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Core4 Engineers IPO
Price Band
₹88.0–93.0
Issue Size
₹54.82 Cr
Lot Size
1,200 shares
Min Investment
₹223,200
2 LOTS MIN
GMP
—
Issue Price
₹93.0
Core4 Engineers IPO AI Summary
- Core4 Engineers IPO is open now on BSE SME in the Civil Construction sector.
- Price band: ₹88.0–₹93.0 per share, lot size 1,200 shares (min. investment ₹223,200, 2 lots minimum).
- Subscription window: 23 Oct–27 Oct 2026, listing on 30 Oct 2026.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
LIVE · updates every 5 minOverall Subscription
0.71x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
0.00x
|
0.00x |
| NII (HNI) |
2.37x
|
2.37x |
| ↳ bNII (>₹10L) |
3.41x
|
3.41x |
| ↳ sNII (<₹10L) |
0.28x
|
0.28x |
| Retail (RII) |
0.40x
|
0.40x |
| Total | 0.71x | 0.71x |
Auto-updated every 5 min · As of 26th Oct 2026 17:56
Core4 Engineers IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
TopFund Score — Listing Data Indicator
GMP is 0.0% above issue price
QIB subscribed 0.0x
No anchor allocation for this IPO
Similar IPOs (same sector & type) averaged 42.4% listing gain
A rules-based composite of GMP, subscription demand, anchor participation and comparable-IPO history — each weighted as shown above. Not a statistically validated probability, a guarantee of listing performance, or personalized investment advice.
Limitations: weights are fixed by TopFund, not backtested against outcomes; the "Historical Similar-IPO Performance" factor needs at least 3 comparable past listings and falls back to a broader, less specific cohort when this sector/type doesn't have enough; GMP and subscription data can change daily right up to listing day, so scores shown may already be stale — check the "as of" date above.
About the Company
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: Railway Electrification (RE): Execution of 25 kV OHE systems, traction substations, and related infrastructure works on an EPCC basis. Railway Infrastructure: Composite civil, electrical, and mechanical works for station redevelopment and modernization projects. EHT Transmission & Distribution: Turnkey projects up to 220 kV, including substations, transformers, and distribution systems. Water & Wastewater Treatment: EPCC solutions for WTP, STP, and ETP projects using technologies like MBBR and SBR. Automation & SCADA Systems: PLC-based automation, monitoring, and control systems for infrastructure projects. HT/LT Panel Manufacturing: Manufacturing and supply of electrical panels including PCC, MCC, APFC, and automation panels.
Company Financials (₹ Cr)
As of 2026-06-30
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 145.43 | 116.32 | 67.12 | 31.97 |
| Total Income | 45.77 | 91.79 | 34.60 | 33.63 |
| Profit After Tax | 6.17 | 12.37 | 3.81 | 2.89 |
| EBITDA | 9.08 | 18.30 | 6.71 | 4.96 |
| NET Worth | 37.23 | 31.07 | 18.70 | 6.43 |
| Reserves and Surplus | 22.44 | 16.28 | 15.74 | 3.63 |
| Total Borrowing | 40.57 | 31.58 | 18.58 | 16.75 |
Key Ratios
EPS
₹8.36
NAV
₹21.01
ROE
49.70%
ROCE
37.78%
RoNW
39.81%
P/B Value
4.43
P/E Ratio
11.12
Market Cap
₹192.35 Cr
PAT Margin
13.54%
Debt/Equity
1.02
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| K2 Infragen Ltd. | 71.05 | 14.83% | 3.97 | 10.53 |
| Core4 Engineers Ltd. This IPO | 21.01 | 39.81% | — | 8.36 |
Promoters
Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus, Anala
Objects of the Issue
# | 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 | 40.48 3 | General corporate purposes | | Total | 44.60
IPO Evaluation
Generated 24 Oct 2026Revenue Trend
Total income was ₹33.63 Cr in the period ending 31 Mar 2024, rising to ₹34.60 Cr by 31 Mar 2025, then increasing to ₹91.79 Cr by 31 Mar 2026. However, total income decreased to ₹45.77 Cr in the most recent period ending 30 Jun 2026, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹2.89 Cr in the period ending 31 Mar 2024, increasing to ₹3.81 Cr by 31 Mar 2025. This further rose to ₹12.37 Cr by 31 Mar 2026, but then decreased to ₹6.17 Cr in the latest period ending 30 Jun 2026, which is also a 9-month figure and not directly comparable.
Valuation
Core4 Engineers Ltd. has an EPS of ₹8.36 and is priced at ₹93.0, which implies a P/E ratio of approximately 11.12. This is compared to peers like K2 Infragen Ltd., which has a P/E of 3.97, indicating that Core4 is priced at roughly 2.8 times trailing earnings compared to its peer.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. It indicates the anticipated listing price of an IPO based on demand and supply dynamics in the grey market. A higher GMP suggests strong demand, while a lower or negative GMP may indicate weak interest.
Subscription Demand
As of 23rd Oct 2026, the IPO has received a total subscription of 0.08 times, with varying interest across categories. The retail category has subscribed 0.14 times, while the non-institutional investors (sNII) category has subscribed 0.1 times. The institutional category remains unsubscribed.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, industry position, and overall market conditions. It's important to consider how the company's business model aligns with your investment strategy.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable, established companies may want to avoid this IPO. Additionally, those who are not comfortable with the inherent uncertainties of new ventures in the construction sector should consider other investment options.
IPO Timeline, Explained
The IPO process involves several key dates: the issue opens on 23rd October 2026 and closes on 27th October 2026. Allotment of shares will occur on 28th October 2026, followed by the listing date on 30th October 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange and traded for the first time. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the shares. Investors should be aware of the risks associated with relying on listing day performance.
This evaluation is generated from Core4 Engineers's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Core4 Engineers IPO?
The price band of Core4 Engineers IPO is ₹88.0–₹93.0 per share.
When does Core4 Engineers IPO open and close?
Core4 Engineers IPO opens on 23 October 2026 and closes on 27 October 2026.
When does Core4 Engineers IPO list on the stock exchange?
Core4 Engineers IPO is scheduled to list on 30 October 2026, with an estimated listing price of ₹93.0 based on current GMP.
What is the lot size for Core4 Engineers IPO?
The lot size for Core4 Engineers IPO is 1200 shares, requiring a minimum investment of ₹223,200 (2 lots).
What is the TopFund Listing Data Indicator for Core4 Engineers?
Core4 Engineers's Listing Data Indicator score is 31/100 (Low signal), a weighted composite of GMP strength, subscription demand, anchor investor interest and how similar past IPOs performed on listing. It's a rules-based summary of public market data, not a statistically validated probability, a guarantee, or personalized investment advice.
What is the lot size for this IPO?
The lot size for the Core4 Engineers IPO is 1200 shares.
What is the minimum investment required?
The minimum investment required for this IPO is ₹2,23,200.
What is the price band for the IPO?
The price band for the Core4 Engineers IPO is ₹88.0 to ₹93.0.
When does the IPO open and close?
The IPO opens on 23rd October 2026 and closes on 27th October 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Oct 2026
Close
27 Oct 2026
Allotment
28 Oct 2026
Listing
30 Oct 2026
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