CORE4’s Rs 285.8315 crore order book spans three sectors

CORE4 Engineers Ltd has listed ongoing projects with total contract amounts of Rs 285.8315 crore across railway infrastructure, power transmission, and water and wastewater work. CORE4’s largest listed contract is the Rs 30.8586 crore Katakeri substation and transmission-line project dated September 9, 2026, representing about 10.8% of the disclosed total.

How large is CORE4’s order book?

CORE4’s order book is Rs 285.8315 crore across 72 listed ongoing projects, measured as total contract amounts in its project register. The register ranges from a Rs 19.63 lakh online continuous effluent monitoring system project at Periyapatna dated May 20, 2025, to the Rs 30.8586 crore Katakeri power-transmission project dated September 9, 2026.

The disclosed total is a contract-value measure rather than reported revenue or a stated unexecuted balance. CORE4 does not disclose, project by project, the work completed, amounts billed, amounts retained or cancellation status. Conversion of listed contract value into revenue therefore depends on execution, client approvals, supplies, site conditions, testing and contractual milestones.

The contract register also shows a change in project ticket sizes across periods. Six one-year railway overhead-equipment maintenance contracts dated February 2024 range from Rs 30.01 lakh to Rs 57.50 lakh each, while the Katakeri project alone is Rs 30.8586 crore. Overhead equipment, or OHE, is the electrical equipment above railway tracks that supplies power to trains.

Which sectors make up CORE4’s Rs 285.8315 crore order book?

CORE4’s Rs 285.8315 crore order book includes railway infrastructure and railway electrification, power-transmission work, and water and wastewater projects. Railway contracts include station electrical systems, coach-watering facilities, platform works, lifts, escalators, panels and OHE maintenance; water contracts include supply systems, sewage treatment plants and monitoring systems.

Railway projects appear throughout the register and have varied scopes and durations. CORE4 lists a Rs 16.9007 crore Nagercoil project dated May 13, 2026 for OHE and general electrical work, a Rs 14.6142 crore Hubballi contract dated December 27, 2024 for two years of traction-distribution maintenance, and a Rs 10.6165 crore Bengaluru coach-maintenance-facility project dated July 6, 2023. Different scopes and contract durations mean these values do not establish a common annual revenue rate.

Transmission work has fewer listed projects but includes larger contracts. The Katakeri project requires 2x12.5 megavolt-ampere, or MVA, 66/33 kilovolt substations, a 1x12.5 MVA 66/11 kilovolt substation and a 4.765-kilometre 66 kilovolt line. A Sampaje project dated March 24, 2026 has a stated value of Rs 20.8037 crore and includes a 33/11 kilovolt gas-insulated substation and 22 kilometres of 33 kilovolt overhead line.

What changed in CORE4’s recent project mix?

CORE4’s recent listed projects tilt toward larger water and transmission packages. The eight projects numbered 65 to 72, dated from May 21 to September 9, 2026, total Rs 103.4937 crore, or about 36.2% of the Rs 285.8315 crore contract register.

Seven of the eight recent projects are classified as water or wastewater work and total Rs 72.6351 crore. They include a Rs 15.8765 crore Karnataka water-supply, sewage-treatment-plant and water-treatment-plant package dated May 27, 2026; a Rs 15.4795 crore sequencing batch reactor, or SBR, sewage-treatment project dated May 21, 2026; and a Rs 9.3585 crore Aydar Dam intake-well, jack-well, pump-house and bank-protection project dated June 18, 2026.

The remaining recent project is the Rs 30.8586 crore Katakeri transmission contract. Its stated value makes it the largest individual project in the register, while the Rs 72.6351 crore water group exceeds its value by Rs 41.7765 crore. The register does not provide completion dates, margins or billing schedules for these projects, so it does not quantify the timing of their revenue recognition.

What must happen for CORE4 to turn orders into revenue?

CORE4 must complete procurement, technical approvals, production or site work, testing and contractual delivery milestones before contract values can be recognised through execution. The company states that it uses procurement on demand rather than long-term supply contracts, buying materials according to project schedules, approved bills of materials and client specifications.

For panel and compact-substation manufacturing, CORE4 prepares a bill of materials and drawings for client approval before procurement and production. Finished switchgear, bus-bar systems and enclosures undergo quality-control review and third-party inspection under a Quality Assurance Plan, or QAP; products with observations are returned for rectification before packing and dispatch. Dispatch is stated to be based on payment confirmation.

CORE4 prefers to seek quotations from at least three vendors and assesses delivery time, technical specifications and quality before purchase-order approval. It owns one truck for intra-state logistics and largely uses third-party logistics providers for other transport. This process makes vendor delivery, technical compliance, inspections and external transport relevant to projects located across Karnataka, Tamil Nadu, Odisha, Kerala, Jammu and Kashmir and other states.

How does CORE4’s completed-project record compare?

CORE4 has disclosed completed projects worth Rs 74.6761 crore, compared with Rs 285.8315 crore of total contract amounts in the ongoing-project register. The completed-project register contains 24 entries and covers work undertaken while the business operated as a partnership firm, according to a certificate from M/s. L U Krishnan & Co., Chartered Accountants dated February 21, 2026.

The completed list includes railway electrical work, coach-watering systems and Karnataka water schemes. Its largest listed project is a Rs 5.4987 crore Srirampura water-supply scheme completed in April 2025, while the Rs 5.4113 crore compact-substation project covering Puri, Khurda Road and Bhubaneswar was completed in April 2021. The ongoing register is about 3.8 times the completed-project value, but the measures differ because one records total ongoing contract amounts and the other historical completed work.

Conclusion

CORE4’s project register shows a Rs 285.8315 crore pipeline distributed across railway, transmission and water and wastewater work. Railway contracts provide the broadest set of projects, while the Rs 103.4937 crore group dated from May to September 2026 introduces higher-value water and transmission assignments into the execution mix.

The next disclosed milestones to watch are execution of the Rs 30.8586 crore Katakeri contract and the seven water projects worth Rs 72.6351 crore. CORE4’s procurement-on-demand model, client-drawing approvals, third-party quality inspection and reliance on third-party transport mean the conversion of contract values depends on materials, approvals, site work and milestone completion.