Core4 Engineers Ltd (SME)

The Mysore company builds water and wastewater plants, railway electrification and power transmission projects as an EPCC contractor. Its governance record is a clear concern for us, with mismatches between its books and bank filings, an auditor resignation and a promoter share sale at a steep discount. As a contractor, its profits have not turned into cash in any period since FY24, and receivables now exceed a full year’s revenue. We would skip the issue for both the short and long term, and with a GMP of 0%, we do not see a case for listing gains either.