Core4 Engineers IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Core4 Engineers

Price band

₹88 – ₹93

Lot size

1200 shares

Min investment

₹1,11,600

Issue size

₹54.82 Cr

About the company

Core4 Engineers was incorporated in June 2014. It is an engineering, procurement, construction and commissioning (EPCC) company that builds infrastructure for railways, power transmission and distribution, and water and wastewater treatment. It handles design, engineering, procurement, construction, testing, commissioning and operation and maintenance. Its work includes railway overhead electrification and traction substations, station redevelopment works, turnkey power projects up to 220 kV, and water, sewage and effluent treatment plants. It also does PLC-based automation and SCADA systems. The company makes high-tension and low-tension electrical panels and compact substations at its own facility. These support its own projects and are also supplied to others. Its customers are government bodies, public sector undertakings, utilities, infrastructure contractors and private enterprises. As of 30 June 2026 the company had 462 people: 62 employees on its payroll and 400 floating labourers. The issue is a fresh issue of Rs 54.82 crore with no offer for sale. Socradamus Capital is the book running lead manager and Purva Sharegistry is the registrar. The shares list on BSE SME.

Core4 Engineers is an engineering, procurement and construction company working in railway electrification, power transmission and water treatment, and it also makes electrical panels in-house. Its total income was Rs 91.79 crore and profit after tax Rs 12.37 crore in FY2026.

IPO details

Issue price: ₹93
Price band: ₹88 – ₹93
Face value: ₹10
Lot size: 1200
Min investment: ₹1,11,600
Issue size: ₹54.82 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8055

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,11,600
Retail (Max)	1	1,200	₹1,11,600
HNI (Min)	2	2,400	₹2,23,200

Investor reservation

CATEGORY	RESERVED
QIB	25,84,800 shares (49.95% of the Offer)
NII	7,77,600 shares (15.03% of the Offer)
Retail	18,12,000 shares (35.02% of the Offer)

Objects of the issue

1Funding 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

2Funding incremental working capital requirements; and32.68

3General corporate purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	145.43	116.32	67.12	31.97
Total Income	45.77	91.79	34.60	33.63
Profit After Tax	6.17	12.37	3.81	2.89
EBITDA	9.08	18.30	6.71	4.96
NET Worth	37.23	31.07	18.70	6.43
Reserves and Surplus	22.44	16.28	15.74	3.63
Total Borrowing	40.57	31.58	18.58	16.75

Key performance indicators

P/E Ratio

7.8

EPS (₹)

11.93

RoE

18.06%

RoCE

13.23%

RoNW

16.56%

PAT Margin

13.51%

EBITDA Margin

19.90%

Debt / Equity

1.09

NAV (₹)

25.18

✓ Strengths

• Profit after tax rose from Rs 3.81 crore in FY2025 to Rs 12.37 crore in FY2026, a rise of about 224.67%. It was Rs 6.17 crore in the three months to 30 June 2026.

• Total income rose from Rs 34.60 crore in FY2025 to Rs 91.79 crore in FY2026, a rise of about 165.29%. In the three months to 30 June 2026 it was Rs 45.77 crore.

• EBITDA rose from Rs 6.71 crore in FY2025 to Rs 18.30 crore in FY2026. The margin on total income went from about 19.39% to about 19.94%.

• Net worth rose from Rs 6.43 crore at 31 March 2024 to Rs 18.70 crore at 31 March 2025 and Rs 31.07 crore at 31 March 2026. It was Rs 37.23 crore at 30 June 2026.

• Return on equity is 18.06% and return on net worth is 16.56%, as given in the source. PAT margin is 13.51%.

• At the upper band of Rs 93 the P/E is 11.12 on pre-issue EPS of Rs 8.36, and the pre-issue market cap is Rs 137.54 crore.

• The company works across railway electrification, power transmission up to 220 kV, and water and wastewater treatment, and makes HT and LT electrical panels and compact substations in-house.

• The issue is fresh capital only, so all Rs 54.82 crore goes to the company. Rs 4.12 crore is for a property for a new manufacturing facility and corporate office, and Rs 32.68 crore is for working capital.

⚠ Risks

• The source shows a post-issue EPS of Rs 11.93 and a P/E of 7.8, but post-issue EPS is higher than the pre-issue EPS of Rs 8.36. That cannot be right for a fresh issue, so these two figures have been left out here.

• Growth is very recent. Total income grew only about 2.88% in FY2025, from Rs 33.63 crore to Rs 34.60 crore, then about 165.29% in FY2026. A jump of this size may not repeat.

• Borrowing keeps rising: Rs 18.58 crore at 31 March 2025, Rs 31.58 crore at 31 March 2026 and Rs 40.57 crore at 30 June 2026, against net worth of Rs 37.23 crore. Debt to equity is 1.09.

• Total assets rose from Rs 116.32 crore at 31 March 2026 to Rs 145.43 crore at 30 June 2026 in three months, which shows how fast the balance sheet is growing.

• Working capital takes Rs 32.68 crore, about 59.61% of the Rs 54.82 crore issue, while only Rs 4.12 crore goes to the property. The business needs a lot of cash to run its projects.

• Work comes from Indian Railways, public sector undertakings and infrastructure contractors. The source gives no customer break-up, so concentration and payment delays cannot be measured here.

• Of 462 people at 30 June 2026, 400 are floating labourers engaged for projects, so the business depends on contract labour.

• Promoters hold 82.09% before the issue and will hold 58.69% after it.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.12 lakh at the upper band of Rs 93, and SME shares usually trade in low volume after listing.

Promoters & holding

Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala

Pre-issue promoter holding

82.09%

Post-issue promoter holding

58.69%

Promoters hold 82.09% before the issue and will hold 58.69% after it.

Data refreshed 09 Nov 2026, 02:00 pm IST. GMP is unofficial market sentiment, not investment advice.