Ravelcare
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Dec 2025 | ₹75 | +57.69% | ₹57,000 | ₹205 | ₹75,000 |
| 07 Dec 2025 | ₹75 | +57.69% | ₹57,000 | ₹205 | ₹75,000 |
| 06 Dec 2025 | ₹75 | +57.69% | ₹57,000 | ₹205 | ₹75,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 01 Dec 2025 – 03 Dec 2025
- Listing date
- 08 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹130 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹24.10 Cr
- Market cap at offer price
- ₹89.17 Cr
- Promoter holding
- 99.96% → 72.95% pre-issue → post-issue
- ISIN
- INE0W4D01018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- Off-126, Neo Corporate Plaza, Cabin B, Ramchandra Lane Extension, Malad, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,25,000 | — | — |
| Market maker | 94,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹130
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 8,000 | ₹10,40,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹130 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.50 | 9.32 |
| P/E (×) | 12.38 | 13.95 |
| Price to book (×) | 6.29 | — |
| Market cap | — | ₹89.17 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 50.77%
- ROCE
- 68.32%
- PAT margin
- 21.01%
- EBITDA margin
- 27.30%
- NAV per share
- ₹20.67
- Price to book
- 6.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ravelcare
Ravelcare Limited, originally incorporated as a private limited company on November 29, 2018 and converted to a public limited company on June 14, 2024, operates in the beauty and personal care (BPC) segment through a digital-first distribution model. The company sells a product portfolio of 13 products primarily via its website, e-commerce platforms (Amazon, Flipkart, Myntra), and quick commerce platforms (Blinkit). With haircare products representing 93.45% of revenue as of September 30, 2025, the company has expanded into skincare, bodycare, and scalpcare categories. Revenue from operations for FY 2025, FY 2024, FY 2023, and the period ended September 30, 2025 was ₹2,497.89 lakhs, ₹2,208.78 lakhs, ₹349.36 lakhs, and ₹1,439.76 lakhs respectively. All products are currently manufactured by a third-party contract manufacturer, though the company plans to establish its own manufacturing facility.
Company Analysis
from RHPRavelcare Limited is a digital-first beauty and personal care company offering haircare, skincare, bodycare, and scalpcare products through direct-to-consumer and e-commerce channels.
Ravelcare Limited, originally incorporated as a private limited company on November 29, 2018 and converted to a public limited company on June 14, 2024, operates in the beauty and personal care (BPC) segment through a digital-first distribution model. The company sells a product portfolio of 13 products primarily via its website, e-commerce platforms (Amazon, Flipkart, Myntra), and quick commerce platforms (Blinkit). With haircare products representing 93.45% of revenue as of September 30, 2025, the company has expanded into skincare, bodycare, and scalpcare categories. Revenue from operations for FY 2025, FY 2024, FY 2023, and the period ended September 30, 2025 was ₹2,497.89 lakhs, ₹2,208.78 lakhs, ₹349.36 lakhs, and ₹1,439.76 lakhs respectively. All products are currently manufactured by a third-party contract manufacturer, though the company plans to establish its own manufacturing facility.
Objects of the Issue
- Marketing and advertisement expenses toward enhancing the awareness and visibility of our brand ₹1,150.00 lakhs p.22
- Setting up a new manufacturing facility located at Mauje-Peth in Amravati ("Proposed facility") ₹780.60 lakhs p.22
- General Corporate Purposes p.22
- Marketing and advertisement expenses toward enhancing the awareness and visibility of our brand ₹1,150.00 lakhs p.78
- Setting up a new manufacturing facility at Mauje-Peth in Amravati, Maharashtra ₹780.60 lakhs p.78
- General corporate purposes [●] lakhs (not to exceed 15% of Gross Proceeds or ₹1,000 Lakhs, whichever is lower) p.83
Issue Structure
- Total Issue
- Up to ₹[●] lakhs (18,54,000 Equity Shares of face value ₹10 each)
- Fresh Issue
- Up to 18,54,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- N.A.
- Price Band
- Floor Price ₹[●] and Cap Price ₹[●] (to be decided by the Company in consultation with BRLM)
- Lot Size
- [●] (to be decided)
- Face Value
- ₹10 per Equity Share
Business Model
Ravelcare operates a direct-to-consumer (D2C) model with data-driven product development, selling through its website, major e-commerce marketplaces (Amazon, Flipkart, Myntra), and quick commerce platform (Blinkit). The company outsources all manufacturing to a third-party contract manufacturer and focuses on brand building, digital marketing, and customer acquisition through its website and digital media channels.
Business Segments
SWOT Analysis
- • Diversified customer base with wide geographic presence(p.87)
- • Digital distribution channel capability(p.87)
- • Strong customer relationships(p.87)
- • Product innovation capability(p.87)
- • Robust profitability and margins(p.89)
- • Strong EBITDA margins and operational efficiency(p.89)
- • Diversified geographic presence and wide customer base across India with fulfillment centers in multiple states(p.109)
- • Direct-to-consumer model reduces intermediaries and allows end-to-end customer experience management with competitive pricing(p.111)
- • Strong customer retention with repeat orders increasing from 16.81% to 36.86% over three years(p.111)
- • Data-driven product innovation informed by customer interactions and feedback on multiple product categories(p.111)
- • Healthy profitability metrics with PAT margin of 22.20% and EBITDA margin of 30.05% for the period ended September 30, 2025(p.108)
- • In-house data-driven marketing with managed digital campaigns across multiple channels and platforms(p.111)
- • Strong profitability with consistent margins(p.187)
- • High repeat customer base indicating brand loyalty(p.187)
- • Debt-free capital structure with strong equity base(p.179)
- • Robust working capital position(p.179)
- • Diversified multi-channel distribution model(p.187)
- • Complete dependence on third-party contract manufacturer with single vendor concentration risk(p.29)
- • Negative operating cash flows in recent years affecting liquidity(p.31)
- • Heavy concentration on haircare products (93.45% of revenue as of Sept 2025)(p.31)
- • Significant dependence on website and digital marketing channels(p.31)
- • Unregistered trademark subject to legal challenge(p.32)
- • Leased premises with renewal uncertainty(p.32)
- • History of delays in statutory and regulatory filings(p.32)
- • Promoter lacks manufacturing experience(p.34)
- • No insurance coverage for major operational risks(p.34)
- • Dependence on contract manufacturer for production(p.78)
- • Risk of proprietary formulation leakage through third-party manufacturing(p.78)
- • Limited production capacity at contract manufacturer(p.79)
- • Reliance on single promoter for significant shareholding(p.69)
- • Higher per-unit costs due to outsourcing(p.79)
- • Heavy dependence on contract manufacturing with no in-house manufacturing capacity currently operational(p.108)
- • Concentrated revenue base with haircare products representing 93.45% of sales as of September 30, 2025(p.109)
- • Very small employee base of only 20 employees as of September 30, 2025 with limited organizational capacity(p.117)
- • Absence of formal dividend policy and no dividend paid in last three financial years(p.149)
- • Leased premises for all operational facilities with no owned immovable properties(p.118)
- • Dependency on related party transactions and promoter funding(p.176)
- • Highly concentrated shareholding with dominant promoter control(p.166)
- • High employee benefit obligations without funded status(p.168)
- • Significant marketing expenditure relative to revenue(p.173)
- • Proposed in-house manufacturing facility to improve margins and reduce dependency(p.29)
- • Rapidly growing Indian beauty and personal care e-commerce market(p.22)
- • Strong growth in online beauty product sales outpacing physical retail(p.22)
- • Expansion of skincare and scalp care product categories(p.31)
- • Growing penetration of online shopping for beauty products(p.22)
- • India's e-commerce market projected strong growth trajectory(p.103)
- • Beauty and personal care market projected rapid growth(p.103)
- • Expansion to tier-2 and tier-3 cities(p.104)
- • Marketing and brand awareness expansion(p.77)
- • Establish in-house manufacturing for cost control and scale(p.79)
- • Enhanced product innovation through in-house R&D(p.79)
- • India's beauty e-commerce market projected to grow at 25% CAGR with India emerging as second-largest e-commerce market by FY34(p.104)
- • Beauty and personal care market in India expected to grow from Rs. 2,43,236 crore to Rs. 2,95,358 crore by 2028 at 10-11% annual growth(p.104)
- • Planned vertical integration through establishing own manufacturing facility at Amravati to improve margins and operational control(p.108)
- • Expansion into international markets with initial shipments to UAE, Australia, Canada, Germany, USA and Saudi Arabia(p.108)
- • Growing consumer preference for natural, organic, and ayurvedic products with increased demand for specialized cosmetics(p.106)
- • Quick commerce expansion with presence on Blinkit serving high-density urban areas with faster delivery(p.114)
- • Growth in beauty and personal care segment(p.187)
- • Expansion through new manufacturing facility(p.210)
- • Growing e-commerce and quick commerce adoption(p.187)
- • Increasing website traffic and customer reach(p.191)
- • Data-driven product development and D2C strategy(p.187)
- • Intense competition from larger and better-resourced competitors(p.42)
- • Reliance on e-commerce platforms which control terms and pricing(p.39)
- • Regulatory changes in product registration, labelling and health standards(p.29)
- • Risk of cyber-attacks and data breaches affecting customer information(p.39)
- • Changing consumer preferences and beauty trends difficult to predict(p.34)
- • Disruption risk from changes in digital platform algorithms and policies(p.31)
- • Dependence on e-commerce ecosystem growth which is subject to regulation(p.40)
- • Government policy changes and regulatory amendments affecting business(p.46)
- • Tax and duty changes impacting product costs and demand(p.46)
- • Political instability and changes in economic liberalization policies(p.46)
- • India's infrastructure vulnerabilities(p.47)
- • Natural calamities and adverse weather(p.47)
- • Terrorist attacks, civil unrest and violence(p.47)
- • Global economic and political volatility affecting stock price(p.47)
- • Increased competition in digital marketing channels(p.77)
- • Intense competition from multinational and domestic brands with established market presence and distribution networks(p.105)
- • Regulatory risks related to cosmetics import, manufacture, and sale under Drugs and Cosmetics Act, 1940 and related rules(p.120)
- • Dependence on e-commerce platforms and quick commerce providers for significant revenue generation with limited direct control(p.108)
- • Risk of supply chain disruptions due to reliance on third-party contract manufacturers and logistics providers(p.108)
- • Compliance burden from multiple overlapping regulatory frameworks including GST, customs, consumer protection, and data protection laws(p.122)
- • Industry cyclicality and exposure to general economic conditions affecting consumer discretionary spending on personal care products(p.106)
- • Significant competition in beauty and personal care sector(p.188)
- • Volatility in raw material prices(p.188)
- • Dependence on key suppliers(p.196)
- • Regulatory compliance risks in cosmetics industry(p.212)
- • Tax liabilities and regulatory enforcement actions(p.198)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ayush Mahesh Varma | Promoter | 87.91% | — |
| Maheshkumar Ramchandra Varma | Promoter | 4.02% | — |
| Anita Mahesh Varma | Promoter | 3.99% | — |
| Kritika Aggarwal | Promoter Group | 4.02% | — |
| Jyoti Aggarwal | Promoter Group | 0.02% | — |
| Ayush Mahesh Varma | Promoter | 87.91% | [●]% |
| Maheshkumar Ramchandra Varma | Promoter | 4.02% | [●]% |
| Anita Mahesh Varma | Promoter | 3.99% | [●]% |
| Kritika Aggarwal | Promoter Group | 4.02% | [●]% |
| Jyoti Aggarwal | Promoter Group | 0.02% | [●]% |
| Ayush Mahesh Varma | Promoter/Promoter Group | 87.91% | — |
| Maheshkumar Ramchandra Varma | Promoter/Promoter Group | 4.02% | — |
| Anita Mahesh Varma | Promoter/Promoter Group | 3.99% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.