Core4 Engineers IPO
Core4 Engineers IPO is an SME IPO raising ₹55 Cr at ₹88 – ₹93 a share. The smallest application you can make is 1200 shares, costing ₹1,11,600 at the top of the band. Bidding closes on 27 Oct 2026 and the shares list on 30 Oct 2026. So far it has been subscribed 2.97× in total.
3.0 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding closes on 27 Oct 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
The company is a Mysore-based engineering, procurement, construction and commissioning contractor serving Indian Railways and its zones, government agencies, public-sector utilities and industrial clients across India. It builds and commissions railway electrification and station infrastructure, power transmission and distribution systems up to 220 kV, water and wastewater treatment plants, and SCADA and automation systems. Its subsidiary Core4 Energy manufactures HT/LT electrical panels and compact substations for the company’s projects and third-party customers. [p194] [p195] [p196] [p197]
How it earns
It earns service revenue from EPCC and composite infrastructure contracts covering design, procurement, construction, installation, testing, commissioning and maintenance, plus product revenue from selling manufactured HT/LT panels, control and relay panels, PLC/SCADA panels and compact substations. [p194] [p199]
Who buys
Customers include Indian Railways and its zonal railways, central and state government agencies and programs, public-sector undertakings and state utilities, and industrial or private-sector clients. No individual customer names or single-customer concentration figures are stated. Public-sector customers generated 11.41% of revenue in the period ended 30 June 2026, 32.34% in FY2026, 56.43% in FY2025 and 69.66% in FY2024; private-sector customers accounted for 88.59%, 67.66%, 43.57% and 30.34%, respectively. [p195] [p196] [p201]
Scale
Headquartered in Mysore, the company has one owned HT/LT panel manufacturing facility in Karnataka with two production sheds and compact-substation capability up to 2.5 MVA at 11 kV; in FY2026 it completed 42 projects and had 40 in progress, while its filing-date order book was ₹28,583.15 lakh, converted at 100 lakh per crore to ₹285.8315 crore. [p198] [p199] [p202] [p203] [p205]
What it says sets it apart
- An owned Karnataka facility manufactures HT/LT panels internally; electrical panels account for approximately 20% of total project value in almost all service projects, and the company controls their design, assembly, testing and warranty support. [p203]
- Its CPRI-certified in-house laboratory performs all eight prescribed type tests under IEC 61439 standards even when contractual testing is not required. [p203] [p204]
- It can manufacture compact substations up to 2.5 MVA and 11 kV, integrating a transformer, HT panel, LT panel and protection systems in one enclosure. [p197]
- Its engineering scope includes 25 kV AC railway overhead electrification, traction substations and station works, as well as transmission and distribution projects up to 220 kV. [p195] [p196]
- It combines design, procurement, civil, electrical, mechanical and automation work with in-house panel and compact-substation production within the same project delivery process. [p194] [p202]
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs93 / stated EPS Rs8.36 (FY2026 (year ended March 31, 2026) Diluted EPS, restated consolidated, after considering bonus issue). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How the book stands today
The category split is the number worth reading, not the total.
Non-institutional: 5.59× their allocation. QIB: 1.22×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
185 SME issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What to watch
- Priced at 11.1× earnings — 180% above the median of the peers the issuer itself names.
- Its cohort's record: median −2.3% since issue price, 52.4% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.