Coreintegra Consulting Services Ltd is raising ₹21.99 crore through an NSE SME IPO that opens on September 23, 2026.
Coreintegra Consulting Services provides staffing, payroll processing, labour-law compliance, HR advisory and technology-led workforce solutions. Its biggest selling point is the ability to offer these services under one roof.
It has worked with more than 600 customers across over 30 industries and has a presence in 23 states and four Union Territories.
Revenue has grown consistently, rising from ₹368.44 crore in FY24 to ₹516.30 crore in FY26. Profit growth, however, has not kept pace. Net profit declined in FY25 before recovering in FY26, while the company’s profit margin remained below 1%.
At ₹78 per share, the IPO is valued at about 18 times FY26 earnings. That does not look excessive in isolation, but the valuation is harder to justify when measured against the company’s thin margins, inconsistent profit growth and larger listed competitors.
Coreintegra Consulting IPO details
| Particulars | Details |
|---|---|
| IPO opens | September 23, 2026 |
| IPO closes | September 25, 2026 |
| Basis of allotment | September 28, 2026 |
| Listing date | September 30, 2026 |
| Listing platform | NSE Emerge |
| Price band | ₹74–₹78 |
| Face value | ₹10 |
| Issue size | ₹21.99 crore |
| Fresh issue | 28.19 lakh shares |
| Offer for sale | Nil |
| Lot size | 1,600 shares |
| Minimum retail application | 3,200 shares |
| Minimum retail investment | ₹2,49,600 |
| Post-issue market capitalisation | About ₹81.80 crore |
| Lead manager | Marwadi Chandarana Intermediaries Brokers |
| Registrar | Purva Sharegistry (India) |
| Market maker | Rikhav Securities |
The IPO is entirely a fresh issue. Coreintegra will use ₹11.76 crore to upgrade its IT infrastructure and ₹5.75 crore to strengthen its leadership team. Another ₹50 lakh has been earmarked for brand-building, with the balance going towards general corporate purposes.
The issue represents approximately 26.88% of the company’s post-IPO equity capital.
Financial performance
| Particulars | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | ₹368.44 crore | ₹404.39 crore | ₹516.30 crore |
| Net profit | ₹4.94 crore | ₹3.46 crore | ₹4.51 crore |
| PAT margin | 1.34% | 0.86% | 0.87% |
| RoCE | 32.37% | 18.68% | 20.19% |
Coreintegra’s revenue increased by about 40% between FY24 and FY26, translating into a two-year compound annual growth rate of roughly 18%.
Net profit fell from ₹4.94 crore in FY24 to ₹3.46 crore in FY25, despite an increase in revenue. Profit recovered to ₹4.51 crore in FY26 but remained below the FY24 level.
The PAT margin declined from 1.34% in FY24 to 0.86% in FY25 and remained at 0.87% in FY26. Such thin margins provide little protection against higher employee costs, delays in customer payments or pricing pressure.
Return on capital employed also fell from 32.37% in FY24 to 18.68% in FY25 before improving to 20.19% in FY26.
The company had contingent liabilities of ₹1.05 crore as of March 31, 2026.
Price-band
At the upper price of ₹78, Coreintegra is seeking a post-issue market capitalisation of approximately ₹81.80 crore.
The issue is priced at around 2.18 times its March 2026 net asset value of ₹35.74 per share. The offer document does not provide a corresponding post-issue net asset value, limiting the usefulness of that comparison.
An 18 times FY26 earnings valuation therefore looks full rather than inexpensive.
Comparison with listed companies
Coreintegra has named TeamLease Services and Quess Corp as its listed peers.
| Company | Indicative P/E |
|---|---|
| Coreintegra Consulting | 18.14 |
| TeamLease Services | 12.2 |
| Quess Corp | 20.3 |
GMP
The Coreintegra Consulting IPO had no active grey-market premium, effectively ₹0, as of September 22, 2026.
GMP is unofficial, unregulated and can change without notice. It should not be the sole basis for an investment decision.
Risks to consider
Revenue increased in each of the past three financial years, but FY26 net profit remained below FY24. Investors will need to see whether the company can convert future growth into stronger earnings.
The PAT margin has remained below 1% for the past two years. A relatively small increase in employee costs or operating expenses could have a noticeable effect on profit.
The company’s business depends on recruiting, deploying and retaining a large workforce. Employee attrition, wage inflation or the loss of major customers could affect performance.
Labour laws, payroll rules and compliance requirements differ across states and can change over time. Errors or delays in meeting these obligations could result in penalties or damage customer relationships.
Shares listed on the SME platform can have limited trading volumes and wider price movements. The minimum investment of nearly ₹2.50 lakh also makes the issue unsuitable for many retail investors.
The IPO asks investors to pay about 18 times FY26 earnings even though profit margins are thin and earnings have been inconsistent. This leaves limited room for operational disappointment.
