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Core4 Engineers Ltd
Infrastructure Developers & OperatorsIPOSME
₹88 - 93
Core4 Engineers delivers turnkey engineering, procurement, construction, and commissioning works across municipal water systems, railway electrification, and power distribution grids, building its own electrical control panels to feed internal sites. The business operates primarily by winning infrastructure contracts from regional public utilities and government departments, capturing manufacturing markups in-house while carrying substantial working capital burdens until public handovers clear.
Lot1,200Min Invest₹2,23,200Face Value₹10Issue Size₹55 CrFresh Issue₹55 Cr
Timeline
23 Oct
Bidding opens
27 Oct
Bidding closes
28 Oct
Allotment
29 Oct
Refund & demat credit
30 Oct
Listing
Subscription
Subscription opens 23 Oct
Reports
Offer Details
Terms
Issue Size₹55 Cr
Fresh Issue₹55 Cr
Face Value₹10
Lot Size1,200 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹2,23,2001-1 lots
sNII₹2,23,200from 2 lots
bNII₹10,04,400from 9 lots
Managers & Registrar
Lead ManagerSocradamus Capital Pvt Ltd
RegistrarPurva Sharegistry (I) Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group82.09%58.69%Public17.91%41.31%
Objects of the Issue
- Funding Capital Expenditure for the acquisition of a property comprising land and an existing building, proposed to be utilized for establishing and operating a new manufacturing unit and corporate office
- Funcremental Incremental Workling Capital requitrments
- General Corporate Purpose
Anchor Book
Bid Date22-Oct-202630-day lock-in26-Nov-202690-day lock-in25-Jan-2027
Financials
Profit & Loss
| Financial Year | FY24 | FY25 |
|---|---|---|
| RevenueCr | 33 | 34 |
| Operating ProfitCr | 5 | 7 |
| OPM% | 16.1 | 20.1 |
| PBTCr | 4 | 5 |
| PATCr | 3 | 4 |
| EPS | 10 | 13 |
Balance Sheet
| Financial Year | FY24 | FY25 |
|---|---|---|
| Equity CapitalCr | 3 | 3 |
| ReservesCr | 4 | 16 |
| BorrowingsCr | 17 | 19 |
| Total AssetsCr | 32 | 68 |
Cash Flow
| Financial Year | FY24 | FY25 |
|---|---|---|
| Operating Cash FlowCr | -13 | -8 |
| Investing Cash FlowCr | -2 | 0 |
| Financing Cash FlowCr | 12 | 8 |
| Net Cash FlowCr | -3 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Wide operational reach and multi-disciplinary execution capability.
- Cost efficiency through in-house panel manufacturing.
- In-house testing and quality assurance.
- Innovation and adoption of advanced technologies.
- Experienced and qualified in-house execution team backed by promoters and senior management expertise.
Strategies · as stated in the DRHP
- Expansion in Railway Infrastructure, Electrification, and SCADA Automation.
- Strengthening the Extra High Tension (EHT) Transmission & Distribution Portfolio.
- Diversification into Water and Wastewater Treatment EPCC.
- Scaling In-House Manufacturing Capabilities.
- Public-Private Partnership (PPP) and Asset-Based Infrastructure Development.
- Strategic Partnerships and Technology Alliances along with Participation in Government Initiatives and Programs.
Risks · as stated in the DRHP
- A majority of our revenue from operations comes from private-sector customers, accounting for 88.59%, 67.66%, 43.57% and 30.34% of our revenue from operations for the period ended June 30, 2026, Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Any slowdown in private-sector capital spending, or any delay or default in payment by these customers, could adversely affect our business, cash flows and results of operations.
- We derive a portion of our revenues from projects awarded by government and government-owned customers, accounting for 11.41%, 32.34%, 56.43% and 69.66% of our revenue from operations during the period June 30, 2026, Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, which subjects us to various risks.
- Our projects are primarily concentrated in Karnataka, accounting for 95.01%, 85.65%, 43.17% and 40.06% of our revenue from operations during the period ended June 30, 2026, Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively, which exposes us to concentration risks, regulatory uncertainties, and potential adverse regional developments.
- Our order book may not be representative of our future results, as projects included in our order book particularly for the projects where we are the lowest bidder, may be cancelled, modified, or delayed beyond our control, leading to significant deviations from estimated income and adversely affecting our business, reputation, financial condition, and future prospects.
- A substantial portion of our service revenue, being 87.07%, 67.65%, 25.38% and 21.79% for the period ended June 30, 2026 and the Financial Years ended March 31, 2026, March 31, 2025 and March 31, 2024, respectively, is derived from water and wastewater treatment projects. Any slowdown, disruption or adverse development in this sector could have a material adverse effect on our business, financial condition and results of operations.
- We derive a significant portion of our revenue from a limited number of customers. Any loss of such customers or reduction in business from them could adversely affect our business, cash flows, financial condition and results of operations.