Coreintegra Consulting Services IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Coreintegra Consulting Services

Price band

₹74 – ₹78

Lot size

1600 shares

Min investment

₹1,24,800

Issue size

₹21.99 Cr

About the company

Core Integra Consulting Services Limited was started in 2009. It provides human resource solutions to other companies under one umbrella, covering staffing, payroll outsourcing, labour law compliance, HR advisory and vendor management. Its services fall into several groups. Compliance and advisory work covers labour law compliance, licences and registrations, policy drafting and assurance services, all of which help a client stay on the right side of regulation. HR services cover recruitment, staffing, payroll processing and just-in-time hiring. Vendor management covers handling the client's other suppliers of manpower. Alongside the people-led services it has built its own technology. Under HR Tech it runs the CoreX and Core Pay platforms, and under Reg Tech it runs Ctrl-F and Core-PFT, which digitise compliance work rather than doing it on paper. It has served more than 600 customers across more than 30 industries, spanning 23 states and 4 union territories, covering more than 1,500 client locations through a network of 7 branch offices.

Core Integra Consulting Services Limited provides integrated HR solutions covering staffing, payroll outsourcing, labour law compliance, HR advisory and vendor management, backed by its own CoreX, Core Pay, Ctrl-F and Core-PFT platforms. It serves over 600 customers across 30 industries and 1,500 client locations.

IPO details

Issue price: ₹78
Price band: ₹74 – ₹78
Face value: ₹10
Lot size: 1600
Min investment: ₹1,24,800
Issue size: ₹21.99 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: COREIN
NSE symbol: COREIN-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,24,800
Retail (Max)	1	1,600	₹1,24,800
HNI (Min)	2	3,200	₹2,49,600

Investor reservation

CATEGORY	RESERVED
QIB	2,67,200 shares (9.98% of the Offer)
NII	12,03,200 shares (44.95% of the Offer)
Retail	12,06,400 shares (45.07% of the Offer)

Objects of the issue

1Augmenting Leadership Team for the Company5.75

2Enhancing the visibility and awareness of the brand0.50

3Capital expenditure towards upgrading the existing IT infrastructure11.76

4General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	68.51	56.80	49.96
Total Income	516.30	404.39	368.44
Profit After Tax	4.51	3.46	4.94
EBITDA	6.01	4.20	5.81
NET Worth	27.41	22.89	19.43
Reserves and Surplus	19.74	22.88	19.42

Key performance indicators

P/E Ratio

18.14

EPS (₹)

4.30

✓ Strengths

• Sales have grown every year, from Rs 368.44 crore in FY2024 to Rs 404.39 crore in FY2025 and Rs 516.30 crore in FY2026.

• The customer base is wide and sticky, with more than 600 customers across more than 30 industries.

• Its reach is national, covering 23 states and 4 union territories and more than 1,500 client locations through 7 branch offices.

• Labour law compliance work tends to stay with the provider once handed over, because changing vendor means re-documenting years of filings.

• It has built its own technology platforms, CoreX and Core Pay for HR and Ctrl-F and Core-PFT for compliance, rather than only supplying people.

• Net worth has grown from Rs 19.43 crore in FY2024 to Rs 27.41 crore in FY2026.

• It has been in this business since 2009, which is a reasonable record in staffing.

• The whole issue is fresh capital.

⚠ Risks

• Profit is still below where it was two years ago. Profit after tax was Rs 4.94 crore in FY2024, fell to Rs 3.46 crore in FY2025 and recovered only to Rs 4.51 crore in FY2026.

• The margin is extremely thin. Profit of Rs 4.51 crore on income of Rs 516.30 crore is under 1%, because staffing revenue includes the salaries billed through to clients.

• The return ratios, PAT margin and total borrowing are not stated in the data available to us, so profitability per rupee of capital and the leverage cannot be checked from here.

• The issue is priced at about 18.14 times earnings on an EPS of Rs 4.30.

• Rs 5.75 crore of the Rs 21.99 crore issue goes towards augmenting the leadership team. That is salary cost, which recurs, rather than an asset.

• Staffing is a people business. Wage inflation feeds straight through, and clients renegotiate rates regularly.

• Promoter holding will come down from 93.04% to 68.03% after the issue.

• This is an SME issue. One lot is 1,600 shares, which is Rs 1.25 lakh at the upper band of Rs 78, and SME shares usually trade in low volume after listing.

Promoters & holding

Sriram Natarajan, Sangeetha Sriram and Gaurav Bali

Pre-issue promoter holding

93.04%

Post-issue promoter holding

68.03%

Data refreshed 07 Nov 2026, 04:53 pm IST. GMP is unofficial market sentiment, not investment advice.