Core4 Engineers IPO
Core4 Engineers IPO is a proposed BSE SME book-built issue comprising a Fresh Issue of up to 58,94,400 equity shares with a face value of ₹10 each. The company filed its Draft Red Herring Prospectus (DRHP) on March 29, 2026. The price band, issue size in
Core4 Engineers IPO Details
Core4 Engineers IPO dates have not yet been announced in the available Draft Red Herring Prospectus. The company proposes to issue up to 58,94,400 equity shares through a fresh issue, with the proceeds intended for capital expenditure, incremental working-capital requirements and general corporate purposes. The final issue price, subscription schedule, allotment date and listing date will be updated after the company publishes the relevant offer documents.
Core4 Engineers IPO Timeline (Tentative)
Core4 Engineers IPO is scheduled to open for subscription on October 23, 2026, and close on October 27, 2026. The basis of allotment is expected to be finalised on October 28, 2026. Refund initiation and credit of shares to successful applicants' Demat accounts are scheduled for October 29, 2026. The shares are tentatively scheduled to list on the BSE SME platform on October 30, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Oct 23, 2026 |
| IPO Close Date | Tue, Oct 27, 2026 |
| Basis of Allotment | Wed, Oct 28, 2026 |
| Initiation of Refunds | Thu, Oct 29, 2026 |
| Credit of Shares to Demat | Thu, Oct 29, 2026 |
| Listing Date | Fri, Oct 30, 2026 |
| Anchor Investor Bidding date | October 22, 2026 |
Core4 Engineers IPO Lot Size
The Core4 Engineers IPO lot size is 1,200 shares. Individual investors must apply for a minimum of 2 lots, or 2,400 shares, requiring an investment of ₹2,23,200 at the upper price band of ₹93 per share. Small HNI investors can apply for a minimum of 3 lots, while Big HNI investors must apply for at least 9 lots.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 2,23,200 |
| Retail (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 |
Core4 Engineers IPO Reservation
Core4 Engineers IPO is proposed as a 100% fresh issue of up to 58,94,400 equity shares. According to the DRHP, at least 5% of the issue is proposed to be allocated to the designated market maker. The final reservation percentages and share counts for Qualified Institutional Buyers, Non-Institutional Investors and Individual Investors will be updated from the final offer document.
Core4 Engineers IPO Subscription
Core4 Engineers IPO subscription status will be updated after the issue opens for bidding on October 23, 2026. Investors can track the demand from Qualified Institutional Buyers, Non-Institutional Investors and Individual Investors during the subscription period. The final subscription figures will be available after the issue closes on October 27, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Retail |
About Core4 Engineers
Core4 Engineers Limited is an engineering, procurement, construction and commissioning (EPCC) company incorporated in 2022. The company provides integrated infrastructure solutions across railway infrastructure, power transmission and distribution, and water and wastewater treatment. Its services cover the complete project lifecycle, including design, engineering, procurement, erection, testing, commissioning, and operation and maintenance.
The company operates an in-house manufacturing facility for high-tension (HT) and low-tension (LT) electrical panels and compact substations. These products support its own engineering projects as well as third-party customers. Its subsidiary, Core4 Energy Limited, contributes to product-based revenue through the manufacturing of electrical distribution and control panels. The company's business also includes automation and SCADA systems used in infrastructure projects.
Core4 Engineers undertakes projects for Indian Railways, public-sector undertakings and infrastructure contractors. Its railway business includes 25 kV overhead equipment systems, traction substations and related infrastructure works. The company also undertakes turnkey transmission and distribution projects, water treatment plants, sewage treatment plants and effluent treatment projects. As of September 30, 2025, the company had a workforce of 433 personnel, including employees and project-based labour.
Strengths
- Diversified EPCC capabilities across railway infrastructure, power transmission and distribution, and water and wastewater treatment.
- In-house manufacturing of HT/LT electrical panels and compact substations supports its engineering operations.
- Experience in railway electrification, traction substations and infrastructure development.
- Revenue and profitability growth reflected in the reported financial results for the six months ended September 30, 2025.
- Proposed investment in a new manufacturing facility and corporate office to support future operations.
Risks to Consider
- Revenue depends on the timely execution and completion of infrastructure projects.
- Project-based operations can create working-capital requirements and expose the company to delays in customer payments.
- Dependence on government entities, public-sector undertakings and infrastructure contractors may expose the business to changes in project awards and payment schedules.
- The company faces competition from other engineering and infrastructure service providers.
- Borrowings and project execution requirements may affect cash flows and financial performance.
- The final investment assessment should consider the IPO valuation and the company's ability to sustain its reported profitability.
Core4 Engineers Financials (₹ Cr)
Core4 Engineers reported total income of ₹33.63 crore in FY2024 and ₹34.60 crore in FY2025. Profit after tax increased from ₹2.89 crore in FY2024 to ₹3.81 crore in FY2025. For the six months ended September 30, 2025, the company reported total income of ₹47.31 crore and profit after tax of ₹6.05 crore. Total assets increased from ₹31.99 crore in FY2024 to ₹68.10 crore in FY2025 and ₹77.35 crore as of September 30, 2025.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 33.63 | 2.89 | 31.99 | 6.43 |
| FY2025 | 34.60 | 3.81 | 68.10 | 18.70 |
| Six months ended September 30, 2025 | 47.31 | 6.05 | 77.35 | 24.75 |
KPIs & Valuation
Core4 Engineers reported a return on equity of 30.31%, return on capital employed of 23.98% and return on net worth of 20.37% for FY2025. As of September 30, 2025, its reported return on equity was 55.73%, ROCE was 43.17% and RoNW was 24.46%. At the upper price band of ₹93, the reported post-IPO P/E is 15.90x, with an indicated post-IPO market capitalisation of ₹192.35 crore.
Objects of the Issue
Core4 Engineers IPO is a fresh issue of 58,94,400 equity shares, including the market maker reservation, aggregating up to approximately ₹54.82 crore. The company proposes to use the net proceeds primarily for acquiring land and an existing building for a new manufacturing facility and corporate office, meeting incremental working-capital requirements, and general corporate purposes. The company proposes to utilise the IPO proceeds for:
- Funding capital expenditure of ₹4.12 crore for acquiring a property comprising land and an existing building to establish and operate a new manufacturing facility and corporate office.
- Funding incremental working-capital requirements of ₹32.68 crore.
- General corporate purposes, subject to the final allocation disclosed in the offer documents.
Promoters, Lead Managers & Registrar
Core4 Engineers Limited is promoted by Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala. Socradamus Capital Private Limited is the book-running lead manager, while Purva Sharegistry (India) Private Limited is the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Purva Sharegistry (India) Private Limited |
|---|---|
| Phone | 022-41343255 |
| newissue@purvashare.com | |
| Website | https://www.purvashare.com/ |
Core4 Engineers IPO Review
Core4 Engineers operates in the infrastructure engineering sector and provides EPCC services across railway electrification, power transmission and distribution, water treatment, electrical panels and automation. Its combination of project-execution services and in-house manufacturing capabilities gives it exposure to several infrastructure-related industries. The company also serves Indian Railways, public-sector undertakings and infrastructure contractors.
The company's restated consolidated financials show total income of ₹33.63 crore in FY2024 and ₹34.60 crore in FY2025. Profit after tax increased from ₹2.89 crore in FY2024 to ₹3.81 crore in FY2025. For the six months ended September 30, 2025, total income reached ₹47.31 crore and profit after tax stood at ₹6.05 crore. These results indicate stronger reported performance during the first half of FY2026, although investors should examine the sustainability of earnings and the timing of project revenue recognition.
The proposed use of IPO proceeds includes ₹4.12 crore for a new manufacturing facility and corporate office and ₹32.68 crore for incremental working capital. These investments may support operational expansion and project execution. However, investors should consider working-capital needs, customer-payment cycles, project delays, borrowings and competition before making an investment decision. At the upper price band of ₹93, the reported post-IPO market capitalisation is ₹192.35 crore. Investors should review the final offer documents, valuation metrics and risk factors before deciding whether the IPO suits their investment objectives.
How to Apply
Core4 Engineers IPO applications can be made through the ASBA facility offered by participating banks or through supported stockbroker applications using UPI. The IPO is scheduled to open on October 23, 2026, and close on October 27, 2026. The minimum individual-investor application is 2 lots of 1,200 shares each, or 2,400 shares, requiring ₹2,23,200 at the upper price band of ₹93 per share.
Through UPI
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Log in to your stockbroker's app or website.
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Go to the IPO section.
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Select Core4 Engineers IPO.
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Enter the number of lots you want to apply for.
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Select the bid price. Individual investors can generally choose the cut-off option when available.
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Enter your valid UPI ID.
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Submit the IPO application.
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Open your UPI app when the mandate request arrives.
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Approve the mandate using your UPI PIN before the specified deadline.
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The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to Core4 Engineers' Draft Red Herring Prospectus (DRHP) for detailed information about the company's business, financial performance, risk factors, IPO structure and utilisation of issue proceeds. The final offer documents should be reviewed for the complete issue terms, reservation details and any updated financial information.
Last updated Oct 19, 2026.