Core4 Engineers IPO: dates, price band, lot size and GMP
Core4 Engineers IPO opens 23 – 27 Oct 2026 on the SME, price band ₹88 – ₹93, lot 1,200 shares, no GMP reported yet. Allotment 28 Oct, listing 30 Oct.
Listing date: Core4 Engineers IPO is scheduled to list on 30 Oct on BSE SME.
Updated 19 Oct 2026, 12:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 210 IPOs on its calendar; the Core4 Engineers IPO has a price band of ₹88 – ₹93, a lot of 1,200 shares and no grey-market premium reported yet as of 19 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 23 – 27 Oct 2026 |
| Price band | ₹88 – ₹93 |
| Lot size | 1,200 shares |
| Issue size | ₹54.82 Cr |
| Fresh issue | ₹48.12 Cr |
| Subscription | — |
| Registrar | Purva Sharegistry (India) Pvt.Ltd. |
| Lead managers | Socradamus Capital Pvt.Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 23 Oct
- Issue closes: 27 Oct
- Allotment: 28 Oct
- Refunds: 29 Oct
- Demat credit: 29 Oct
- Listing: 30 Oct
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹192.35 Cr |
| P/E (pre-issue) | 36.05x |
| P/E (post-issue) | 15.9x |
| Fresh issue (shares) | 51,74,400 |
| Total shares offered | 51,74,400 |
| Promoter holding pre-issue | 82.09% |
| Promoter holding post-issue | 58.69% |
| Promoters | Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus and Anala |
| Lead managers | Socradamus Capital Pvt.Ltd. |
| Registrar phone | 022-41343255 |
| Registrar email | newissue@purvashare.com |
| Company website | core4engineers.com |
| Anchor bid date | 22 Oct 2026 |
| Anchor lock-in ends (50%) | 27 Nov 2026 |
| Anchor lock-in ends (remaining) | 26 Jan 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 2,400 | ₹2,23,200 |
| Retail (maximum) | 2 | 2,400 | ₹2,23,200 |
| sNII (minimum) | 3 | 3,600 | ₹2,23,200 |
| bNII (minimum) | 3 | 3,600 | ₹10,04,400 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| QIB | — | — | Not more than 50% of the Net Issue |
| NII (HNI) | — | — | Not less than 15% of the Net Issue |
| Retail | — | — | Not less than 35% of the Net Issue |
| Market Maker | — | 7,20,000 |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹2.58 |
|---|---|
| EPS (post-issue) | ₹5.85 |
| P/E (pre-issue) | 36.05x |
| P/E (post-issue) | 15.9x |
| RoNW | 20.37% |
| RoCE | 23.98% |
| RoE | 30.31% |
| PAT margin | 11.15% |
| EBITDA margin | 19.98% |
| Price / book | 7.31x |
| NAV per share | ₹12.72 |
| Debt / equity | 0.99 |
| Market cap (upper band) | ₹192.35 Cr |
Financials (₹ Cr)
| Metric | 30 Sep 2025 | FY25 | FY24 | FY25 vs FY24 |
|---|---|---|---|---|
| Assets | 77.35 | 68.1 | 31.99 | +112.9% |
| Total Income | 47.31 | 34.6 | 33.63 | +2.9% |
| Profit After Tax | 6.05 | 3.81 | 2.89 | +31.8% |
| EBITDA | 8.81 | 6.82 | 5.07 | +34.5% |
| NET Worth | 24.75 | 18.7 | 6.43 | +190.8% |
| Reserves and Surplus | 21.8 | 15.74 | 3.63 | +333.6% |
| Total Borrowing | 22.07 | 18.58 | 16.75 | +10.9% |
About Core4 Engineers
Core4 Engineers Ltd. is an Engineering, Procurement, Construction and Commissioning (EPCC) company specializing in integrated infrastructure development across railway electrification, power transmission and distribution, and water and wastewater management. The company provides comprehensive project solutions covering planning, design, engineering, material procurement, installation, testing, commissioning, and operation and maintenance (O&M).
The company operates an in-house manufacturing facility dedicated to producing High-Tension (HT) and Low-Tension (LT) electrical panels and compact substations. These products cater to the requirements of its infrastructure projects as well as external customers. Its subsidiary, Core4 Energy Ltd., further strengthens its manufacturing capabilities and generates product-related revenue through the production of electrical distribution and control panels.
Core4 Engineers Ltd. serves a diverse client base comprising Indian Railways, public sector undertakings (PSUs), and infrastructure development contractors. Its project portfolio includes railway electrification, traction and power substations, transmission and distribution networks, and water treatment infrastructure. As of September 30, 2025, the company employed 433 personnel, including employees and project-based workers.
Key Business Segments
1. Railway Electrification (RE)
The company undertakes railway electrification projects involving 25 kV overhead equipment (OHE), traction substations, and associated electrical infrastructure under the EPCC model.
2. Railway Infrastructure
This segment covers integrated civil, electrical, and mechanical works for railway station redevelopment, modernization, and infrastructure improvement projects.
3. Extra-High-Voltage (EHT) Transmission and Distribution
Core4 Engineers executes turnkey power infrastructure projects up to 220 kV, encompassing substations, transformers, transmission facilities, and electricity distribution systems.
4. Water and Wastewater Treatment
The company delivers EPCC projects for water treatment plants (WTPs), sewage treatment plants (STPs), and effluent treatment plants (ETPs), utilizing technologies such as Moving Bed Biofilm Reactor (MBBR) and Sequencing Batch Reactor (SBR).
5. Automation and SCADA Solutions
This business vertical focuses on PLC-based automation, supervisory monitoring, and control systems designed to improve operational efficiency and facilitate real-time monitoring of infrastructure installations.
6. HT/LT Electrical Panel Manufacturing
The company manufactures and supplies a range of electrical panels, including Power Control Centres (PCC), Motor Control Centres (MCC), Automatic Power Factor Correction (APFC) panels, and customized automation panels for industrial and infrastructure applications.
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 facility and corporate office; — ₹4.12 Cr
- Funding incremental working capital requirements; and — ₹32.68 Cr
- General corporate purposes
Net proceeds: ₹36.8 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Core4 Engineers Ltd. (issuer) | 8.36 | 21.01 | — | 39.81% | — | — |
| K2 Infragen Ltd. | 10.53 | 71.05 | 3.97x | 14.83% | 0.58 | — |
Notes: The figures for the listed industry peers are based on the Audited Consolidated Financial Statements filed for the financial year ended March 31, 2026. P / E Ratio has been computed based on their respective closing market price on October 16, 2026, as divided by the Basic EPS as on March 31, 2026. CMP is the closing prices or the last traded price of respective scripts as on October 16, 2026.
Strengths (per the offer document)
- Wide operational reach and multi-disciplinary execution capability — We benefit from a broad operational footprint and a diverse multi-disciplinary execution capability that positions it as a comprehensive engineering solutions provider across critical infrastructure…
- Cost efficiency through in-house panel manufacturing — An in-house manufacturing facility in Karnataka, whe re we manufacture High Tension (HT) and Low Tension (LT) electrical panels, forms a key component of our cost management and operational strategy.
- In-house testing and quality assurance — We conduct testing for every project to ensure that each manufactured product meets stringent safety, reliability, and performance benchmarks.
- Innovation and adoption of advanced technologies — We consistently place innovation at the core of our operational strategy, enabling the Company to maintain a competitive edge in the engineering, procurement, and construction domain.
- Experienced and qualified in-house execution team backed by promoters and senior management expertise — Our Company is led by Promoters and Directors with experience across engineering, infrastructure development, project execution, procurement, administration, finance and corporate governance.
Risk factors (as disclosed by the company)
- We derive significant portion of our revenues from projects awarded by government and government-owned customers, accounting for 27.57%, 56.43% — A substantial portion of our business is derived from projects awarded by the Central and State Governments, government agencies, public sector undertakings and other government-owned or…
- Our projects are primarily concentrated in Karnataka, accounting for 88.75%, 43.17% — A substantial portion of our revenue is derived from operations in Karnataka, where the “Core4 Engineers” brand has established a presence over more than a decade, including through the legacy of…
- Our order book may not be representative of our future results — As on date of this Draft Red Herring Prospectus, the company’s standalone order book stands at ₹11,146.74 lakhs and represents the estimated contract value of the unexecuted portion of our ongoing…
- A substantial portion of our revenue, being 21.26%, 47.13%, 60.46% and 36.91% during the period ended September 30, 2025, Fiscal 2025 — A substantial part of our revenue is concentrated from railway infrastructure projects.
- We derive a significant portion of our revenue from a limited number of customers — A substantial portion of our revenue is contributed by a limited number of customers.
- Our business is heavily dependent on procurement of construction materials from our suppliers — Our EPC operations, including railway electrification, civil works, HT/LT electrical systems and associated infrastructure projects, require continuous and timely availability of a wide range of…
- We are required to furnish performance guarantees as part of our business — In the ordinary course of our business, particularly in relation to infrastructure and government-awarded contracts, we are required to furnish various performance-related guarantees, including…
- Delays in completion of our current and future projects and time overrun could have adverse effect on our business prospects and results of operations — Our EPC projects are typically governed by strict completion schedules, milestone-based execution requirements, and defined contractual timelines that are determined based on technical feasibility…
From the DRHP (strengths pages 194–197, risk factors pages 37–44). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- Core4 Engineers IPO GMP today and trend
- Core4 Engineers IPO subscription status, day by day
- Core4 Engineers IPO allotment status and how to check
Frequently asked questions
When does the Core4 Engineers IPO open and close?
The issue is scheduled for 23 – 27 Oct 2026.
What is the Core4 Engineers IPO price band?
The price band is ₹88 – ₹93 per share with a lot size of 1,200 shares.
How big is the Core4 Engineers IPO?
The total issue size is ₹54.82 Cr.
When will Core4 Engineers list?
The tentative listing date is 30 Oct on the SME platform.
How do I apply for the Core4 Engineers IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Core4 Engineers · as filed with SEBI · bsesme.com
- Registrar allotment page, Purva Sharegistry (India) Pvt.Ltd. · allotment 28 Oct · purvashare.com
- BSE SME issues page · listing 30 Oct · bsesme.com
- Core4 Engineers company website · core4engineers.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 19 Oct, 05:59 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Core4 Engineers IPO”, https://buyunlistedshares.com/ipo/core4-engineers-ipo, as of 19 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 19 Oct 2026.
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