Incorporated in 2022, Core4 Engineers Ltd. is an Engineering, Procurement, Construction and Commissioning (EPCC) company providing integrated infrastructure solutions across railway infrastructure, power transmission & distribution, and water & wastewater treatment sectors. The company undertakes end-to-end project execution, including design, engineering, procurement, erection, testing, commissioning, and operation & maintenance (O&M).
The company also operates an in-house manufacturing facility for High-Tension (HT) and Low-Tension (LT) electrical panels and compact substations, supporting both its EPC operations and third-party clients. Its subsidiary, Core4 Energy Ltd., contributes to product-based revenue through the manufacturing of electrical distribution and control panels.
Core4 Engineers Ltd. executes projects for Indian Railways, public sector undertakings, and infrastructure contractors, with capabilities in railway electrification, substation development, and water treatment systems. As of September 30, 2025, the company had a workforce of 433 personnel, including employees and project-based labour.
Business Verticals:
- Railway Electrification (RE): Execution of 25 kV OHE systems, traction substations, and related infrastructure works on an EPCC basis.
- Railway Infrastructure: Composite civil, electrical, and mechanical works for station redevelopment and modernization projects.
- EHT Transmission & Distribution: Turnkey projects up to 220 kV, including substations, transformers, and distribution systems.
- Water & Wastewater Treatment: EPCC solutions for WTP, STP, and ETP projects using technologies like MBBR and SBR.
- Automation & SCADA Systems: PLC-based automation, monitoring, and control systems for infrastructure projects.
- HT/LT Panel Manufacturing: Manufacturing and supply of electrical panels including PCC, MCC, APFC, and automation panels.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure for the acquisition of a property comprising land and an existing building, proposed to be utilized for establishing and operating a new manufacturing facility and corporate office; | ₹4 |
| Funding incremental working capital requirements; and | ₹33 |
| General corporate purposes | — |
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 77 | 68 | 32 |
| Revenue | 47 | 35 | 34 |
| PAT | 6 | 4 | 3 |
| EBITDA | 9 | 7 | 5 |
| Net Worth | 25 | 19 | 6 |
| Reserves | 22 | 16 | 4 |
| Total Borrowing | 22 | 19 | 17 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | Not more than 50% of the Net Issue | — |
| NII / HNI | — | Not less than 15% of the Net Issue | — |
| Retail (RII) | — | Not less than 35% of the Net Issue | — |
| Market Maker | — | Up to ₹7 Cr | — |
* Amount calculated at upper price band (₹93) · ** Total includes all investor categories
- 1 Initiation of Refund 29 Oct 2026
- 2 Credit of Shares to Demat 29 Oct 2026
- The IPO P/E of 16x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹3 compares to post-issue EPS of ₹6 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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