| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 366.37 | 402.61 | 515.15 |
| Expenses | 362.46 | 400.23 | 511.04 |
| Other Income | 2.07 | 1.78 | 1.15 |
| Total Revenue | 368.44 | 404.39 | 516.30 |
| Profit Before Tax | 5.98 | 4.16 | 4.70 |
| Net Profit | 4.94 | 3.46 | 4.51 |
Coreintegra Consulting Services
Coreintegra Consulting Services IPO
₹2,36,800
0.33 xOver-subscribedBidding Dates 23 Sept, 26 -25 Sept, 26
Min Investment ₹2,36,800
Lot Size1,600
Price Range ₹74 – ₹78
Issue Size ₹21.99 Cr.
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IPO Subscription Details
Retail Subscription Details
0.17 x
Non-Institutional Buyers (sHNI)
0.16 x
Non-Institutional Buyers (bHNI)
0.42 x
Qualified Institutional Buyers (QIB)
1.05 x
Total0.33 x
0.33 x IPO Timeline
IPO Offer Start
23 Sept,26
IPO Offer Ends
25 Sept,26
Allotment Finalisation
28 Sept,26
Refund Initiation
29 Sept,26
Listing of Shares
30 Sept,26
IPO Analysis
Strengths
The company has developed four proprietary digital platforms — Ctrl-F, CoreX, Core PFT, and Core Pay — since Fiscal 2015, with 4 registered copyrights in India; EBITDA grew at a CAGR of 18.58% from Fiscal 2024 to Fiscal 2026, supported by a 30-member IT team maintaining these platforms.
The company is served across more than 30 industries including IT/ITES, Infra, Power, Banking, Manufacturing, and others, with IT/ITES contributing 55.31% (₹28,494.49 Lakhs) and Infra contributing 35.59% (₹18,335.70 Lakhs) to revenue from operations in Fiscal 2026.
The company has established a presence across 23 states and 4 union territories in India, serving clients at more than 1,500 locations through 7 branch offices, with Maharashtra contributing 87.97% (₹45,317.57 Lakhs) of revenue from operations in Fiscal 2026.
Risks
The company's top five customers contribute approximately 89.31%, 88.04%, and 90.16% of revenues for FY2026, FY2025, and FY2024 respectively, with the largest single customer accounting for over 53% of revenue in FY2026. Any loss of business from one or more of these key customers could materially and adversely affect the company's revenues, profitability, and financial condition.
The company is highly manpower-intensive with 12,027 employees as of March 31, 2026, and faces a significant attrition rate of 54% in FY2026 (up from 42% in FY2025 and FY2024). Inability to attract, train, and retain skilled personnel could adversely impact service quality, client satisfaction, and overall financial performance.
The company is heavily dependent on clients from the IT/ITES and Infrastructure industries, which together accounted for approximately 90.91%, 89.99%, and 90.38% of revenue from operations in FY2026, FY2025, and FY2024 respectively. Any downturn, technological disruption, or adverse economic conditions affecting these sectors could significantly reduce demand for the company's services.
Objectives
The company intends to upgrade its IT infrastructure by launching CTRL F version 3.0 with advanced AI-based OCR, real-time HRMS/ERP integration, enhanced cybersecurity, and expanded AWS deployment to improve scalability, reliability, and compliance automation across approximately lakhs of formats.
The company plans to onboard senior professionals across key functions such as regulatory compliance, digital transformation, quality, legal, marketing, and operational excellence to accelerate market entry, deepen enterprise client engagement, and strengthen service delivery.
The company intends to invest in digital marketing, PR & media outreach, thought leadership, content marketing, and customer engagement programs to strengthen brand presence, expand market reach, and position itself as a trusted technology-driven compliance partner.
The company intends to utilize the balance Net Proceeds for general corporate purposes including initial development costs for new products, meeting operating expenses, strengthening business development and marketing capabilities, and meeting unforeseen exigencies, subject to a cap of 15% of Gross Proceeds or a specified lakhs amount, whichever is lower.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 49.96 | 56.80 | 68.51 |
| Current Assets | 36.57 | 45.50 | 43.99 |
| Fixed Assets | 13.38 | 11.30 | 24.52 |
| Total Equity & Liabilities | 49.96 | 56.80 | 68.51 |
| Total Liabilities | 30.52 | 33.91 | 41.10 |
| Current Liabilities | 28.94 | 32.88 | 38.80 |
| Non Current Liabilities | 1.58 | 1.02 | 2.30 |
| Total Equity | 19.43 | 22.89 | 27.41 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 2.44 | -5.08 | 0.57 |
| Investing Activities | -5.06 | -6.45 | 3.69 |
| Operating Activities | 7.55 | 1.39 | -3.05 |
| Financing Activities | -0.04 | -0.02 | -0.07 |
About Coreintegra Consulting Services
Core Integra Consulting Services Limited is one of the few integrated HR solutions providers in India, offering staffing, payroll outsourcing, labour law compliance, and proprietary HR-Tech solutions under a single umbrella. The company operates across five key verticals — HR Services, Vendor Management Services, Compliance & Advisory, Reg Tech, and...more
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Managing DirectorMahesh Krishnamoorthy
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