Core4 EngineersIPO Review — Financials, Valuation & Peers
A data-only look at the Core4 Engineers IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 33.63 | 2.89 | 5.07 | 6.43 | 31.99 | 16.75 | — |
| FY 2025 | 34.6 | 3.81 | 6.82 | 18.7 | 68.1 | 18.58 | — |
| Sep 2025 (interim) | 47.31 | 6.05 | 8.81 | 24.75 | 77.35 | 22.07 | 2.58 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 36.05x
- P/E (post-issue)
- 15.9x
- RoNW
- 24.46%
- RoE
- 55.73%
- RoCE
- 43.17%
- Debt / Equity
- 0.89
- EPS (pre-issue)
- ₹2.58
- EPS (post-issue)
- ₹5.85
- EBITDA Margin
- 18.73%
- PAT Margin
- 12.86%
- P/BV
- 7.31x
- NAV / share
- ₹16.74
- Market Cap
- ₹192.35 Cr
As of 30 Sept 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Core4 Engineers | 8.36 | 21.01 | — | 39.81% | — |
| K2 Infragen Ltd. | 10.53 | 71.05 | 3.97x | 14.83% | 0.58x |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala
- Holding (pre-issue)
- 82.09%
- Holding (post-issue)
- 58.69%
- Dilution
- 23.4%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Core4 Engineers operates at an EBITDA margin of 18.73% and a net (PAT) margin of 12.86% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 43.17% and a return on equity (RoE) of 55.73%. At the upper band, the post-issue market capitalisation works out to about ₹192.35 crore. These are offer-document figures for the latest reported period (as of 30 Sept 2025); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of Core4 Engineers and what is their holding?
- The promoters are Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala. Promoter holding is 82.09% before the issue and 58.69% after listing.
- What is the P/E ratio of the Core4 Engineers IPO?
- At the upper price band, the Core4 Engineers IPO is valued at 36.05× pre-issue earnings and 15.9× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Core4 Engineers IPO?
- The net proceeds go primarily toward funding incremental working capital requirements; and, among 3 disclosed objects.