- NEUTRAL
Annual Revenue Rays of Belief Annual Revenue is Rs 0 Cr which is growth of 0% YoY.
- NEUTRAL
Annual Net Profit Rays of Belief Annual Net Profit is Rs 0 Cr which is growth of 0% YoY.
Rays of Belief was incorporated on April 1, 2003. The company is a for-profit social enterprise providing personalized intervention plans for children with neurodevelopmental disorders such as autism, ADHD, Down syndrome, and cerebral palsy. It aims to improve awareness, access, quality, and affordability of care while empowering parents to actively support their child’s development
| Bidding Dates |
|---|
| 01 Sep 2026 - 03 Sep 2026 |
| Subscription |
|---|
| 107.71x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,074 | 1 | 13 | 62 | 5.2 M | ₹227 - ₹239 | 68.77 % | ₹1,187.2 M - ₹1,250.0 M | RHP DOC |
Rays of Belief IPO SUBSCRIPTION STATUS
03 Sep '26Total107.71x
Retail Individual Investor195.87x
HNI (NII) Investors279.11x
Qualified Institutional Buyers9.06x
Rays of Belief IPO overall subscription rate was 107.71 times the total available shares
Rays of Belief IPO retail subscription rate was 195.87 times in the retail segment
Rays of Belief IPO non-institutional investor subscription rate was 279.11 times in the non-institutional investor category
Rays of Belief IPO Qualified Institutional Bidder subscription rate was 9.06 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
03 Sep 2026 (Day 3) | 195.87x | 279.11x | 9.06x |
02 Sep 2026 (Day 2) | 18.56x | 2.06x | 0.01x |
01 Sep 2026 (Day 1) | 6.51x | 0.39x | 0x |
Rays of Belief FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 81.7 | 5.0 | -1.9 | -3.1 | 14.6% |
| FY25 | 36.4 | 5.9 | -1.8 | -3.7 | 8.3% |
| FY24 | 30.6 | 0.9 | 2.1 | 0.9 | 4.9% |
Rays of Belief IPO SUBSCRIPTION STATUS DETAILS
Rays of Belief had 5.2 M shares on offer
Rays of Belief IPO offer price was in the range ₹227 - ₹239
Rays of Belief IPO minimum Investment was ₹14074
Rays of Belief IPO issue size was ₹ 1,187.2 M - ₹ 1,250.0 M
Rays of Belief had a minimum lot size of 62 Shares per application
Rays of Belief NUMBER OF SHARES ON OFFER
Total5.2 M
Fresh Issue5.2 M
Offer for Sale0
Post Issue Promoter Holding %68.77 %
Rays of Belief IPO IMPORTANT DATES
| Issue Open Date | 01 Sep 2026 |
| Issue close Date | 03 Sep 2026 |
| Allotment Date | 04 Sep 2026 |
| Refund Date | 07 Sep 2026 |
| Demat Account Credit Date | 07 Sep 2026 |
| Listing Date | 08 Sep 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Rays of Belief Allotment Status | Exchange/ Registrar |
Rays of Belief IPO subscription opened on 01 Sep 2026, and closed on 03 Sep 2026
IPO allotment for Rays of Belief was finalized on Friday, 04 Sep 2026
IPO listing for Rays of Belief was on NSE and BSE on Tuesday, 08 Sep 2026
Rays of Belief IPO LISTING GAINS
| Issue Price (adjusted) | 239.0 |
| Listing Open Price | 239.0 |
| Listing Close Price | 228.3 |
| Listing Gain% | 0.0% |
| Current Gain% | 18.5% |
Rays of Belief Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rays of Belief Ltd. | 283.2 | 591.8 | 119.3 | 7.2 | 16.1 | 9.7 | 82.1 | 5 | 2.4 | ||||
| Dr. Lal Pathlabs Ltd. | 1993 | 33452.3 | 57.3 | 6.3 | 11 | 20.1 | 16 | 2864.2 | 12.1 | 504.8 | 3.6 | 34.8 | 9.2 |
| Inventurus Knowledge Solutions Ltd. | 1634.1 | 28036.8 | 35 | 1.1 | 6.7 | 25.8 | 16.9 | 3209.5 | 18.7 | 721.6 | 48.4 | 46.7 | 31.3 |
| Sagility Ltd. | 43.9 | 20537 | 20 | 0.7 | 2.6 | 9.6 | 7.3 | 7290.8 | 29.6 | 924.8 | 71.5 | 2.2 | 28.5 |
| Molbio Diagnostics Ltd. | 1493.2 | 17207.6 | 111.5 | 12 | 14.2 | 7.8 | 1455.2 | 41.6 | 166.6 | 14.8 | 13.4 | ||
| Indegene Ltd. | 666.2 | 16050.7 | 39 | -5 | 3.9 | 12.8 | 8.7 | 3582.5 | 21.6 | 401.1 | -1.4 | 17.1 | -7.8 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Rays of Belief annual results: revenue, profit, P&L, and margins as of Mar 2025 – 11 year history
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| Indicator | Graph | Mar '25 | Mar '24 |
|---|---|---|---|
| 36.5 | 30.8 | ||
Operating Exp. Ann. | 33.4 | 29.1 | |
Operating Profit Ann. | 3 | 1.5 | |
OPM Ann. % | 8.26% | 4.85% | |
| 36.2 | 30.7 | ||
EBITDA Ann. | 3.1 | 1.6 | |
EBITDA Ann. margin % | 8.58% | 5.33% | |
Interest Ann. | 0.6 | 0.1 | |
Depr. | 2.2 | 1.4 | |
PBT Ann. | 0.4 | 0.1 | |
Tax Ann. | -5.5 | -0.8 | |
| 5.9 | 0.9 | ||
Net Profit Ann. | 5.9 | 0.9 | |
NPM Ann. % | 16.14% | 2.78% | |
EPS Adj. latest Ann. | 2.8 | 0.4 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
18.5%
Net Profit Ann.
1Y CHG
555.6%
Operating Exp. Ann.
1Y CHG
14.8%
Rays of Belief IPO Reports
Rays of Belief INFORMATION ON IPO ISSUE
About Rays of Belief
Rays of Belief was incorporated on April 1, 2003. The company is a for-profit social enterprise providing personalized intervention plans for children with neurodevelopmental disorders such as autism, ADHD, Down syndrome, and cerebral palsy. It aims to improve awareness, access, quality, and affordability of care while empowering parents to actively support their child’s development
Object of the Issue
- Funding capital expenditure towards the establishment of new centres on leased premises and associated technology (hardware) costs for setting up new centres by the company & the company in partnership with licensed professionals
- Funding capital expenditure towards the establishment of new centres on leased premises and associated technology (hardware) costs for setting up new centres in collaboration with schools
- Funding capital expenditure towards the establishment of new centres on leased premises and associated technology (hardware) costs for setting up of new centres to drive research, innovation, and best practices in the domain of neurodevelopmental disorder
- Funding capital expenditure towards the establishment of new centres on leased premises and associated technology (hardware) costs setting up of in-house training academies for continuous learning and professional upskilling
- Expenditure for lease payments for its existing centres in India
- Investment in its subsidiary, Mom’s Belief US Inc., for making lease/license payments for its existing centres in the USA
- Expenditure for brand awareness and inclusive outreach programs
- Funding inorganic growth through unidentified acquisition and general corporate purposes
Rays of Belief - PROMOTERS
| Name |
|---|
| Nitin Bindlish |
| Carving Futures Pte. Ltd. |
Rays of Belief - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Nitin Bindlish | Managing Director |
| Afzal Mohammed Modak | Non-Executive Director & Non- Independent Director |
| Bindu Damodaran | Independent Director |
| Nitin Ahuja | Independent Director |
| Sunil Kumar Agarwal | Independent Director |
Rays of Belief Book Running Lead Manager
Mefcom Capital Markets Limited
robl.ipo@mefcomcap.in
Rays of Belief Registrar to the Offer
Kfin Technologies Limited
robl.ipo@kfintech.com
Rays of Belief Strengths
Comprehensive multidisciplinary care
The company follows a structured, development-focused approach to support children with ASD, ADHD, CP, DS, ID, LD, and GDD through personalized intervention plans. Backed by an experienced in-house clinical team, it provides speech therapy, occupational therapy, and ABA-based behavioural support, with progress tracked through Individualized Education Plans (IEP) and Individualized Goal Plans (IGP) to ensure measurable outcomes and high client satisfaction
Strength
R&D capabilities
The company operates centres across Tier 1, Tier 2, and Tier 3 cities, including select schools, to ensure accessible and consistent therapy services for children and families. It also offers digital services to extend care to those unable to visit its centres physically
Strength
Focus on accessibility
The company designs its programs, including the Family Support Program, using evidence-based practices such as the Preschool Autism Communication Trial and JASPER, and has published two research papers in international journals. Its in-house R&D team of eight professionals develops tools for progress tracking, parent guidance, and play-based learning to enhance personalization and measurable outcomes
Strength
Rays of Belief Risks
Depend on service quality
The company operates in a specialized and sensitive domain, providing personalized intervention plans for children with neurodevelopmental disorders such as ASD, ADHD, DS, CP, ID, LD, and GDD, and has served over 56,500 children since 2018. Its business depends on maintaining consistent service quality across centres, and any disruption may adversely impact its reputation and financial performance
Risk
Licenses & approvals
The company is required to obtain and maintain various statutory licenses and approvals at central, state, and local levels, including trade, labour, and safety registrations for its centres. Any failure to secure or renew these approvals may adversely affect its business operations, cash flows, and financial performance
Risk
Low public awareness
Low public awareness, social stigma, and the limited target age group for neurodevelopmental disorders may constrain demand and growth. In many semi-urban and rural regions, misconceptions and cultural sensitivities continue to hinder early diagnosis and intervention
Risk
IPO FAQs
The promoters of the company are Nitin Bindlish and Carving Futures Pte. Ltd..
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 227.0 - 239.0.
The IPO application opens on Sep 01, 2026 and closes on Sep 03, 2026.
The minimum lot size for the IPO is 62. The maximum lot size for the IPO is 806.
For all category investors, the minimum application amount for this IPO is Rs. 14,074.0, the maximum value for this IPO is Rs 192,634.0.
This IPO will be allotted on Sep 04, 2026.
The refund will be credited to your account on Sep 07, 2026.
The allotted shares will be credited to your demat on Sep 07, 2026.
Rays of Belief Ltd.’s shares listed on the stock exchanges on Sep 08, 2026.