Core4 Engineers IPO

The Core4 Engineers SME IPO is open between 23 Oct 2026 and 27 Oct 2026, offered at a price band of ₹88–93 per share, and is set to list on BSE. The IPO seeks to raise ₹54.82 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,23,200.

Issue structure

The IPO is structured entirely as a fresh issue of ₹48.12 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward funding incremental working capital requirements; and (₹32.68 crore), alongside 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 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2025, Core4 Engineers reported revenue of ₹47.31 crore and a net profit of ₹6.05 crore. Revenue grew from ₹33.63 crore in FY2024 to ₹47.31 crore in FY2025 (+41.0%). Net worth stood at ₹24.75 crore at the end of FY2025. At the upper band, that puts the issue at roughly 36.0× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 15.9× post-issue earnings and 7.31× book value, against a return on net worth of 24.46% and a debt-to-equity ratio of 0.89. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala. Promoter holding stands at 82.09% before the issue and comes down to 58.69% after listing.

Grey market premium (GMP)

In the unofficial grey market, Core4 Engineers shares are quoted at a premium of ₹0 implying an expected listing around ₹93, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Core4 Engineers IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Core4 Engineers

Core4 Engineers Ltd. is an Engineering, Procurement, Construction and Commissioning (EPCC) company specializing in integrated infrastructure development across railway electrification, power transmission and distribution, and water and wastewater management. The company provides comprehensive project solutions covering planning, design, engineering, material procurement, installation, testing, commissioning, and operation and maintenance (O&M). The company operates an in-house manufacturing facility dedicated to producing High-Tension (HT) and Low-Tension (LT) electrical panels and compact substations. These products cater to the requirements of its infrastructure projects as well as external customers. Its subsidiary, Core4 Energy Ltd., further strengthens its manufacturing capabilities and generates product-related revenue through the production of electrical distribution and control panels. Core4 Engineers Ltd. serves a diverse client base comprising Indian Railways, public sector undertakings (PSUs), and infrastructure development contractors. Its project portfolio includes railway electrification, traction and power substations, transmission and distribution networks, and water treatment infrastructure. As of September 30, 2025, the company employed 433 personnel, including employees and project-based workers. Key Business Segments 1. Railway Electrification (RE) The company undertakes railway electrification projects involving 25 kV overhead equipment (OHE), traction substations, and associated electrical infrastructure under the EPCC model. 2. Railway Infrastructure This segment covers integrated civil, electrical, and mechanical works for railway station redevelopment, modernization, and infrastructure improvement projects. 3. Extra-High-Voltage (EHT) Transmission and Distribution Core4 Engineers executes turnkey power infrastructure projects up to 220 kV, encompassing substations, transformers, transmission facilities, and electricity distribution systems. 4. Water and Wastewater Treatment The company delivers EPCC projects for water treatment plants (WTPs), sewage treatment plants (STPs), and effluent treatment plants (ETPs), utilizing technologies such as Moving Bed Biofilm Reactor (MBBR) and Sequencing Batch Reactor (SBR). 5. Automation and SCADA Solutions This business vertical focuses on PLC-based automation, supervisory monitoring, and control systems designed to improve operational efficiency and facilitate real-time monitoring of infrastructure installations. 6. HT/LT Electrical Panel Manufacturing The company manufactures and supplies a range of electrical panels, including Power Control Centres (PCC), Motor Control Centres (MCC), Automatic Power Factor Correction (APFC) panels, and customized automation panels for industrial and infrastructure applications.