FY26
Assets50.89
Net Worth30.81
Total Debt3.61
RevenueAnnualised basis81.66
EBITDAAnnualised basis11.91
PATAnnualised basis4.96
EBITDA Margin (%)14.58
At a glance
Updated 2026-09-13 23:59:13Rays of Belief is a Mainboard IPO with an issue size of ₹0.52 crore, proposed for listing on BSE, NSE. The issue structure includes a fresh issue of ₹0.52 crore.
Issue details
Listing atNSE EMERGE
Issue typeBook Build Issue
Issue size₹125.00 Cr
Fresh issue₹125.00 Cr
Face value₹10
Price band₹239.00–₹239.00
Allotment4 Sep 2026
Listing8 Sep 2026
Grey market
GMP page ↗Latest GMP₹13.00
GMP / upper price5.44%
Est. listing₹254.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens1 Sep 2026
Closes3 Sep 2026
Allotment4 Sep 2026
Listing8 Sep 2026
Subscription demand
Full bidding ↗QIB0.00×
sHNI0.11×
bHNI0.02×
NII / HNI0.02×
Retail0.44×
Total107.71×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹192,634 |
| S-HNI (Min) | 14 | 868 | ₹207,452 |
| S-HNI (Max) | 67 | 4154 | ₹992,806 |
| B-HNI (Min) | 68 | 4216 | ₹1,007,624 |
Reservation
QIB—Not less than 75% of the Issue size shares
Retail—Not more than 10% of the Issue shares
NII—Not more than 15% of the Issue shares
Company
Incorporated2017
Use of proceeds
| Object | Amount |
|---|---|
| Funding capital expenditure towards establishment of new centres on leased premises and associated technology costs: (i) Setting up new centres by the Company and the Company in partnership with Licensed Professionals (ii) Setting up new centres in collaboration with schools (iii) Setting up of new centres to drive research, innovation, and best practices in the domain of neurodevelopmental disorder (iv) Setting up of in-house training academies for continuous learning and professional upskilling (v) Technology (hardware) costs. | ₹41.36 Cr |
| Expenditure for lease payments for our existing centres in India | ₹14.45 Cr |
| Investment in its Subsidiary, Mom’s Belief US Inc., for making lease / license payments for our existing centres in the USA. | ₹10.13 Cr |
| Expenditure for brand awareness and inclusive outreach programs | ₹10.20 Cr |
| Funding inorganic growth through unidentified acquisition and general corporate purposes | — |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Assets7.78₹ Cr · -39.6% vs prior year
Net Worth4.36₹ Cr · -24.6% vs prior year
FY25
Assets26.12
Net Worth15.02
Total Debt4.35
RevenueAnnualised basis36.42
EBITDAAnnualised basis3.02
PATAnnualised basis5.88
EBITDA Margin (%)8.29
FY24
Assets12.89
Net Worth5.78
Total Debt[●]
RevenueAnnualised basis30.61
EBITDAAnnualised basis1.49
PATAnnualised basis0.85
EBITDA Margin (%)4.87
FY23
Assets7.78
Net Worth4.36
Total Debt[●]
RevenueAnnualised basis22.13
EBITDAAnnualised basis-7.22
PATAnnualised basis-8.46
EBITDA Margin (%)-32.63
KPIs
| KPI | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| ROE | 56.56% | 21.64% |
| ROCE | 7.49% | 29.74% |
| Debt / Equity | 0.29% | 0.12% |
| RoNW | 56.56% | 21.64% |
| PAT Margin | 16.15% | 6.07% |
| EBITDA Margin | 8.28% | 14.59% |
| Price to Book Value | 0.88 |
Valuation & shareholding
Pre-IPO EPS3.16
Post-IPO EPS2.37
Pre-IPO P/E75.63
Post-IPO P/E100.84
Promoter holding pre92.93%
Promoter holding post0.00%
Market cap₹499.55 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Rays of Belief IPO | — | 100.84 x | — | — |
| Molbio Diagnostics IPO | — | 56.67 x | — | — |
| Manipal Health IPO | — | 84.65 x | — | — |
| Gaudium IVF IPO | — | 22.99 x | — | — |
Registrar & lead managers
Registrar
Kfin Technologies Ltd.Lead managers
- Location
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-13 23:59:13.
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