A Mysuru-based EPCC company opens its Rs 54.82 crore BSE SME issue on October 23
Core4 Engineers Ltd (CEL) is an EPCC company providing integrated infrastructure solutions across multiple domains, with a primary focus on railway infrastructure, power transmission & distribution, and water & wastewater treatment.
Its expertise spans the full project lifecycle — design, engineering, procurement, erection, testing, commissioning and O&M.
It also runs an in-house manufacturing facility for High-Tension (HT) and Low-Tension (LT) electrical panels and compact substations, enabling customised products that complement its EPCC work, and undertakes sub-contracting assignments.
CEL operates through five interlinked business segments — railway EPC, drinking-water & wastewater treatment, power-distribution panels & compact substations, transmission & distribution, and SCADA & automation. As of June 30, 2026, it had 462 employees (including 400 floating labourers) and an order book of Rs 285.83 crore. It evolved from a partnership firm established in 2014.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 23, 2026 |
| Issue Closes | October 27, 2026 |
| Listing | BSE SME |
| Listing Date | October 30, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 88 – Rs 93 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 54.82 crore (58,94,400 shares, entirely fresh) |
| Min. Application | 2,400 shares (multiples of 1,200 thereafter) |
| Post-IPO Market Cap | Rs 192.35 crore |
| IPO as % of Post-IPO Capital | 28.50% |
| Lead Manager | Socradamus Capital Pvt. Ltd. |
| Market Maker | Mansi Share & Stock Broking Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
The issue is entirely fresh. Proceeds: Rs 40.48 crore for working capital, Rs 4.12 crore for property (land and building for a new manufacturing facility and corporate office), and the rest for general corporate purposes.
Post-IPO, paid-up equity rises from Rs 14.79 crore to Rs 20.68 crore; the company issued a 4:1 bonus in December 2025. Anchor bidding was on October 22.
Price Band Analysis
At the upper band of Rs 93, the issue is valued at a P/E of about 7.80x on FY27-annualised earnings and 15.55x on FY26, with a P/BV of 3.69 (June 30, 2026 NAV of Rs 25.18). The company reported an average EPS of Rs 5.37 and average RoNW of 34.17% over three fiscals.
GMP Watch
The Core4 Engineers IPO GMP is flat at ₹0 as of the days before opening — no premium recorded, offering no directional signal. GMP is unofficial, unregulated and SEBI-unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 | Q1-FY27 |
|---|---|---|---|---|
| Total Income | 33.63 | 34.60 | 91.79 | 45.77 |
| Net Profit (PAT) | 2.89 | 3.81 | 12.37 | 6.17 |
| PAT Margin (%) | 8.63 | 11.15 | 13.54 | 13.51 |
| RoCE (%) | 32.71 | 23.59 | 37.78 | 13.23 |
Total income was broadly flat in FY24–FY25 (Rs 33.63 crore to Rs 34.60 crore) before jumping sharply to Rs 91.79 crore in FY26, with Rs 45.77 crore in Q1-FY27; PAT rose from Rs 2.89 crore to Rs 12.37 crore, with Rs 6.17 crore in Q1-FY27.
That bumper FY26 jump raises sustainability questions. Trade receivables of Rs 101.55 crore (as of June 30, 2026) exceed the period’s revenue — a notable concern; contingent liabilities were Rs 10.85 crore. No dividend history.
Core4 Engineers brings an integrated EPCC business to the SME board — railway, power-T&D and water-treatment infrastructure plus in-house HT/LT panels, a five-segment model, and an Rs 285.83 crore order book, riding India’s infrastructure-capex theme.
For the full analytical review, read Dilip Davda’s review
