Core4 Engineers IPO opens at Rs 88–93; seeks Rs 54.82 crore

Core4 Engineers’ Rs 54.82 crore initial public offering opens for subscription on October 23, 2026, with a price band of Rs 88–93 per share, according to Economic Times Markets. The offer closes on October 27 and consists entirely of 58.94 lakh newly issued shares.

Allotment is expected on October 28, followed by a tentative listing on the BSE SME platform on October 30. These are the reported schedule dates, not confirmation that allotment or trading has begun.

Application size and issue managers

The lot size is 1,200 shares. The report says retail applicants must bid for at least two lots, or 2,400 shares, costing Rs 2,23,200 at the upper price of Rs 93. For high-net-worth individual applicants, it gives a minimum of three lots, or 3,600 shares, costing Rs 3,34,800 at that price.

Socradamus Capital Pvt. Ltd. is the book-running lead manager, Purva Sharegistry (India) Pvt. Ltd. is the registrar, and Mansi Share & Stock Broking Pvt. Ltd. is the market maker.

Working capital leads the proposed fund use

The company plans to allocate Rs 40.48 crore to incremental working capital and Rs 4.12 crore to buying land and an existing building for a new manufacturing facility and corporate office.

The report describes net proceeds as Rs 44.60 crore and also mentions a balance for general corporate purposes. However, the two specified allocations already total Rs 44.60 crore, leaving no remainder within that stated amount. The proceeds breakdown therefore needs clarification against the company’s offer document.

Reported financial growth comes with a profit discrepancy

The detailed article puts FY26 total income at Rs 92 crore, compared with Rs 35 crore in FY25—an increase of approximately 163%. It reports profit after tax of Rs 12 crore, up from Rs 4 crore, representing growth of 200%.

There is a material inconsistency in the publisher’s figures: its summary gives FY26 profit as Rs 2 crore, while the detailed article gives Rs 12 crore. The summary also calls the Rs 92 crore figure revenue, whereas the article labels it total income. Investors should check the financial statements in the offer document before using these numbers to assess valuation.

An infrastructure contractor with equipment manufacturing

Incorporated in June 2014, Core4 Engineers operates in engineering, procurement, construction and commissioning across railways, power transmission and distribution, and water and wastewater treatment. Its services extend from design and procurement to installation, testing and operations and maintenance.

Its railway work includes electrification, traction substations, station redevelopment and associated civil construction. In power, it executes substations, transmission lines and distribution networks up to 220 kV. It also handles automation and Supervisory Control and Data Acquisition projects, and manufactures high- and low-tension distribution panels.

The company serves government bodies, public sector undertakings, utilities, infrastructure contractors and private businesses across India. As of June 30, 2026, its reported workforce comprised 62 payroll employees and 400 floating labourers, with the latter primarily deployed on project execution.