Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 223200
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 334800
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
26.34%
Market Maker
12.21%
QIB
17.56%
NII / HNI
13.17%
Retail
30.72%
Institutional Corporate Dossier
Core4 Engineers
COMPANY PROFILE & DNA
Incorporation / Founded
03-02-22
Active Vintage
Corporate Headquarters
Mysore, Karnataka
Registered Hub
👔 Leadership & Promoter Group
Key Management
Agrahara Chamaraje Gowda Abhinandan, Hosahalli Appagigowda Savitha, Mahadevappa Tejus, Anala
⚙️ Business Overview & Portfolio
Core Offerings
EPCC provider of integrated infrastructure across railways, power, and water sectors
🎯 Target Market & End-Use
Revenue Drivers
Electrical panels, substations, railway electrification, and water treatment systems
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Multi-disciplinary execution capability supported by cost efficiency through in-house electrical panel manufacturing
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Capital expenditure for acquisition of property for new manufacturing facility and corporate office
₹ 4.12
Allocation
🎯 Objective 02
Funding incremental working capital requirements
₹ 40.48
Allocation
🎯 Objective 03
General corporate purposes
Balance
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Q1FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 45.65 | 91.34 | 34.16 | 33.45 |
| EBITDA | 9.20 | 18.70 | 7.10 | 5.07 |
| Profit After Tax (PAT) | 6.17 | 12.37 | 3.81 | 2.89 |
| Net Worth | 37.23 | 31.07 | 18.70 | 6.43 |
| Total Borrowing | 40.57 | 31.58 | 18.58 | 16.75 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
91.34
₹ Cr
YoY Growth
167.39%
3-Year CAGR
65.25%
18.70
₹ Cr
YoY Growth
163.38%
3-Year CAGR
92.05%
12.37
₹ Cr
YoY Growth
224.67%
3-Year CAGR
106.89%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 39.81% | 20.37% | 35.04% | Improving |
| ROCE (Capital Employed)ROCE | 29.85% | 19.05% | 23.59% | Improving |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-0.58
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 1.02 | 0.47 | Low |
| EPS (₹) | 5.98 | 11.93 | Accretive |
| ROE (%) | 39.81% | 14.40% | Bad |
| ROCE (%) | 29.85% | 14.79% | Bad |
| P/E (Valuation) | 15.55 | 7.79 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 10.85 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Core4 Engineers Limited IPO CANDIDATE | 91.34 | 7.79 (Ask) | 29.85% | 14.40% (Post Issue) | 20.47% |
| K2 Infragen Limited | ₹ 182.54 Cr | 3.97 | 14.70% | 16.02% | 12.19% |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Multi disciplinary execution across railway power water sectors
- In house electrical panel manufacturing ensuring cost efficiency
- Strong order book providing high long term revenue visibility
- Experienced promoter management driving operational excellence and growth
Weaknesses
Internal Operational Constraints
- High working capital requirements and extended receivables cycle
- Geographic concentration of revenue derived mainly from Karnataka
- Negative operating cash flows in recent financial years
- Dependence on private sector capital expenditure and orders
Opportunities
External Growth Tailwinds
- Expansion into new geographical markets across Pan India
- Rising government investment in railway and water infrastructure
- Growing demand for smart automation and SCADA systems
- Scale up of high margin water treatment projects
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from established infrastructure and EPC players
- Volatility in raw material prices especially steel cables
- Delays in project execution and milestone billing approvals
- Changes in government policies or infrastructure spending allocations
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
Score 6/10 (Base 4, Sector +1, Co +4, Risk -3) | SECTOR MOAT: Railway EPC 10.7% CAGR and T&D 10.8% CAGR supported by PM Gati Shakti and Jal Jeevan Mission tailwinds | COMPANY MOAT: CPRI panel approvals, FY26 ROCE 29.85%, ROE 39.81%, EBITDA margin 20.04%, and strong order book | KEY RISKS: Top 5 client concentration at 77.59% in FY26, 223 debtor days, and negative operating cash flows | VERDICT: Profitable niche EPC player with strong returns, tempered by client concentration and working capital drag.
26.34
12.21
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-