In progress
Valuation
Market Cap
₹192.35 Cr
P/E Ratio
11.12x
P/B Ratio
4.43x
Core4 Engineers IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Business Overview
Core4 Engineers Limited, based in Mysuru, is an Engineering, Procurement, Construction and Commissioning (EPCC) company delivering integrated infrastructure projects in railway electrification and infrastructure, EHT transmission and distribution, water and wastewater treatment, and SCADA and automation. Started in 2014 as a partnership firm and converted into a company in 2022, it covers design, engineering, procurement, erection, commissioning and O&M, and makes HT/LT panels and compact substations in-house. In FY26, revenue from operations was ₹91.34 Cr and PAT ₹12.37 Cr, with an order book of about ₹285.83 Cr and 40 projects in progress. Karnataka contributed 85.65% of FY26 revenue.
Lots & IPO Size
Core4 Engineers IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,23,200 |
| Ind (Max) | 2 | 2,400 | ₹2,23,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,34,800 |
| S-HNI (Max) | 8 | 9,600 | ₹8,92,800 |
| B-HNI (Min) | 9 | 10,800 | ₹10,04,400 |
Market Maker
₹7.20 L
Employee
₹0.00
Shareholder
₹0.00
Core4 Engineers IPO Size
Total
₹55 Cr
Fresh Issue
₹55 Cr
(0.59 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
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
Funding incremental working capital requirements
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company relies on private-sector customers for 67.66% of FY26 revenue (88.59% in Q1 FY27); slower private capex or delayed payments could hurt its cash flows and results.
Key Risk Factors
The company relies on private-sector customers for 67.66% of FY26 revenue (88.59% in Q1 FY27); slower private capex or delayed payments could hurt its cash flows and results.
Government and PSU customers gave 32.34% of FY26 revenue (69.66% in FY24), exposing the company to tendering, payment-delay and policy risks of public contracting.
Projects are concentrated in Karnataka (85.65% of FY26 revenue; 95.01% in Q1 FY27), exposing the company to regional regulatory and adverse local developments.
The order book may not reflect future results; projects, especially those won as lowest bidder, can be cancelled, modified or delayed, causing deviations from estimated income.
Water and wastewater projects were 67.65% of FY26 service revenue (87.07% in Q1 FY27); any slowdown in this sector could materially hurt the company's results.
The company depends on few customers: the top customer gave 42.31% and the top 5 gave 66.22% of FY26 revenue; losing any of them could hurt cash flows and results.
The company depends on construction materials from suppliers without long-term agreements; price increases or shortages could hurt its operations and results.
The company must furnish performance guarantees for its projects; failure to arrange them, or their invocation, could adversely affect its cash flows and financial condition.
Delays in completing current and future projects, and time overruns, could adversely affect the company's business prospects and results of operations.
The company has not maintained a separate bank account, in non-compliance with Section 42(6) of the Companies Act, 2013; adjudication is filed but penalties may follow.
Core4 Engineers IPO Details Live GMP
GMP
₹0
Est. Price
₹93
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 19 Oct | ₹0 (0%) | ₹93 |
Core4 Engineers IPO Peer Comparison
(Rs. in crores)
| Particulars | Core4 Engineers | K2 Infragen Limited |
|---|---|---|
| Revenue | 91.34 | 182.54 |
| PAT | 12.37 | 13.29 |
| EPS (₹) | 8.36 | 10.53 |
| NAV (₹) | 21.01 | 71.05 |
| RONW | 39.81% | 14.83% |
| EBITDA | 20.04% | 12.19% |
| PAT Mrgn | 13.54% | 7.28% |
| PE Ratio | 11.12 | 3.97 |
| Debt to Equity | 1.02 | 1.16 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of October 16, 2026 for Peers
Core4 Engineers IPO Financial Performance
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 45.65 | 91.34 | 34.16 | 33.45 |
| Profit | 6.17 | 12.37 | 3.81 | 2.89 |
| Net Worth | 37.23 | 31.07 | 18.70 | 6.43 |
| Borrowings | 40.57 | 31.58 | 18.58 | 16.75 |
| Assets | 145.43 | 116.32 | 67.12 | 31.97 |
| NAV (₹) | 25.18 | 21.01 | 12.64 | 4.40 |
| EPS (₹) | 4.17 | 8.36 | 2.59 | 1.97 |
Key Performance Indicators (KPIs)
Debt to Equity
1.02
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Core4 Engineers IPO Financial Statements
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 45.65 | 91.34 | 34.16 | 33.45 |
| Other Income | 0.12 | 0.45 | 0.44 | 0.18 |
| Total Income | 45.77 | 91.79 | 34.60 | 33.63 |
| Operating Expenses | 31.52 | 61.73 | 25.26 | 32.39 |
| Changes in Inventories | 2.77 | -0.08 | -4.31 | -7.85 |
| Employee Expense | 1.14 | 5.61 | 3.78 | 1.70 |
| Finance Costs | 1.13 | 3.07 | 2.22 | 1.54 |
| Depreciation | 0.01 | 0.06 | 0.05 | 0.07 |
| Other Expenses | 0.90 | 4.86 | 2.24 | 1.70 |
| Total Expenses | 37.48 | 75.25 | 29.24 | 29.54 |
| Profit Before Tax | 8.30 | 16.54 | 5.36 | 4.08 |
| Tax Expense | 2.13 | 4.18 | 1.55 | 1.20 |
| Profit After Tax | 6.17 | 12.37 | 3.81 | 2.89 |
| EPS — Basic (₹) | 4.17 | 8.36 | 2.59 | 1.97 |
| EPS — Diluted (₹) | 4.17 | 8.36 | 2.59 | 1.97 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 14.79 | 14.79 | 2.96 | 2.80 |
| Reserves & Surplus | 22.44 | 16.28 | 15.74 | 3.63 |
| Total Equity | 37.23 | 31.07 | 18.70 | 6.43 |
| Total Borrowings | 40.57 | 31.58 | 18.58 | 16.75 |
| Trade Payables | 16.77 | 16.45 | 6.83 | 3.95 |
| Other Current Liabilities | 17.65 | 18.63 | 17.68 | 3.27 |
| Short-term Provisions | 32.32 | 17.73 | 4.56 | 0.81 |
| Other Liabilities | 0.90 | 0.87 | 0.76 | 0.75 |
| Total Equity & Liab | 145.43 | 116.32 | 67.12 | 31.97 |
| Fixed Assets | 2.10 | 2.10 | 2.18 | 2.12 |
| Inventories | 11.72 | 14.49 | 14.41 | 10.10 |
| Other Current Assets | 20.43 | 14.21 | 5.85 | 6.67 |
| Trade Receivables | 101.54 | 75.45 | 36.19 | 7.59 |
| Cash & Bank Balances | 7.60 | 7.63 | 6.82 | 4.29 |
| Other Assets | 2.03 | 2.45 | 1.66 | 1.20 |
| Total Assets | 145.43 | 116.32 | 67.12 | 31.97 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | -8.32 | -10.81 | -8.59 | -13.36 |
| CF from Investing Activities | 0.11 | 0.07 | 0.32 | -1.82 |
| CF from Financing Activities | 8.09 | 10.84 | 8.55 | 12.12 |
| Net Change in Cash & Equivalents | -0.12 | 0.11 | 0.27 | -3.06 |
| Cash & Equivalents at End of Period | 0.27 | 0.39 | 0.28 | 0.01 |
Promoter Holding
Promoter
82.09%
Public
17.91%
Agrahara Chamaraje Gowda Abhinandan
49.97%
Hosahalli Appagigowda Savitha
29.75%
Mahadevappa Tejus
1.42%
Anala
0.95%
Management
Agrahara Chamaraje Gowda Abhinandan
Age: 36
MD
Remuneration
₹Up to ₹7.00 lakhs p.m. (₹0.84 Cr p.a.) + reimbursement of business expenses
Education
B.E.; M.Tech (Visvesvaraya Technological University)
Prior Experience
~11 yrs in EPC, railway infrastructure, SCADA/automation and T&D. Partner in the erstwhile firm 2014–22; also MD of subsidiary Core4 Energy.
Mahadevappa Tejus
Age: 34
WTD
Remuneration
₹Up to ₹5.00 lakhs p.m. (₹0.60 Cr p.a.) + reimbursement of business expenses
Education
B.E.; M.Tech (VTU); Diploma in Mechanical Engg. (Govt. of Karnataka)
Prior Experience
9+ yrs in project execution, procurement and construction. Project Manager at the erstwhile firm 2017–22.
Vinodkumar Siddappa
Age: NA
CFO
Remuneration
₹₹4.33 lakhs (₹0.04 Cr) salary paid in FY26; no contractual terms disclosed
Education
B.Com; M.Com (University of Mysore)
Prior Experience
3 yrs in finance and accounts. Office Manager since incorporation; promoted to CFO on Sep 8, 2025.
Hosahalli Appagigowda Savitha
Age: 56
Chairperson & ED
Remuneration
₹Nil – entitlement waived (Board resolution dated Feb 4, 2022)
Education
Second Year Pre-University (Karnataka PU Board)
Prior Experience
7+ yrs in administration and operations. Partner in the erstwhile firm 2019–22.
Registrar & Lead Managers
Registrar
Purva Share Registry
Lead Managers (1)
Company Details
Name: Core4 Engineers Limited
Address: Mathrushree No.12, 1st Floor, Near Ramana Maharshi Gyana Kendra, Next to New court, K Block, Kuvempunagar, Mysore – 570 023, Karnataka, India
Number: 0821 4507882
Email: investor@core4grp.com
Website: https://core4engineers.com
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Frequently Asked Questions (FAQs)
What is Core4 Engineers IPO?
Core4 Engineers IPO is a SME IPO having an issue size of
₹55 Crs.
Core4 Engineers IPO is priced at
₹88 - ₹93 per
share.
The
issue opens on 23 Oct 26
and
closes on 27 Oct 26.
When will Core4 Engineers IPO open?
Core4 Engineers IPO opens on
23 Oct 26 and closes on
27 Oct 26.
What is the GMP of Core4 Engineers IPO?
The estimated Grey Market Premium of Core4 Engineers IPO is
₹0 per share (0.00%).
What is the lot size of Core4 Engineers IPO?
The minimum lot size of Core4 Engineers IPO is
1200 shares & the minimum application amount
is
Rs.
111600.
When is the allotment of Core4 Engineers IPO?
The allotment date of Core4 Engineers IPO is
28 Oct 26.
What is the listing date of Core4 Engineers IPO?
The listing date of Core4 Engineers IPO is
30 Oct 26.
What is the subscription of Core4 Engineers IPO?
Core4 Engineers IPO is subscribed
-.
What is the price band of Core4 Engineers IPO?
Core4 Engineers IPO is priced at
₹88 - ₹93 per
share.
How to check allotment status of Core4 Engineers IPO?
Click the allotment link on Core4 Engineers IPO page of IPO360.
How to apply Core4 Engineers IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Core4 Engineers IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Core4 Engineers IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Core4 Engineers IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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