Coreintegra Consulting Services IPO
IPO price, dates, issue details, strengths, risks and financial performance
₹2,36,800 / 3,200 shares
Bidding Dates23 Sept, 26 – 25 Sept, 26
Min Investment₹2,36,800
Lot Size1,600
Price Range₹74 – ₹78
Issue Size₹21.99 Cr.
IPO Timeline
IPO Offer Start23 Sept, 26
IPO Offer Ends25 Sept, 26
Allotment Finalisation28 Sept, 26
Refund Initiation29 Sept, 26
Listing of Shares30 Sept, 26
Strengths
Proprietary HR technology platformsThe company has developed four in-house digital platforms — Ctrl-F, CoreX, Core PFT and Core Pay — since FY2015 and holds four registered copyrights in India. EBITDA grew at a CAGR of 18.58% between FY2024 and FY2026, supported by a 30-member IT team managing these platforms.
Presence across multiple industriesThe company serves clients in more than 30 industries, including IT/ITES, infrastructure, power, banking and manufacturing. IT/ITES contributed 55.31%, or ₹28,494.49 lakhs, while infrastructure contributed 35.59%, or ₹18,335.70 lakhs, of FY2026 revenue from operations.
Wide geographical footprintThe company operates across 23 states and 4 union territories, serving customers at more than 1,500 locations through seven branch offices. Maharashtra accounted for 87.97%, or ₹45,317.57 lakhs, of FY2026 revenue from operations.
Large customer base with recurring contractsThe company served 385, 374 and 288 customers in Fiscals 2026, 2025 and 2024 respectively. The top ten customers generated 92.35%, or ₹47,575.69 lakhs, of FY2026 revenue, with the largest customer contributing 53.01%, or ₹27,310.06 lakhs. Contracts generally run for one to three years.
Experienced promoters and managementPromoters Sriram Natarajan, Sangeetha Sriram and Gaurav Bali lead the company alongside Managing Director Mahesh Krishnamoorthy, who has around two decades of experience in finance and business strategy. The senior management team collectively brings several decades of experience in human resource services.
Quality and security certificationsThe company is certified under ISO/IEC 27001:2022 and ISO 9001:2015 and holds a Safe to Host / Web Clearance Security Certificate from Bharat Cyber Solutions. It has also received awards including the Most Innovative HR Tech Award and Best HR Compliance Software recognition at international forums.
Risks
Heavy customer concentrationThe five largest customers contributed approximately 89.31%, 88.04% and 90.16% of revenue in FY2026, FY2025 and FY2024 respectively. The largest customer alone represented more than 53% of FY2026 revenue, creating substantial exposure to the loss or reduction of business from key accounts.
High employee attritionThe company had 12,027 employees as of March 31, 2026, and reported an attrition rate of 54% in FY2026, compared with 42% in FY2025 and FY2024. Difficulty in recruiting, training and retaining skilled employees could affect service quality, client relationships and financial results.
Sector concentrationIT/ITES and infrastructure clients together generated approximately 90.91%, 89.99% and 90.38% of revenue from operations in FY2026, FY2025 and FY2024 respectively. Sector downturns, technological changes or weaker economic conditions could reduce demand for the company's services.
Cybersecurity and data protection exposureThe company handles substantial volumes of personal and sensitive information, exposing it to cyberattacks, security breaches and data leakage. Non-compliance with data protection requirements, including the Digital Personal Data Protection Act, 2023, could result in penalties, reputational damage and higher operating costs.
History of statutory payment delaysThe company has recorded delays in statutory payments including EPF, Labour Welfare Fund, Profession Tax and ESIC across FY2022 to FY2026. Some delays extended to 1,692 days, creating exposure to regulatory action, penalties and reputational consequences.
Short contract tenuresContracts are generally for one year, while longer agreements do not exceed three years. Clients may terminate arrangements by providing notice, creating uncertainty over recurring revenue and exposing the company to potential revenue losses when major contracts are not renewed.
Maharashtra revenue concentrationMaharashtra accounted for approximately 87.97%, 94.13% and 94.28% of total revenue in FY2026, FY2025 and FY2024 respectively. This concentration increases exposure to regional economic, regulatory and competitive developments.
Complex labour-law complianceThe company operates within an extensive central and state labour-law framework, including the CLRA Act, EPF Act, ESI Act and new Labour Codes. Regulatory changes, non-compliance or adverse interpretations could increase costs, trigger penalties or disrupt operations.
Dependence on proprietary platformsThe company's Core X, Core Pay, Ctrl F and Core PFT platforms had gross carrying amounts of ₹1,736.48 lakhs, ₹1,334.91 lakhs and ₹1,038.75 lakhs in FY2026, FY2025 and FY2024 respectively. Failure to maintain or monetise these systems, or stronger competition, could affect service quality and financial performance.
Receivables and liquidity exposureTrade receivables represented 40.02%, 40.51% and 37.58% of total assets in FY2026, FY2025 and FY2024 respectively, amounting to ₹2,741.95 lakhs, ₹2,301.22 lakhs and ₹1,877.47 lakhs. Customer payment delays or defaults could pressure liquidity and the company's ability to meet obligations.
Objectives
A portion of the Net Proceeds is proposed for upgrading IT infrastructure through the launch of CTRL F version 3.0. Planned enhancements include AI-based OCR, real-time HRMS/ERP integration, stronger cybersecurity and broader AWS deployment to improve scalability, reliability and compliance automation across the stated range of formats.
The company intends to recruit senior professionals in areas such as regulatory compliance, digital transformation, quality, legal, marketing and operational excellence. The hiring programme is intended to support market expansion, enterprise-client engagement and service delivery.
Part of the Net Proceeds is planned for digital marketing, public relations and media outreach, thought leadership, content marketing and customer engagement initiatives to increase brand visibility and expand market reach.
The balance of the Net Proceeds is proposed for general corporate purposes, including initial development expenditure for new products, operating costs, business development and marketing capabilities, and unforeseen requirements, subject to a cap of 15% of Gross Proceeds or the specified rupee limit, whichever is lower.
Yearly Financial Results
Consolidated
| 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 |
Above figures are in Rs. Crores
Balance Sheet
Consolidated
| 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 |
Above figures are in Rs. Crores
Cash Flow
Consolidated
| 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 |
Above figures are in Rs. Crores
About Coreintegra Consulting Services
Core Integra Consulting Services Limited is an integrated HR solutions provider offering staffing, payroll outsourcing, labour-law compliance and proprietary HR technology services. Its operations span five verticals: HR Services, Vendor Management Services, Compliance & Advisory, Reg Tech and HR Tech Solutions. The company serves more than 600 clients across 30-plus industries, covering 23 states and 4 union territories. Its CoreX, Core Pay, Ctrl-F and Core PFT platforms support digitalisation of HR and compliance activities through a SaaS model. Between FY2024 and FY2026, the company reported a revenue CAGR of 18.58%, with FY2026 revenue reaching ₹51,514.78 lakhs. It also holds ISO/IEC 27001:2022 and ISO 9001:2015 certifications.
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