Core4 Engineers Limited IPO

Core4 Engineers Limited IPO is open till 27 Oct 2026. Price band ₹88–₹93, lot 1200 shares, GMP +₹0 (0%). Check dates and allotment, and apply for your whole family on Allotly.

About Core4 Engineers Limited

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…

Strengths

• 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.
• Core4 Engineers claims to have an in-house testing facility certified by the Central Power Research Institute (CPRI), Bengaluru. The company states that it conducts eight prescribed type tests covering temperature rise, mechanical impact protection, ingress protection, dielectric properties and other parameters for its electrical panels and related products.
• The company claims to manufacture compact substations with capacities of up to 2.5 MVA and voltage levels of up to 11 kV. These units combine a transformer, HT panel, LT panel, and protection systems in a single enclosure for industrial, commercial, and utility applications.
• Core4 Engineers undertakes projects covering design, engineering, procurement, construction, installation, testing and commissioning. Its service portfolio includes 25 kV AC railway overhead electrification, traction substations, transmission projects up to 220 kV, water and wastewater treatment plants, and PLC-based automation systems.
• The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 13.12 crore in FY24 to Rs 33.45 crore in FY25 and Rs 34.16 crore in FY26. PAT increased from Rs 0.84 crore in FY24 to Rs 2.88 crore in FY25 and Rs 3.81 crore in FY26.

Risks

• 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.
• Core4 Engineers derives a significant portion of its revenue from a limited number of customers. Its top five customers contributed Rs 38.72 crore (82.27%), Rs 17.11 crore (50.09%), Rs 15.46 crore (46.21%), and Rs 6.37 crore (48.60%), respectively, during these periods. The loss of key customers, reduced orders, pricing pressure, payment disputes, or changes in their business requirements could adversely affect the company’s revenue, cash flows, profitability, and financial condition.
• Core4 Engineers depends on timely procurement of construction materials and electrical components for its EPC projects and does not have long-term supply agreements with its vendors. Its top 10 suppliers accounted for 47.11%, 41.15%, 44.65%, and 62.71% of purchases, respectively. Any increase in material prices, supply shortages, quality issues, or disruption involving key suppliers could delay project execution, increase procurement costs and working capital requirements, and adversely affect the company’s financial performance and cash flows.
• Core4 Engineers faces competition from established EPC companies, regional contractors, public sector undertakings, and new entrants in the public and private sectors. Competitive bidding may put pressure on pricing and margins, while competitors with greater financial resources, technical capabilities, or stronger execution records may be better positioned to secure projects. If the company fails to win new contracts on commercially viable terms, it could see lower order inflows, reduced profitability, underutilisation of resources, and adverse effects on cash flows and its financial condition.
• The company had contingent liabilities of Rs 6.27 crore as of September 30, 2026. Any adverse outcome or materialisation of these liabilities could affect the company’s financial position, results of operations and cash flows.
• The company had outstanding financial indebtedness of Rs 28.34 crore as of September 30, 2026. Any failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
• The company had trade receivables of Rs 39.45 crore as of September 30, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.

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