Core4 Engineers IPO Details: Key Dates, Price Band & Investment Overview

By Wealthova | Last Updated: October 21, 2026

Core4 Engineers Limited, an established player in the Indian infrastructure and engineering sector, is gearing up to make its primary market debut with an upcoming ₹54.82 Crore SME IPO. Operating as an integrated EPCC (Engineering, Procurement, Construction, and Commissioning) provider, the business focuses on executing complex projects across railway electrification, power transmission and distribution, water treatment, and automation. The company executes significant public and private infrastructure contracts, uniquely supported by its in-house manufacturing capabilities for high-quality HT and LT electrical panels in Karnataka. The subscription window for this book-built issue opens on October 23, 2026, and closes on October 27, 2026. The price band is set between ₹88 to ₹93 per equity share. The ₹54.82 Crore offering is structured entirely as a 100% Fresh Issue (58.94 Lakh shares), with absolutely no Offer for Sale (OFS) component. Retail investors must apply for a minimum of 2 lots (2,400 shares), requiring an investment of ₹2,23,200 at the upper price band. The company plans to utilize the fresh capital primarily to fund capital expenditure for a new manufacturing facility and corporate office, alongside meeting incremental working capital requirements and general corporate purposes. Set to list on the BSE SME platform, market participants are closely watching this execution-focused engineering enterprise as it rapidly scales its order book. 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!



Core4 Engineers IPO Details

Quick IPO Factsheet

Bidding Opens

October 23, 2026

Bidding Closes

October 27, 2026

Price Band

₹88 to ₹93

(Book Built)
Lot Size

1,200 Shares (Base)

(Min. 2 Lots / 2,400 Shares for Retail)
Total Issue Size

₹54.82 Cr

(58.94 Lakh Shares)
Fresh Issue Size

₹54.82 Cr

(100% Fresh Issue, No OFS)
Retail Category

35.00% Allocation

(Of the Net Offer)
Face Value

₹10 Base

Market Structure

SME (BSE SME)




Core4 Engineers IPO Timeline

IPO Open Date October 23, 2026
IPO Close Date October 27, 2026
Basis of Allotment October 28, 2026
Initiation of Refunds October 29, 2026
Credit to Demat Account October 29, 2026
BSE SME Listing Date October 30, 2026



Deep-Dive Corporate Profile: What Does Core4 Engineers Limited Do?

Core4 Engineers Limited is an integrated EPCC (Engineering, Procurement, Construction, and Commissioning) firm that provides comprehensive infrastructure solutions across critical public and private sectors. Headquartered in Mysuru, Karnataka, the company manages the full lifecycle of complex infrastructure projects from initial design and sourcing to final commissioning.

The company's core operations are defined by the following key divisions:

  • Railway & Power Infrastructure: The company executes large-scale turnkey contracts in railway electrification, railway infrastructure, and Extra High Tension (EHT) power transmission and distribution (up to 220 kV).
  • Water Treatment & Automation: The firm actively executes EPCC projects for municipal water and wastewater treatment systems, alongside deploying advanced PLC-based automation and SCADA monitoring systems for infrastructure networks.
  • In-House Panel Manufacturing: A major competitive advantage is its captive manufacturing facility in Karnataka. Core4 Engineers produces high-quality HT (High Tension) and LT (Low Tension) electrical panels—including PCC, MCC, and APFC automation panels—which directly feed its internal EPC sites to improve cost efficiency.
  • Stringent Quality Control: The company conducts rigorous CPRI-approved in-house testing for all its electrical products. This ensures compliance with statutory norms, eliminates reliance on external vendors, and actively protects their operating margins.


Why is the Company Raising Funds? (Objects of the Issue)

The ₹54.82 Crore Core4 Engineers IPO is structured entirely as a 100% Fresh Issue, meaning the company will directly receive all net proceeds with absolutely no secondary promoter stake sales (Offer for Sale).

Based on the official filings, these fresh funds will be strategically deployed to support their expanding infrastructure order book through the following primary objectives:

  • Incremental Working Capital (₹40.48 Crore): As an EPCC contractor handling large government and regional utility contracts, the company carries substantial working capital burdens until public project handovers clear. The vast majority of the fresh funds will aggressively finance these working capital requirements to ensure smooth, delay-free project execution.
  • Strategic Capital Expenditure (₹4.12 Crore): A dedicated tranche is earmarked for the direct acquisition of a property (comprising land and an existing building) to establish and operate a new, upgraded manufacturing unit and a centralized corporate office.
  • General Corporate Purposes: The remaining balance of the issue proceeds will be retained to fund ongoing business operations, pursue asset-based infrastructure development, and cover standard issue-related expenses.

💼 Incremental Working Capital 73.84%

₹40.48 Crore is deployed to fund ongoing operational requirements, supporting project execution across turnkey EPCC, railway electrification, and municipal infrastructure contracts.

🏗️ Capital Expenditure 7.52%

₹4.12 Crore is earmarked for property acquisition (land and existing building) to establish and operate an upgraded manufacturing unit and corporate headquarters.

🏛️ General Corporate & Issue Expenses 18.64%

₹10.22 Crore will be retained to cover standard issue-related costs, fulfill routine administrative needs, and support business development initiatives.



Company Financials

*All amounts are in ₹ Crores (Restated Standalone).
📅 Period Ended 📈 Total Income 💼 Net Worth 💰 PAT 🏦 Assets
FY 2024 ₹33.63 ₹6.43 ₹2.89 ₹31.97
FY 2025 ₹34.60 ₹18.70 ₹3.81 ₹67.12
FY 2026 ₹91.79 ₹31.07 ₹12.37 ₹116.32
Jun 30, 2026 ₹45.77 ₹37.23 ₹6.17 ₹145.43



Core4 Engineers IPO Key Performance Indicators (KPIs)

Financial KPI (Mar 31, 2026)* Value
Return on Equity (ROE) 49.70% (FY26)
Return on Capital Employed (ROCE) 37.78% (FY26)
Debt to Equity Ratio 1.02x (FY26)
Return on Net Worth (RoNW) 39.81% (FY26)
PAT Margin 13.54% (FY26)
EBITDA Margin 20.04% (FY26)
Earnings Per Share (EPS) ₹8.36 (Pre-IPO) | ₹11.93 (Post-IPO)
Price/Earning (P/E) Ratio 11.12x (Pre-IPO) | 7.80x (Post-IPO)
Net Asset Value (NAV) ₹21.01 (Per Share)
Price to Book (P/B) Value 4.43x (At Offer Price)
Market Cap at Offer Price ₹137.54 Cr (Pre-IPO) | ₹192.35 Cr (Post-IPO)



Promoters & Shareholding Pattern

Shareholder Category Pre-IPO Holding Post-IPO Holding
Promoter & Promoter Group 82.09% 58.69%
Public / Institutional / Others 17.91% 41.31%
💡
• Smart Market Insights

Core4 Engineers Limited enters the BSE SME market backed by its core founding promoters: Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus, and Anala. Prior to the IPO, the promoter group held a commanding 82.09% equity stake, reflecting strong operational conviction. Because the ₹54.82 Crore offering is structured entirely as a 100% Fresh Issue, there is absolutely no secondary dilution (Offer for Sale) by existing promoters. Post-issue, the promoter holding will adjust to a comfortable majority stake of 58.69%. By not offloading a single share, the founders ensure their continued alignment with minority shareholders while aggressively leveraging fresh public capital to bridge heavy working capital requirements and construct a new manufacturing facility.

Industry Peer Comparison

Company Name EPS (₹) P/E Ratio NAV (₹)
Core4 Engineers Limited 11.93 (Post-IPO) 7.80x (Post-IPO) 21.01
K2 Infragen Limited 9.16 4.95x 60.50



IPO Strengths & Key Risks

✓ Strengths
Captive Manufacturing Advantage: Core4 Engineers differentiates itself from standard civil contractors by maintaining an in-house manufacturing facility for high-quality HT and LT electrical panels in Karnataka. This captive supply chain protects their project margins and ensures strict quality control.
Exceptional Financial Trajectory: The company has demonstrated phenomenal top-line scaling. Total Income surged by an impressive 165% between FY25 and FY26 (reaching ₹91.79 Crore), while Profit After Tax (PAT) skyrocketed by 225% to ₹12.37 Crore in the same period, supported by strong execution.
High-Return Metrics: The business is exceptionally efficient at generating returns on its existing capital base. Pre-IPO, it boasts a staggering Return on Equity (ROE) of 49.70% and a Return on Capital Employed (ROCE) of 37.78% (FY26), indicating highly profitable core operations.
Sector Tailwinds & Strategic Execution: The company is deeply entrenched in railway electrification and EHT power transmission—sectors currently receiving massive structural investments from both state and central governments. The ₹40.48 Crore working capital infusion will allow them to aggressively bid for larger tenders.
✕ Key Risks
Severe Geographic Concentration: The company is highly dependent on a single geographic market. Historically, the vast majority of its order book and operational revenues have been derived strictly from projects awarded within the state of Karnataka. Any localized political or economic downturn could cripple their pipeline.
Extreme Revenue Concentration: The business relies heavily on a handful of key clients. An overwhelming majority of its revenue is generated from its Top 5 customers. The loss of even one major client, or failure to secure repeat orders from these specific entities, would instantly collapse its revenue trajectory.
Heavy Working Capital Intensity: Operating as an EPCC contractor requires immense upfront capital before milestone payments are cleared. The fact that roughly 74% of the IPO proceeds (₹40.48 Crore) is required just to fund working capital underscores the severe liquidity pressures inherent in their business model.
Bidding & Margin Compression Risk: Infrastructure and railway tenders operate on a highly competitive, L1 (lowest bidder) model. To sustain their aggressive growth rate, the company may be forced to bid at lower margins to win marquee projects against larger, well-capitalized engineering conglomerates.



💡

Smart Market Insights

Wealthova Verdict: SUBSCRIBE (FOR HIGH RISK APPETITE)

Core4 Engineers Limited enters the BSE SME platform as an established, integrated EPCC (Engineering, Procurement, Construction, and Commissioning) provider catering to critical infrastructure segments, including railway electrification, power transmission and distribution (up to 220 kV), and municipal water treatment automation. A major competitive advantage for the company is its captive manufacturing facility in Karnataka for HT and LT electrical panels (PCC, MCC, APFC), which directly feeds its EPC projects to protect operating margins and ensure CPRI-approved quality standards. Financially, the company has demonstrated explosive acceleration: Total Income surged by 165% from ₹34.60 Crore in FY25 to ₹91.79 Crore in FY26, while Profit After Tax (PAT) expanded 225% from ₹3.81 Crore to ₹12.37 Crore. This momentum carried into Q1 FY27 (period ended June 30, 2026), generating ₹45.77 Crore in Total Income and ₹6.17 Crore in PAT. The business operates with remarkable capital efficiency, evidenced by an FY26 EBITDA margin of 20.04%, a Return on Equity (ROE) of 49.70%, and ROCE of 37.78%.

The offering structure is notably clean and aligned with public shareholders. The ₹54.82 Crore issue is a 100% Fresh Issue (58.94 Lakh shares) with zero secondary promoter dilution (Offer for Sale), leaving the founding promoters with a comfortable 58.69% post-issue majority stake. Management is pragmatically deploying the capital where it matters most: ₹40.48 Crore (73.84%) is earmarked to fund incremental working capital requirements to eliminate project delivery bottlenecks, while ₹4.12 Crore funds capital expenditure for acquiring property to establish an expanded manufacturing unit and centralized corporate office. However, conservative investors must weigh genuine structural risks: the business exhibits significant geographic concentration within Karnataka and high customer concentration with its top 5 clients. Furthermore, the retail minimum application requires 2 lots (2,400 shares) amounting to ₹2,23,200, which is higher than typical 1-lot SME thresholds and may deter smaller retail participants.

From a valuation perspective, the pricing is set attractively to ensure market participation. At the upper band of ₹93 per share, Core4 Engineers commands a post-issue market capitalization of ₹192.35 Crore. Based on its verified performance, the issue trades at a Pre-IPO P/E of 11.12x and an appealing Post-IPO P/E of 7.80x, alongside a Price-to-Book (P/B) multiple of 4.43x on an NAV of ₹21.01. When evaluated against listed peers like K2 Infragen (which trades at 4.95x P/E but with lower return ratios), Core4 Engineers offers superior return metrics and the clear margin advantage of captive panel manufacturing. Given the explosive financial scaling, high ROE, and government tailwinds in railway electrification, the growth prospects outweigh the concentration risks. Therefore, we assign a SUBSCRIBE rating for investors with a high risk appetite seeking robust infrastructure exposure in the SME space.

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.



Core4 Engineers IPO Key Contacts & Advisors

Role / Entity Contact & Details
📋 IPO Registrar Purva Sharegistry India Private Limited
Website: purvashare.com
🏢 Company Contact Core4 Engineers Limited

Registered Office: Mathrushree No.12, 1st Floor, Near Ramana Maharshi Gyana Kendra, Next to New court, K Block, Kuvempunagar, Mysore, Karnataka 570023, India.

💼 Merchant Bankers Socradamus Capital Private Limited

*Acting as the sole Book Running Lead Manager to the issue.



Frequently Asked Questions (FAQs)

What are the opening and closing dates for the Core4 Engineers IPO?
The Core4 Engineers Limited IPO opens for public subscription on October 23, 2026, and officially closes on October 27, 2026. The basis of allotment will be finalized on October 28, 2026, with the official stock market listing scheduled on the BSE SME platform for October 30, 2026.
What is the minimum lot size and investment required for retail investors?
While the base lot size is 1,200 shares, retail investors are strictly required to apply for a minimum of 2 lots (2,400 shares). At the upper price band of ₹93 per share, the minimum retail investment required is ₹2,23,200. High Net Worth Individuals (HNI) must apply for a minimum of 3 lots (3,600 shares), amounting to ₹3,34,800.
How can I check the allotment status for the Core4 Engineers IPO?
You can check your Core4 Engineers IPO allotment status online starting October 28, 2026, using any of the following portals:
  1. Wealthova (Recommended): Check directly on the Wealthova IPO Allotment Status Hub using your PAN number or Application Number for real-time verification.
  2. Official Registrar Portal: Visit the official allotment page of Purva Sharegistry India Private Limited.
  3. Stock Exchange Portal: Verify directly on the official BSE IPO allotment status page.
Where will the Core4 Engineers IPO be listed?
Core4 Engineers Limited is an SME public issue, and its equity shares will list exclusively on the BSE SME platform on October 30, 2026.
What is the total issue size and price band for the IPO?
The total issue size is ₹54.82 Crore (58.94 lakh shares). It is structured entirely as a 100% Fresh Issue with absolutely no Offer for Sale (OFS) component. The shares are offered via a book-built price band set between ₹88 to ₹93 per equity share (Face Value: ₹10).
Who is the registrar and lead manager for this public issue?
Purva Sharegistry India Private Limited is acting as the official IPO Registrar. The sole Book Running Lead Manager for the offering is Socradamus Capital Private Limited.