Ravita Engineering Services
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 4 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Oct 2026 | ₹8 | — | ₹7,300 | ₹120 | ₹9,600 |
| 11 Oct 2026 | ₹10 | — | ₹9,100 | ₹122 | ₹12,000 |
| 10 Oct 2026 | ₹12 | — | ₹10,900 | ₹124 | ₹14,400 |
| 09 Oct 2026 | ₹0 | — | ₹0 | ₹112 | ₹0 |
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
- 13 Oct 2026 – 15 Oct 2026
- Listing date
- 21 Oct 2026
- Face value
- ₹5 per share
- Price band
- ₹105 – ₹112
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹116 Cr
- Fresh issue
- ₹110 Cr 98,40,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹422 Cr
- Promoter holding
- 73.74% → 53.46% pre-issue → post-issue
- ISIN
- INE1UEL01023
- CIN
- U74900MH2007PLC177152
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Office No. 202 2nd Floor, Mayuresh Square, Plot No. 17 Sector 15 CBD Belapur, Thane, 400614, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | — | — |
| Anchor investor · within QIB | 0 | — | — |
| NII (HNI) | 0 | — | — |
| bNII > ₹10L · within NII | 0 | — | — |
| sNII < ₹10L · within NII | 0 | — | — |
| Retail (RII) | 0 | — | — |
| Employee | 0 | — | — |
| Market maker | 5,22,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹112
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,34,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,68,800 |
| S-HNI (max) | 7 | 8,400 | ₹9,40,800 |
| B-HNI (min) | 8 | 9,600 | ₹10,75,200 |
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
₹112 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.26 | 10.75 |
| P/E (×) | 10.92 | 10.42 |
| Price to book (×) | 3.07 | — |
| Market cap | — | ₹422 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 48.90%
- ROCE
- 48.65%
- Debt / equity
- 0.19
- PAT margin
- 10.09%
- EBITDA margin
- 14.43%
- NAV per share
- ₹36.44
- Price to book
- 3.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 277.82 | 109.3 | 13.53 |
| Revenue from operations | 277.63 | 108.61 | 13.49 |
| Other income | 0.19 | 0.69 | 0.04 |
| Total expenses | 240.35 | 93.49 | 11.44 |
| Operating profit | 37.47 | 15.81 | 2.09 |
| Operating margin | 13.49% | 14.46% | 15.45% |
| Profit before tax | 37.47 | 15.81 | 2.09 |
| Profit after tax | 28.04 | 11.83 | 1.51 |
| PAT margin | 10.09% | 10.82% | 11.16% |
| Balance sheet | |||
| Total assets | 162.97 | 58.24 | 9.08 |
| Current assets | 152.8 | 46.75 | 7.33 |
| Current liabilities | 62.35 | 41.93 | 4.38 |
| Total liabilities | 63.41 | 43.11 | 5.77 |
| Net worth | 99.56 | 15.13 | 3.3 |
| Current ratio | 2.45× | 1.11× | 1.67× |
| Return on equity | 28.16% | 78.19% | 45.76% |
| Cash flow | |||
| Operating cash flow | -46.85 | -8.94 | 0.17 |
| Investing cash flow | -0.4 | -10.03 | 0.03 |
| Financing cash flow | 51.77 | 19.24 | -3.26 |
| Net cash flow | 4.52 | 0.26 | -3.06 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 To Meet Long-Term Working Capital Requirements ₹70 Cr
The company intends to utilize a portion of the Net Proceeds to meet its long-term working capital requirements for Fiscal 2027 and Fiscal 2028, supporting incremental business needs arising from its growing order book across onshore, offshore, and data centre segments.
2 Funding Capital Expenditure for Purchase of Heavy Equipment ₹25.53 Cr
The company proposes to utilize Net Proceeds towards purchasing heavy equipment including trucks, dumpers, dozers, cranes, and allied machinery to reduce reliance on leased/rented equipment, optimize operating costs, and improve operational control.
3 General Corporate Purposes —
The balance Net Proceeds are intended for general corporate purposes including maintenance of machineries, strategic initiatives, brand building, administration, insurance, marketing, repairs, taxes, and other ordinary business expenses, subject to prescribed regulatory limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Ravita Engineering Services
Ravita Engineering Services Limited is an engineering solutions company engaged in Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems, central air-conditioning, chiller plants, industrial compressors, and related electro-mechanical equipment on a turnkey basis, along with Operation & Maintenance (O&M) services. The company's operations are structured across three verticals — Onshore, Offshore, and Data Centre — serving commercial, industrial, offshore oil & gas platforms, and data center facilities. As of June 30, 2026, the company reported a total order book of ₹49,112.12 lakhs and revenue from operations of ₹9,731.36 lakhs for Q1 FY2027, supported by a workforce of 399 employees. The company is led by Chairman Vibhoar Agrawal and MD & CEO Sunildutt Narayan Goswami, with operations spanning Maharashtra, Gujarat, Odisha, Karnataka, and territorial waters of India.
Management
Vibhoar Agrawal
MD
Sunildutt Narayan Goswami
CEO
Strengths
As stated in the offer document
Comprehensive Electro-Mechanical Engineering Capabilities with Separate EPIC and O&M Service Offerings
The company provides end-to-end electro-mechanical solutions through two complementary service lines — EPIC and O&M — enabling it to address client needs across the full asset lifecycle. Revenue from EPIC projects was ₹21,099.07 lakhs (76%) and O&M was ₹6,664.22 lakhs (24%) in Fiscal 2026.
Balanced Revenue Mix with Short to Medium Tenor Project Execution Cycle and Multi-Year O&M Contracts
The company benefits from a dual revenue structure combining short-to-medium cycle EPIC projects (typically 6–14 months) and multi-year O&M contracts (12–36 months), providing both growth opportunities and revenue stability across multiple industries and geographies.
Large Engineering Workforce Enabling Fast Deployment, Multi-Site Coverage and Manpower Scalability
The company maintains a workforce of 399+ employees (368 engineering/technical staff as of June 30, 2026), enabling rapid mobilisation across multiple sites simultaneously; on-roll manpower cost stood at ₹406.40 lakhs for Q1 FY2027, representing 5.20% of total operating cost.
Long-Standing Relationships with Large Clients Supporting Repeat Business
The company has served clients for over 5 years, with repeat clients contributing 62.27%, 62.60%, 79.18%, and 100.00% of total revenue from operations in Q1 FY2027, Fiscal 2026, Fiscal 2025, and Fiscal 2024 respectively, reinforcing credibility in competitive tender qualifications.
Management-Driven Domain Expertise and Industry Relationships
The company is led by experienced professionals including a Chairman with EPC industry background and an MD with 20+ years of marine engineering experience; management-led relationships with PSUs, private clients, and vendors support repeat business, contributing 62.27%–100% of revenues across periods.
Specialised Operational Experience in Adverse Environments and Data Centers
The company has developed deep expertise in HVAC and electro-mechanical systems for offshore platforms and data centres; Offshore operations contributed 28.86% of revenue in Fiscal 2026, while Data Center operations contributed 11.94%, with established SOPs and emergency-response frameworks for mission-critical environments.
Risk factors
As stated in the offer document
Customer Concentration Risk
A significant portion of the company's Order Book and revenue is attributable to a few key customers — top five clients accounted for up to 99.49% of revenue in Fiscal 2024 and 78.65% in Fiscal 2026. Loss of one or more key customers or reduction in their demand could materially and adversely affect the company's business, results of operations, and financial condition.
Competitive Bidding and Contract Execution Risk
A large portion of the company's contracts are secured through competitive tendering, with no assurance of winning bids even after meeting eligibility criteria — onshore success rates ranged from 16.67% to 26.58% in recent fiscals. Delays in execution may result in penalties, blacklisting, or contract termination, adversely affecting financial condition and growth prospects.
Geographic Concentration Risk
The company's operations are heavily concentrated in Maharashtra, Gujarat, and territorial waters of India, which together contributed between 59.12% and 100% of revenue from operations across recent periods. Any adverse regulatory, political, or economic development in these regions could materially impact business performance and growth prospects.
Negative Cash Flows and Working Capital Risk
The company has experienced negative net cash flows from operating activities — recording ₹(1,115.90) lakhs, ₹(4,685.10) lakhs, and ₹(894.36) lakhs for the three-month period ended June 30, 2026, and Fiscals 2026 and 2025, respectively. Inability to secure adequate working capital financing may disrupt operations, delay project execution, and adversely impact profitability and cash flows.
Project Implementation and Execution Risks
The company's ongoing projects are exposed to various execution risks including cost overruns, design errors, supply chain disruptions, labour shortages, and potential liquidated damages or contract terminations. Any failure to meet performance standards or contractual timelines could adversely affect the company's reputation, financial condition, and ability to secure future projects.
Disqualification, Suspension, or Blacklisting Risk
The company's operations are heavily reliant on contracts from public sector undertakings and corporate clients, and any perceived non-performance, regulatory non-compliance, or breach of contract could result in disqualification, suspension, or permanent blacklisting. Such actions could limit access to a significant portion of revenue and have a disproportionate negative effect on business operations, financial performance, and reputation.
Regulatory Compliance and Historical Records Risk
The company has been unable to trace certain historical corporate records and has experienced multiple instances of delays and discrepancies in statutory filings under the Companies Act, 2013, including delays of up to 1,645 days. Regulatory proceedings or penalties initiated by competent authorities could adversely affect the company's financial condition and reputation.