Coreintegra Consulting Services Ltd. IPO

Coreintegra Consulting Services

• Coreintegra Consulting Services is coming out with an initial public offering (IPO) of 28,19,200 shares in a price band of Rs 74-78 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 7.40 times of its face value on the lower side and 7.80 times on the higher side.
• Book running lead manager to the issue is Marwadi Chandarana Intermediaries Brokers.
• Compliance officer for the issue is Vinay Vishnu Kadam.

Profile of the company

Coreintegra Consulting Services is one of the very few integrated players offering staffing, payroll outsourcing, labour law compliance, and proprietary HR-Tech solutions under a single umbrella. It is a comprehensive human resource solutions provider, offering end-to-end services tailored to meet the evolving needs of businesses across diverse industries. Its human resource services offer targeted support in recruitment, staffing, payroll processing, HR advisory including labour compliances, licenses and registration, policy drafting, just in time hiring solutions, retainership and assurance services which are designed to support regulatory compliance for businesses. It also offers tech- driven solutions to streamline and digitize human resource management through its proprietary platforms CoreX and Core Pay under HR Tech, and Ctrl-F and Core -PFT under Reg Tech. Its technology platforms provide mechanisms for evaluating employee competencies, enhancing learning experiences, managing employee lifecycle, upskilling, ensuring regulatory compliance, and fostering workforce engagement. In addition to human resource service provider, it also provides vendor management services.

The company offers a range of solutions under its five key verticals: HR Services, Vendor Management Services, Compliance and Advisory, Reg Tech and HR Tech Solutions. It focuses on managed services over conventional staffing models to better support its clients’ changing workforce needs. Its HR Tech and Reg Tech simplifies and automates various HR operations by making it more efficient and accurate. On the other hand, through its SaaS model, a cloud-based software delivery model that allows clients to access these HR services on a subscription basis, without the need for heavy infrastructure or maintenance. These platforms cater to startups, large corporates, and the growing market for labour law compliance, enabling it to tap into unexplored opportunities. 

Proceed is being used for:

• Augmenting Leadership Team for the company
• Enhancing the visibility and awareness of its brand
• Capital expenditure towards upgrading the existing IT infrastructure
• General corporate purposes 

Industry overview

The Human Resource and Compliance Services industry is structured across four segments: Compliance Outsourcing covering tax filings, benefits administration and Labour / Non-Labour Law Compliance; HR staffing and recruitment spanning executive search, mid to senior level hiring and general recruitment; HR-Tech including HRMS, Payroll Software, Compliance Technology and Robotic Automation Process (RPA); and other services such as L&D/Upskilling services and Business Support Services.

The Indian human resource and compliance services market is projected to grow at a CAGR of 13.8% between FY25 and FY30, reaching an estimated market size of Rs 443 thousand crore by FY30. The overall industry growth will continue to be led by the staffing and recruitment segment, which is projected to nearly double from Rs 216 thousand crore in FY25 to Rs 417 thousand crore in FY30, growing at 14.0%.  Compliance outsourcing is expected to sustain steady momentum, rising from Rs 2.7 thousand crore to Rs 4.3 thousand crore at 9.9% CAGR, for the same period.

In the Indian Human Resource and Compliance Services Market, Core Integra is operating in a fragmented market dominated by staffing-heavy players, while the compliance and HR-Tech space remain underserved. Most competitors focus primarily on volume-driven staffing, whereas Core Integra has positioned itself as one of the very few integrated players offering staffing, payroll outsourcing, labour law compliance, and proprietary HR-Tech solutions under a single umbrella.  

Pros and strengths

Technology Platforms built in-house covering all aspects of the human resource value chain: The company commenced its business as an HR services and staffing company, pursuant in-house development of various technology platforms since Fiscal 2015, it has transformed itself into a scalable technology driven HR Solutions provider. It leveraged its domain expertise to develop four digital platforms that create value for its customers across its service offerings: 1) Ctrl-F for compliance management system, 2) Core X for HR processes 3) Core PFT for provident fund trust operations and 4) Core pay for vendor management services. Its products and plug-and-play integrations operate on a proprietary technology platform that is built to service client needs across different scale of operations. It keeps in consideration the need to provide multi-fold scalability over a period of time as it processes more orders and data with the growth of its client base. Given the critical role that its platform plays in the daily operations of its clients’ businesses, it needs to ensure high up-time of its platform, universal and easy access of its products and rapid scalability in addition to the modular product suite, its maintenance and upgradation as an underlying promise to the clients.

Wide geographic presence with efficient labour law compliance capabilities: The company has established a presence in 23 states and 4 union territories in India by serving clients in more than 1500 locations. Creating a comprehensive network that spans across major metropolitan areas and regional centres throughout India. With branch offices strategically located in over 6 cities, strategically located across major cities in North, West, South and East. It is well-positioned to address the diverse needs of its clients. This extensive geographic track allows it to tap into local talent pools, ensuring access to a wide range of skilled candidates with unique regional expertise. 

Track record of high quality and efficient service delivery: The company has consistently focused on providing quality services and follow a process-oriented approach to achieve this. It has adopted standardized processes to ensure consistent service levels across its verticals and geographies, including adopting standardized workflow checklists quality assurance. It follows stringent quality standards and it is ISO/IEC 27001:2022 and ISO 9001:2015 certified, it maintains the highest standards of data security and operational excellence. It is certified with the Safe to Host / Web Clearance Security Certificate for its application URL, issued by Bharat Cyber Solutions. This certification confirms that its application has undergone security testing and is compliant with security standards including OWASP ASVS and Cert-In guidelines.

Risks and concerns

Dependence on five customers for revenue: The company is significantly dependent on key customers for its revenues. Its top five customers contribute about 89.31%, 88.04% and 90.16% of its revenues for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024. The loss of all or a significant portion of sales to any of its top 5 customers, for any reason (including the loss of contracts or inability to negotiate favourable terms, failure to meet their quality specification, technological changes, a decline in market share of these customers in their respective industries or high growth segments, disputes with these customers, adverse changes in their financial condition, insolvency or bankruptcy of these customers, decrease in their sales, facility closures, any action undertaken by the government affecting business of these customers, or labour strikes affecting their production), could have an adverse impact its business, financial condition, results of operations, and cash flows.

High dependence on IT/ITES and Infra industries clients: The company depends significantly on clients operating in the IT/ITES and Infra industries in India. Its IT/ITES industry contributed 55.31%, 57.01% and 61.56% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively, while its Infra industries segment contributed 35.59%, 32.98% and 28.82% of its revenue from operations during the same periods, respectively. A loss of, or a significant decrease in their business could adversely affect its business and profitability.

Revenue concentration in key business segments: Its business revenue from operations is concentrated in a few segments. Its HR Services segment contributed 63.22%, 68.20% and 68.60% of its revenue from operations in Fiscal 2026, 2025 and 2024, respectively, while its Vendor Management Services segment contributed 32.11%, 27.64% and 28.27% of its revenue from operations during the same periods, respectively. Its results of operations may fluctuate in the future depending on a number of factors, including but not limited to its ability to increase and/or maintain the proportion of its high-margin business segments, compared to the proportion of its relatively thin margin businesses; award of new contracts and contract renewals, and the selection process and timing for performing these contracts that are subject to contingencies beyond its control; the size, complexity, timing of revenue recognition, duration, scope, pricing terms and profitability of significant contracts; changes in its pricing policies or those of its competitors; financial condition or business prospects of its customers; and unanticipated cancellations or contract terminations. As a result of these factors, its results of operations and cash flows may fluctuate from financial reporting period to period.

Outlook

Coreintegra Consulting Services and its subsidiary company are predominantly engaged in the business of temporary and permanent staffing services, payroll processing and labour law compliance services. The company offers a range of solutions under its five key verticals: HR Services, Vendor Management Services, Compliance and Advisory, Reg Tech and HR Tech Solutions. On the concern side, the market in which the company is doing business is highly and increasingly competitive and unorganised, and its results of operations and financial condition are sensitive to, and may be materially adversely affected by competitive pricing and other factors. Competition may result in pricing pressures, reduced profit margins, lost market share or a failure to grow its market share, any of which could substantially harm its business and results of operations. The apparel segment which it caters to is fragmented and continues to be dominated by unorganised suppliers. There can be no assurance that it can effectively compete with its competitors in the future, and any such failure to compete effectively may have a material adverse effect on its business, financial condition and results of operations.

The company is coming out with a maiden IPO of 28,19,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 74-78 per equity share. The aggregate size of the offer is around Rs 20.86 crore to Rs 21.99 crore based on lower and upper price band respectively. On performance front, its total income was increased by 27.67% from Rs 40,438.83 lakh in FY 2025 to Rs 51,629.90 lakh in FY 2026. Its Profit after Tax increased by 30.36% from Rs 346.06 lakh in FY 2025 to Rs 451.13 lakh in FY 2026.

Meanwhile, the company plans to continue to enhance its existing offerings and platforms to further expand its capabilities and its addressable market. It works with customers across the industries in which it is present, and help its customers to build, transform, run and optimize their technology and business processes through its offerings: compliance, payroll management, advisory and manpower solutions. Its platforms are an initiative which seeks to re-inforce the vision of the company to leverage technology in its hiring processes. It leverages its four digital platforms that create value for its customers across its service offerings: Ctrl-F for compliance management system, CoreX for HR processes, Core PFT for provident fund trust operations lined and Core Pay for vendor management services. It will continue to invest in its platforms and other such technologies and tool to simplify and make hiring processes seamless and more efficient. It is committed to enhancing its operations by developing a payroll engine and a compliance management tool to meet the growing demands of its business.

Pursuant to regulation 44(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to its disclosure dated September 24, 2026 regarding proceedings of Extra-Ordinary General Meeting, Virtuoso Optoelectronics has informed that it enclosed: 1. Voting results along with scrutinizer’s report for resolution as set out in the notice dated August 29, 2026 of Extra-Ordinary General Meeting. 2. Report of Scrutinizer dated September 25, 2026. The resolutions as set out in the notice of Extra-Ordinary General Meeting have been duly passed by the shareholders with requisite majority. The voting results along with the scrutinizer’s report will also be made available on the Company’s website at https://www.voepl.com/notices-announcements. 

The above information is a part of company’s filings submitted to BSE. 

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Caplin Point Laboratories has informed that it enclosed the brief proceedings of the 35th Annual General Meeting of the Company held on Friday, September 25, 2026, at 10.00 AM (IST), through Video Conferencing/Other Audio-Visual Means. The details of the consolidated voting results of both the remote e-voting and e-voting during the AGM on all the resolutions will be filed separately, in the format prescribed under Regulation 44 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The above information is a part of company’s filings submitted to BSE.