Core4 Engineers (SME IPO)
📅 Dates: 23 - 27 Oct • 💰 Issue Size: 58,94,400 shares (agg. up to ₹55 Cr)Complete guide to Core4 Engineers SME IPO: latest Grey Market Premium (GMP), live bidding subscription status, price band, lot size, financial report, and investment analysis.
📊 Overview & Key Highlights
| Parameter | Details |
|---|---|
| Issue Type | SME IPO (SME) |
| Issue Dates | 23 - 27 Oct |
| Price Band | ₹88 to ₹93 |
| Total Issue Size | 58,94,400 shares (agg. up to ₹55 Cr) |
| Minimum Market Lot | 1200 shares |
| Current GMP | ₹N/A (Updated: 19 Oct, 09:15) |
| Subscription Status | Bidding Pending (Opens: Fri, Oct 23, 2026) |
| Investor Demand Rating | ⏳ Pending (Awaiting Bids / GMP) |
📈 Live Subscription Demand
| Category | Subscription Status |
|---|---|
| Bidding Schedule | Opens on Fri, Oct 23, 2026 |
| Current Status | Bidding Pending / Awaiting Exchange Bids |
Live QIB, NII / HNI, and Retail subscription multipliers will update automatically here once bidding begins.
Live QIB, NII / HNI, and Retail subscription multipliers will update automatically here once bidding begins.
Live QIB, NII / HNI, and Retail subscription multipliers will update automatically here once bidding begins.
🎯 Investment Analysis & Verdict
📌 Business Model & Revenue Streams
Core4 Engineers delivers turnkey EPC infrastructure projects across railway electrification, high-voltage power transmission, and industrial water treatment. Revenue comes directly from government agencies, public utilities, and private industrial clients paying for contracted project milestones and in-house manufactured electrical panels.🚀 Key Strengths & Growth Drivers
• Integrated manufacturing edge: Building their own HT/LT distribution panels and substations cuts third-party equipment dependency, helping defend project delivery timelines and operating margins.• Aggressive railway and power capex: Strong government push for rail electrification, station revamps, and grid upgrades offers a healthy multi-year bidding pipeline.
• Multi-sector diversification: Operating across railways, power transmission, and water infrastructure prevents total reliance on a single sector's capital cycle.
⚠️ Key Risks & Red Flags
• Working capital squeeze: EPCC and infrastructure contracting inherently suffer from delayed milestone billings, retention money lock-ins, and stretched receivable days.• Tendering and execution risks: Heavy dependence on government and institutional contracts exposes the business to aggressive price bidding, raw material inflation, and bureaucratic project delays.
• SME liquidity and lot size: Being an SME listing, thin post-listing trading volumes and large minimum lot sizes make entry and exit tricky for small retail portfolios.
🎯 Retail Verdict
This is a decent infrastructure play riding the capex wave, but it remains a classic working-capital-intensive contracting business. Aggressive traders could play for a modest listing pop if broader SME market sentiment stays buoyant, but long-term retail investors should wait on the sidelines to track a couple of post-listing quarters of cash flow conversion and order book execution before building a position.📅 Tentative Timetable
| Event | Tentative Date |
|---|---|
| IPO Open | Fri, Oct 23, 2026 |
| IPO Close | Tue, Oct 27, 2026 |
| Allotment | Wed, Oct 28, 2026 |
| Refund | Thu, Oct 29, 2026 |
| Credit of Shares | Thu, Oct 29, 2026 |
| Listing | Fri, Oct 30, 2026 |
💼 Market Lot & Investment Sizing
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2400 | ₹2,23,200 |
| Individual investors (IND) (Max) | 2 | 2400 | ₹2,23,200 |
| S-HNI (Min) | 3 | 3600 | ₹3,34,800 |
| S-HNI (Max) | 8 | 9600 | ₹8,92,800 |
| B-HNI (Min) | 9 | 10800 | ₹10,04,400 |
💰 Financial Summary
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 77.35 | 68.10 | 31.99 |
| Total Income | 47.31 | 34.60 | 33.63 |
| Profit After Tax | 6.05 | 3.81 | 2.89 |
| EBITDA | 8.81 | 6.82 | 5.07 |
| NET Worth | 24.75 | 18.70 | 6.43 |
| Reserves and Surplus | 21.80 | 15.74 | 3.63 |
| Total Borrowing | 22.07 | 18.58 | 16.75 |
| Amount in ₹ Crore |
🏢 About Core4 Engineers
Core4 Engineers Limited operates as an integrated Engineering, Procurement, Construction, and Commissioning (EPCC) contractor serving the railway infrastructure, power transmission and distribution, and water management sectors. The company provides turnkey project delivery spanning design, engineering, procurement, installation, testing, and operations and maintenance (O&M). Its primary operations encompass railway electrification—including 25 kV overhead equipment and traction substations—railway station modernization, extra-high-tension power transmission works up to 220 kV, industrial water and wastewater treatment plants, and PLC-based SCADA automation systems.In addition to project contracting, Core4 Engineers maintains in-house manufacturing capabilities for high-tension and low-tension electrical distribution panels, motor control centers, power control centers, and compact substations. These manufacturing assets support internal EPC executions as well as external commercial clients, supported in part by its subsidiary, Core4 Energy Ltd. Catering primarily to Indian Railways, public sector undertakings, and major infrastructure developers, the company engaged an operational workforce of 433 personnel across permanent and contract staffing as of September 2025.
💬 Community Discussion & Views
Are you planning to apply for the Core4 Engineers IPO? Share your bidding strategy, allotment status, or listing expectations with fellow investors in the replies below!👉 Browse all upcoming Mainboard & SME IPOs on UNP
Disclaimer: All IPO details provided above are for educational and informational purposes only. Readers are advised to consult their financial advisors and review the Red Herring Prospectus (RHP) before investing.
📌 Thread Quick Navigation: Post #2: Live & Historic GMP | Post #3: Subscription Stats | Post #4: Allotment Status | Post #5: Listing Debut | Post #6: Community & Social Reviews
Last edited: