Core4 Engineers IPO is a book-built issue of ₹54.82 crore, comprising a fresh issue of 58,94,400 equity shares. The IPO opens for subscription on October 23, 2026, and closes on October 27, 2026. The company plans to list its shares on the BSE SME platform, with a tentative listing date of October 30, 2026.
The price band for the Core4 Engineers IPO is ₹88 to ₹93 per share, and the application lot size is 1,200 shares. At the upper price band, the minimum retail application is 2,400 shares, requiring an investment of ₹2,23,200. The minimum application for small HNIs is 3,600 shares, amounting to ₹3,34,800 at the upper price band.
Core4 Engineers Limited operates in engineering, procurement, construction and commissioning (EPCC), providing infrastructure solutions across railway electrification, power transmission and distribution, water and wastewater treatment, and electrical equipment manufacturing. Socradamus Capital Private Limited is the book-running lead manager, while Purva Sharegistry (India) Private Limited is the registrar to the issue.
Table of Contents
Core4 Engineers IPO Details
| Particulars | Details |
|---|---|
| IPO Name | Core4 Engineers IPO |
| Company Name | Core4 Engineers Limited |
| IPO Open Date | October 23, 2026 |
| IPO Close Date | October 27, 2026 |
| Allotment Date | October 28, 2026 |
| Refund Date | October 29, 2026 |
| Demat Credit Date | October 29, 2026 |
| Listing Date | October 30, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹88 to ₹93 per share |
| Lot Size | 1,200 shares |
| Issue Type | Book Building IPO |
| Issue Size | ₹54.82 crore |
| Total Issue Shares | 58,94,400 shares |
| Issue Type by Sale | Fresh Issue |
| Market Maker Reservation | 7,20,000 shares |
| Market Maker Portion Value | Up to approximately ₹7 crore |
| Fresh Issue Excluding Market Maker Portion | 51,74,400 shares |
| Fresh Issue Excluding Market Maker Portion Value | Up to approximately ₹48 crore |
| Net Offered to Public | 51,74,400 shares |
| Pre-Issue Shareholding | 1,47,88,845 shares |
| Post-Issue Shareholding | 2,06,83,245 shares |
| Market Capitalisation at Upper Price | ₹192.35 crore |
| Listing Exchange | BSE SME |
| Book Running Lead Manager | Socradamus Capital Private Limited |
| Registrar | Purva Sharegistry (India) Private Limited |
The Core4 Engineers IPO is entirely a fresh issue. The company intends to use the net proceeds for property acquisition to establish a new manufacturing facility and corporate office, incremental working capital requirements and general corporate purposes. The issue includes a market maker reservation of 7,20,000 shares, while the net offer to the public is 51,74,400 shares.
Core4 Engineers IPO Dates
The Core4 Engineers IPO is scheduled to open on October 23, 2026, and close on October 27, 2026. The allotment is expected to be finalised on October 28, 2026, followed by refunds and demat credit on October 29, 2026. The shares are tentatively scheduled to list on the BSE SME platform on October 30, 2026.
| IPO Event | Date |
|---|---|
| IPO Opens | Friday, October 23, 2026 |
| IPO Closes | Tuesday, October 27, 2026 |
| Basis of Allotment | Wednesday, October 28, 2026 |
| Initiation of Refunds | Thursday, October 29, 2026 |
| Credit of Shares to Demat Account | Thursday, October 29, 2026 |
| Listing Date | Friday, October 30, 2026 |
Core4 Engineers IPO Reservation
The IPO reservation specifies the proportion of the net issue available to different investor categories. The allocation is divided among qualified institutional buyers, retail individual investors and non-institutional investors according to the stated reservation framework.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Net Issue |
| Retail Individual Investors | Not less than 35% of the Net Issue |
| Non-Institutional Investors (NII) | Not less than 15% of the Net Issue |
Core4 Engineers IPO Lot Size
The lot size for the Core4 Engineers IPO is 1,200 shares. Investors can apply for a minimum of 2,400 shares, equivalent to two lots, and in multiples of 1,200 shares thereafter, subject to the applicable investor-category limits.
At the upper price band of ₹93 per share, the minimum investment for retail individual investors is ₹2,23,200. The minimum investment for small HNIs is ₹3,34,800, while the minimum investment for big HNIs is ₹10,04,400.
| Application Category | Lots | Shares | Amount at ₹93 |
|---|---|---|---|
| Individual Investors (IND) – Minimum | 2 | 2,400 | ₹2,23,200 |
| Individual Investors (IND) – Maximum | 2 | 2,400 | ₹2,23,200 |
| Small HNI (S-HNI) – Minimum | 3 | 3,600 | ₹3,34,800 |
| Small HNI (S-HNI) – Maximum | 8 | 9,600 | ₹8,92,800 |
| Big HNI (B-HNI) – Minimum | 9 | 10,800 | ₹10,04,400 |
About Core4 Engineers Limited
Core4 Engineers Limited is an engineering, procurement, construction and commissioning company incorporated in 2022. The company provides integrated infrastructure solutions across railway infrastructure, power transmission and distribution, and water and wastewater treatment. Its services cover end-to-end project execution, including design, engineering, procurement, erection, testing, commissioning, operation and maintenance.
The company also operates an in-house manufacturing facility for high-tension (HT) and low-tension (LT) electrical panels and compact substations. These products support its own EPC projects and can also be supplied to third-party customers. Its subsidiary, Core4 Energy Limited, contributes to product-based revenue through the manufacturing of electrical distribution and control panels.
Core4 Engineers undertakes projects for Indian Railways, public sector undertakings and infrastructure contractors. Its capabilities include railway electrification, substation development, water treatment systems and related engineering works. As of September 30, 2025, the company had a workforce of 433 personnel, including employees and project-based labour.
The company’s diversified operating model combines project-based infrastructure work with electrical equipment manufacturing. This provides exposure to several infrastructure segments, while also making project execution, working capital management and cost control important factors in its business performance.
Core4 Engineers Business Operations
Core4 Engineers operates across several infrastructure and engineering verticals.
- Railway Electrification : The company undertakes railway electrification projects on an EPCC basis, including 25 kV overhead equipment (OHE) systems, traction substations and associated infrastructure. These projects require engineering capabilities, procurement coordination, installation and commissioning.
- Railway Infrastructure: The company undertakes composite civil, electrical and mechanical works for railway station redevelopment and modernisation projects. Such projects can involve multiple work packages and coordination among contractors, suppliers and public-sector stakeholders.
- Extra-High-Tension Transmission and Distribution: Core4 Engineers executes turnkey transmission and distribution projects up to 220 kV. Its work includes substations, transformers and distribution systems used in power infrastructure.
- Water and Wastewater Treatment: The company provides EPCC solutions for water treatment plants (WTP), sewage treatment plants (STP) and effluent treatment plants (ETP). Its treatment-related capabilities include technologies such as Moving Bed Biofilm Reactor (MBBR) and Sequencing Batch Reactor (SBR).
- Automation and SCADA Systems: The company provides PLC-based automation, monitoring and control systems for infrastructure projects. Supervisory Control and Data Acquisition (SCADA) systems support the monitoring and operation of infrastructure equipment and processes.
- HT/LT Panel Manufacturing: Core4 Engineers manufactures and supplies electrical panels, including power control centre (PCC), motor control centre (MCC), automatic power factor control (APFC) and automation panels. These products support its infrastructure projects and third-party requirements.
Core4 Engineers Industry Overview
Core4 Engineers operates in the Indian infrastructure engineering and EPC sector, with business exposure to railways, electricity transmission and distribution, water treatment and electrical equipment manufacturing. These sectors require specialised engineering, procurement, construction, testing and commissioning capabilities.
Railway electrification and station infrastructure projects require coordination among civil, electrical and mechanical work packages. Transmission and distribution projects involve substations, transformers and related power infrastructure. Water and wastewater projects require treatment systems and equipment designed for specific operating conditions.
The market provides opportunities for engineering companies capable of delivering integrated project solutions. However, business performance depends on the availability of contracts, tender competitiveness, project execution, customer payments and the ability to manage costs. Industry demand alone does not guarantee revenue growth or profitability for any particular company.
For Core4 Engineers, investors should assess its order book, customer concentration, working capital cycle, project margins and financial position alongside the wider infrastructure outlook. These factors are important when evaluating the sustainability of the company’s business and its proposed IPO valuation.
Core4 Engineers Business Strategy
Core4 Engineers’ business strategy is supported by its integrated infrastructure services, electrical equipment manufacturing capabilities and proposed investment in additional operating premises.
- Expand manufacturing infrastructure: The company proposes to acquire property comprising land and an existing building for a new manufacturing facility and corporate office.
- Support working capital needs: The company plans to use a significant portion of the net proceeds for incremental working capital requirements, supporting its project execution and operating cycle.
- Develop integrated project capabilities: Its presence across railway electrification, transmission and distribution, water treatment and automation enables it to serve multiple infrastructure requirements.
- Support electrical equipment operations: In-house manufacturing of HT/LT panels and compact substations supports EPC activities and third-party product sales.
- Pursue infrastructure projects: The company participates in projects for Indian Railways, public sector undertakings and infrastructure contractors. Future growth will depend on contract wins, project execution and financial discipline.
Core4 Engineers Financial Information
The company’s consolidated financial information provides an overview of its assets, income, profitability, net worth and borrowings. The figures below are stated in ₹ crore and cover the six months ended September 30, 2025, and the financial years ended March 31, 2025, and March 31, 2024.
Core4 Engineers Financial Summary
| Particulars (₹ crore) | September 30, 2025 | March 31, 2025 | March 31, 2024 |
|---|---|---|---|
| Total Assets | 77.35 | 68.10 | 31.99 |
| Total Income | 47.31 | 34.60 | 33.63 |
| Profit After Tax | 6.05 | 3.81 | 2.89 |
| EBITDA | 8.81 | 6.82 | 5.07 |
| Net Worth | 24.75 | 18.70 | 6.43 |
| Reserves and Surplus | 21.80 | 15.74 | 3.63 |
| Total Borrowings | 22.07 | 18.58 | 16.75 |
The reported financial figures show an increase in total income from ₹33.63 crore in FY2024 to ₹34.60 crore in FY2025. Profit after tax increased from ₹2.89 crore to ₹3.81 crore over the same period, while EBITDA rose from ₹5.07 crore to ₹6.82 crore.
For the six months ended September 30, 2025, the company reported total income of ₹47.31 crore and profit after tax of ₹6.05 crore. These six-month results should not be directly compared with full-year results without considering the different reporting periods.
Total assets and net worth also increased over the reported periods. At the same time, total borrowings rose from ₹16.75 crore as of March 31, 2024, to ₹22.07 crore as of September 30, 2025. Investors should consider borrowings, working capital, cash flows and the timing of project collections when assessing the company’s financial position.
Core4 Engineers Key Performance Indicators (KPIs)
Key performance indicators help investors assess profitability, capital efficiency, leverage and book value. The following KPIs are reported for the six months ended September 30, 2025, and the financial year ended March 31, 2025.
| KPI | September 30, 2025 | March 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 55.73% | 30.31% |
| Return on Capital Employed (ROCE) | 43.17% | 23.98% |
| Debt/Equity | 0.89 | 0.99 |
| Return on Net Worth (RoNW) | 24.46% | 20.37% |
| PAT Margin | 12.86% | 11.15% |
| EBITDA Margin | 18.73% | 19.98% |
| Net Asset Value (NAV) | ₹16.74 | ₹12.72 |
| Price-to-Book (P/B) Ratio | — | 7.31x |
The reported figures show higher ROE, ROCE and RoNW for the six-month period than the FY2025 figures. The debt-to-equity ratio declined from 0.99 to 0.89, while the PAT margin increased from 11.15% to 12.86%. EBITDA margin declined from 19.98% to 18.73%.
The six-month period is not equivalent to a complete financial year, so the interim return ratios should be interpreted carefully. Investors should also assess the company’s operating cash flow, receivables, debt servicing obligations and project execution performance before drawing conclusions from the KPIs alone.
Objects of the Core4 Engineers IPO
Core4 Engineers Limited proposes to utilise the net proceeds from its issue for the following purposes:
- Funding capital expenditure for acquiring land and an existing building to establish and operate a new manufacturing facility and corporate office.
- Funding the company’s incremental working capital requirements.
- Meeting general corporate purposes, within the limits specified in the final offer documents.
The proposed allocation includes approximately ₹4.12 crore towards property acquisition and ₹32.68 crore towards incremental working capital requirements. The remaining amount is intended for general corporate purposes, subject to the final issue structure and applicable expenses.
The property acquisition may help the company strengthen its manufacturing infrastructure and corporate operations. The working capital funding may support project procurement, execution expenses and other day-to-day operational requirements. The effectiveness of these allocations will depend on execution, business demand and the company’s ability to manage its operating costs efficiently.
Core4 Engineers IPO Valuation
The IPO valuation provides information about the company’s earnings per share, price-to-earnings ratio and market capitalisation before and after the issue. The figures below are stated as provided in the IPO information.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| Earnings Per Share (EPS) | ₹2.58 | ₹5.85 |
| Price-to-Earnings (P/E) Ratio | 36.05x | 15.9x |
| Market Capitalisation at Offer Price | ₹137.54 crore | ₹192.35 crore |
The market capitalisation at the upper price band of ₹93 per share is stated as ₹192.35 crore after the issue. Investors should assess the valuation alongside the company’s reported earnings, capital structure, growth prospects, business risks and comparable listed companies. The P/E and EPS figures should be read in conjunction with the final offer document’s definitions and calculation basis.
Core4 Engineers IPO Shareholding Structure
The following table shows the reported promoter and promoter group holding and public shareholding before and after the IPO.
| Shareholding Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and Promoter Group | 82.09% | 58.69% |
| Public | 17.91% | 41.31% |
| Total | 100% | 100% |
Following the issue, the reported promoter and promoter group holding is expected to decline from 82.09% to 58.69%, while public shareholding is expected to increase from 17.91% to 41.31%. The post-issue structure reflects the dilution associated with the fresh issue of shares.
Core4 Engineers IPO Listing Performance
Core4 Engineers shares are scheduled for a tentative listing on the BSE SME platform on October 30, 2026. Actual listing performance will only be known after trading begins.
| Particulars | Details |
|---|---|
| Listing Exchange | BSE SME |
| IPO Price Band | ₹88 to ₹93 per share |
| Final Issue Price | — |
| Listing Price | — |
| Listing Gain/Loss | — |
| Listing Date | October 30, 2026 (Tentative) |
The listing price may be affected by investor demand, the final issue valuation, market conditions and expectations about the company’s future performance. The listing gain or loss should be updated only after the shares begin trading.
Core4 Engineers IPO Subscription Status
The subscription status indicates demand for an IPO across qualified institutional buyers, non-institutional investors and retail individual investors. It is generally measured as the number of times bids cover the shares available in each category.
| Investor Category | Subscription (Times) |
|---|---|
| Qualified Institutional Buyers (QIB) | — |
| Non-Institutional Investors (NII) | — |
| Retail Individual Investors | — |
| Total Subscription | — |
Subscription figures should be updated during the bidding period using confirmed issue data. No subscription multiple is included here because confirmed figures have not been provided.
Core4 Engineers IPO GMP Snapshot
Grey Market Premium (GMP) is an unofficial indicator of interest in an IPO before its stock market listing. It is not an official exchange metric and does not guarantee the listing price or listing gain.
| Particulars | Details |
|---|---|
| IPO GMP | — |
| GMP Date | — |
| Estimated Listing Price | — |
| Estimated Listing Gain | — |
GMP figures can change rapidly and may not reflect actual demand when the shares list. Investors should not rely on unofficial premium estimates alone when evaluating the IPO.
Core4 Engineers IPO Review
Core4 Engineers Limited operates across several infrastructure segments, including railway electrification, railway infrastructure, power transmission and distribution, water and wastewater treatment, automation and electrical panel manufacturing. Its integrated EPCC model combines project execution with manufacturing capabilities, giving the company exposure to both infrastructure contracts and electrical equipment requirements. The proposed IPO includes a fresh issue of 58,94,400 shares at a price band of ₹88 to ₹93 per share, with a total issue size of approximately ₹54.82 crore.
The company’s reported financial figures show an increase in total income and profit after tax between FY2024 and FY2025. For the six months ended September 30, 2025, it reported total income of ₹47.31 crore and profit after tax of ₹6.05 crore. Its proposed use of proceeds includes ₹32.68 crore for incremental working capital and ₹4.12 crore for property acquisition for a new manufacturing facility and corporate office. Investors should assess whether the business can sustain profitability while managing project costs, customer collections and borrowings.
The key considerations for the IPO include the final issue valuation, working capital requirements, project execution risks, competition and the company’s ability to convert contract opportunities into profitable revenue. The reported valuation and financial indicators should be assessed alongside the complete offer documents and the company’s risk disclosures. Investors should make their decision based on their own risk tolerance, investment horizon and financial assessment rather than relying on listing expectations alone.
Core4 Engineers IPO Strengths
- Diversified infrastructure operations: The company operates across railway electrification, power transmission and distribution, water and wastewater treatment, automation and electrical equipment manufacturing.
- Integrated EPCC services: Its project capabilities cover design, engineering, procurement, erection, testing, commissioning and operation and maintenance.
- In-house electrical equipment manufacturing: The company manufactures HT/LT panels and compact substations, supporting its own projects and third-party customers.
- Reported improvement in financial performance: Total income, EBITDA and profit after tax increased between FY2024 and FY2025 based on the reported financial figures.
- Planned investment in operating infrastructure: The IPO proceeds include funding for property acquisition for a new manufacturing facility and corporate office.
- Presence across public infrastructure sectors: The company executes projects for Indian Railways, public sector undertakings and infrastructure contractors.
Core4 Engineers IPO Risk Factors
- Working capital requirements: The company’s project-based business may require substantial funding for materials, labour and other execution costs before receiving customer payments.
- Project execution risks: Delays, cost overruns, technical problems and contractual disputes may affect completion schedules and profitability.
- Borrowings and financial obligations: Total borrowings increased across the reported periods. Investors should examine interest costs, repayment obligations and cash-flow coverage.
- Competitive industry: Infrastructure EPC and electrical equipment businesses face competition from other engineering contractors and manufacturers.
- Dependence on contract inflows: Revenue can vary depending on tender awards, project completion schedules and the timing of new contracts.
- Valuation risk: The issue price should be evaluated against earnings, book value, financial performance and comparable businesses. A listing gain is not assured.
- SME share liquidity and volatility: Shares listed on the SME platform may experience price fluctuations and different liquidity conditions from larger listed companies.
Core4 Engineers IPO Promoters
The promoters of Core4 Engineers Limited are Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala.
| No. | Promoter Name |
|---|---|
| 1 | Agrahara Chamaraje Gowda Abhinandan |
| 2 | Hosahalli Appagigowda Savitha |
| 3 | Mahadevappa Tejus |
| 4 | Anala |
Core4 Engineers IPO Management Team
The management team is responsible for overseeing the company’s business operations, financial management, compliance and project execution. The following details should be aligned with the final offer document’s management disclosures.
| Name | Designation |
|---|---|
| Hosahalli Appagigowda Savitha | Chairperson |
| Vinodkumar Siddappa | Chief Financial Officer |
| Theja Raju | Company Secretary and Compliance Officer |
Core4 Engineers IPO Registrar Details
Purva Sharegistry (India) Private Limited is the registrar to the Core4 Engineers IPO. Investors can refer to the registrar’s website for issue-related information and allotment updates when they become available.
| Particulars | Details |
|---|---|
| Registrar Name | Purva Sharegistry (India) Private Limited |
| Telephone | 022-41343255 |
| [email protected] | |
| Website | www.purvashare.com |
Core4 Engineers IPO Lead Manager Details
Socradamus Capital Private Limited is the book-running lead manager for the Core4 Engineers IPO. The lead manager is responsible for coordinating key activities associated with the public issue in accordance with applicable regulations and offer-document disclosures.
| Particulars | Details |
|---|---|
| Lead Manager | Socradamus Capital Private Limited |
| Role | Book-Running Lead Manager |
Core4 Engineers Company Contact Details
| Particulars | Details |
|---|---|
| Company Name | Core4 Engineers Limited |
| Address | Mathrushree No. 12, 1st Floor, Near Ramana Maharshi Gyana Kendra, Next to New Court, K Block, Kuvempunagar, Mysuru, Karnataka – 570023 |
| Telephone | 0821 4507882 |
How to Check Core4 Engineers IPO Allotment Status
The allotment status is expected to be available after the basis of allotment is finalised on October 28, 2026. Applicants can check their allotment status through the registrar or the applicable exchange service once the result is published.
Through the Registrar
- Visit the Purva Sharegistry website.
- Look for the IPO allotment or investor services section.
- Select Core4 Engineers Limited from the available issue list, if displayed.
- Enter the requested details, such as PAN or application number.
- Submit the information to view the allotment result.
Through BSE
- Visit the BSE website.
- Navigate to the IPO or application status service, where available.
- Select the relevant issue and enter the requested applicant details.
- Submit the details to check the allotment result.
The allotment status may not appear until the basis of allotment has been finalised and the registrar has published the results.
Core4 Engineers IPO Conclusion
Core4 Engineers IPO is a ₹54.82 crore book-built issue comprising a fresh issue of 58,94,400 shares, with a price band of ₹88 to ₹93 per share. The IPO is scheduled to open on October 23, 2026, and close on October 27, 2026, with a tentative BSE SME listing date of October 30, 2026.
The company operates in railway infrastructure, power transmission and distribution, water and wastewater treatment, automation and electrical equipment manufacturing. Its financial results show higher income and profit after tax in FY2025 than in FY2024, while the six-month results ended September 2025 report further income and profit. The IPO proceeds are primarily intended to support incremental working capital requirements and a property acquisition for a new manufacturing facility and corporate office.
Before applying, investors should consider the company’s financial performance, borrowings, project execution risks, working capital needs and valuation at the final issue price. IPO allotment and listing gains are not guaranteed, and investment decisions should be based on the offer documents and individual risk tolerance.
Core4 Engineers IPO FAQs
When does the Core4 Engineers IPO open and close?
The Core4 Engineers IPO is scheduled to open on October 23, 2026, and close on October 27, 2026.
What is the price band of the Core4 Engineers IPO?
The price band is ₹88 to ₹93 per equity share, with a face value of ₹10 per share.
What is the lot size for the Core4 Engineers IPO?
The lot size is 1,200 shares. The minimum retail application is 2,400 shares, equivalent to two lots.
What is the minimum investment required for the Core4 Engineers IPO?
At the upper price band of ₹93 per share, the minimum retail investment is ₹2,23,200 for 2,400 shares. The minimum small HNI investment is ₹3,34,800 for 3,600 shares.
What is the total issue size of the Core4 Engineers IPO?
The issue size is approximately ₹54.82 crore and comprises a fresh issue of 58,94,400 equity shares.
Where will Core4 Engineers shares be listed?
The shares are proposed to be listed on the BSE SME platform, with a tentative listing date of October 30, 2026.
Who is the registrar of the Core4 Engineers IPO?
Purva Sharegistry (India) Private Limited is the registrar to the issue.
Who is the lead manager of the Core4 Engineers IPO?
Socradamus Capital Private Limited is the book-running lead manager for the IPO.
What are the objectives of the Core4 Engineers IPO?
The company proposes to use the proceeds for property acquisition for a new manufacturing facility and corporate office, incremental working capital requirements and general corporate purposes.
Is the Core4 Engineers IPO a fresh issue or an offer for sale?
The IPO is a fresh issue. It does not include an offer-for-sale component in the issue details provided.
