Core4 Engineers

ClosedLists 30 Oct 2026BSE SMECheck allotment

GMP₹ 0(0%)

Expected listing₹ 93

Subscribed4.7x

as of 28 Oct 2026

GMP is unofficial and unregulated (not verified by SEBI, NSE or BSE) and does not predict the listing price. Do not apply on the basis of GMP.

Price band: ₹ 88 – 93
Issue size: ₹ 54.82 Cr.
Min. investment: ₹ 1,11,600
Listing date: 30 Oct 2026
Issue type: Fresh capital only
Lot size: 1,200 shares
P/E: 7.8
RoNW: 16.56%
RoCE: 13.23%
Debt / Equity: 1.09
PAT margin: 13.51%
EBITDA margin: 19.90%
RoE: 18.06%
EPS: ₹ 11.93
NAV: ₹ 25.18
Promoter stake: 58.69%

About

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.

Timeline

Opens
23 Oct
done
Closes
27 Oct
done
Allotment
28 Oct
done
Refunds
29 Oct
next
Demat credit
29 Oct
to come
Listing
30 Oct
to come

Subscription

How many times each investor group bid for its share, as of 27 Oct 2026, 07:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	1,200	₹ 1,11,600
Retail (Max)	1	1,200	₹ 1,11,600
HNI (Min)	2	2,400	₹ 2,23,200

Company overview

Financials

Financials by year

Assets	145.43	116.32	67.12	31.97
Total Income	45.77	91.79	34.6	33.63
Profit After Tax	6.17	12.37	3.81	2.89
EBITDA	9.08	18.3	6.71	4.96
NET Worth	37.23	31.07	18.7	6.43
Reserves and Surplus	22.44	16.28	15.74	3.63
Total Borrowing	40.57	31.58	18.58	16.75

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.

What the money is for

Objects of the issue

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
Funding incremental working capital requirements; and	32.68
General corporate purposes	—

Promoters

Agrahara Chamaraje Gowda Abhinandan
Hosahalli Appagigowda Savitha
Mahadevappa Tejus
Anala

Promoter holding82.09%→58.69%before → after the issue · down 23.4 points

Registrar, lead managers and documents

Listing on: BSE SME
Face value: ₹ 10 a share
Registrar: Purva Sharegistry (India) Private Limited
Lead managers: Socradamus Capital Pvt. Ltd.

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.