Incorporated in 2022, Core4 Engineers Ltd. is an Engineering, Procurement, Construction and Commissioning (EPCC) company providing integrated infrastructure solutions across railway infrastructure, power transmission & distribution, and water & wastewater treatment sectors. The company undertakes end-to-end project execution, including design, engineering, procurement, erection, testing, commissioning, and operation & maintenance (O&M).
The company also operates an in-house manufacturing facility for High-Tension (HT) and Low-Tension (LT) electrical panels and compact substations, supporting both its EPC operations and third-party clients. Its subsidiary, Core4 Energy Ltd., contributes to product-based revenue through the manufacturing of electrical distribution and control panels.
Core4 Engineers Ltd. executes projects for Indian Railways, public sector undertakings, and infrastructure contractors, with capabilities in railway electrification, substation development, and water treatment systems. As of September 30, 2025, the company had a workforce of 433 personnel, including employees and project-based labour.
Business Verticals:
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 77.35 | 68.10 | 31.99 |
| Total Income | 47.31 | 34.60 | 33.63 |
| Profit After Tax | 6.05 | 3.81 | 2.89 |
| EBITDA | 8.81 | 6.82 | 5.07 |
| NET Worth | 24.75 | 18.70 | 6.43 |
| Reserves and Surplus | 21.80 | 15.74 | 3.63 |
| Total Borrowing | 22.07 | 18.58 | 16.75 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Sai Urja Indo Ventures Ltd. | SME | ₹24.95 Cr | ₹113 | 20.96 | ₹140.45 | +24.29% | ₹221.90 |
| Infrax Renewable Ltd. | SME | ₹40.88 Cr | ₹104 | 11.19 | ₹105.50 | +1.44% | ₹169.25 |
| Paluck Technologies Ltd. | SME | ₹33.00 Cr | ₹48 | 6.95 | ₹49.14 | +2.38% | ₹37.83 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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 facility and corporate office; | 4.12 |
| 2 | Funding incremental working capital requirements; and | 32.68 |
| 3 | General corporate purposes | |
| Total | 36.80 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 55.73% | 30.31% |
| ROCE | 43.17% | 23.98% |
| Debt/Equity | 0.89 | 0.99 |
| RoNW | 24.46% | 20.37% |
| PAT Margin | 12.86% | 11.15% |
| EBITDA Margin | 18.73% | 19.98% |
| NAV | 16.74 | 12.72 |
| P/B (x) | 7.31 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 2.58 | 5.85 |
| P/E (x) | 36.05 | 15.9 |
| IPO Date | 23 to 27 Oct, 2026 |
| Listing Date | Fri, Oct 30, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹88 to ₹93 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 58,94,400 shares (agg. up to ₹55 Cr) |
| Reserved for Market Maker |
7,20,000 shares
(agg. up to ₹7 Cr) |
| Fresh Issue (Ex Market Maker) | 51,74,400 shares (agg. up to ₹48 Cr) |
| Net Offered to Public | 51,74,400 shares (agg. up to ₹48 Cr) |
| Share Holding Pre Issue | 1,47,88,845 shares |
| Share Holding Post Issue | 2,06,83,245 shares |
The promoters of the company are Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala.
| Share Holding Pre Issue | 82.09% |
| Share Holding Post Issue | 52.69% |
As per our analysis and Based on the information we have, this is the output.
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