Coreintegra Consulting Services Limited is raising ₹18.01 crore through a fresh issue in its initial public offering, which opens on September 23, 2026. The Mumbai-based integrated HR solutions provider reported FY26 revenue of ₹515.15 crore, driven by strong growth in staffing and proprietary technology services.

About the Company

Founded in 2009 and headquartered in Chembur, Mumbai, Coreintegra provides end-to-end human resource services across five verticals: HR Services, Vendor Management Services, Compliance & Advisory, Reg Tech, and HR Tech Solutions. The company serves over 385 clients across 30+ industries in 23 states and 4 union territories.

Its proprietary technology platforms—CoreX, Core Pay, Ctrl-F, and Core PFT—are maintained by a 30-member in-house IT team and operate on a SaaS model. The company holds four registered copyrights for these platforms. IT/ITES contributed 55.31% of FY26 revenue, followed by Infrastructure at 35.59%. Maharashtra accounted for 87.97% of total revenue in FY26.

Financial Performance

Revenue from operations grew at a CAGR of 18.58% from FY24 to FY26, reaching ₹515.15 crore. However, profitability margins remained thin, with PAT margin at 0.87% in FY26. Operating cash flow turned negative at ₹-3.05 crore in FY26, down from ₹7.55 crore in FY24.

Trade receivables constituted 40.02% of total assets in FY26, rising to ₹2,741.95 lakhs.

Why the Company Is Raising Funds

The company intends to utilize the net proceeds of ₹18.01 crore as follows:

• IT Infrastructure Upgrade: ₹11.76 crore for launching CTRL F version 3.0 with AI-based OCR and enhanced cybersecurity.
• Leadership Team Augmentation: ₹5.75 crore for onboarding senior professionals.
• Brand Visibility: ₹0.50 crore for digital marketing and PR.
• General Corporate Purposes: Balance proceeds, capped at 15% of gross proceeds.

Business Strengths

• Proprietary SaaS platforms covering the entire HR value chain with four registered copyrights.
• Deep domain expertise across 30+ industries, including IT/ITES and Infrastructure.
• Wide geographic presence with operations in 23 states and 4 union territories.
• Established long-term client relationships, with an average contract duration of 1 to 3 years.
• ISO/IEC 27001:2022 and ISO 9001:2015 certifications.

Key Risks

• Customer Concentration: Top five customers contributed 89.31% of FY26 revenue; the largest single client accounted for 53.01%.
• Geographic Concentration: Maharashtra contributed 87.97% of FY26 revenue.
• Cash Flow Volatility: Negative operating cash flow of ₹-3.05 crore in FY26 due to high trade receivables.
• Statutory Compliance: History of delays in EPF and other statutory payments, with some delays extending up to 1,692 days.
• Attrition: Employee attrition rate rose to 54% in FY26 from 42% in previous years.

Important IPO Dates

• IPO Opening Date: 23-Sep-2026
• IPO Closing Date: 25-Sep-2026
• Allotment Date: 28-Sep-2026
• Listing Date: 30-Sep-2026

Offer Details

• Issue Type: Fresh Issue
• Total Issue Size: ₹18.01 Crore (Identified Use)
• Offer for Sale: Not Available
• Price Band: Not Available

Bottom Line

Coreintegra offers an integrated HR-tech model with strong revenue growth but faces challenges related to high customer concentration, negative operating cash flows, and statutory compliance issues. The funds raised will primarily support technology upgrades and leadership expansion.