Severeconcentrationpage 25
Extreme customer concentration: top 5 = 89-90% of revenue
Our top five customers contribute about 89.31%, 88.04% and 90.16% of our revenues for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024
ListedSMECOREIN
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.
₹78
Issue price
₹113
Price now
+44.9%
Since issue price
30 Sept 2026
Listed on
2.07×Subscribed (final) · all exchanges
2.1 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 374-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 220 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 53
Severe revenue concentration in Maharashtra (87-94%)
We generate almost 87.97%, 94.13 % and 94.28 % of the Total Revenue generated for the period ended for the financial year ended March 31, 2026, 2025 and 2024 respectively
Severeregulatorypage 33
Multi-year delays in EPF, PT and RoC statutory filings (up to 1,692 days)
There have been several instances of delay/ default in payment of statutory dues including EPF payment, Labour Welfare Fund and Profession Tax by our Company in the past... delays ranging to over 1,692 days for FY21-22 Employee Provident Fund
Severeoperationalpage 46
Single third-party software dependency for operations
We rely on only one third-party software for our operations, while our IT infrastructure is managed under a comprehensive managed services contract
Highlitigationpage 26
Pending litigation against Group Company (Rs 1,172.69L) and Promoters (Rs 957.87L)
Promoters Against Promoter 01 05 Nil Nil Nil 957.87*... Group Company Against the Company 01 Nil 02 Nil Nil 1172.69*
Highconcentrationpage 28
Dependence on two client industries: IT/ITES & Infra = 90%+ of revenue
We depend significantly on clients operating in the IT/ITES and Infra industries in India... Total 90.91% 89.99% 90.38%
Highoperationalpage 30
Very high attrition at 54% on a 12,000+ employee base
Our attrition rate for the financial year March 31, 2026, March 31, 2025 and March 31, 2024, was 54%, 42% and 42% respectively
Highfinancialpage 31
Employee benefit costs at ~63% of revenue; wage inflation risk
% to Revenue from operations 62.94% 66.67% 66.12%
Highoperationalpage 28
Dependence on proprietary HR/RegTech platforms (Core X, Core Pay, Ctrl F, Core PFT)
We rely on our proprietary technology for our business operations including our HR Tech and Reg Tech Platforms, such as Core X, Core Pay, Ctrl F and Core PFT
Highfinancialpage 42
Negative cash flows across operating, investing and financing activities in all three years
negative net cash flows in operating activities for FY 2026, negative cash flow in investing activities for FY 2025 and FY 2024 and negative cash flow in financing activities for FY 2026, FY 2025 and FY 2024
Highfinancialpage 42
Trade receivables at ~40% of total assets
Trade receivables constitute a significant portion of our total assets, and were ₹ 2,741.95 Lakhs ₹ 2301.22 Lakhs and ₹ 1877.47 Lakhs, or, 40.02%, 40.51% and 37.58% % of our total assets
Highoperationalpage 47
Insurance cover only 43.66% of insurable assets
our insured assets was ₹140.35 Lakhs, ₹ 68.12 Lakhs and ₹ 60.64 Lakhs and our insurance cover as a percentage of the total Insurable Assets of our Company was 43.66%
Highpromoterpage 51
Dependence on Promoters/KMP; several Directors lack listed-company board experience
we depend on the management skills and guidance of our Promoter for development of business strategies... Some of our Directors possess experience of being on the board of any listed company
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 3 | 0 | ₹0.1 Cr |
| Promoters | 1 | 5 | 0 | ₹9.4 Cr |
| Directors | 0 | 3 | 0 | ₹0.2 Cr |
| Subsidiaries | 0 | 0 | 0 | ₹0.0 Cr |
| Group companies | 1 | 0 | 3 | ₹18 Cr |
case₹12 Crpage 276
Molbio Diagnostics Ltd (Group Co.) GST writ before Bombay HC at Goa – demand of ~Rs. 11.54 cr (incl. Rs. 6.01 cr penalty) for July 2017–Mar 2021 upheld against the petitioner; Section 50 CGST interest amount unstated
case₹9.4 Crpage 277
Promoter/Director Sriram Natarajan – 4 Income Tax outstanding demands aggregating Rs. 9.44 cr (incl. accrued interest); AY 2016-17 demand alone is Rs. 8.93 cr
case₹6.5 Crpage 275
Eureka Outsourcing Solutions (Group Co.) won arbitration award of Rs. 6.47 cr + 6% p.a. interest against Dhani Loans & Services; enforcement proceedings pending before Delhi HC
case₹0.1 Crpage 275
Vinay Kumar Agarwal vs Eureka Outsourcing Solutions & Gaurav Bali (MD of Group Co.) – cheque dishonour complaint u/s 138 NI Act for Rs. 13.72 lakh (Rs. 0.14 cr), pending before CJM Ghazipur (UP)
case₹0.1 Crpage 276
Molbio Diagnostics (Group Co.) Customs Appeal before CESTAT Mumbai on IGST 12% vs 18% on imported reagents – Rs. 4.70 lakh (Rs. 0.05 cr) disputed; legal confirmation states 'no financial exposure expected'
Amounts converted from Rs. lakh to Rs. crore (1 crore = 100 lakh). The Vinay Kumar Agarwal cheque-dishonour criminal case is cross-referenced under both 'Promoters & Directors' (section B-a) and 'Group Company' (section C-a) – counted once under each. Promoters bucket = Gaurav Bali (1 unascertainable Sec 143(3) E-proceeding) + Sriram Natarajan (4 demands, Rs. 9.44 cr stated). Directors bucket = Manav Ravindranath Dhanda (1 demand, Rs. 0.0094 cr) + Rajeshwar Tripathi (2 demands, Rs. 0.2018 cr). KMP Pallav Jain (1 demand, Rs. 0.0092 cr) and SMP Thair Ali Baig (nil) are disclosed separately in the tax table but have no dedicated schema bucket. Subsidiary Coreintegra Global Services Pvt Ltd has nil litigation. Group bucket total Rs. 18.20 cr = Eureka cheque Rs. 0.14 cr + Eureka-Dhani arbitration Rs. 6.47 cr + Molbio Customs Rs. 0.05 cr + Molbio GST Rs. 11.54 cr (excl. unstated Sec. 50 interest). Grand total not stated by prospectus.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.