Infrastructure solutions provider Core4 Engineers has announced the launch of its initial public offering to raise approximately ₹54.82 crores through a fresh issue of equity shares. The bookbuilding issue is scheduled to open for bidding on October 23, 2026, and will close on October 27, 2026. Investors participating in the primary market are eyeing the company’s positioning within the engineering, procurement, construction, and commissioning (EPCC) sector, particularly across railway infrastructure and power distribution domains.
The price band for the primary offering has been fixed at ₹88 to ₹93 per equity share with a face value of ₹10 each. Market participants can bid for a minimum market lot of 2400 shares, requiring an application amount of ₹2,23,200 for retail investors. The allocation structure allocates 35% of the net offer to retail investors, 50% to qualified institutional buyers (QIBs), and 15% to non-institutional investors (NIIs). Following the closure of the bidding window, the basis of allotment is expected to be finalized on October 28, 2026, with refunds and demat credit scheduled for October 29, 2026. The shares are slated to list on the BSE SME platform on October 30, 2026.
Company Overview and Business Model
Founded in 2022, Core4 Engineers operates as an EPCC contractor delivering integrated infrastructure solutions across specialized sectors. Its core operational verticals comprise railway electrification, railway infrastructure, power transmission and distribution, water and wastewater treatment, automation and SCADA systems, as well as the manufacturing of High-Tension (HT) and Low-Tension (LT) electrical panels and compact substations. The enterprise handles end-to-end execution phases including design, engineering, procurement, erection, testing, commissioning, and subsequent operation and maintenance (O&M).
The company primarily serves institutional clients, executing projects for Indian Railways, government-owned public sector undertakings (PSUs), and various larger infrastructure contractors. To support its manufacturing requirements, Core4 Engineers maintains an in-house production facility dedicated to HT/LT electrical panels and compact substations, giving it operational control over critical equipment used in its power transmission and railway electrification projects.
IPO Schedule and Issue Structure
The primary issue comprises entirely a fresh issuance of shares amounting to roughly ₹54.82 crores, with no offer-for-sale component mentioned in the available filing documents. The promoter group, which includes Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus, and Anala, currently holds an aggregate pre-issue promoter shareholding of 82.09%, which will dilute to 58.69% post-listing.
| IPO Parameter | Details |
|---|---|
| IPO Open Date | October 23, 2026 |
| IPO Close Date | October 27, 2026 |
| Price Band | ₹88 to ₹93 Per Share |
| Issue Size | Approx ₹54.82 Crores |
| Face Value | ₹10 Per Equity Share |
| Minimum Lot Size | 2400 Shares |
| Minimum Investment | ₹2,23,200 |
| Listing Exchange | BSE SME |
Objects of the Issue and Net Proceeds Utilisation
The company intends to deploy the net proceeds raised from the fresh issue toward specific capital expenditure and operational requirements outlined in its draft documents. Specifically, ₹4.12 crores will be utilized to fund capital expenditure for acquiring a property consisting of land and an existing building to establish and operate a new manufacturing facility alongside a corporate office. Furthermore, ₹32.68 crores has been earmarked to support incremental working capital requirements, bolstering the execution capacity for ongoing and future infrastructure assignments.
Financial Performance Overview
The financial reports submitted by Core4 Engineers indicate steady revenue expansion alongside notable profitability gains over recent fiscal periods. Total revenue reached ₹34.60 crores for the period ended in 2025, marking an increase from ₹33.63 crores in 2024 and ₹13.18 crores in 2023. Profit after tax (PAT) followed a similar upward trajectory, moving from ₹0.84 crores in 2023 to ₹2.89 crores in 2024, and further increasing to ₹3.81 crores in 2025. Interim figures for the period ended September 2025 report revenue of ₹47.31 crores and a PAT of ₹6.05 crores.
Market and Business Analysis
Market Impact and Investor Sentiment
The debut of Core4 Engineers on the BSE SME platform taps into sustained investor appetite for niche infrastructure and engineering plays. Government spending on railway electrification and power distribution creates a favorable backdrop for specialized EPCC contractors. However, because the minimum application size for SME issues is set at ₹2,23,200, participation is naturally restricted to high-net-worth retail traders and sophisticated institutional investors, which can influence liquidity dynamics post-listing.
Company and Business Impact
The business model relies on executing capital-intensive government contracts where working capital intensity is high. The allocation of ₹32.68 crores toward working capital addresses this operational constraint, enabling the firm to bid for larger mandates without liquidity strains. Owning an in-house manufacturing facility for electrical panels provides a competitive edge in margin preservation compared to competitors dependent entirely on outsourced component suppliers.
Financial and Valuation Analysis
An examination of the available financial ratios for FY2025 highlights strong capital efficiency. The company reported a basic earnings per share (EPS) of ₹2.59, alongside a return on equity (ROE) of 30.31% and a return on capital employed (ROCE) of 23.98%. Profitability margins remain robust, with an EBITDA margin of 19.98% and a PAT margin of 11.15%. The debt-to-equity ratio stands at a manageable 0.99, while the net asset value (NAV) per share is reported at ₹12.72.
| Financial Metric (FY2025) | Reported Value | Analysis |
|---|---|---|
| Revenue | ₹34.60 Crores | Steady growth from previous fiscal years |
| PAT | ₹3.81 Crores | Demonstrates consistent bottom-line expansion |
| EPS (Basic) | ₹2.59 | Reflects current earnings distribution base |
| ROE | 30.31% | Indicates efficient generation of returns on shareholder equity |
| ROCE | 23.98% | Highlights strong employment of total capital |
| Debt-to-Equity | 0.99 | Suggests balanced leverage profile ahead of the primary issue |
Key Takeaways
- Core4 Engineers is raising approximately ₹54.82 crores through an entirely fresh issue of equity shares via its SME IPO.
- The bidding window opens on October 23, 2026, and closes on October 27, 2026, with a price band of ₹88 to ₹93 per share.
- The minimum retail application requires a lot size of 2400 shares amounting to ₹2,23,200.
- For FY2025, the company posted revenue of ₹34.60 crores and a PAT of ₹3.81 crores, supported by an ROE of 30.31%.
- Net proceeds will primarily fund incremental working capital requirements of ₹32.68 crores and property acquisition for a new facility valued at ₹4.12 crores.
- The stock is scheduled to debut on the BSE SME exchange on October 30, 2026.
Frequently Asked Questions
The company aims to raise approximately ₹54.82 crores via a fresh issue of equity shares.
The IPO opens for subscription on October 23, 2026, and closes on October 27, 2026.
The price band is fixed between ₹88 and ₹93 per equity share.
The minimum market lot is 2400 shares, which requires an application amount of ₹2,23,200.
The basis of allotment is scheduled to be finalized on October 28, 2026.
The shares are scheduled to list on the BSE SME platform on October 30, 2026.
The net offer allocates 35% to retail investors, 50% to qualified institutional buyers (QIBs), and 15% to non-institutional investors (NIIs).
The proceeds will be utilized for funding capital expenditure for property acquisition to establish a new manufacturing facility and corporate office (₹4.12 crores) and meeting incremental working capital requirements (₹32.68 crores).
