crore. The funds will be used for property acquisition and new facility construction.
PO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 23 October 2026 |
| IPO Close Date | 27 October 2026 |
| Allotment Date | 28 October 2026 (Expected) |
| Refund Initiation | 29 October 2026 |
| Credit to Demat | 29 October 2026 |
| Listing Date | 30 October 2026 (Tentative) |
| Price Band | ₹88 – ₹93 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,23,200 (2 lots = 2,400 shares) |
| Minimum Investment (S-HNI) | ₹3,34,800 (3 lots = 3,600 shares) |
| Issue Size | ₹54.82 crore |
| Fresh Issue | 58,94,400 shares (₹54.82 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII/HNI) | At least 15% |
| Retail Individual Investors (RII) | At least 35% |
| Market Maker | 7,20,000 shares (₹7 crore reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a 100% fresh issue, so all proceeds go to the company, subject to issue expenses. Promoters hold 82.09% before the issue and approximately 58.7% after it.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds as follows:
- Acquisition of land & building for new manufacturing facility and corporate office — ₹4.12 crore
- Incremental working capital requirements — ₹32.68 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Socradamus Capital Pvt. Ltd.
- Registrar to the Issue: Purva Sharegistry (India) Pvt. Ltd.
Promoters & Management
The promoters of Core4 Engineers Limited are Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus, and Anala. Their combined promoter holding stands at 82.09% pre-issue, expected to reduce to approximately 58.7% post-issue.
Company Details
Core4 Engineers Limited is a Mysuru-based EPCC company working in railway electrification, railway infrastructure, extra high tension transmission and distribution, water and wastewater treatment, automation and SCADA, and HT and LT panels.
Sectors Served:
- Railways (Electrification & Infrastructure)
- Power Transmission & Distribution (up to 220 kV EHT)
- Water & Wastewater Treatment
- Automation & SCADA
- HT & LT Panel Manufacturing
Key Capabilities:
- End-to-end EPCC execution — engineering, procurement, construction, and commissioning
- In-house HT & LT panel manufacturing
- Automation and SCADA system integration
- Government-sector project execution in infrastructure and utilities
Subsidiary: Core4 Energy Ltd.
Workforce: 433 personnel including project-based labour (as of 30 September 2025)
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹33.63 | ₹2.89 | ₹5.07 |
| FY25 | ₹34.60 | ₹3.81 | ₹6.82 |
| 6M FY26 (Sep 2025) | ₹47.31 | ₹6.05 | ₹8.81 |
Key Financial Metrics
- Return on Equity (RoE): 30.31% (FY25)
- Return on Capital Employed (RoCE): 23.98% (FY25)
- EBITDA Margin: 19.98% (FY25)
- PAT Margin: 11.15% (FY25)
- Debt to Equity: 0.99 (FY25) / 0.89 (Sep 2025)
- Net Asset Value per share: ₹12.72 (FY25) / ₹16.74 (Sep 2025)
- Pre-issue EPS: ₹2.58
- Total borrowings: ₹22.07 crore (Sep 2025)
- Net worth: ₹24.75 crore (Sep 2025)
- 6M FY26 revenue already exceeds full-year FY25 — strong growth trajectory
Company Strengths
- Profit has grown quickly — PAT rose from ₹2.89 crore in FY24 to ₹3.81 crore in FY25 and ₹6.05 crore in just the six months to September 2025.
- Diversified EPCC verticals across railways, power, water, and panels — multiple order pipelines
- Healthy EBITDA margin of 19.98% in FY25, strong for an EPC company, with ₹8.81 crore EBITDA in the 6 months to September 2025.
- Operates in government-priority infrastructure sectors — railway electrification and water treatment — that benefit from sustained public spending.
- 100% fresh issue — all capital goes into business expansion, zero promoter exit
- Clear and focused fund utilization plan — new facility and working capital
Key Risks & Challenges
- Borrowings of ₹22.07 crore are close to net worth of ₹24.75 crore — a debt to equity of 0.89 — and ₹32.68 crore of the IPO proceeds is earmarked for working capital, reflecting how capital-intensive the EPCC model is.
- The company is young (incorporated 2022) and small with 433 personnel including project-based labour — a few large orders or delayed payments can swing results significantly.
- EBITDA margin slipped slightly from 19.98% in FY25 to 18.73% in the six months to September 2025, indicating some margin pressure.
- Heavy dependence on government clients — payments from government departments and municipalities can be slow, stretching receivables and working capital.
- SME IPO liquidity risk — BSE SME listed shares typically have thin secondary market trading volumes.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
