Rays of Belief
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 9.06×
- Big non-institutionalbNII · above ₹10 lakh
- 303.82×
- Small non-institutionalsNII · ₹2–10 lakh
- 229.70×
- Retail individualRII · up to ₹2 lakh
- 195.86×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 18,30,310 | 1,65,76,630 | ₹396 Cr | 9.06× |
| Non-institutional | 7,84,500 | 21,89,64,780 | ₹5,233 Cr | 279.11× |
| Big non-institutionalwithin NII | 5,23,000 | 15,88,98,374 | ₹3,798 Cr | 303.82× |
| Small non-institutionalwithin NII | 2,61,500 | 6,00,66,406 | ₹1,436 Cr | 229.70× |
| Retail individual | 5,23,000 | 10,24,37,206 | ₹2,448 Cr | 195.86× |
| Total | 31,37,810 | 33,79,78,616 | ₹8,078 Cr | 107.71× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 03 Sept, 06:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 01 Sep 2026 – 03 Sep 2026
- Listing date
- 08 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹227 – ₹239
- Issue price
- ₹239 per share
- Lot size
- 62 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹125 Cr
- Fresh issue
- ₹125 Cr 52,30,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹500 Cr
- Promoter holding
- 91.72% → 68.77% pre-issue → post-issue
- ISIN
- INE1FCO01014
- CIN
- U85110DL2017PLC322623
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Mefcom Capital Markets Ltd.
- Registered office
- J-1919, Basement, Chittranjan Park, New Delhi, India - 110 019
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 | 18,30,310 | 58.33% | 58.33% |
| Anchor investor · within QIB | 20,92,190 | — | 66.68% |
| NII (HNI) | 7,84,500 | 25.00% | 25.00% |
| bNII > ₹10L · within NII | 5,23,000 | — | 16.67% |
| sNII < ₹10L · within NII | 2,61,500 | — | 8.33% |
| Retail (RII) | 5,23,000 | 16.67% | 16.67% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 31,37,810 | — | 100.00% |
Net offer to the public of 31,37,810 shares, out of a total issue of 31,37,810. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 62 shares per lot, in multiples, at ₹239
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 62 | ₹14,818 |
| Retail (max) | 13 | 806 | ₹1,92,634 |
| S-HNI (min) | 14 | 868 | ₹2,07,452 |
| S-HNI (max) | 67 | 4,154 | ₹9,92,806 |
| B-HNI (min) | 68 | 4,216 | ₹10,07,624 |
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
₹239 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.16 | 2.37 |
| P/E (×) | 75.63 | 100.84 |
| Price to book (×) | 0.88 | — |
| Market cap | — | ₹500 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 56.56%
- ROCE
- 7.49%
- Debt / equity
- 0.29
- PAT margin
- 16.15%
- EBITDA margin
- 8.28%
- NAV per share
- ₹272.01
- Price to book
- 0.88
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 82.06 | 36.54 | 30.76 |
| Revenue from operations | 81.66 | 36.42 | 30.61 |
| Other income | 0.4 | 0.12 | 0.15 |
| Total expenses | 75.16 | 36.19 | 30.66 |
| Operating profit | 6.9 | 0.35 | 0.1 |
| Operating margin | 8.41% | 0.96% | 0.33% |
| Profit before tax | 6.9 | 0.35 | 0.1 |
| Profit after tax | 4.96 | 5.88 | 0.85 |
| PAT margin | 6.04% | 16.09% | 2.76% |
| Balance sheet | |||
| Total assets | 50.89 | 26.12 | 12.89 |
| Current assets | 32.77 | 14.02 | 7.15 |
| Current liabilities | 13.62 | 5.55 | 3.67 |
| Total liabilities | 50.88 | 26.13 | 12.89 |
| Net worth | 30.81 | 15.02 | 5.78 |
| Current ratio | 2.41× | 2.53× | 1.95× |
| Return on equity | 16.10% | 39.15% | 14.71% |
| Cash flow | |||
| Operating cash flow | -1.94 | -1.81 | 2.1 |
| Investing cash flow | -6.18 | -2.04 | -2.75 |
| Financing cash flow | 6.04 | 4.9 | 1.04 |
| Net cash flow | -2.09 | 1.05 | 0.39 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure towards establishment of new centres on leased premises and associated technology costs ₹41.36 Cr
The company intends to establish new centres including Company Learning Centres, Company Learning Centres in partnership with Licensed Professionals, School Collaboration Centres, Centre for Excellence and Research, and Upskilling Academy. The funds will also cover technology hardware costs for these new centres.
2 Expenditure for lease payments for existing centres in India ₹14.45 Cr
The company proposes to utilize funds towards lease payments for all existing centres in India to ensure continuity of operations and manage predictable contractual obligations for the next three fiscal years.
3 Investment in Subsidiary Mom's Belief US Inc. for lease payments for existing centres in USA ₹10.13 Cr
The company intends to make capital infusion into its subsidiary for making lease and license payments for three existing centres located in Virginia, USA over the next three fiscal years.
4 Expenditure for brand awareness and inclusive outreach programs ₹10.21 Cr
The company plans to invest in multi-channel outreach and engagement strategy including digital marketing, awareness webinars, offline activities, and community programs to build brand awareness and create inclusive access to services.
5 Funding inorganic growth through unidentified acquisition and general corporate purposes —
The company intends to deploy remaining proceeds towards strategic acquisitions to enhance geographical reach and general corporate purposes including working capital requirements, office expansion, and other strategic initiatives as approved by the Board.
1 of 5 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 Rays of Belief
Rays of Belief Limited is a for-profit social enterprise founded in 2018 that provides personalized intervention plans for children with neurodevelopmental disorders (NDDs) including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays. The company serves children from 18 months to 12 years, with specialized vocational and life skills programs for older children up to 15 years. It has served over 58,000 children cumulatively and operated 136 centres as of March 31, 2026, spread across 57 cities in 20 Indian states and union territories, plus three centres in the USA. The company offers a multidisciplinary suite of services including early intervention, parental guidance, occupational therapy, language therapy, and family support programs. It ranks first in India by number of centres in the NDD intervention space and seventh globally among listed behavioural health providers. Revenue is generated through centre-based operations, therapy services, and partnerships with licensed professionals.
Management
Nitin Bindlish
MD
Afzal Mohammed Modak
Director
Bindu Damodaran
Director
Nitin Ahuja
Director
Sunil Kumar Agarwal
Director
Ved Prakash
CFO
Mayank Bhargava
Director
Dr. Amrapali Lahiri
Director
Dr. Mousmi Biswas
Director
Manjari Kumari
Director of HR
Prithvi Raj Singh
Director
Dr. Vivek Gupta
Director
Strengths
As stated in the offer document
India's first ranking enterprise in terms of number of centres offering intervention plans for children with NDDs
The company ranks first in India and seventh globally among listed players in behavioral health domain, with 136 centres across 57 cities spanning 20 states and union territories in India as of March 31, 2026.
Pan India presence and geographic penetration
The company has established presence beyond major urban hubs with 42 centres in Tier 1, 77 centres in Tier 2 and 17 centres in Tier 3 cities, providing services in underrepresented and semi-urban geographies where access to developmental care has traditionally been limited.
Proven track record of delivering organic growth and scalable operations
The company witnessed an increase in Revenue from Operations from ₹306.08 million in Fiscal 2024 to ₹816.62 million in Fiscal 2026, reflecting CAGR of 63.34%. EBITDA improved from ₹14.91 million in Fiscal 2024 to ₹119.11 million in Fiscal 2026.
Focus on accessibility
The company strategically locates centres across Tier 1, Tier 2 and Tier 3 cities to ensure equitable access to therapies. The company also provides services through digital mode and offered comprehensive online programs during COVID-19 pandemic for free or on pay-as-you-like basis.
Comprehensive, multidisciplinary, high-quality care with client-focused approach
The company offers development-focused intervention plans tailored to specific needs of each child with over 340 full-time clinical professionals including 74 developmental and clinical psychologists, 139 occupational therapists, 72 speech-language pathologists and 50 special educators.
Research and Development focused approach and digital adaptability
The company's programs are prepared using evidence-based practices based on researched studies. The company has published two research reports in international journal and has integrated technology to provide e-therapy programs through digital mode to clients across 13 countries during COVID-19.
Professional and experienced management team
The company has professional and experienced management team supported by over 340 full-time clinical professionals. The Managing Director Nitin Bindlish has over 12 years of experience in healthcare industry and was honored as Social Entrepreneur of the Year 2023.
Risk factors
As stated in the offer document
Leased Premises Dependency with Non-Recoverable Capital Expenditure
The company operates all centres on leased premises with lease tenures ranging from 11 months to 3 years. Immovable capital expenditure (30-37% of total capex for Company Learning Centres) cannot be recovered if leases are not renewed or centres are closed, potentially requiring significant write-offs.
Geographic Revenue Concentration Risk
During Fiscal 2026, 15.36% of Revenue from Operations was derived from centres in Uttar Pradesh, Karnataka and Delhi, and 17.58% from Tier 2 cities. Any loss of business from these regions may adversely affect revenues and profitability.
Related Party Revenue Dependency
In Fiscal 2026, the company derived 25.56% of Revenue from Operations from export services to related parties (Carving Futures Pte. Ltd. and Carving Futures Inc.). Additionally, 50.21% of Pro Forma revenue for Fiscal 2025 came from 3 newly acquired US centres, creating significant concentration risk.
Licensed Professional Partnership Dependency
The company derived 26.52% of centre operations revenue from 'Company Learning Centres in partnership with Licensed Professionals' in Fiscal 2026. Termination or disputes with these Licensed Professionals could impair service delivery and harm business operations.
Quality of Care and Reputation Risk
The company operates in a highly specialized domain serving children with Neurodevelopmental Disorders, having served over 58,000 children since 2018. Any disruption, limitation, or deficiency in service delivery may adversely affect reputation and business performance due to the sensitive nature of care provided.
High Employee Cost Structure and Retention Risk
Employee benefit expenses constitute 52.48% of total expenses in Fiscal 2026 (₹394.46 million out of ₹751.61 million). The company faces challenges in recruiting and retaining qualified clinical professionals from a limited talent pool, with average monthly attrition rates of 3.67% for all employees and 4.41% for clinical professionals.
Negative Cash Flow and Profitability Concerns
The company had negative cash flows from operating activities of ₹19.41 million and investing activities of ₹61.83 million in Fiscal 2026. New centres typically require 8-12 months to achieve breakeven, potentially contributing to continued negative cash flows during expansion.
Trade Receivables and Payment Collection Risk
Trade receivables increased significantly to ₹180.88 million (22.15% of revenue) as of March 31, 2026, with trade receivable days of 81. This includes ₹112.91 million due from related parties, creating liquidity and working capital risks.
Objects of the Issue Implementation Risk
The company plans to establish 319 new centres across India using Net Proceeds, but has not identified exact locations or entered definitive agreements. Delays in implementation, site selection challenges, or cost overruns could materially affect business operations and financial condition.
US Operations Integration and Regulatory Risk
The recently acquired US subsidiaries (Mom's Belief US, Inc. and Allergy & Immunology Virginia, LLC) expose the company to complex US healthcare regulations, currency risks, and integration challenges. The company must comply with unfamiliar laws including HIPAA, Anti-Kickback Statute, and state-specific healthcare regulations.
Company Analysis
from RHPRays of Belief is a for-profit social enterprise providing personalized intervention plans for children with neurodevelopmental disorders across India and the USA, operating 136 centres across multiple therapy modalities.
Rays of Belief Limited is a for-profit social enterprise founded in 2018 that provides personalized intervention plans for children with neurodevelopmental disorders (NDDs) including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays. The company serves children from 18 months to 12 years, with specialized vocational and life skills programs for older children up to 15 years. It has served over 58,000 children cumulatively and operated 136 centres as of March 31, 2026, spread across 57 cities in 20 Indian states and union territories, plus three centres in the USA. The company offers a multidisciplinary suite of services including early intervention, parental guidance, occupational therapy, language therapy, and family support programs. It ranks first in India by number of centres in the NDD intervention space and seventh globally among listed behavioural health providers. Revenue is generated through centre-based operations, therapy services, and partnerships with licensed professionals.
Objects of the Issue
- Funding capital expenditure towards establishment of new centres on leased premises and associated technology (hardware) costs ₹413.61 million p.4
- Expenditure for lease payments for existing centres in India ₹144.45 million p.5
- Investment in Subsidiary Mom's Belief US Inc. for lease/license payments for existing centres in USA ₹101.31 million p.5
- Expenditure for brand awareness and inclusive outreach programs ₹102.08 million p.5
- Funding inorganic growth through unidentified acquisition and general corporate purposes p.5
Issue Structure
- Total Issue
- Up to 5,230,000 Equity Shares of face value ₹10 each aggregating up to ₹ [●] millions
- Fresh Issue
- Up to 5,230,000 Equity Shares of face value ₹10 each aggregating up to ₹ [●] millions
- Offer for Sale
- Not applicable
- Face Value
- ₹10 per Equity Share
Business Model
Rays of Belief operates on a subscription-based model offering structured, guided therapy programs delivered through multiple centre types: Company Learning Centres, Company Learning Centres in partnership with Licensed Professionals, School Collaboration Centres, Centre of Excellence and Research, and Upskilling Academy. In Fiscal 2026, 73.79% of revenue came from centre operations, with 31.23% from Company Learning Centres and centres in partnership with Licensed Professionals combined. The company also derives revenue from export of support services and overseas centre operations. All centres operate on a leased basis, allowing for scalable expansion with limited upfront capital expenditure.
Business Segments
SWOT Analysis
- • Market leader in India for NDD intervention services(p.3)
- • Extensive geographic reach across underserved regions(p.3)
- • Diversified revenue base across geographies and customer types(p.3)
- • Scalable lease-based business model with low capital intensity(p.4)
- • Strong track record of client scale and retention(p.2)
- • Significant revenue growth and improving profitability(p.7)
- • Significant dependence on related-party revenue and customer concentration(p.8)
- • Heavy geographic concentration risk in specific states and cities(p.8)
- • Non-recoverable capital expenditure on leased properties(p.8)
- • Heavy dependence on Licensed Professionals partnerships(p.9)
- • Critical reliance on specific partnerships for early intervention services(p.9)
- • Negative operating cash flows despite profitability(p.9)
- • Uncertainty in deployment of IPO proceeds and execution risk(p.9)
- • Robust industry growth driven by rising NDD prevalence and awareness(p.4)
- • Strong long-term growth outlook for ASD and ADHD therapy segments(p.4)
- • Expansion through organic growth and new centre rollout(p.3)
- • Positive industry tailwinds from policy reforms and government initiatives(p.4)
- • First-mover advantage with no Indian listed competitors(p.4)
- • International expansion footprint and overseas revenue streams(p.3)
- • Lease renewal risk and landlord renegotiation pressure(p.8)
- • Industry faces regulatory fragmentation and workforce shortages(p.4)
- • Service quality disruption risk due to sensitive domain operations(p.9)
- • Dependency on client retention amid potential market shifts(p.9)
- • Implementation delays and execution risk on expansion plans(p.9)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nitin Bindlish | Promoter | 45,862 shares (0.29%) | — |
| Carving Futures Pte. Ltd. | Promoter | 14,328,402 shares (91.43%) | — |
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.