Coreintegra Consulting Services IPO Review: Key Details, Company Overview and Financials

The Coreintegra Consulting Services IPO is a bookbuilding issue of Rs 21.99 crore, comprising an entirely fresh issue of 28,19,200 equity shares, with no offer for sale component. The IPO will open for subscription on 23 September 2026 and close on 25 September 2026. The allotment is expected to be finalised on 28 September 2026, while the shares are proposed to list on the SME platform of NSE around 30 September 2026.

The Coreintegra Consulting IPO price band is set at Rs 74 to Rs 78 per share, with a lot size of 1,600 shares. Individual investors must apply for a minimum of 1,600 shares, requiring an investment of Rs 1,24,800 at the upper price band.

Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. is the book-running lead manager for the Coreintegra Consulting Services IPO, while Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue.

For detailed information on the company's business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Coreintegra Consulting Services IPO Red Herring Prospectus (RHP) before making an investment decision.

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Company Overview

Incorporated in April 2009 and converted to a public limited company in October 2024, Coreintegra Consulting Services Limited provides end-to-end workforce management by combining manpower staffing with proprietary technology platforms covering all aspects of the human resource value chain, including its CoreX and Core Pay software. Corporate clients pay the company recurring fees to handle back-office HR operations, including payroll processing, recruitment and complex labour law compliance across geographies.

The company's key strengths include technology platforms built in-house covering the HR value chain, deep domain expertise across industries, established long-term client relationships leading to recurring business, and a wide geographic presence with efficient labour law compliance capabilities. However, its top five customers contributed around 89.31 percent, 88.04 percent and 90.16 percent of revenue for the years ended 31 March 2026, 2025 and 2024 respectively, reflecting significant customer concentration typical of large-account staffing businesses.

Read on for the complete Coreintegra Consulting IPO details, including price band, lot size, listing timeline and the company's financial track record.

IPO Details

Particulars	Details
IPO Date	23 to 25 September 2026
Allotment	Mon, 28 September 2026
Listing Date	Wed, 30 September 2026 (tentative)
Face Value	Rs 10 per share
Price Band	Rs 74 to Rs 78
Lot Size	1,600 Shares
Issue Type	Bookbuilding IPO
Sale Type	Fresh Issue only (no OFS)
Total Issue Size	28,19,200 shares (agg. up to Rs 21.99 Cr)
Fresh Issue	28,19,200 shares (agg. up to Rs 21.99 Cr)
Offer for Sale	Nil
Investor Reservation	QIB: 50%; Retail: 35%; NII (HNI): 15% of the net offer
Listing Exchange	NSE SME

(Compiled from the RHP/DRHP and market updates)

Industry Context

• India's staffing and workforce management industry serves large corporates seeking to outsource recruitment, payroll processing and statutory labour law compliance across multiple states and jurisdictions.
• Technology-enabled staffing providers, offering proprietary software for payroll and compliance management alongside manpower deployment, can differentiate on service stickiness compared with pure manpower-only providers.
• Staffing companies typically operate on thin net margins relative to revenue, since a large share of billed revenue passes through as employee wages and statutory dues, with the company earning a service margin on top.
• Large corporate clients often concentrate their staffing and payroll outsourcing with a small number of trusted vendors, which can create high revenue concentration for individual staffing companies even as it supports recurring, long-term contracts.
• Labour law compliance complexity across India's states makes geographic reach and compliance expertise an important differentiator for workforce management providers serving pan-India corporate clients.

Business Strengths

Here are the key strengths investors evaluating the Coreintegra Consulting IPO should weigh:

• A key strength behind the Coreintegra Consulting IPO is the company's in-house technology platforms, CoreX and Core Pay, covering the human resource value chain, supporting service stickiness and recurring client revenue.
• Strong FY26 revenue growth, with total income up around 27.7 percent to Rs 516.30 crore and profit after tax up around 30.3 percent to Rs 4.51 crore.
• Established long-term client relationships leading to recurring business, along with wide geographic presence and labour law compliance capabilities across jurisdictions.
• The entire Coreintegra Consulting IPO is a fresh issue, with proceeds directed into the company rather than an exit for existing shareholders.

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Business Risks

Alongside these strengths, the Coreintegra Consulting IPO also carries the following business risks:

• The top five customers contributed around 89.31 percent, 88.04 percent and 90.16 percent of revenue in FY26, FY25 and FY24 respectively, representing extremely high customer concentration; the loss of even one major client could materially affect revenue.
• Profit margins are very thin relative to revenue scale, with FY26 PAT of Rs 4.51 crore on revenue of Rs 516.30 crore, a PAT margin of well under 1 percent, typical of large-scale staffing businesses where wages pass through as costs.
• There are certain outstanding legal proceedings involving the company, group company, promoters, directors and key management personnel that could adversely affect the business.
• As with any SME stock, Coreintegra Consulting Services shares may see limited post-listing liquidity and price volatility.

Financial Performance

The Coreintegra Consulting IPO comes after a period of steady revenue growth. The company's total income increased by around 27.7 percent to Rs 516.30 crore in FY26, while profit after tax rose by around 30.3 percent to Rs 4.51 crore, reflecting the thin-margin nature of the staffing business relative to its revenue scale.

Coreintegra Consulting Services Ltd. – Financials (Rs in Lakh)

Particulars	Fiscal 2026	Fiscal 2025
Total Income	51,630.00	40,439.00
Profit After Tax (PAT)	451.00	346.00
PAT Margin (%)	0.87% (computed)	0.86% (computed)

Amounts in Rs Lakh unless stated otherwise, compiled from published Coreintegra Consulting Services IPO financial disclosures. PAT margin figures are computed from disclosed absolute figures. EBITDA, net worth and total borrowings were not separately available in the sources used for this review; investors should refer to the RHP for the complete restated financial statements.

Key Ratios and Metrics

The table below summarises the key ratios and metrics relevant to the Coreintegra Consulting IPO as of the latest reported period.

These ratios offer a quick snapshot of how the Coreintegra Consulting IPO is priced relative to the company's profitability and net worth.

KPI (Mar 31, 2026)	Value
PAT Margin (FY26)	0.87%
Revenue Growth (FY25 to FY26)	~27.7%
PAT Growth (FY25 to FY26)	~30.3%
Top 5 Customer Revenue Concentration (FY26)	~89.31%

Objects of the Offer

As the Coreintegra Consulting Services IPO is entirely a fresh issue, the company will receive the full net proceeds, though the detailed, itemised objects of the issue were not separately available in the sources used for this review.

• Funding working capital and business growth requirements
• General corporate purposes

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Conclusion

Here is the bottom line on the Coreintegra Consulting IPO.

The Coreintegra Consulting IPO reflects a technology-enabled workforce management company with in-house HR software platforms, established recurring client relationships, and steady FY26 revenue growth, entirely funded through a fresh issue.

However, extremely high customer concentration among the top five clients, very thin profit margins typical of the staffing industry, outstanding legal proceedings, and typical SME liquidity risk are factors that could affect the investment case for the Coreintegra Consulting IPO.

Overall, investors weighing the Coreintegra Consulting IPO should evaluate the company's business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.

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

What are the Coreintegra Consulting IPO dates, and when will it list?

Ans. The Coreintegra Consulting Services IPO opens for subscription on 23 September 2026 and closes on 25 September 2026. The allotment is expected to be finalised on 28 September 2026, and the shares are tentatively scheduled to list on the SME platform of NSE around 30 September 2026.

What is the price band and minimum investment for the Coreintegra Consulting IPO?

Ans. The price band for the Coreintegra Consulting Services IPO is set at Rs 74 to Rs 78 per equity share, with a lot size of 1,600 shares. Individual investors must apply for a minimum of one lot, or 1,600 shares, requiring an investment of Rs 1,24,800 at the upper price band.

What does Coreintegra Consulting Services Limited actually do?

Ans. Coreintegra Consulting Services provides end-to-end workforce management by combining manpower staffing with proprietary technology platforms, CoreX and Core Pay, covering the human resource value chain. Corporate clients pay the company recurring fees to handle back-office HR operations, including payroll processing, recruitment and labour law compliance across multiple jurisdictions.

Is the Coreintegra Consulting IPO a fresh issue or does it include an offer for sale?

Ans. The entire Rs 21.99 crore Coreintegra Consulting Services IPO is structured as a fresh issue of 28,19,200 equity shares, with no offer for sale component. This means, subject to issue expenses, all of the proceeds raised will flow into the company rather than providing an exit for existing shareholders.

Why does Coreintegra Consulting Services have such thin profit margins?

Ans. Coreintegra Consulting reported FY26 total income of Rs 516.30 crore but profit after tax of only Rs 4.51 crore, a PAT margin of well under 1 percent. This is typical of large-scale staffing and workforce management businesses, where a substantial share of billed revenue passes through directly as employee wages and statutory dues to the client's deployed workforce, with the company earning a comparatively thin service margin on top of these pass-through costs.

What is the biggest risk highlighted for the Coreintegra Consulting IPO?

Ans. The most significant risk is extremely high customer concentration: the top five customers contributed around 89.31 percent, 88.04 percent and 90.16 percent of revenue in FY26, FY25 and FY24 respectively. This means the loss, reduction or renegotiation of business from even one or two of these major clients could have a material adverse effect on the company's revenue and profitability, and the RHP also discloses certain outstanding legal proceedings involving the company, group company, promoters, directors and key management personnel that investors should review.

Who are the lead manager and registrar for the Coreintegra Consulting IPO?

Ans. Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. is the book-running lead manager for the Coreintegra Consulting Services IPO, responsible for structuring and managing the offer process. Purva Sharegistry (India) Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants' demat accounts.

Is the Coreintegra Consulting IPO a good investment?

Ans. Coreintegra Consulting offers exposure to a technology-enabled staffing and workforce management business with steady revenue growth and in-house HR software platforms, which may interest investors comfortable with the SME staffing sector. However, extremely high customer concentration and very thin profit margins are significant risk factors that call for careful evaluation. As always, investors should study the RHP in detail and assess their own risk appetite before applying.