By Wealthova | Last Updated: September 20, 2026
Coreintegra Consulting Services Limited, an established player in the regulatory technology (RegTech) and human resources management sector, is gearing up to make its primary market debut with an upcoming ₹21.99 Crore SME IPO. Operating as a premier provider of tech-driven HR and compliance solutions, the company focuses on delivering recruitment, staffing, payroll processing, and labor law advisory services through its proprietary platforms like CoreX, Core Pay, Ctrl-F, and Core-PFT. Operating a highly scalable and diverse B2B business model, Coreintegra provides critical vendor management and just-in-time hiring services, backed by growing demand across 30+ industries and an expansive footprint spanning over 600 clients nationwide. The subscription window for this book-built issue opens on September 23, 2026, and closes on September 25, 2026. The price band is set between ₹74 to ₹78 per equity share. The ₹21.99 Crore offering consists entirely of a Fresh Issue of 28.19 lakh shares, with absolutely no Offer for Sale (OFS) component. The company plans to utilize the fresh capital primarily to fund IT infrastructure upgrades, augment its leadership team, enhance brand visibility, and for general corporate purposes. Set to list on the NSE SME platform, market participants are closely watching this visible, technology-driven enterprise, backed by a massive FY26 total revenue of ₹516.30 Crore and a net profit of ₹4.51 Crore. Below, we break down the financial health, industry risk factors, and our honest Smart Market Insights to help you decide if you should subscribe to this issue!
September 23, 2026
September 25, 2026
₹74 to ₹78
(Book Built)1,600 Shares
(Min. 2 Lots for Retail)₹21.99 Cr
(28.19 Lakh Shares)₹21.99 Cr
(Entirely Fresh Issue)45.07% Allocation
₹10 Base
SME (NSE SME)
Incorporated in 2009, Coreintegra Consulting Services Limited is a highly specialized, technology-driven enterprise operating at the intersection of Human Resources (HR) and Regulatory Technology (RegTech). The company provides an end-to-end suite of B2B workforce management solutions designed to help modern enterprises streamline their recruitment, payroll, and complex labor law compliance.
Rather than functioning as a traditional staffing agency, Coreintegra leverages its powerful in-house proprietary software platforms to digitize and automate the entire human resource value chain. Its robust service and product portfolio is segmented into two core technological verticals:
By effectively marrying deep domain expertise with scalable software, Coreintegra has successfully built an asset-light, recurring-revenue business model that allows clients to outsource their entire HR and compliance burden.
The Coreintegra Consulting Services IPO is an NSE SME offering comprising entirely of a Fresh Issue of ₹21.99 Crore (28.19 lakh shares). The promoters are not diluting any of their shares via an Offer for Sale (OFS), meaning 100% of the net proceeds will be injected directly into the company to fuel the following strategic growth objectives:
₹11.76 Crore is allocated to upgrade existing IT infrastructure, enhance cloud capabilities, and develop new RegTech software features for its proprietary platforms like CoreX and Ctrl-F.
₹5.75 Crore will be deployed to attract, hire, and retain top-tier executive talent and domain experts to lead the company's next phase of aggressive B2B enterprise scaling.
₹0.50 Crore is earmarked for targeted digital branding, advertising, and corporate marketing campaigns aimed at securing larger institutional clients.
The balance of approximately ₹3.98 Crore is reserved for meeting standard public issue expenses and funding ongoing day-to-day corporate contingencies.
| 📅 Period Ended | 📈 Total Income | 💼 Net Worth | 💰 PAT | 🏦 Assets |
|---|---|---|---|---|
| FY 2024 | ₹368.44 | ₹19.43 | ₹4.94 | ₹49.96 |
| FY 2025 | ₹404.39 | ₹22.89 | ₹3.46 | ₹56.80 |
| FY 2026 | ₹516.30 | ₹27.41 | ₹4.51 | ₹68.51 |
| Financial KPI (FY26)* | Value |
|---|---|
| Return on Equity (ROE) | 17.94% (FY26) |
| Return on Capital Employed (ROCE) | 20.19% (FY26) |
| EBITDA Margin | 1.17% (FY26) |
| PAT Margin | 0.87% (FY26) |
| Earnings Per Share (EPS) | ₹5.88 (Pre-IPO) | ₹4.30 (Post-IPO) |
| Price/Earning (P/E) Ratio | 13.27x (Pre-IPO) | 18.14x (Post-IPO) |
| Net Asset Value (NAV) | ₹35.74 (Pre-IPO) |
| Price to Book (P/B) | 2.18x (At Upper Band) |
| Shareholder Category | Pre-IPO Holding | Post-IPO Holding |
|---|---|---|
| Promoter & Promoter Group | 93.04% | 68.03% |
| Public / Institutional / Others | 6.96% | 31.97% |
Coreintegra Consulting Services Limited enters the public market backed by its founding promoters: Sriram Natarajan, Sangeetha Sriram, and Gaurav Bali. Prior to the IPO, the promoters collectively held a dominant 93.04% equity stake, with the remaining 6.96% held by public/other shareholders. The ₹21.99 Crore issue is entirely a fresh equity dilution with absolutely no Offer for Sale (OFS). Post-issue, the promoter holding will adjust to a comfortable majority stake of 68.03%, ensuring strong alignment with minority shareholders. The fresh capital is strategically directed toward upgrading its proprietary IT infrastructure (CoreX, Ctrl-F) and expanding its leadership team to aggressively scale its B2B enterprise client base.
| Company Name | EPS (₹) | P/E Ratio (Post-IPO) | RoNW (%) |
|---|---|---|---|
| Coreintegra Consulting Services Ltd (IPO) | 4.30 | 18.14x | 17.94% |
| Quess Corp Limited | 14.85 | 23.06x | 19.05% |
| Team Lease Services Limited | 83.30 | 14.74x | 13.55% |
Coreintegra Consulting Services Limited enters the NSE SME market as a fast-growing, technology-enabled HR and RegTech service provider. Powered by its proprietary software ecosystems—specifically CoreX and Ctrl-F—the company has successfully scaled its B2B vendor management, payroll, and compliance operations across 30+ sectors. This aggressive scaling is evident in its financials, with the company generating a massive ₹516.30 Crore in Total Income for FY26. A standout fundamental strength is its pristine balance sheet: Coreintegra operates with virtually zero debt (Debt-to-Equity of 0.05x) while delivering a healthy Return on Equity (ROE) of 17.94% and ROCE of 20.19%. Furthermore, the ₹21.99 Crore IPO is 100% a Fresh Issue with zero promoter exit (OFS), ensuring that public capital is injected directly into upgrading IT infrastructure and driving future enterprise growth.
However, an objective, institutional-grade evaluation highlights the inherent constraints of the staffing and HR solutions business model. Because it is a volume-driven operation reliant on massive workforce deployment, the company operates on microscopic profitability buffers. In FY26, Coreintegra reported an EBITDA margin of just 1.17% and a net profit (PAT) margin of 0.87%. With such razor-thin margins, any slight delays in corporate receivable cycles, unexpected regulatory compliance costs, or minor wage escalations could immediately pressure free cash flows. The company will need to successfully leverage its tech platforms (SaaS components) to expand these margins post-listing.
On the valuation front, the management has priced the issue sensibly and left money on the table for investors. At the upper band of ₹78, the stock demands a post-issue Price-to-Earnings (P/E) multiple of 18.14x. This places Coreintegra precisely in the sweet spot between its larger listed peers—trading slightly above TeamLease Services (14.74x P/E) but at a noticeable discount to Quess Corp (23.06x P/E). Given the asset-light nature of the business, an asking Price-to-Book (P/B) of 2.18x against a pre-IPO NAV of ₹35.74 is highly reasonable. Considering the complete lack of OFS overhang, strong top-line momentum, and fair peer-aligned valuation, we assign a SUBSCRIBE rating. This issue is well-suited for SME investors seeking exposure to the tech-enabled B2B services sector.
Disclaimer: The information provided above is for educational and informational purposes only and does not constitute financial advice. Initial Public Offerings (IPOs) carry market risks, and equity investments are subject to broader market fluctuations. Wealthova is not a SEBI-registered investment advisor. Always consult with a certified financial planner and conduct your own due diligence before locking up capital in any public issue.
| Role / Entity | Contact & Details |
|---|---|
| 📋 IPO Registrar |
Purva Sharegistry (India) Pvt.Ltd.
Phone: 022-41343255
Email: newissue@purvashare.com
Website: purvashare.com
|
| 🏢 Company Contact |
Coreintegra Consulting Services Ltd.
Vinmar House, A-41 MIDC Road No 2, Marol, Andheri (East), Mumbai, Maharashtra, 400093
Phone: 022-69034100
|
| 💼 Merchant Bankers |
Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
Book Running Lead Manager |