Coreintegra Consulting Services IPO
Coreintegra Consulting Services IPO is an SME IPO raising ₹22 Cr at ₹74 – ₹78 a share. It listed on 30 Sept 2026 at ₹78, +0.1% against its issue price of ₹78, and trades at ₹113 today (+44.9% since issue). It was subscribed 2.07× in total.
2.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Core Integra is an Indian HR solutions company that provides staffing, payroll outsourcing, labour law compliance, and proprietary HR/Reg-Tech software under one roof. Its five verticals are HR Services, Vendor Management Services, Compliance and Advisory, Reg Tech and HR Tech Solutions, and it runs an in-house digital platform suite (Ctrl-F, CoreX, Core Pay, Core PFT). It also acts as a manpower-outsourcing partner, deploying contract and project-based staff at client sites across India. During Fiscals 2024-2026 it served more than 600 customers across 30+ industries, spanning 23 states and 4 union territories through 7 branch offices.
How it earns
Primarily fees from staffing/manpower deployment and payroll outsourcing, supplemented by compliance/advisory retainership fees and SaaS-style subscription revenue from its proprietary Ctrl-F, CoreX, Core Pay and Core PFT platforms.
Who buys
Highly concentrated customer base — top 10 customers account for 92.35% of revenue from operations in Fiscal 2026 (₹475.76 crore out of ₹515.15 crore). Customer 1 alone contributes 53.01% (₹273.10 crore, associated 10+ years) and Customer 2 contributes 33.57% (₹172.95 crore, associated ~4 years). All top 10 customers have been associated for over 3 years. Total active customers served: 385 in Fiscal 2026, 374 in Fiscal 2025, 288 in Fiscal 2024. By industry, IT/ITES accounts for 55.31% and Infrastructure for 35.59% of Fiscal 2026 revenue; by geography, Maharashtra alone accounts for 87.97% of revenue (₹453.18 crore).
Scale
Revenue from operations: ₹51,514.78 lakhs (₹515.15 crore) in Fiscal 2026 (FY25: ₹402.61 crore; FY24: ₹366.37 crore) — an 18.58% CAGR over Fiscal 2024–2026. 7 branch offices across India, presence in 23 states and 4 union territories, 1,500+ client locations, 12,046 employees deployed at client sites as of March 31, 2026, and 231 staff on the company's own payroll as of August 31, 2026.
What it says sets it apart
- Four proprietary in-house technology platforms covering the full HR/compliance value chain — Ctrl-F (compliance), CoreX (HR processes), Core Pay (vendor management) and Core PFT (PF trust) — with 4 registered copyrights in India and a 30-person IT team maintaining them.
- Highly concentrated revenue from a few large clients, with Customer 1 contributing over half of total revenue and associated for more than 10 years, plus all top 10 customers associated 3+ years, providing strong recurring business and cross-sell potential.
- Asset-light operating model requiring low capex, which the company says supports scalability across services and geographies.
- Wide physical compliance footprint covering 23 states and 4 union territories with 7 branch offices and reach into 1,500+ client locations, supported by an e-repository covering 110+ Acts and 470 rules.
- Integrated single-window delivery — clients can combine staffing, payroll, compliance and tech modules from one provider, with ISO/IEC 27001:2022 and ISO 9001:2015 certifications plus Safe-to-Host certification for the Ctrl-F application.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs78 / stated EPS Rs5.88 (FY26 (year ended March 31, 2026) Basic & Diluted EPS, post-bonus, restated consolidated, as per Restated Financial Statements). 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.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹515 Cr+28% | ₹5 Cr+30% | 0.9% | ₹27 Cr | ₹0 Cr |
| FY2025 | ₹403 Cr+10% | ₹3 Cr-30% | 0.9% | ₹23 Cr | ₹0 Cr |
| FY2024 | ₹366 Cr | ₹5 Cr | 1.3% | ₹19 Cr | ₹0 Cr |
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 its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
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.
What could go wrong
All 13 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Marwadi Chandarana Intermediaries Brokers Private Limited — median +49.1% across the 4 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 6 Nov 2026.
What to watch
- Priced at 13.3× earnings — 30% below the median of the peers the issuer itself names.
- The register's top risk: Extreme customer concentration: top 5 = 89-90% of revenue (prospectus page 25).
- Its cohort's record: median −2.7% since issue price, 51.9% 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.
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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.