Coreintegra Consulting Services SME IPO

Strengths · 8

• 01Sales have grown every year, from Rs 368.44 crore in FY2024 to Rs 404.39 crore in FY2025 and Rs 516.30 crore in FY2026.
• 02The customer base is wide and sticky, with more than 600 customers across more than 30 industries.
• 03Its reach is national, covering 23 states and 4 union territories and more than 1,500 client locations through 7 branch offices.
• 04Labour law compliance work tends to stay with the provider once handed over, because changing vendor means re-documenting years of filings.
• 05It has built its own technology platforms, CoreX and Core Pay for HR and Ctrl-F and Core-PFT for compliance, rather than only supplying people.
• 06Net worth has grown from Rs 19.43 crore in FY2024 to Rs 27.41 crore in FY2026.
• 07It has been in this business since 2009, which is a reasonable record in staffing.
• 08The whole issue is fresh capital.

Risks · 8

• 01Profit is still below where it was two years ago. Profit after tax was Rs 4.94 crore in FY2024, fell to Rs 3.46 crore in FY2025 and recovered only to Rs 4.51 crore in FY2026.
• 02The margin is extremely thin. Profit of Rs 4.51 crore on income of Rs 516.30 crore is under 1%, because staffing revenue includes the salaries billed through to clients.
• 03The return ratios, PAT margin and total borrowing are not stated in the data available to us, so profitability per rupee of capital and the leverage cannot be checked from here.
• 04The issue is priced at about 18.14 times earnings on an EPS of Rs 4.30.
• 05Rs 5.75 crore of the Rs 21.99 crore issue goes towards augmenting the leadership team. That is salary cost, which recurs, rather than an asset.
• 06Staffing is a people business. Wage inflation feeds straight through, and clients renegotiate rates regularly.
• 07Promoter holding will come down from 93.04% to 68.03% after the issue.
• 08This is an SME issue. One lot is 1,600 shares, which is Rs 1.25 lakh at the upper band of Rs 78, and SME shares usually trade in low volume after listing.

Core Integra Consulting Services Limited was started in 2009. It provides human resource solutions to other companies under one umbrella, covering staffing, payroll outsourcing, labour law compliance, HR advisory and vendor management.

Its services fall into several groups. Compliance and advisory work covers labour law compliance, licences and registrations, policy drafting and assurance services, all of which help a client stay on the right side of regulation. HR services cover recruitment, staffing, payroll processing and just-in-time hiring. Vendor management covers handling the client's other suppliers of manpower.

Alongside the people-led services it has built its own technology. Under HR Tech it runs the CoreX and Core Pay platforms, and under Reg Tech it runs Ctrl-F and Core-PFT, which digitise compliance work rather than doing it on paper. It has served more than 600 customers across more than 30 industries, spanning 23 states and 4 union territories, covering more than 1,500 client locations through a network of 7 branch offices.

Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.