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SME IPO
BSE SME Civil Construction
Core4 Engineers IPO
₹54.82 Cr · Fresh Issue · Civil Construction
Price Band
₹88
Lot: 1200 shares (₹105,600)
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹54.82 Cr
Fresh Issue
Market Cap
₹192.35 Cr
At upper band
P/E Ratio
11.12x
Listing Date
30th Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
23rd Oct 2026
✓
Closes
27 Oct 2026
📋
Allotment
28 Oct 2026
₹
Refund
29 Oct 2026
📈
Listing
30th Oct 2026
IPO India Hub: Subscribe
Conviction
7/10
The company demonstrates strong operational momentum with PAT CAGR of 44.7% over two years and a healthy ROCE of 23.98%, supported by disciplined capital structure (D/E 0.99x). Valuation at 1.57× sector midpoint is justified by double-digit net margins and accelerating profitability, though execution risk on the new manufacturing facility remains material.
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit has grown from ₹2.9 Cr (FY-2) to ₹6.0 Cr (FY0), representing a 44.7% PAT CAGR. This outpaces revenue growth of 18.6%, indicating improving operational leverage and margin expansion in the civil construction business.
✓ Strength
Strong capital efficiency metrics
ROCE of 23.98% and EBITDA margin of 19.98% demonstrate the company generates returns well above cost of capital. Combined with a conservative D/E ratio of 0.99x, the balance sheet provides flexibility for growth investment without financial stress.
⚠ Risk
New facility execution and ramp-up
₹4.12 Cr of IPO proceeds are earmarked for a new manufacturing facility and corporate office. Delays or cost overruns in construction, or slower-than-expected capacity utilization, could pressure near-term returns and delay profitability gains.
⚠ Risk
Civil construction sector cyclicality
The company operates in a sector sensitive to infrastructure spending cycles, project delays, and regulatory changes. Margin compression or revenue volatility could emerge if government capex or private construction demand weakens.
₹ Valuation
Fair valuation with margin support
At 36.05x P/E, the company trades at 1.57× the niche/unlisted sector midpoint of 23x. This premium is justified by a net profit margin of 12.8% and a 44.7% PAT CAGR, placing it in the Subscribe zone for SME IPOs with this growth profile.
👁 Watch
Monitor new facility capex execution
Track quarterly capex spend, land acquisition timelines, and manufacturing facility commissioning dates. Any material delays or cost escalation should trigger a reassessment of the growth thesis and return expectations.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Core4 Engineers" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹45.77 Cr
Net Profit
₹6.17 Cr
Industry
Civil Construction
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Subscribe. The company demonstrates strong operational momentum with PAT CAGR of 44.7% over two years and a healthy ROCE of 23.98%, supported by disciplined capital structure (D/E 0.99x). Valuation at 1.57× sector midpoint is justified by double-digit net margins and accelerating profitability, though execution risk on the new manufacturing facility remains material.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹88, the minimum investment per retail application is ₹105,600. You can apply for up to 13 lots (₹1,372,800) under the retail category (up to ₹2 lakh).
The IPO opens on 23rd Oct 2026. It closes on 27 Oct 2026. Allotment is expected on 28 Oct 2026. Refunds initiate on 29 Oct 2026. Listing on BSE and NSE is on 30th Oct 2026.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 27 Oct 2026. The minimum investment is ₹105,600 for one lot (1200 shares). The company demonstrates strong operational momentum with PAT CAGR of 44.7% over two years and a healthy ROCE of 23.98%, supported by disciplined capital structure (D/E 0.99x). Valuation at 1.57× sector midpoint is justified by double-digit net margins and accelerating profitability, though execution risk on the new manufacturing facility remains material.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 27 Oct 2026. The IPO is priced at a P/E of 11.12x. Market cap at issue price is ₹192.35 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 1200 shares at ₹88 each, costing ₹105,600 per application. The issue closes on 27 Oct 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Core4 Engineers'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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