Core4 Engineers Ltd.
CORE4SME
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Overview
Core4 Engineers Limited is an EPCC contractor and electrical-infrastructure solutions provider operating across railway electrification and station infrastructure, water and wastewater treatment, extra-high-tension transmission & distribution, and automation/SCADA. The company also runs in-house manufacturing of HT/LT panels and compact substations, allowing it to bundle product supply with installation, testing and commissioning for infrastructure and utility projects.
- Opening Date
Oct 23, 2026
- Closing Date
Oct 27, 2026
- Listing Date
Oct 30, 2026
- IPO Type
SME
- IPO Status
Open
- Issue Size
54.82 Cr
- Fresh Issue
54.82 Cr
- Offer for Sale
0 Cr
- Price Band
₹88 - ₹93
- Lot Size
1200
IPO Timeline
Financials
Use of IPO funds
Key Performance Indicator
- P/E Ratio
11.12
- EPS
8.36
- ROE
18.06%
- ROCE
13.23%
- RONW
16.56%
- Debt to Equity Ratio
1.09
- PAT Margin
13.51%
- EBITDA Margin
19.9%
- P/B
3.69
Bull vs Bear
Bull case
- •
In-house panel manufacturing can cut delays and cost overruns, because a key project item is controlled internally instead of waiting on outside suppliers.
- •
In-house testing even when not required reduces failure and rework risk, protecting reputation and cash collections on long projects.
- •
Multiple verticals plus automation skills can help win integrated tenders, where clients prefer one contractor responsible from equipment to commissioning.
Bear case
- •
Revenue is now heavily tied to private customers and sub-contracting, so payment delays can force more borrowing and raise finance costs.
- •
Most revenue is concentrated in Karnataka, so any local policy, spending, or operational disruption can hit many projects at once.
- •
Receivables are large and some are over one year overdue, so cash can stay stuck even when profits look healthy.
