Core4 Engineers Ltd.
RHP · filed 23 Oct 2026
Core4 Engineers Ltd. is an infrastructure company that provides engineering, procurement, and construction services, with a revenue CAGR of 18.62% and a latest revenue of Rs 47.07 crore. The offer is structured as a fresh issue of equity shares, and the company is profitable with a latest profit after tax of Rs 6.05 crore. The company faces significant risks due to its high dependence on government customers, who accounted for over 69% of revenue, and its geographic concentration in Karnataka, which accounted for nearly 89% of revenue.
What stands out
Risk factor. Dependence on government and government-owned customers, which accounted for 69.66% of revenue in Fiscal 2023 and 62.90% in the period ended September 30, 2025, exposing the company to policy uncertainty, delays in project award, cost overruns, payment delays, and onerous contractual terms.
Risk factor. Two instances of contract pre-termination by government authorities, including a contract for railway infrastructure works under the Amrit Bharat Station Scheme terminated in May 2025, and a contract for coach watering arrangements at Mangalore, with pending arbitration proceedings against the Union
Risk factor. Geographic concentration in Karnataka, which accounted for 88.75% of revenue in the period ended September 30, 2025, exposing the company to adverse regional developments, regulatory uncertainties, and potential slowdowns in infrastructure spending within the state.
Risk factor. The company's growth trajectory and business performance depend on the volume of tenders, project allocations, and capital expenditure budgets of government authorities, with no assurance that government policies will continue to prioritize infrastructure development or allocate adequate budgets.
How the offer is structured
- 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₹4.1 Cr
- Funding incremental working capital requirements₹32.7 Cr
- General corporate purposes
Restated financials
Revenue
₹47.1 Cr
Latest fiscal year
Profit after tax
₹6.0 Cr
Revenue CAGR
18.6%
PAT CAGR
44.9%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2023 | ₹33.5 Cr | ₹2.9 Cr | ||
| 2024 | ₹34.2 Cr | ₹3.8 Cr | ||
| 2025 | ₹47.1 Cr | ₹6.1 Cr |
Promoters, litigation & related parties
Promoter (pre)
82.1%
Risks the company discloses
Dependence on government and government-owned customers, which accounted for 69.66% of revenue in Fiscal 2023 and 62.90% in the period ended September 30, 2025, exposing the company to policy uncertainty, delays in project award, cost overruns, payment delays, and onerous contractual terms.(Customer Concentration)
Two instances of contract pre-termination by government authorities, including a contract for railway infrastructure works under the Amrit Bharat Station Scheme terminated in May 2025, and a contract for coach watering arrangements at Mangalore, with pending arbitration proceedings against the Union of India.(Litigation)
Geographic concentration in Karnataka, which accounted for 88.75% of revenue in the period ended September 30, 2025, exposing the company to adverse regional developments, regulatory uncertainties, and potential slowdowns in infrastructure spending within the state.(Geographic Concentration)
The company's growth trajectory and business performance depend on the volume of tenders, project allocations, and capital expenditure budgets of government authorities, with no assurance that government policies will continue to prioritize infrastructure development or allocate adequate budgets.(Government Policy)
Government contracts involve longer approval cycles, complex tendering processes, and stringent compliance requirements, often governed by standard terms favourable to the government with limited room for negotiation, imposing obligations such as liquidated damages and strict performance timelines.(Contractual Terms)
Government bodies retain broad rights to suspend, terminate, or modify contracts, with compensation or payment recovery often subject to lengthy processes or disputes, potentially straining working capital and increasing financing costs.(Contractual Terms)
Mobilization for additional or revised scope of work may require rapid deployment of resources, potentially increasing costs and affecting project profitability.(Operational)
Expansion into other states may require establishing new client relationships, complying with differing regulatory frameworks, and competing with entrenched regional players, with any inability to successfully diversify potentially exacerbating risks associated with concentration in Karnataka.(Expansion)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.