Core4 Engineers IPO
Updated 20 Oct 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,23,200
2 lots · 2,400 shares at the upper price band
Price band
₹88–93
Latest GMP
Not yet quoted
Est. listing price
—
Issue size
₹54.82 Cr
Allotment status
Allotment is due on 28 Oct 2026. Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised28 Oct 2026(upcoming)
- Refunds start29 Oct 2026(upcoming)
- Shares credited to demat29 Oct 2026(upcoming)
- Listing30 Oct 2026(upcoming)
GMP history
Each point is a recorded observation from the scheduled data sync.
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹88–93
- Issue size
- ₹54.82 Cr
- Lot size
- 1,200
- Opens
- 23 Oct 2026
- Closes
- 27 Oct 2026
- Allotment
- 28 Oct 2026
- Listing
- 30 Oct 2026
- Est. listing price
- —
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Minimum investment
- ₹2,23,200 (2 lots · 2,400 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital only
- Listing at
- BSE SME
- Refunds
- 29 Oct 2026
- Shares credited
- 29 Oct 2026
- Promoter holding
- 82.09% before · 58.69% after
- Lead managers
- Socradamus Capital Pvt.Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 20 Oct 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 23 to 27 Oct, 2026 |
|---|---|
| Listing Date | Fri, Oct 30, 2026 (tentative) |
| Face Value | ₹ 10 per share |
| Price Band | ₹88 to ₹93 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 58,94,400 shares (agg. up to ₹ 55 Cr) |
|---|---|
| Reserved for Market Maker | 7,20,000 shares (agg. up to ₹ 7 Cr) |
| Fresh Issue (Ex Market Maker) | 51,74,400 shares (agg. up to ₹ 48 Cr) |
| Net Offered to Public | 51,74,400 shares (agg. up to ₹ 48 Cr) |
| Share Holding Pre Issue | 1,47,88,845 shares |
| Share Holding Post Issue | 2,06,83,245 shares |
IPO Timetable (Tentative)
- IPO Open
- Fri, Oct 23, 2026
- IPO Close
- Tue, Oct 27, 2026
- Allotment
- Wed, Oct 28, 2026
- Refund
- Thu, Oct 29, 2026
- Credit of Shares
- Thu, Oct 29, 2026
- Listing
- Fri, Oct 30, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2,400 | ₹2,23,200 |
| Individual investors (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 |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
About Core4 Engineers Ltd.
Incorporated in 2022, Core4 Engineers Ltd. is an Engineering, Procurement, Construction and Commissioning (EPCC) company providing integrated infrastructure solutions across railway infrastructure, power transmission & distribution, and water & wastewater treatment sectors. The company undertakes end-to-end project execution, including design, engineering, procurement, erection, testing, commissioning, and operation & maintenance (O&M).
The company also operates an in-house manufacturing facility for High-Tension (HT) and Low-Tension (LT) electrical panels and compact substations, supporting both its EPC operations and third-party clients. Its subsidiary, Core4 Energy Ltd., contributes to product-based revenue through the manufacturing of electrical distribution and control panels.
Core4 Engineers Ltd. executes projects for Indian Railways, public sector undertakings, and infrastructure contractors, with capabilities in railway electrification, substation development, and water treatment systems. As of September 30, 2025, the company had a workforce of 433 personnel, including employees and project-based labour.
Business Verticals:
Railway Electrification (RE): Execution of 25 kV OHE systems, traction substations, and related infrastructure works on an EPCC basis.
Railway Infrastructure: Composite civil, electrical, and mechanical works for station redevelopment and modernization projects.
EHT Transmission & Distribution: Turnkey projects up to 220 kV, including substations, transformers, and distribution systems.
Water & Wastewater Treatment: EPCC solutions for WTP, STP, and ETP projects using technologies like MBBR and SBR.
Automation & SCADA Systems: PLC-based automation, monitoring, and control systems for infrastructure projects.
HT/LT Panel Manufacturing: Manufacturing and supply of electrical panels including PCC, MCC, APFC, and automation panels.
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 77.35 | 68.10 | 31.99 |
| Total Income | 47.31 | 34.60 | 33.63 |
| Profit After Tax | 6.05 | 3.81 | 2.89 |
| EBITDA | 8.81 | 6.82 | 5.07 |
| NET Worth | 24.75 | 18.70 | 6.43 |
| Reserves and Surplus | 21.80 | 15.74 | 3.63 |
| Total Borrowing | 22.07 | 18.58 | 16.75 |
| Amount in ₹ Crore |
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|---|---|---|---|---|---|---|---|
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| Technocraft Ventures Ltd. | Mainboard | ₹251.88 Cr | ₹212 | 14.73 | ₹311.15 | +46.77% | ₹499.50 |
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IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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; | 4.12 |
| 2 | Funding incremental working capital requirements; and | 32.68 |
| 3 | General corporate purposes | — |
| Total | 36.80 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
ROE
ROCE
RoNW
PAT Margin
EBITDA Margin
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 55.73% | 30.31% |
| ROCE | 43.17% | 23.98% |
| Debt/Equity | 0.89 | 0.99 |
| RoNW | 24.46% | 20.37% |
| PAT Margin | 12.86% | 11.15% |
| EBITDA Margin | 18.73% | 19.98% |
| NAV | 16.74 | 12.72 |
| P/B (x) | — | 7.31 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 2.58 | 5.85 |
| P/E (x) | 36.05 | 15.9 |
| Market Cap at Offer Price | ₹137.54 Cr. | ₹192.35 Cr. |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group82.09%
- Public17.91%
Post IPO
- Promoter and Promoter Group58.69%
- Public41.31%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 82.09% | 58.69% |
| Public | 17.91% | 41.31% |
| Total | 100% | 100% |
Company Promoters: Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala.
Core4 Engineers IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
Purva Sharegistry (India) Pvt.Ltd.
022-41343255
newissue@purvashare.com
IPO Lead Manager(s)
Socradamus Capital Pvt.Ltd.
Contact Details
Core4 Engineers Ltd. Address
Mathrushree No. 12,
1st Floor, Near Ramana Maharshi Gyana Kendra,
Next to New court, K Block, Kuvempunagar
Mysuru, Karnataka , 570023
0821 4507882
investor@core4grp.com
Core4 Engineers IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Core4 Engineers: common questions
Answered from this issue's own record.
