Core4 Engineers IPO

Core4 Engineers began operations as a partnership firm in 2014, converted into a private limited company in 2022 and became a public limited company in 2025. It is an engineering, procurement, construction and commissioning (EPCC) company covering design, engineering, procurement, erection, testing, commissioning and operation and maintenance. The company’s five interlinked verticals are railway electrification and infrastructure, extra-high-tension transmission and distribution, water and wastewater treatment, automation and SCADA systems, and composite supply of HT/LT distribution panels with related services. It also undertakes subcontracting work and manufactures HT/LT panels and compact substations in-house.

FY26 revenue from operations was ₹91.3 crore. Service revenue contributed ₹88.4 crore, or 96.8% of total revenue, while product revenue contributed ₹2.9 crore, or 3.1%. Water and wastewater EPCC contributed 65.5%, railway electrification and infrastructure 27.1%, automation and SCADA 2.4%, EHT transmission and distribution 1.8%, and products 3.1%.

Within service revenue, water and wastewater increased from 21.7% in FY24 to 67.6% in FY26, while railway declined from 60.4% to 27.9%. Product revenue was nil in FY24 and FY25 and first appeared in FY26.

The company operates in domestic market with Karnataka generating 85.6% of FY26 revenue, followed by Tamil Nadu at 3.5%, Jammu and Kashmir at 2.9%, Uttar Pradesh at 2.1% and Odisha at 2.1%, with the balance spread across other states.

Public-sector customers accounted for 32.3% of FY26 revenue and private-sector customers for 67.6%, compared with 69.6% and 30.3%, respectively, in FY24. The customer base includes railways, municipal and water authorities, electricity boards, public-sector undertakings, industrial facilities, commercial establishments, and private power and renewable-energy developers.

The company’s manufacturing unit at Hootagalli Industrial Area, Mysore comprises two production sheds and supports internal EPCC projects and third-party customers. As of the RHP filing, the order book was ₹285.8 crore across multiple Indian states and service segments.