Core4 Engineers IPO
Core4 Engineers shares listed on BSE SME on 30 October 2026 after an IPO priced at ₹88 to ₹93, an issue of ₹54.82 crore.
- Minimum investment
- ₹2,23,2002 lots of 1,200 shares, at the upper price
- Price band
- ₹88 to ₹93
- Lot size
- 1,200 sharesApply for 2 lots minimum
- Issue size
- ₹54.82 croreFresh issue only
- Bidding
- 23 Oct to 27 Oct
- Listing
- 30 OctBSE SME
Dates
Core4 Engineers IPO dates
RHP cover page; allotment and listing dates from BSE notice 20261029-32- 22 OctAnchor bidding
- 23 OctBidding opens
- 27 OctBidding closes, UPI by 5 pm
- 28 OctAllotment
- 29 OctRefunds and demat credit (expected)
- 30 OctListing
- Today6 Nov
Listed on BSE SME on 30 Oct 2026 (BSE quote page). Allotment, refund and demat dates are our estimate from SEBI's T+3 timeline.
Read before you apply
Core4 Engineers IPO review: read before you apply
Worth checking
- SeriousCustomers owe more than a year's revenue
Trade receivables were ₹101.54 crore in June 2026, against FY26 revenue of ₹91.34 crore. In March 2024 they were ₹7.59 crore. Receivable days were 223 in FY26 (KPIs).
- SeriousCash from operations is negative every year
Operating cash flow was negative in FY24, FY25, FY26 and April to June 2026, so profits are not turning into cash. ₹40.48 crore of the IPO money goes to working capital.
- A few customers, one state
The top 10 customers gave 93.90% of revenue and Karnataka gave 95.01% in April to June 2026. The largest customer alone gave 42.31% in FY26 (Risk factors 3 and 6).
- Compliance lapses
Money from 2024 to 2025 private placements was not kept in a separate bank account as Section 42(6) of the Companies Act requires, and a consolidated annual filing for FY24 was not made. The company has applied to regularise the first (Risk factor 10).
- Auditor qualification for FY24
The previous auditor qualified the FY24 accounts because business was still run through the old partnership firm after it became a company in 2022, and that firm was not dissolved (Risk factor 21).
- Debt is rising
Borrowings rose from ₹16.75 crore in FY24 to ₹40.57 crore in June 2026, including ₹2.26 crore of unsecured loans from promoters and directors.
Strengths
- Revenue nearly tripled in FY26
Revenue grew from ₹34.16 crore in FY25 to ₹91.34 crore in FY26, and was ₹45.65 crore in April to June 2026 alone.
- Profit grew with it
Profit after tax rose from ₹3.81 crore in FY25 to ₹12.37 crore in FY26, with an EBITDA margin of about 20%.
- More projects done
The company executed 42 projects in FY26, up from 15 in FY25.
- In-house panel manufacturing
It makes its own high and low tension electrical panels and compact substations, which it uses in its EPC work.
What Core4 Engineers does
Core4 Engineers designs, builds and commissions infrastructure projects: railway electrification and signalling works, power distribution, and water and wastewater treatment plants. It also does SCADA and automation, and makes electrical panels and compact substations in its own unit.
It is based in Karnataka, where almost all its work is, and was a partnership firm before becoming a company in 2022. The promoters are Agrahara Chamaraje Gowda Abhinandan and Hosahalli Appagigowda Savitha.
Listing and subscription
Core4 Engineers IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹93
- Listing price
- ₹74.4
- Gain at open
- −20.0%
- Day close
- ₹78.12
Subscription
The final category-wise numbers from BSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Core4 Engineers IPO price band, lot size and issue size
RHP cover page and The Issue. Issue size in rupees is our calculation at the upper price.| Price band | ₹88 to ₹93 |
| Lot size | 1,200 shares, minimum 2 lots (2,400 shares) |
| Issue size | ₹54.82 crore at the upper price, 58,94,400 shares |
| Fresh issue | ₹54.82 crore |
| Face value | ₹10 per share |
| Market maker | 7,20,000 shares (₹6.70 crore at the upper price) for Mansi Share and Stock Broking Private Limited |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
Shares are of the net issue after the market maker portion. QIBs get at most 50%, non-institutional investors at least 15% and individual investors at least 35%.
What the company will do with the money
RHP, Objects of the Issue (p. 114)| Object of the issue | ₹ crore |
|---|---|
| Buy land and a building for a new manufacturing unit and office | 4.12 |
| Working capital | 40.48 |
| General corporate purposes (up to 15% of the issue or ₹10 crore, whichever is lower) |
Minimum and maximum investment
Our calculation: at ₹93 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 2,400 | ₹2,23,200 |
| Small NII (min) | 3 | 3,600 | ₹3,34,800 |
| Small NII (max) | 8 | 9,600 | ₹8,92,800 |
| Big NII (min) | 9 | 10,800 | ₹10,04,400 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Information and Basis for Issue PriceSet to the upper end of the band, ₹93. Change it to see what you would be paying for.
- Market cap
- ₹192 cr
- P/E (FY26)
- 11.1x
- Price to book
- 5.2x
- Market cap to sales
- 2.1x
- Peer average P/E
- 3.97x
Based on FY26 EPS of ₹8.36, 2.07 crore shares, net worth of ₹37.23 crore (June 2026) and revenue of ₹91.34 crore. Shares used are those after the IPO (our calculation from the RHP share counts).
Financials
Core4 Engineers financials
RHP, Restated Financial Information, ₹ croreRevenue and money owed by customers
Revenue grew 65.2% a year from FY24 to FY26 (our calculation), most of it in FY26.
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 33.45 | 34.16+2.1% | 91.34+167.4% | 45.65 |
| EBITDA | 4.96 | 6.71 | 18.30 | 9.08 |
| Profit after tax | 2.89 | 3.81+31.8% | 12.37+224.7% | 6.17 |
| EPS (₹) | 1.97 | 2.59 | 8.36 | 4.17 |
| Net worth | 6.43 | 18.70 | 31.07 | 37.23 |
| Borrowings | 16.75 | 18.58 | 31.58 | 40.57 |
| Trade receivables | 7.59 | 36.19 | 75.45 | 101.54 |
| Cash from operations | -13.36 | -8.59 | -10.81 | -8.32 |
Q1 FY27 is April to June 2026 and is not annualised. Borrowings add long and short term amounts (our calculation). Figures converted from ₹ lakhs.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue PriceThe RHP names one listed peer. P/E for Core4 depends on the final price.
| Company | Diluted EPS (₹) | P/E | RoNW | NAV per share (₹) |
|---|---|---|---|---|
| Core4 Engineers | 8.36 | At issue price | 49.70% | 21.01 |
| K2 Infragen | 10.53 | 3.97x | 14.83% | 71.05 |
The RHP lists one listed peer, K2 Infragen, at a P/E of 3.97x (RHP, Basis for Issue Price). One peer is a thin comparison.
Key performance indicatorsProjects executed, Receivable days, Working capital cycle (days) and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Projects executed | 16 | 15 | 42 | 9 |
| Receivable days | 53 | 234 | 223 | 174 |
| Working capital cycle (days) | 100 | 353 | 240 | 165 |
| Debt to equity | 2.60 | 0.99 | 1.02 | 1.09 |
| Return on equity | 57.81% | 30.31% | 49.70% | 18.06% |
Q1 FY27 return on equity is for three months only.
RHP, Basis for Issue Price (KPIs)
Company
About Core4 Engineers
Business
RHP, Risk Factors 1 and 3The customer mix has swung towards private companies: 30.34% of revenue in FY24, 67.66% in FY26 and 88.59% in April to June 2026. Private customers can carry more payment risk than government bodies, as the RHP notes.
Revenue by customer type, April to June 2026
- Projects executed, FY26
- 42
- Revenue from Karnataka
- 95.01%
- Top 10 customers
- 93.90%
- Receivable days, FY26
- 223
Key risks
RHP, Risk Factors (p. 31)- Private customer exposure88.59% of April to June 2026 revenue came from private customers.
- One state95.01% of April to June 2026 revenue came from Karnataka.
- Few customersThe top 10 customers gave 93.90% of revenue in April to June 2026.
- Section 42(6) lapsePrivate placement money was not kept in a separate bank account.
- Negative cash flowCash from operations was negative in every period shown.
- Auditor qualificationThe previous auditor qualified the FY24 accounts.
- Promoter loansUnsecured loans from promoters and directors can be recalled at any time.
- Property purchaseThe land and building deal is not complete and could be delayed.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingWith no offer for sale, nobody is selling shares.
Promoters Agrahara Chamaraje Gowda Abhinandan and Hosahalli Appagigowda Savitha own 79.72% before the IPO. With no offer for sale, nobody is selling shares.
| Shareholder | Shares | Before IPO |
|---|---|---|
| Agrahara Chamaraje Gowda Abhinandan (promoter) | 73,90,000 | 49.97% |
| Hosahalli Appagigowda Savitha (promoter) | 44,00,000 | 29.75% |
| Samir Arvind Thakker | 13,31,000 | 9.00% |
| Aparna Samir Thakker | 5,29,000 | 3.58% |
| Mahadevappa Tejus | 2,10,000 | 1.42% |
| Dhawal Arvind Thakker | 1,50,000 | 1.01% |
RHP, Capital Structure
IndustryIndia railway EPC market FY25: ₹30,400 crore
- India railway EPC market FY25
- ₹30,400 crore
- Railway EPC expected by FY30
- ₹50,500 crore (10.7% a year)
- India metro EPC market FY25
- About ₹23,500 crore (from ₹15,000 crore in FY19)
The report gives railway EPC in ₹ thousand crore; ₹ crore is our conversion.
Ken Research report in the RHP, commissioned and paid for by the company (p. 151 to 152)
LitigationAgainst the company: tax and civil: 9 · By the company: civil: 2 · Against the promoters: tax: 7
| Type | Cases | Amount |
|---|---|---|
| Against the company: tax and civil | 9 | ₹0.71 crore |
| By the company: civil | 2 | ₹18.58 crore |
| Against the promoters: tax | 7 | ₹0.52 crore |
| Against directors: tax | 6 | ₹0.22 crore |
The two cases filed by the company seek ₹18.58 crore, which is money it says it is owed.
RHP, Risk Factor 30 and Outstanding Litigation (p. 333)
Company detailsLegal name, registered office, CIN and website
| Legal name | Core4 Engineers Limited |
| Incorporated | 2022, on conversion of the partnership firm Core4 Engineers |
| Promoters | Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha |
| Market maker | Mansi Share and Stock Broking Private Limited |
| CIN | U45309KA2022PLC157463 |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Core4 Engineers IPO allotment status
Out from 28 Oct 2026- Open the registrar's pagePurva Sharegistry (India) Private Limited is the registrar. Open its allotment page.
- Select Core4 Engineers LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Core4 Engineers IPO FAQs
When does the Core4 Engineers IPO open and close?
The Core4 Engineers IPO opens on Friday, 23 October 2026 and closes on Tuesday, 27 October 2026. Anchor bidding is on 22 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Core4 Engineers IPO price band and lot size?
The price band is ₹88 to ₹93 per share. The lot size is 1,200 shares, so the minimum application is 2,400 shares, or ₹2,23,200 at the upper price.
What is the Core4 Engineers IPO size?
The Core4 Engineers IPO is of ₹54.82 crore at the upper end of the price band. It is a fresh issue only.
What is the Core4 Engineers IPO allotment date?
Allotment is on Wednesday, 28 October 2026. Refunds and demat credit are expected on 29 October 2026.
What is the Core4 Engineers IPO listing date?
Core4 Engineers shares are due to list on BSE SME on Friday, 30 October 2026.
Who is the registrar of the Core4 Engineers IPO?
Purva Sharegistry (India) Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Core4 Engineers do?
Core4 Engineers is a Karnataka-based EPC company working on railway, power distribution and water treatment projects, with its own electrical panel manufacturing.
Is the Core4 Engineers IPO a fresh issue?
Yes. All 58,94,400 shares are new, so the money goes to the company. There is no offer for sale.
What will Core4 Engineers do with the IPO money?
₹40.48 crore for working capital, ₹4.12 crore to buy land and a building, and the rest for general corporate purposes.
Where will Core4 Engineers shares list?
On the BSE SME platform. Mansi Share and Stock Broking is the market maker.
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