Coreintegra Consulting IPO

Coreintegra Consulting Services is a Mumbai-based human-resources outsourcing firm. It supplies contract and skill-based staff to client companies, runs their payroll, and handles labour-law compliance work — registrations, licences, returns and advisory under central and state employment law. It also manages third-party vendors on clients' behalf and sells four in-house software platforms: CoreX and Core Pay for HR administration, and Ctrl-F and Core-PFT for compliance. The prospectus says the company served more than 600 customers across more than 30 industries between fiscal 2024 and fiscal 2026, at over 1,500 client locations spanning 23 states and four union territories, with 385 customers billed in fiscal 2026. It employed 12,166 people as on 31 August 2026, of whom 9,153 were contractual staffing headcount.

Revenue is mostly the billing of deployed people. In fiscal 2026, HR services — staffing and payroll — brought ₹325.67 crore of the ₹515.15 crore revenue from operations (63.22%), vendor management services ₹165.40 crore (32.11%) and compliance and advisory ₹19.10 crore (3.71%); the Reg Tech and HR Tech platforms contributed 0.71% and 0.13%. Employee benefits expense was ₹324.25 crore and other expenses ₹184.89 crore, leaving EBITDA of ₹6.01 crore — a 1.17% margin — and profit of ₹4.51 crore. Pass-through wage cost is the structural constraint: scale adds revenue far faster than profit. The restated balance sheet shows no outstanding borrowings at any of the three year-ends.