Core4 Engineers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 5.10×
- Big non-institutionalbNII · above ₹10 lakh
- 16.12×
- Small non-institutionalsNII · ₹2–10 lakh
- 4.52×
- Retail individualRII · up to ₹2 lakh
- 2.70×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 7,77,600 | 95,30,400 | ₹88.63 Cr | 12.26× |
| Big non-institutionalwithin NII | 5,18,400 | 83,58,000 | ₹77.73 Cr | 16.12× |
| Small non-institutionalwithin NII | 2,59,200 | 11,72,400 | ₹10.90 Cr | 4.52× |
| Total | 36,30,000 | 1,97,31,600 | ₹184 Cr | 5.44× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 27 Oct, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 23 Oct 2026 – 27 Oct 2026
- Listing date
- 30 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹88 – ₹93
- Issue price
- ₹93 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹54.82 Cr
- Fresh issue
- ₹48.12 Cr 51,74,400 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹192 Cr
- Promoter holding
- 82.09% → 58.69% pre-issue → post-issue
- ISIN
- INE1RY601016
- CIN
- U45309KA2022PLC157463
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- Mathrushree No. 12, 1st Floor, Near Ramana Maharshi Gyana Kendra, Next to New court, K Block, Kuvempunagar, Mysore – 570 023, Karnataka, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,40,400 | 28.66% | 23.92% |
| Anchor investor · within QIB | 15,44,400 | — | 35.50% |
| NII (HNI) | 7,77,600 | 21.42% | 17.88% |
| bNII > ₹10L · within NII | 5,18,400 | — | 11.92% |
| sNII < ₹10L · within NII | 2,59,200 | — | 5.96% |
| Retail (RII) | 18,12,000 | 49.92% | 41.66% |
| Employee | 0 | — | 0.00% |
| Market maker | 7,20,000 | — | 16.55% |
| Total issue | 43,50,000 | — | 100.00% |
Net offer to the public of 36,30,000 shares, out of a total issue of 43,50,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹93
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,11,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,23,200 |
| S-HNI (max) | 8 | 9,600 | ₹8,92,800 |
| B-HNI (min) | 9 | 10,800 | ₹10,04,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.36 | 11.93 |
| P/E (×) | 11.12 | 7.80 |
| Price to book (×) | 4.43 | — |
| Market cap | — | ₹192 Cr |
Key performance indicators
- Return on net worth
- 39.81%
- ROCE
- 39.00%
- Debt / equity
- 1.02
- PAT margin
- 13.54%
- EBITDA margin
- 20.04%
- NAV per share
- ₹21.01
- Price to book
- 4.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 91.79 | 34.6 | 33.63 |
| Revenue from operations | 91.34 | 34.16 | 33.45 |
| Other income | 0.45 | 0.44 | 0.18 |
| Total expenses | 75.25 | 29.24 | 29.54 |
| Operating profit | 16.54 | 5.36 | 4.09 |
| Operating margin | 18.02% | 15.49% | 12.16% |
| Profit before tax | 16.54 | 5.36 | 4.08 |
| Profit after tax | 12.37 | 3.81 | 2.89 |
| PAT margin | 13.48% | 11.01% | 8.59% |
| Balance sheet | |||
| Total assets | 116.32 | 67.12 | 31.97 |
| Current assets | 113.11 | 64.42 | 29.77 |
| Current liabilities | 82.13 | 45.93 | 23.49 |
| Total liabilities | 85.26 | 48.42 | 25.53 |
| Net worth | 31.07 | 18.7 | 6.43 |
| Current ratio | 1.38× | 1.40× | 1.27× |
| Return on equity | 39.81% | 20.37% | 44.95% |
| Cash flow | |||
| Operating cash flow | -10.81 | -8.59 | -13.36 |
| Investing cash flow | 0.07 | 0.32 | -1.82 |
| Financing cash flow | 10.84 | 8.55 | 12.12 |
| Net cash flow | 0.11 | 0.27 | -3.06 |
Objects of the issue
1 Funding Capital Expenditure for Acquisition of Property (Manufacturing Facility and Corporate Office) ₹4.12 Cr
The company intends to utilize a portion of the Net Proceeds towards acquiring a property comprising land and an existing industrial building at Hebbal, Mysore, to establish an integrated manufacturing facility and corporate office, transitioning from rented premises to a self-owned facility.
2 Funding Incremental Working Capital Requirements ₹40.48 Cr
The company proposes to utilize a portion of the Net Proceeds in Fiscal 2027 to meet incremental working capital requirements, including margin money for bank guarantees and letters of credit, procurement of raw materials, and supporting timely execution of EPCC projects.
3 General Corporate Purposes —
The company intends to deploy the balance Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding growth opportunities, strategic initiatives, brand building, administration, insurance, marketing, repairs, maintenance, and payment of taxes, subject to applicable regulatory limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Core4 Engineers
Core4 Engineers Limited, headquartered in Mysore, Karnataka, is an engineering, procurement and construction (EPC) company. It was originally formed as the partnership firm 'Core4 Engineers' under a partnership deed dated June 06, 2014, and registered with the Registrar of Firms, Mysore, on July 11, 2014. It was converted into Core4 Engineers Private Limited on February 03, 2022, and into a public limited company, Core4 Engineers Limited, with a fresh certificate of incorporation dated April 23, 2025. The company operates in four service lines: Water and Wastewater Treatment EPCC, Railway Electrification & Infrastructure, Extra High Tension (EHT) Transmission and Distribution Systems, and Automation and SCADA Systems. Its revenue from operations is described as revenue from Engineering, Procurement and Contracts. For the period ended June 30, 2026, the company reported revenue from operations of ₹4,565.18 lakhs, with 88.59% from the private sector and 11.41% from government. Its standalone order book stood at ₹28,583.15 lakhs as on the RHP date. Karnataka accounted for 95.01% of revenue from operations for the period ended June 30, 2026. The company has one wholly owned subsidiary, Core4 Energy Private Limited, and two joint ventures.
Management
Agrahara Chamaraje Gowda Abhinandan
MD
Vinodkumar Siddappa
CFO
Hosahalli Appagigowda Savitha
CEO
Strengths
As stated in the offer document
Wide Operational Reach and Multi-Disciplinary Execution Capability
The company operates across Railway Electrification, EHV Transmission & Distribution, Water & Wastewater EPCC, SCADA & Automation, and in-house HT/LT panel manufacturing, with an order book of approximately ₹28,583.15 Lakhs spanning 13+ states across India.
Cost Efficiency Through In-House Panel Manufacturing
The company operates an in-house manufacturing facility in Karnataka producing HT/LT electrical panels, where approximately 20% of total project value is attributable to electrical panels, enabling reduced vendor dependency, improved margin control, and in-house warranty support.
In-House Testing and Quality Assurance
The company voluntarily conducts all eight CPRI-certified type tests per IEC 61439-1 and IEC 61439-2 standards — even when not contractually required — positioning it among select regional manufacturers with full-spectrum in-house testing capabilities certified by CPRI, Bengaluru.
Innovation and Adoption of Advanced Technologies
The company proactively integrates IoT-based monitoring, SCADA systems, and advanced automation tools across design, engineering, and execution functions, contributing to reduced project timelines, improved energy efficiency, and enhanced safety standards.
Experienced and Qualified In-House Execution Team Backed by Promoters and Senior Management Expertise
The company is led by promoters with 7–11 years of domain experience across EPC, railway infrastructure, SCADA/automation, T&D, procurement, and governance, supported by independent directors with 9–34 years of sectoral expertise in finance, urban infrastructure, and water supply.
Risk factors
As stated in the offer document
High Concentration of Revenue from Private-Sector Customers and Rising Trade Receivables
The company derives 88.59% of its revenue from private-sector customers as of June 30, 2026, exposing it to counterparty credit risk and payment defaults. Trade receivables stood at ₹10,154.46 lakhs as of June 30, 2026, with receivables outstanding for more than one year amounting to ₹1,526.51 lakhs, potentially straining working capital and liquidity.
Geographic Concentration Risk in Karnataka
The company derives 95.01% of its revenue from Karnataka as of the period ended June 30, 2026, making it highly vulnerable to adverse regional developments, policy changes, or economic slowdowns in that state. Any reduction in infrastructure spending or disruption in Karnataka could materially impact order inflows, revenues, and profitability.
Sector Concentration in Water and Wastewater Treatment Projects
The company's revenue from water and wastewater treatment projects surged to 87.07% of service revenue for the period ended June 30, 2026, up from 21.79% in Fiscal 2024, creating significant sectoral concentration risk. Any slowdown, policy change, or funding reduction in this sector could disproportionately affect the company's revenues, profitability, and cash flows.
Customer Concentration Risk
The top 5 customers accounted for 85.49% of revenue from operations for the period ended June 30, 2026, and the top customer alone contributed 31.57%. Loss of any key customer or reduction in business from them could materially and adversely affect the company's financial condition and results of operations.
Persistent Negative Operating Cash Flows
The company has reported negative cash flows from operating activities across all reported periods: ₹(832.09) lakhs for June 30, 2026, ₹(1,080.65) lakhs for Fiscal 2026, ₹(859.48) lakhs for Fiscal 2025, and ₹(1,335.72) lakhs for Fiscal 2024. Sustained negative operating cash flows could impair the company's ability to meet working capital requirements, service debt, and execute growth plans.
Order Book Reliability and Risk of Project Cancellation or Delay
The company's standalone order book stands at ₹28,583.15 lakhs, but projects may be cancelled, modified, or delayed due to factors beyond its control, including funding constraints, regulatory issues, and force majeure events. Two instances of pre-termination of government contracts have already occurred, with arbitration claims of ₹1,703.97 lakhs and ₹154.46 lakhs pending resolution.
Company Analysis
from RHPCore4 Engineers Limited is an EPC contractor spanning water and wastewater treatment, railway electrification, EHT transmission and distribution, and SCADA and automation systems.
Core4 Engineers Limited, headquartered in Mysore, Karnataka, is an engineering, procurement and construction (EPC) company. It was originally formed as the partnership firm 'Core4 Engineers' under a partnership deed dated June 06, 2014, and registered with the Registrar of Firms, Mysore, on July 11, 2014. It was converted into Core4 Engineers Private Limited on February 03, 2022, and into a public limited company, Core4 Engineers Limited, with a fresh certificate of incorporation dated April 23, 2025. The company operates in four service lines: Water and Wastewater Treatment EPCC, Railway Electrification & Infrastructure, Extra High Tension (EHT) Transmission and Distribution Systems, and Automation and SCADA Systems. Its revenue from operations is described as revenue from Engineering, Procurement and Contracts. For the period ended June 30, 2026, the company reported revenue from operations of ₹4,565.18 lakhs, with 88.59% from the private sector and 11.41% from government. Its standalone order book stood at ₹28,583.15 lakhs as on the RHP date. Karnataka accounted for 95.01% of revenue from operations for the period ended June 30, 2026. The company has one wholly owned subsidiary, Core4 Energy Private Limited, and two joint ventures.
Objects of the Issue
- Funding capital expenditure for the acquisition of a property comprising land and an existing building for a new manufacturing facility and corporate office ₹412.00 lakhs p.121
- Funding incremental working capital requirements ₹4,048.00 lakhs p.126
- General corporate purposes ₹ [●] Lakhs p.130
- Proposed acquisition of land p.424
- Working capital requirements p.424
Issue Structure
- Total Issue
- Up to 58,94,400 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 58,94,400 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- Floor Price ₹ [●] to Cap Price ₹ [●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
Revenue is earned from EPC contracts awarded through competitive tendering by government, public sector and private customers, recognised against the contract value of projects. A significant part of water and wastewater revenue in the period ended June 30, 2026 and Fiscal 2026 came from work executed as a sub-contractor to private EPC contractors. Materials are procured mainly on a purchase-order basis without long-term supply agreements.
Business Segments
SWOT Analysis
- • Bank guarantee requirement well below industry practice(p.44)
- • No customer losses in last three Fiscals and current year(p.43)
- • Established regional brand presence in Karnataka(p.38)
- • No material raw material supply disruption in recent periods(p.44)
- • Wide operational reach and multi-disciplinary execution capability(p.134)
- • Cost efficiency through in-house panel manufacturing(p.134)
- • In-house testing and quality assurance(p.134)
- • Innovation and adoption of advanced technologies(p.134)
- • Experienced in-house execution team backed by promoter and senior management expertise(p.134)
- • In-house manufacturing of HT/LT panels and compact substations(p.124)
- • In-house CSS capability up to 2.5 MVA and 11 kV, positioned as a key differentiator(p.197)
- • Integrated engineering capability and proven execution on time-bound projects(p.198)
- • Long-term relationships with PSUs, state utilities and private clients(p.198)
- • Technical proficiency and adherence to RDSO standards in railway electrification(p.195)
- • Vertically integrated model combining EPC with in-house panel manufacturing(p.198)
- • Multi-disciplinary EPCC capability across critical infrastructure sectors(p.202)
- • Order book of approximately ₹28,583.15 lakhs at RHP filing(p.202)
- • In-house panel manufacturing gives cost and margin control(p.203)
- • Voluntary completion of all eight CPRI type tests on every product(p.203)
- • Promoter-led team with long sector experience(p.204)
- • Compact substation capability up to 2.5 MVA and 11 kV, described as a key differentiator(p.340)
- • Consolidated order book of about ₹28,583.15 lakhs giving revenue visibility(p.342)
- • In-house HT/LT panel manufacturing integrated with EPC operations(p.343)
- • Long-term relationships with PSUs, state utilities and private clients(p.340)
- • Promoter-led Board with domain experience in EPC, railway and T&D(p.340)
- • Holds Super Grade Electrical Contractor License in Karnataka(p.382)
- • High reliance on private-sector revenue(p.36)
- • Rising receivables and counterparty credit exposure(p.37)
- • Dependence on government customers with onerous contract terms(p.38)
- • Two pre-termination of government contracts(p.38)
- • Revenue concentrated in Karnataka(p.38)
- • Revenue concentrated in water and wastewater EPCC(p.40)
- • High customer concentration(p.42)
- • No long-term supplier agreements(p.43)
- • Future issuances or promoter disposals could dilute investors and weigh on the share price(p.83)
- • Working capital cycle of 353 days in FY2025, improving to 100 days in FY2024 and 240 days in FY2026(p.198)
- • Trade receivables of 234 days in FY2025, indicating slow collections(p.198)
- • Inventory of 214 days in FY2025, well above FY2024 and FY2026 levels(p.198)
- • Debt-equity ratio of 2.60 times in FY2024, though reduced to 0.99 by FY2025(p.198)
- • Average project completion time rose from 8 months in FY2024 to 13 months in FY2026 as project size increased(p.198)
- • Revenue concentrated in Karnataka (95.01% of Q1 FY27 revenue)(p.353)
- • Heavy reliance on sub-contracting agreements for revenue(p.353)
- • Long receivable cycle of about 223 days(p.343)
- • Aged receivables of ₹1,447.12 lakhs outstanding for one to two years at June 30, 2026(p.349)
- • High leverage with total debt to equity of 1.09x(p.349)
- • Promoter directors have personally guaranteed part of the borrowings(p.348)
- • Liquidated damages of ₹108.92 lakhs incurred in FY26, against nil in FY25(p.355)
- • Net cash used in operating activities of ₹1,080.65 lakhs in FY26(p.357)
- • Dependence on subcontractors and vendors for project execution(p.343)
- • Revenue concentrated in top 10 customers, rising to 93.90% in June 2026(p.363)
- • Purchases concentrated in top 10 suppliers, rising to 87.85% in June 2026(p.363)
- • Total borrowings of ₹4,056.71 lakhs as of June 30, 2026, with reliance on external borrowings(p.365)
- • Quarterly bank returns not in agreement with books of accounts for working capital limits(p.360)
- • Trade receivables rose to ₹10,154.46 lakhs as of June 30, 2026(p.359)
- • Unsecured borrowings from directors and their relatives(p.370)
- • Income tax correction statements required for defective Form 61A filings(p.372)
- • Expanded production and testing capacity to serve rising EPC demand(p.121)
- • Growth in Indian Railway EPC market(p.124)
- • Projected growth in drinking water and wastewater market(p.124)
- • Rising demand for integrated automation solutions across sectors(p.123)
- • Expected improvement in competitiveness in government and private tenders(p.123)
- • Railway budget pipeline supporting electrification, signaling and civil EPC work(p.154)
- • Water and wastewater EPC tailwind from combined government initiatives(p.188)
- • Rising urbanization, compliance norms and ZLD requirements driving STP, ETP and reuse investment(p.161)
- • Renewable evacuation and interregional corridors anchoring steady T&D EPC demand(p.163)
- • Automation-capable EPCs can capture value in grid modernization and smart water networks(p.197)
- • Railway electrification and digital signaling push expanding OHE, SCADA and depot work(p.205)
- • Rising energy demand creating EHT opportunities(p.205)
- • Planned shift toward PPP and annuity-based infrastructure assets(p.206)
- • Policy-driven water sector investment boosting private demand(p.248)
- • Environmental regulation driving STP and ETP upgrades and SCADA-based work(p.248)
- • Grid and reliability needs driving demand for HV and LV panels(p.249)
- • Railway electrification and station redevelopment demand under government programs(p.338)
- • Transmission and distribution grid expansion under government schemes(p.338)
- • Water and wastewater EPC demand under Jal Jeevan Mission, AMRUT 2.0 and Namami Gange(p.339)
- • Investment in STPs, ETPs and reuse systems driven by urbanisation and compliance norms(p.339)
- • Growing SCADA and automation opportunities across power, water and industrial assets(p.339)
- • Stated plan to improve execution and profitability in small and medium EPC contracts and pursue PPP models(p.340)
- • Slowdown in private-sector capital spending(p.37)
- • Uncertain government infrastructure budgets and policy(p.38)
- • Changes in state taxation and sector policies in Karnataka(p.39)
- • Reduction in public water sector funding(p.41)
- • Competition and tightening treatment norms(p.41)
- • Volatility in key input prices(p.43)
- • Rupee exchange rate fluctuations could reduce share value and shareholder returns(p.83)
- • Regulatory listing timeline on BSE SME may be delayed or not met(p.83)
- • Investors may be unable to sell shares immediately after allotment under Indian listing rules(p.83)
- • Payment delays and high bank guarantees locking up contractor working capital in railway EPC(p.176)
- • Fixed-price contracts exposed to steel, copper, cement and aggregate price swings(p.177)
- • Heavy dependence on tender-driven government and utility demand in power panels(p.178)
- • Chronic DISCOM payment delays and subsidy backlogs straining contractor cash flows(p.179)
- • Land disputes and slow environmental approvals stalling transmission projects(p.179)
- • Rising cyberattack exposure of SCADA and automation systems(p.180)
- • Slowdown in government capex or changes in procurement policy could cut demand(p.342)
- • Government projects bring extended approvals and longer payment cycles(p.342)
- • Larger competitors may bid aggressively, raising pricing pressure(p.343)
- • Raw material price swings can erode margins on fixed-price contracts(p.343)
- • Supply chain disruption and material cost increases can cause delays and overruns(p.343)
- • Interest rate exposure on floating-rate borrowings(p.360)
- • Railway authority issued termination notice on a Joint Venture contract(p.374)
- • Railway authority issued termination notice on a Core4 contract, citing slow progress(p.374)
- • Income tax department demand for unpaid self-assessment tax (AY 2023-24)(p.372)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Agrahara Chamaraje Gowda Abhinandan | Promoter | — | — |
| Hosahalli Appagigowda Savitha | Promoter | — | — |
| Mahadevappa Tejus | Promoter | — | — |
| Anala | Promoter | — | — |
| Agrahara Chamaraje Gowda Abhinandan | Promoter | 49.97% | [●]% |
| Hosahalli Appagigowda Savitha | Promoter | 29.75% | [●]% |
| Mahadevappa Tejus | Promoter | 1.42% | [●]% |
| Anala | Promoter | 0.95% | [●]% |
| Agrahara Chamaraje Gowda Abhinandan | Promoter | — | — |
| Mahadevappa Tejus | Promoter | — | — |
| Hosahalli Appagigowda Savitha | Promoter | — | — |
| Anala | Promoter | — | — |
| Agrahara Chamaraje Gowda Abhinandan | Promoter | — | — |
| Mahadevappa Tejus | Promoter | — | — |
| Hosahalli Appagigowda Savitha | Promoter | — | — |
| Anala | Promoter | — | — |
| Agrahara Chamaraje Gowda Abhinandan | Promoter, Managing Director | 49.97% | — |
| Hosahalli Appagigowda Savitha | Promoter, Chairman and Executive Director | 29.75% | — |
| Mahadevappa Tejus | Promoter, Whole Time Director | 1.42% | — |
| Anala | Promoter, Non-Executive Director | 0.95% | — |
| Agrahara Chamaraje Gowda Abhinandan | Promoter and Managing Director | — | — |
| Mahadevappa Tejus | Promoter and Whole-time Director | — | — |
| Hosahalli Appagigowda Savitha | Promoter, Chairman and Executive Director | — | — |
| Anala | Promoter and Non-Executive Director | — | — |
| Mahadevappa Tejus | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Core4 Engineers Ltd. THIS ISSUE | 8.36 | 21.01 | 7.80, computed at the offer price | 4.43, computed at the offer price | 39.81% |
| 10.53 | 71.05 | 3.97 | 0.58 | 14.83% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.