Core Integra’s two customers accounted for 87% of FY26 revenue

Core Integra Consulting Services Limited derived 86.58% of Fiscal 2026 revenue from operations from its two largest customers. Customer 1 contributed Rs 273.1006 crore, or 53.01%, and Customer 2 contributed Rs 172.9532 crore, or 33.57%, out of total Fiscal 2026 revenue from operations of Rs 515.1478 crore.

Why is Core Integra dependent on two customers?

Core Integra’s customer base was broad by account count but concentrated by revenue in Fiscal 2026. Its two largest customers generated Rs 446.0538 crore of revenue from operations, leaving Rs 69.0940 crore, or 13.42%, for all other customers during the year ended March 31, 2026. The company said it served 385 customers in Fiscal 2026, compared with 374 in Fiscal 2025 and 288 in Fiscal 2024.

The concentration extended beyond the first two accounts. Core Integra’s top 10 customers generated Rs 475.7569 crore, or 92.35%, of Fiscal 2026 revenue from operations. Customers ranked three through 10 therefore contributed Rs 29.7031 crore, or 5.77%, while customers outside the top 10 contributed Rs 39.3909 crore, or 7.65%.

Core Integra’s disclosed revenue mix means that continued business from Customer 1 and Customer 2 was important to maintaining Fiscal 2026 revenue. Customer 1 had been associated with Core Integra for more than 10 years, while Customer 2 had been associated with the company for about four years. The company also said its top 10 Fiscal 2026 customers had each been associated with it for more than three years.

How did Core Integra’s customer concentration change in FY26?

Core Integra’s top-two customer concentration increased to 86.58% in Fiscal 2026 from 75.88% in Fiscal 2025. The increase was 10.70 percentage points, after the top two customers had accounted for 85.45% of revenue from operations in Fiscal 2024. Fiscal 2025 was therefore the lower-concentration year in the three-year period disclosed.

Customer 2 was the principal contributor to the Fiscal 2026 increase. Revenue from Customer 2 rose to Rs 172.9532 crore from Rs 87.8636 crore in Fiscal 2025, an increase of Rs 85.0896 crore, and its revenue share rose to 33.57% from 21.82%. Customer 1 revenue rose to Rs 273.1006 crore from Rs 217.6693 crore, although its revenue share declined from 54.06% to 53.01% as total revenue expanded.

Customer 3 moved in the opposite direction. Its revenue declined to Rs 6.8550 crore in Fiscal 2026 from Rs 41.3804 crore in Fiscal 2025 and Rs 96.0754 crore in Fiscal 2024. Customer 3’s share of revenue from operations consequently declined to 1.33% in Fiscal 2026 from 10.28% in Fiscal 2025 and 26.22% in Fiscal 2024.

The top 10 customers supplied 92.35% of Fiscal 2026 revenue from operations, compared with 91.33% in Fiscal 2025 and 93.01% in Fiscal 2024. Revenue from operations rose by Rs 112.5391 crore, to Rs 515.1478 crore in Fiscal 2026 from Rs 402.6087 crore in Fiscal 2025. Customer 2’s Rs 85.0896 crore increase represented a substantial part of that company-wide increase.

Does Core Integra’s service mix reduce customer concentration?

Core Integra’s service categories were also concentrated, with HR Services and Vendor Management Services contributing 95.33% of Fiscal 2026 revenue from operations. HR Services generated Rs 325.6730 crore, or 63.22%, while Vendor Management Services generated Rs 165.4025 crore, or 32.11%. The customer-level disclosure does not identify which services each major customer bought.

Compliance and Advisory generated Rs 19.0988 crore, or 3.71%, in Fiscal 2026. Reg Tech generated Rs 3.6453 crore, or 0.71%, and HR Tech Solutions generated Rs 65.83 lakh, or 0.13%. Reg Tech and HR Tech Solutions together therefore generated Rs 4.3036 crore, or 0.84%, of Fiscal 2026 revenue from operations.

Core Integra describes software-as-a-service, or SaaS, as a cloud-based delivery model that enables clients to access HR services on a subscription basis without maintaining heavy infrastructure. It operates four digital platforms: Ctrl-F for compliance management, Core X for human-resource processes, Core PFT for provident-fund trust operations, and Core Pay for vendor management. The reported segment revenue, however, shows that HR Services and Vendor Management Services remained the primary revenue categories in Fiscal 2026.

Industry revenue was concentrated in two sectors. Information technology and information technology-enabled services, or IT/ITES, generated Rs 284.9449 crore, or 55.31%, and infrastructure generated Rs 183.3570 crore, or 35.59%. Their combined 90.90% share was below the 89.99% recorded in Fiscal 2025, when IT/ITES accounted for 57.01% and infrastructure for 32.98%.

What supports Core Integra’s largest customer relationships?

Core Integra reported that all customers with contracts expiring during Fiscal 2026 either renewed or extended their contracts. The company stated that its average contract duration was one to three years and that it had multi-year contracts with many top customers. The Fiscal 2026 renewal outcome applies to contracts expiring in that year and does not quantify future renewals or extensions.

The company’s stated service model combines staffing, payroll outsourcing, labour-law compliance and technology platforms. It served more than 1,500 client locations across 23 states and four union territories during Fiscal 2024 to Fiscal 2026, supported by seven branch offices. Its ability to retain the Fiscal 2026 revenue mix depends on continued service requirements, contract renewals or extensions, and purchasing levels from its largest accounts.

Geographic revenue was also concentrated in Maharashtra. Maharashtra generated Rs 453.1757 crore, or 87.97%, of Fiscal 2026 revenue from operations, compared with Rs 378.9741 crore, or 94.13%, in Fiscal 2025. The Maharashtra share declined by 6.16 percentage points, while the state remained the largest disclosed geographic revenue source.

Core Integra’s top 10 customer relationships had each lasted more than three years, according to the company’s Fiscal 2026 disclosure. Customer 4 and Customer 5, which generated Rs 3.6065 crore and Rs 3.5573 crore respectively in Fiscal 2026, had each been associated with the company for about six years. Those amounts were materially below the Rs 273.1006 crore generated by Customer 1 and Rs 172.9532 crore generated by Customer 2.

Conclusion

Core Integra’s Fiscal 2026 revenue growth occurred alongside increased customer concentration. Revenue from operations rose to Rs 515.1478 crore in Fiscal 2026 from Rs 402.6087 crore in Fiscal 2025, but Customer 1 and Customer 2 supplied 86.58% of the Fiscal 2026 total, up from 75.88% a year earlier. The change reflected Customer 2’s expansion and Customer 3’s lower contribution rather than a wider distribution of revenue among the 385 customers served.

The disclosed developments to watch are Core Integra’s plan to enhance its existing platforms, develop a payroll engine and a compliance management tool, and shift its service portfolio toward higher-margin businesses. These plans may affect the revenue contribution of HR Services, Vendor Management Services, Compliance and Advisory, Reg Tech and HR Tech Solutions, but the company has not quantified future customer additions or stated whether Customer 1 and Customer 2 will form a smaller share of revenue.