Core4 Engineers Ltd IPO
Infrastructure Developers & Operators
Price Band
₹88 – ₹93
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹223200
Issue Size
₹54.82Cr
Opens
2026-10-23
Closes
2026-10-27
Listing
30-10-2026
Subscription Status
Qualified Institutional Buyers
5.06 x
Non-Institutional Investor
6.78 x
Retail Individual Investor
2.59 x
Total
4.62 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1RY601016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Core4 Engineers is an engineering, procurement, construction and commissioning (EPCC) company engaged in railway infrastructure, power transmission and distribution, and water and wastewater treatment projects. The company operates across five business segments: railway electrification and infrastructure, extra high-tension transmission and distribution systems, water and wastewater treatment, automation and SCADA systems, and high-tension and low-tension electrical panels and compact substations. Its railway infrastructure services include overhead electrification, traction substations, signalling interfaces, station redevelopment, and allied civil works. Its power transmission and distribution projects cover substations, transmission lines, and distribution networks up to 220 kV. The company also undertakes turnkey projects for water treatment plants, sewage treatment plants, and effluent treatment plants. Its automation services include PLC-based systems, remote monitoring, and control solutions. The company manufactures HT and LT electrical panels and compact substations with capacities up to 2.5 MVA and voltage levels up to 11 kV at its in-house manufacturing facility.
Pros
- • Core4 Engineers operates across railway electrification and infrastructure, extra-high-tension transmission and distribution, water and wastewater treatment, SCADA and automation, and electrical panel manufacturing. According to the prospectus, the company has executed projects across several Indian states, with 50 ongoing projects and 24 completed projects across its listed business segments.
- • As of the filing of the Draft Red Herring Prospectus, the company had an order book of approximately Rs 111.47 crore. The projects span Uttar Pradesh, Karnataka, Tamil Nadu, Jammu and Kashmir, Odisha, Delhi, Kerala, Maharashtra, Rajasthan, and Andhra Pradesh.
- • The company claims to manufacture high-tension (HT) and low-tension (LT) electrical panels at its facility in Karnataka. It manufactures 415-volt and 750-volt LT systems, depending on project requirements, and states that electrical panels account for approximately 20% of the total value of almost all its service projects.
Cons
- • Core4 Engineers derives a significant portion of its revenue from government and government-owned customers. Revenue from government and government-owned companies accounted for 27.57% in the six months ended September 30, 2025, 56.43% in FY25, Rs 69.66% in FY24, and 62.90% in FY23. Any adverse changes in government infrastructure spending, budget allocations, project awards, or policies could hurt the company’s revenue, order book, cash flows, and financial performance.
- • Core4 Engineers derives a significant portion of its revenue from Karnataka, accounting for Rs 41.77 crore (88.75%) in the six months ended September 30, 2025, Rs 14.75 crore (43.17%) in FY25, Rs 13.40 crore (40.06%) in FY24, and Rs 10.13 crore (77.18%) in FY23. All its ongoing projects are located in Karnataka as of the date of the Draft Red Herring Prospectus. Any adverse political, economic, social, or regulatory developments in the state, or a reduction in infrastructure spending, could adversely affect the company’s project execution, revenue, and financial performance.
- • Core4 Engineers derives a significant portion of its revenue from railway infrastructure projects, accounting for Rs 10.00 crore (21.26%) in the six months ended September 30, 2025, Rs 16.10 crore (47.13%) in FY25, Rs 20.22 crore (60.46%) in FY24, and Rs 4.84 crore (36.91%) in FY23. The company has also faced two contract terminations involving railway infrastructure projects, with related legal proceedings pending. Any reduction in railway sector spending, delays in project approvals or execution, changes in technical requirements, or further contract disputes and terminations could adversely affect the company’s order inflows, revenue, profitability, cash flows, and financial condition.
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