Coreintegra Consulting Services Limited IPO

01At a glance

What the company does: provides human-resource services: staffing, payroll processing and compliance, with most of its cost being the salaries of the people it places (RHP p.161, RHP p.31).

Who pays it: corporate clients; it served 385 in FY26. The largest provided 53.01% of FY26 revenue and the top five 89.31% (RHP p.25).

Why it is raising money: ₹1,175.79 lakh to upgrade IT infrastructure, ₹575.00 lakh to hire senior leaders and ₹50.00 lakh for brand building, plus general corporate purposes (RHP p.92).

How fast it has grown: revenue from ₹36,637.31 lakh in FY24 to ₹51,514.78 lakh in FY26, about 18.6% a year; profit fell from ₹493.60 lakh to ₹451.13 lakh (our arithmetic, RHP p.61).

The one thing to understand: very large revenue on a very thin margin, concentrated in one client. EBITDA was 1.17% of revenue in FY26 (RHP p.112), and ₹27,310.06 lakh of revenue came from a single client (RHP p.25).

02The business, in plain words

A staffing company employs people and places them with client companies, pays their salaries and statutory dues, and bills the client for the salaries plus a fee (RHP p.161).

A client needs workers → Coreintegra hires them on its own payroll and deploys them → it pays their wages, PF and ESIC → the client pays the wages back plus a margin.

In FY26, salaries, bonus and allowances were ₹30,708.80 lakh of ₹51,514.78 lakh of revenue (RHP p.31, RHP p.61). The company had 144 compliance staff among its core employees at August 2026 (RHP p.161).

Earnings equation: Profit ≈ billed wages × mark-up − the company's own staff and systems. The PAT margin was 0.87% in FY26 (RHP p.112).

03Where the money comes from

Source: RHP p.25. Revenue depends heavily on one client: ₹27,310.06 lakh in FY26 (RHP p.25). The prospectus does not name it in the pages read.

04The growth record

Source: RHP p.112, RHP p.61, RHP p.62. Our arithmetic: revenue grew about 18.6% a year from FY24 to FY26, EBITDA about 1.7% a year, and profit fell about 4.4% a year (RHP p.112). Other income of ₹115.12 lakh was 21.9% of the ₹525.50 lakh profit before tax in FY26 (our arithmetic, RHP p.61).

05What the growth is made of

More billed wages. Employee benefit expenses rose from ₹24,224.01 lakh to ₹32,424.63 lakh, and other expenses from ₹11,832.00 lakh to ₹18,488.80 lakh (RHP p.61). Profit did not follow revenue because the margin on each rupee billed narrowed (RHP p.112). The prospectus does not give the number of associates deployed in the pages read.

06Earnings quality

FY26 operating cash flow was negative largely because tax paid was far above the year's tax charge (RHP p.62). The prospectus does not explain the difference in the pages read.

07The balance sheet

At March 2026 the company had no borrowings on its balance sheet, net worth of ₹2,740.50 lakh and cash and bank balances of ₹1,107.95 lakh (RHP p.60). It borrowed and repaid ₹8,795.71 lakh within FY26, typical of short-term payroll funding (RHP p.62). Other current liabilities were ₹3,163.46 lakh (RHP p.60). Intangible assets were ₹769.97 lakh, with ₹145.00 lakh more under development (RHP p.60).

After the issue: at the upper band the fresh issue adds ₹2,198.98 lakh before expenses (our arithmetic, RHP p.92).

08What the money is for

Source: RHP p.92, RHP p.93. All of it is to be deployed in FY27 (RHP p.93).

Into the business 28,19,200 new shares, ₹2,198.98 lakh at the upper band (our arithmetic, RHP p.92). To selling shareholders nothing: there is no offer for sale (RHP p.1).

09Who is selling

No one. The issue is only new shares, and there is no anchor portion (RHP p.1).

10Promoters

The promoters are Sriram Natarajan, Sangeetha Sriram and Gaurav Bali (RHP p.1). The managing director, Mahesh Krishnamoorthy, drew ₹99.64 lakh in each of the last three years (RHP p.65). Eureka Outsourcing Solutions, which holds 28.52% of the company, is described as an enterprise under the significant influence or control of directors (RHP p.84, RHP p.65).

11Who already owns it

Source: RHP p.84. The three promoters hold 64.51% before the issue and would hold about 47.2% of 1,04,87,005 shares after it (our arithmetic, RHP p.84, RHP p.57).

12What changed just before the IPO

• Share capital rose from ₹1.53 lakh to ₹766.78 lakh in FY26 (RHP p.60).
• Two independent directors joined in March 2025 (RHP p.65).
• A chief financial officer and company secretary were paid from FY25 (RHP p.65).
• Tax paid of ₹808.80 lakh in FY26 turned operating cash flow negative (RHP p.62).
• A 500-for-1 bonus issue on August 9, 2025 took the share count from 15,305 to 76,67,805, and was the last allotment before the IPO (RHP p.80).
• The company became a public limited company in October 2024, when the registrar issued a fresh certificate of incorporation on October 14, 2024 (RHP p.2).
• There has been no change of statutory auditor in the three years before the prospectus (RHP p.70), and no pre-IPO placement is proposed (RHP p.73).

13Capacity and expansion

The prospectus says capacity utilisation does not apply to a human-resource services company (RHP p.161). The largest object, ₹1,175.79 lakh, is for IT systems (RHP p.92).

14Market size and industry structure

As claimed: the industry overview runs from RHP p.123; this study does not restate its figures.

The part that is addressable: outsourced staffing, payroll and compliance services for companies in India.

What the company is today: FY26 revenue of ₹51,514.78 lakh from 385 clients (RHP p.61, RHP p.25).

15Competitive position

The company lists TeamLease Services and Quess Corp as its listed peers (RHP p.110). Its own margins are thin: EBITDA of 1.17% and PAT of 0.87% of revenue in FY26 (RHP p.112).

16Peers the company named

Peers named in the offer document: TeamLease Services and Quess Corp (RHP p.110).

The prospectus gives their P/E as 14.74 and 23.06, an average of 18.90 (RHP p.110). Both are far larger than Coreintegra. The return-on-net-worth table on the same page is labelled for FY23 to FY25, not FY26 (RHP p.110).

17Valuation at the issue price

At the upper band of ₹78, the 28,19,200 new shares take the total from 76,67,805 to 1,04,87,005 (RHP p.57):

Source: RHP p.61, RHP p.110, RHP p.112. At ₹74 the market capitalisation is ₹7,760.38 lakh (our arithmetic, RHP p.57). Enterprise value uses the shares before the issue and cash and bank balances of ₹1,107.95 lakh, with no borrowings: ₹4,872.94 lakh (our arithmetic, RHP p.60).

The two named peers are quoted at 14.74 and 23.06 times earnings (RHP p.110). At the upper band the issue is priced at 13.3 times FY26 EPS and 18.1 times FY26 profit on the enlarged share count.

18Subscription

Bidding opens on September 23, 2026 and closes on September 25, 2026, per the NSE issue page. This study was written before bidding opened. There is no anchor portion (RHP p.1). Individual investors must apply for at least two lots, so that the application exceeds ₹2,00,000 (RHP p.10); at the upper band two lots of 1,600 shares cost ₹2,49,600.

19Risks, in plain words

One client: the largest client provided 53.01% of FY26 revenue (RHP p.25) → losing it would halve revenue → the top five provided 89.31% (RHP p.25).

Thin margin: EBITDA was 1.17% of revenue (RHP p.112) → a small change in the mark-up or in statutory costs moves profit sharply.

Cash: FY26 operating cash flow was negative (RHP p.62).

Compliance record: the prospectus lists past delays in filings with the Registrar of Companies (RHP p.44).

20Litigation and regulatory matters

Source: RHP p.25.

21Related-party transactions

The managing director's remuneration was ₹99.64 lakh a year, and the CFO and company secretary were paid ₹22.37 lakh and ₹23.09 lakh in FY26 (RHP p.65). Eureka Outsourcing Solutions and Eureka Digitisation & Automation Services are listed as enterprises under the influence of directors (RHP p.65).

22What the offer document does not say

The largest client is not named in the pages read. The number of associates deployed and the mark-up per associate are not given in the pages read. The reason FY26 tax paid was far above the tax charge is not explained in the pages read.

23Five questions for management

1. How long is the contract with the largest client, and what are its renewal terms?
2. How many associates were deployed at March 2026, and what was the average monthly margin per associate?
3. Why was ₹808.80 lakh of income tax paid in FY26 against a current tax charge of ₹28.22 lakh?
4. What will the ₹1,175.79 lakh IT upgrade replace, and what savings does it target?
5. What business does Eureka Outsourcing Solutions do, and does it compete with or supply the company?

1Sources and cited facts

This study was read from 1 document the company filed. The 68 figures it cites are listed under the document each came from, with the page and the sentence as printed.