IPO Overview
Coreintegra Consulting Services Limited is an integrated Human Resource (HR) services and compliance solutions provider, offering a combination of managed services, technology platforms, and advisory capabilities to enterprises across India. The company operates across five business verticals — HR Services, Vendor Management, Compliance & Advisory, RegTech, and HR Tech Solutions. HR Services form the backbone of the business, contributing 68.2% of total revenue in FY2025, followed by Vendor Management Services at 27.6%, with Compliance and Advisory services accounting for 3.3% of revenue. The company operates on an asset-light model with its registered office in Mumbai and branch offices across more than 6 cities covering North, West, South, and East India, all on leased premises.
The company is now launching its SME IPO on the NSE SME platform, aiming to raise approximately ₹21.99 crore through a fully fresh issue of equity shares. The price band is ₹74 to ₹78 per share, and the minimum lot size is 1,600 shares, requiring a minimum investment of ₹1,24,800. The IPO opens on 23 September 2026 and closes on 25 September 2026, with listing expected on 30 September 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 (Expected) |
| Refund Initiation | 29 September 2026 |
| Credit to Demat | 29 September 2026 |
| Listing Date | 30 September 2026 (Tentative) |
| Price Band | ₹74 – ₹78 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹1,24,800 (1 lot = 1,600 shares) |
| Minimum Investment (HNI) | ₹2,49,600 (2 lots = 3,200 shares) |
| Issue Size | ₹21.99 crore |
| Fresh Issue | ₹21.99 crore (100%) |
| 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) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all IPO proceeds will be received directly by the company.
Objects of the Issue (Fund Utilization)
The funds raised in the IPO for IT infrastructure investments are to be utilized in FY27 for investments in cybersecurity solutions, AI-powered OCR and audit tools, enhancements to Ctrl-F, cloud infrastructure, 24×7 infrastructure, and data security compliance certifications. The remaining proceeds will be used for general corporate purposes and business expansion.
- IT infrastructure investments — cybersecurity, AI-powered tools, cloud upgrades, Ctrl-F platform enhancements
- Data security compliance certifications
- General corporate purposes and business expansion
Lead Managers & Registrar
- Book Running Lead Manager: Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.
- Registrar to the Issue: Purva Sharegistry (India) Private Ltd.
Promoters & Management
The company’s board management is led by Sriram Natarajan, who has served as Chairman and Non-Executive Director since the company’s incorporation. Mahesh Krishnamoorthy is the Managing Director, appointed for a 5-year term from November 22, 2021, bringing over 20 years of experience in corporate governance and financial planning. Sangeetha Sriram and Gaurav Bali serve as Non-Executive Directors, alongside 4 Independent Directors — Amitava Ghosh, Rajeshwar Tripathi, Manav Ravindranath Dhanda, and Sanjeev Kumar.
Company Details
Coreintegra Consulting Services Limited provides end-to-end HR and compliance solutions to enterprises, combining traditional labour law advisory services with modern technology platforms. The company operates in five main areas: HR Services, Vendor Management, Compliance and Advisory, RegTech, and HR Tech Solutions.
Sectors Served:
- Large Enterprises & Corporates
- Manufacturing & Industrial Companies
- IT & Technology Companies
- Infrastructure & Construction Firms
- MSME Segment
Key Products & Platforms:
- Ctrl-F — Real-time wage compliance tracking platform
- Core X — RegTech compliance management platform
- Cloud-based HR Tech subscription platforms (via subsidiary Core Integra Global Services)
- Labour law compliance advisory (traditional)
Key Capabilities:
- The company has developed four proprietary platforms for compliance and management. As of FY25, the company had 10,290 employees, up from 8,715 in FY24.
- Asset-light operating model with pan-India presence across 6+ cities
- Combination of traditional labour law compliance advisory services (85%) and modern RegTech platforms like Ctrl-F and Core X (15%)
Registered Office: Mumbai, Maharashtra
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | PAT Margin |
| FY23 | ₹184.81 | ₹32.10 | 17.56% |
| FY24 | ₹206.45 | ₹34.44 | 16.92% |
| FY25 | ₹322.58 | ₹28.13 | 8.97% |
| 9M FY26 (Dec 2025) | ₹236.50 | ₹38.69 | 16.65% |
Key Financial Metrics
- For the last two fiscals, the company has reported an average EPS of ₹25.00 and an average RoNW of 23.17%.
- The issue is priced at a P/BV of 2.44 based on its NAV of ₹140.81 per share as of December 31, 2025.
- At a P/E of 15.51 based on 9M FY26 annualised earnings, and P/E of 28.44 based on FY25 earnings — the issue appears fully priced.
- Overall borrowings stood at ₹242.57 crore as of December 31, 2025.
- IPO Valuation P/E: 13.27x
Company Strengths
- Diversified and integrated business model spanning HR services, vendor management, compliance advisory, and proprietary RegTech/HR Tech platforms — giving the company multiple revenue streams
- Asset-light model with pan-India presence and leased premises across 6+ cities, enabling scalable operations with relatively low capital expenditure requirements
- Strong top-line growth — total income grew from ₹184.81 crore in FY23 to ₹322.58 crore in FY25, reflecting consistent demand for HR compliance services
- Proprietary technology platforms (Ctrl-F, Core X) differentiate the company from pure-play HR staffing firms and provide a path to higher-margin SaaS-like recurring revenues
- Large and growing workforce of 10,290 employees as of FY25 — reflecting scale and operational capacity in managed HR services
- Entire IPO is a fresh issue — all capital raised will be invested back into the business, primarily in IT infrastructure and platform enhancement
Key Risks & Challenges
- PAT margin dropped sharply to 8.97% in FY25 from 16.92% in FY24, due to an extraordinary item of ₹16.97 crore — raising questions about earnings quality and consistency.
- 9M FY26 profit of ₹38.69 crore on revenue of ₹236.50 crore is unusually high, raising eyebrows over sustainability of this margin level going forward.
- Top 5 customers accounted for more than 88% of total revenue — heavy client concentration risk that could severely impact revenues if key relationships weaken.
- Overall borrowings of ₹242.57 crore as of December 2025 is a significant concern for a company raising only ₹22 crore through this IPO.
- Intense competition in the HR services and compliance space from larger and better-funded players — both traditional consulting firms and tech-first HRTech platforms
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME platform
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.
