Core4 Engineers IPO Review: Key Details, Company Overview and Financials

The Core4 Engineers IPO is a book-built SME issue consisting entirely of a fresh issue of 58,94,400 equity shares of face value Rs 10 each, with no offer for sale. The issue opens on 23 October 2026 and closes on 27 October 2026, and the shares are proposed to list on the BSE SME platform. The allotment and listing dates were not available in the sources reviewed.

The price band, lot size, market maker and anchor date were not available in the sources reviewed, so the issue size in rupees and the minimum application amount cannot be stated yet. Not more than 50 percent of the net issue is for qualified institutional buyers, at least 35 percent for retail investors and at least 15 percent for non-institutional investors. The share count rises from 1,47,88,845 before the issue to 2,06,83,245 after it.

Socradamus Capital Pvt. Ltd. is the book-running lead manager for the Core4 Engineers issue, and Purva Sharegistry (India) Pvt. Ltd. is the registrar.

For detailed information on the company's business, financials, risk factors and the use of proceeds, investors should refer to the Core4 Engineers Red Herring Prospectus (RHP) before making an investment decision.

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Company Overview

Incorporated in 2022 and based in Mysuru, Core4 Engineers Limited is an EPCC company, meaning it handles engineering, procurement, construction and commissioning. Its verticals are railway electrification, railway infrastructure, extra high tension transmission and distribution up to 220 kV, water and wastewater treatment, automation and SCADA, and HT and LT panel manufacturing.

It has a subsidiary, Core4 Energy Ltd., and had 433 personnel, including project-based labour, as of 30 September 2025. Promoters Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala hold 82.09 percent before the issue and about 58.7 percent after it (computed).

Read on for the complete Core4 Engineers IPO details, including dates, issue structure, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	23 to 27 October 2026
Allotment and Listing Dates	Not announced in the sources reviewed
Face Value	Rs 10 per share
Price Band	Not announced in the sources reviewed
Lot Size	Not announced in the sources reviewed
Issue Type	Bookbuilding IPO (SME)
Sale Type	Fresh Issue only (no OFS)
Total Issue Size	58,94,400 shares (rupee value not available until the price band is set)
Quota (QIB / NII / Retail)	Not more than 50% / at least 15% / at least 35%
Shares Outstanding (pre and post issue)	1,47,88,845 and 2,06,83,245
Promoter Holding	82.09% pre-issue; about 58.7% post-issue (computed)
Listing Exchange	BSE SME
Lead Manager	Socradamus Capital
Registrar	Purva Sharegistry (India)
Market Maker	Not announced in the sources reviewed

(Compiled from the DRHP/RHP and market updates)

Industry Context

• Railway electrification and infrastructure are a priority for government spending, which creates a steady flow of tenders for small and mid-size EPC contractors.
• Power transmission and distribution projects, including extra high tension lines, are expanding as demand and renewable capacity grow.
• Water and wastewater treatment projects are funded by municipal and state programmes, but payments from government clients can be slow.
• EPC businesses are working capital heavy, because they fund materials and site costs before receiving payments, and margins depend on bidding and execution.
• Investors usually track the order book, receivable days, client concentration and bank guarantees rather than a single year's profit.

Business Strengths

Here are the key strengths investors evaluating the Core4 Engineers IPO should weigh:

• Profit has grown quickly: profit after tax rose from Rs 2.89 crore in FY24 to Rs 3.81 crore in FY25 and Rs 6.05 crore in the six months to September 2025.
• A diversified set of verticals across railways, power, water and panels, giving more than one source of orders.
• Healthy margins for an EPC firm, with an FY25 EBITDA margin of 19.98 percent and a PAT margin of 11.15 percent, and Rs 8.81 crore of EBITDA in the six months to September 2025.
• A net worth that rose from Rs 6.43 crore at March 2024 to Rs 24.75 crore at September 2025, and a plan to buy its own land and building for a new facility.

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Business Risks

Alongside these strengths, the Core4 Engineers issue also carries the following business risks:

• FY26 financials were not available in the sources reviewed, so the latest data is for the six months to September 2025 and the latest full year is unseen.
• Borrowings of Rs 22.07 crore are close to net worth of Rs 24.75 crore, a debt to equity of 0.89, and about Rs 32.68 crore of the proceeds is for working capital, which shows how capital hungry the model is.
• EBITDA margin slipped from 19.98 percent in FY25 to 18.73 percent in the six months to September 2025.
• The company is young (incorporated in 2022) and small, with 433 personnel including project-based labour, so a few large orders or delayed payments can swing results.
• Net worth and total assets jumped sharply between FY24 and FY25, and the reason should be checked in the RHP. Valuation cannot be judged until the price band is announced, and SME issues tend to be thinly traded after listing.

Financial Performance

The Core4 Engineers IPO follows rapid growth from a small base. Total income was Rs 33.63 crore in FY24, Rs 34.60 crore in FY25 and Rs 47.31 crore in the six months to September 2025, while profit after tax was Rs 2.89 crore, Rs 3.81 crore and Rs 6.05 crore. FY26 figures were not available in the sources reviewed.

Core4 Engineers Ltd. – Financials (Rs in Crore)

Particulars	6M to Sep 2025	Fiscal 2025	Fiscal 2024
Total Income	47.31	34.60	33.63
EBITDA	8.81	6.82	5.07
Profit After Tax (PAT)	6.05	3.81	2.89
Net Worth	24.75	18.70	6.43
Total Borrowings	22.07	18.58	16.75
Total Assets	77.35	68.10	31.99

Amounts in Rs Crore, restated consolidated figures compiled from published Core4 Engineers IPO disclosures and trackers. The six-month column is not comparable with full-year columns, and FY26 figures were not available in the sources reviewed.

Key Ratios and Metrics

The table below summarises the key ratios for the Core4 Engineers issue as of FY25, as published by trackers. Valuation ratios are not shown because the price band was not available in the sources reviewed.

These ratios offer a quick snapshot of the profitability and balance sheet behind the Core4 Engineers IPO.

KPI (FY25)	Value
Return on Equity (RoE)	30.31%
Return on Capital Employed (RoCE)	23.98%
Return on Net Worth (RoNW)	20.37%
EBITDA Margin	19.98%
PAT Margin	11.15%
Debt to Equity	0.99 (0.89 at Sep 2025)
Net Asset Value per Share	Rs 12.72 (Rs 16.74 at Sep 2025)
Earnings per Share (pre-issue, latest)	Rs 2.58
Price to Earnings and Market Cap	Not available until the price band is announced

Objects of the Offer

The company proposes to use the net proceeds from the Core4 Engineers IPO towards the following objects.

• Acquisition of land and building for a new manufacturing facility and corporate office (Rs 4.12 Cr)
• Incremental working capital requirements (Rs 32.68 Cr)
• General corporate purposes (amount not specified in the sources reviewed)

Because the whole issue is fresh, all proceeds go to the company, subject to issue expenses, and the object amounts should be confirmed in the RHP.

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Conclusion

Here is the bottom line on the Core4 Engineers IPO.

The Core4 Engineers issue offers exposure to a young, fast-growing EPCC company in railways, power and water with healthy margins and a clear use for fresh capital.

The cautions are the missing FY26 data, debt close to net worth, a working capital heavy model, a small and young business, and a valuation that is not yet known.

Overall, investors weighing the Core4 Engineers issue should wait for the price band, read the Red Herring Prospectus (RHP) for the order book and receivable days, and match the position size to their own risk profile, keeping SME liquidity in mind.

Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.

FAQs

When does the Core4 Engineers IPO open and close?

Ans. The Core4 Engineers IPO opens for subscription on 23 October 2026 and closes on 27 October 2026. Allotment and listing dates were not available in the sources reviewed, and the shares are proposed to list on the BSE SME platform.

What is the price band and minimum investment for the Core4 Engineers IPO?

Ans. The price band and lot size were not available in the sources reviewed. SME issues usually have a larger minimum application than mainboard issues, so check the final announcement before applying.

What does Core4 Engineers do?

Ans. Core4 Engineers is a Mysuru-based EPCC company working in railway electrification, railway infrastructure, extra high tension transmission and distribution, water and wastewater treatment, automation and SCADA, and HT and LT panels.

Is the Core4 Engineers IPO a fresh issue or an offer for sale?

Ans. It is a 100 percent fresh issue of 58,94,400 equity shares, so all proceeds go to the company, subject to issue expenses. Promoters hold 82.09 percent before the issue.

How will Core4 Engineers use the IPO money?

Ans. The company plans to use Rs 32.68 crore for incremental working capital and Rs 4.12 crore to buy land and a building for a new manufacturing facility and corporate office, with any balance for general corporate purposes.

How has Core4 Engineers performed financially?

Ans. Total income was Rs 33.63 crore in FY24 and Rs 34.60 crore in FY25, and profit after tax rose from Rs 2.89 crore to Rs 3.81 crore. In the six months to September 2025 income was Rs 47.31 crore and profit was Rs 6.05 crore.

Is the Core4 Engineers IPO expensive?

Ans. That cannot be answered until the price band is announced. Once it is, compare the upper band with the pre-issue earnings per share of Rs 2.58 and the net asset value of Rs 16.74, and note that FY26 earnings were not available in the sources reviewed.

What are the main risks in the Core4 Engineers IPO?

Ans. The main risks are missing FY26 data, debt close to net worth, a working capital heavy EPC model, slower payments from government clients, a young and small business, and thin trading in SME shares after listing.

Who are the lead manager and registrar for the Core4 Engineers IPO?

Ans. Socradamus Capital Pvt. Ltd. is the book-running lead manager and Purva Sharegistry (India) Pvt. Ltd. is the registrar, handling allotment and the credit of shares to successful applicants' demat accounts.

Is the Core4 Engineers IPO a good investment?

Ans. The Core4 Engineers issue offers fast growth and healthy margins in an infrastructure niche, but missing FY26 data, high borrowings and SME liquidity risk call for caution. Wait for the price band, read the prospectus, and size the position to your own risk appetite before applying.