Minerva Capital Research Solutions

Coreintegra Consulting Services

ListedListed 30 Sep 2026NSE SMENSE: COREIN-SMCheck allotment
Current price₹ 112.7+44.49% since issue
Listing day+0.13%
Issue price
₹ 78
Issue size
₹ 21.99 Cr.
Min. investment
₹ 1,24,800
Listing price
₹ 78.1
Subscribed
1.38x
Lot size
1,600 shares
P/E
18.14
EPS
₹ 4.30
Promoter stake
68.03%

About

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.

Timeline

  1. Opens
    23 Sep
    done
  2. Closes
    25 Sep
    done
  3. Allotment
    28 Sep
    done
  4. Refunds
    29 Sep
    done
  5. Demat credit
    29 Sep
    done
  6. Listing
    30 Sep
    done

Subscription

How many times each investor group bid for its share, as of 30 Sep 2026, 06:30 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)11,600₹ 1,24,800
Retail (Max)11,600₹ 1,24,800
HNI (Min)23,200₹ 2,49,600

Company overview

Financials

Financials by year
Assets68.5156.849.96
Total Income516.3404.39368.44
Profit After Tax4.513.464.94
EBITDA6.014.25.81
NET Worth27.4122.8919.43
Reserves and Surplus19.7422.8819.42

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.

What the money is for

Objects of the issue
Augmenting Leadership Team for the Company5.75
Enhancing the visibility and awareness of the brand0.5
Capital expenditure towards upgrading the existing IT infrastructure11.76
General Corporate Purposes—

Promoters

  • Sriram Natarajan
  • Sangeetha Sriram
  • Gaurav Bali
Promoter holding93.04%→68.03%before → after the issue · down 25.01 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Purva Sharegistry (India) Private Limited
Basis of allotment
Open

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