Core4 Engineers Ltd IPO

Core4 Engineers Limited, incorporated in June 2014, is an Engineering, Procurement, Construction and Commissioning (EPCC) company providing infrastructure solutions across railway infrastructure, power transmission and distribution, and water and wastewater treatment. Its services cover design, engineering, procurement, construction, installation, testing, commissioning and maintenance. The company also develops automation and Supervisory Control and Data Acquisition (SCADA) systems and manufactures high-tension and low-tension electrical distribution panels. Its integrated capabilities support project execution across government organisations, public sector undertakings, utilities, infrastructure contractors and private enterprises in India. With in-house manufacturing, technical expertise and a multidisciplinary workforce, Core4 Engineers serves several critical infrastructure segments.

Core4 Engineers Limited IPO Overview

Core4 Engineers Limited is launching a bookbuilding IPO worth ₹54.82 crore, comprising a fresh issue of 58,94,400 equity shares. The subscription window opens on 23 October 2026 and closes on 27 October 2026. The price band is ₹88 to ₹93 per share, with a face value of ₹10 per share. Investors must bid for a minimum of 2,400 shares, equivalent to two lots, requiring ₹2,23,200 at the upper price band. The minimum application for small high-net-worth individual investors (S-HNI) is three lots, or 3,600 shares, amounting to ₹3,34,800. The IPO allotment is expected to be finalised on 28 October 2026, followed by refunds and demat credit on 29 October 2026. The shares are scheduled to list on the BSE SME platform on 30 October 2026. Socradamus Capital Pvt. Ltd. is the book-running lead manager, Purva Sharegistry (India) Pvt. Ltd. is the registrar, and Mansi Share & Stock Broking Pvt. Ltd. is the market maker.

Core4 Engineers Limited IPO Details

Particulars	Details
IPO Date	23 October 2026 to 27 October 2026
Listing Date	30 October 2026 (tentative)
Face Value	₹10 per share
Issue Price Band	₹88 to ₹93 per share
Lot Size	1,200 shares
Total Issue Size	58,94,400 shares (aggregating up to ₹54.82 crore)
Fresh Issue	58,94,400 shares (aggregating up to ₹54.82 crore)
Offer for Sale	Nil
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Shareholding Pre-Issue	1,47,88,845 shares
Shareholding Post-Issue	2,06,83,245 shares
Market Maker Portion	7,20,000 shares (aggregating up to ₹7 crore)
Net Issue to Public	51,74,400 shares (aggregating up to ₹48 crore)
Book-Running Lead Manager	Socradamus Capital Pvt. Ltd.
Registrar	Purva Sharegistry (India) Pvt. Ltd.
Market Maker	Mansi Share & Stock Broking Pvt. Ltd.

Core4 Engineers Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Core4 Engineers Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (Minimum)	2	2,400	₹2,23,200
Individual Investors (Maximum, within individual category)	2	2,400	₹2,23,200
S-HNI (Minimum)	3	3,600	₹3,34,800
S-HNI (Maximum)	8	9,600	₹8,92,800
B-HNI (Minimum)	9	10,800	₹10,04,400

Core4 Engineers Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	82.09%
Post-Issue	58.69%

Core4 Engineers Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹8.36 (pre-issue)
Price/Earnings (P/E) Ratio	11.12x (pre-issue)
Return on Net Worth (RoNW)	39.81%
Net Asset Value (NAV)	₹21.01 per share
Return on Equity (ROE)	49.70%
Return on Capital Employed (ROCE)	37.78%
EBITDA Margin	20.04%
PAT Margin	13.54%
Debt-to-Equity Ratio	1.02x

Objectives of the Proceeds

The company proposes to utilise the net proceeds from the IPO for the following purposes:

I. Capital expenditure:
₹4.12 crore: Acquire land and an existing building to establish and operate a new manufacturing facility and corporate office.

II. Working capital requirements:
₹40.48 crore: Fund incremental working capital needs arising from project execution and the company’s expanding infrastructure operations.

III. General corporate purposes:
Support general business requirements, operational flexibility and other eligible corporate needs, subject to the offer document.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	116.32	67.12	31.97
Revenue / Total Income	91.79	34.60	33.63
Profit After Tax	12.37	3.81	2.89
Reserves and Surplus	16.28	15.74	3.63
Total Borrowings	31.58	18.58	16.75

IPO Strengths

I. Integrated EPCC Capabilities.

II. Diversified Business Portfolio.

III. Experienced Project Workforce.

IV. Technical and Execution Capabilities.

V. In-House Manufacturing Capabilities.

VI. Presence Across Key Infrastructure Sectors.

Core4 Engineers Limited Peer Group Comparison

Company Name	EPS (Basic)	NAV (₹ per share)	P/E Ratio (x)	RoNW (%)	P/BV Ratio
Core4 Engineers Limited	₹8.36	₹21.01	–	39.81%	–
Peer Group
K2 Infragen Limited	₹10.53	₹71.05	3.97x	14.83%	0.58x