Rays of Belief IPO is a book-built issue worth ₹125.00 crore, comprising an entirely fresh issue of 0.52 crore shares. The IPO is scheduled to open for subscription on September 1, 2026, and close on September 3, 2026. The basis of allotment is expected to be finalised on September 4, 2026, with the shares likely to be listed on NSE and BSE on September 8, 2026.
The company has fixed the price band at ₹227 to ₹239 per share, with a lot size of 62 shares. Retail investors will need a minimum investment of ₹14,818 at the upper end of the price band. Mefcom Capital Markets Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar. For complete details, refer to the company’s RHP.
Company Overview
Rays of Belief Ltd. is a for-profit social enterprise focused on improving access to developmental care for children with neurodevelopmental disorders (NDDs). Operating under the Mom’s Belief brand, the company provides personalised intervention programmes for conditions including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
Founded in 2018, the company started with its first centre in Gurgaon and has expanded to 136 centres across 57 cities in 20 states and union territories as of March 31, 2026. Its network includes 42 centres in Tier 1, 77 in Tier 2 and 17 in Tier 3 cities, giving it a strong presence beyond major urban markets.
Rays of Belief has served more than 58,000 children since inception, including 9,205 children in Fiscal 2026. Its multidisciplinary services cover early intervention, occupational and language therapy, parental guidance and family support. The company also offers home-based learning kits and structured follow-ups.
As of March 31, 2026, it had more than 340 full-time clinical professionals. Revenue from operations grew from ₹30.61 crore in Fiscal 2024 to ₹81.66 crore in Fiscal 2026, representing a 63.34% CAGR.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 1 to 3 Sep, 2026 |
| Allotment | Friday, Sep 4, 2026 |
| Listing Date | Tuesday, Sep 8, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹227 to ₹239 |
| Lot Size | 62 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 52,30,000 shares (agg. up to ₹125 Cr) |
| Fresh Issue | 52,30,000 shares (agg. up to ₹125 Cr) |
| Shareholding Pre-Issue | 1,56,71,682 shares |
| Shareholding Post-Issue | 2,09,01,682 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s autism spectrum disorder cases increased from an estimated 17.44 million in CY18 to 19.11 million in CY25, indicating a growing need for diagnosis, intervention and long-term developmental support services.
- Greater awareness, improved diagnostic practices and wider healthcare access are helping identify more ASD cases, particularly in underserved and rural areas, potentially expanding demand for specialised intervention services.
- India’s ASD therapy market grew from around ₹708.8 crore in CY18 to ₹1,090 crore in CY25, registering a 6.34% CAGR and highlighting the sector’s expanding addressable market.
- The number of diagnosed ASD cases in India is projected to rise from 19.30 million in CY26 to 20.88 million by CY34, supported by better awareness, early identification and improving access to specialised care.
- Rising demand for personalised developmental support creates opportunities for organised providers such as Rays of Belief, particularly as families increasingly seek structured therapies, parental guidance and multidisciplinary intervention programmes.
Business Strengths
- Rays of Belief has built a wide network of 136 centres across 57 cities and 20 states and union territories, with a significant presence in Tier 2 and Tier 3 markets that remain underserved.
- The company provides personalised intervention programmes combining speech and language therapy, occupational therapy and behavioural support, with Individualised Education Plans and Individualised Goal Plans designed around each child’s developmental needs.
- Its multidisciplinary team comprises more than 340 full-time clinical professionals, including psychologists, occupational therapists, speech-language pathologists and special educators, supported by structured onboarding and continuous training programmes.
- Rays of Belief uses digital platforms to extend access beyond physical centres, offering virtual therapy and family support programmes for children and families who may face challenges accessing regular in-person care.
- The company follows a research-informed approach, incorporating evidence-based practices and dedicated R&D efforts while expanding its centre network to reach underserved communities and improve cost efficiencies across its operations.
Business Risks
- A large portion of the company’s centres operate from leased premises with relatively short tenures of 11 months to three years, creating a risk of losing investments made in location-specific fit-outs.
- Revenue is concentrated in certain regions, with centres in Uttar Pradesh, Karnataka and Delhi contributing 15.36% of Fiscal 2026 revenue. Weakness in these markets could affect overall financial performance.
- Maintaining consistent service quality across a large network is critical because the company operates in a specialised and sensitive segment. Any lapse in care could damage its reputation and business.
- The company operates an asset-light model but remains dependent on third-party premises. Rent increases, non-renewal of leases or relocation requirements could raise costs and affect centre operations.
- The company’s operations involve personalised care for children with NDDs, making it dependent on skilled clinical professionals. Difficulty retaining qualified staff or maintaining consistent training could affect service quality and growth.
Financial Performance
Rays of Belief Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 816.62 | 364.19 | 306.08 |
| Total Income | 820.64 | 365.35 | 307.57 |
| EBITDA | 119.11 | 30.17 | 14.91 |
| EBITDA Margin (%) | 14.59% | 8.28% | 4.87% |
| Profit / (Loss) After Tax (PAT) | 49.59 | 58.81 | 8.53 |
| PAT Margin (%) | 6.07% | 16.15% | 2.79% |
| Return on Equity (%) | 21.64% | 56.56% | 16.83% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Equity (ROE) | 21.64% | 56.56% |
| Return on Capital Employed (ROCE) | 29.74% | 7.49% |
| Debt-to-Equity Ratio | 0.12 | 0.29 |
| Return on Net Worth (RoNW) | 21.64% | 56.56% |
| PAT Margin | 6.07% | 16.15% |
| EBITDA Margin | 14.59% | 8.28% |
Objects of the Offer
- ₹41.36 crore will be used for capital expenditure towards setting up new centres on leased premises and related technology costs, including ₹26.88 crore for Company Learning Centres and centres with Licensed Professionals.
- ₹5.54 crore is earmarked for School Collaboration Centres, while ₹2.45 crore will support the Centre for Excellence and Research and ₹2.05 crore the Upskilling Academy.
- ₹4.44 crore will be spent on technology and hardware requirements associated with the establishment of new centres, supporting the company’s expanding service network.
- ₹14.45 crore will be allocated towards lease payments for the company’s existing centres in India, helping support continued operations across its centre network.
- ₹10.13 crore will be invested in subsidiary Mom’s Belief US Inc. for lease or licence payments for its existing US centres, while ₹10.21 crore will support brand awareness and inclusive outreach programmes.
- The remaining proceeds will be used to support inorganic growth through unidentified acquisitions and general corporate purposes, subject to the terms outlined in the offer document.
Conclusion
Rays of Belief Ltd. has built a growing presence in India’s developmental care segment, supported by its network of centres, multidisciplinary clinical team and personalised intervention programmes for children with neurodevelopmental disorders. The company’s expansion across Tier 2 and Tier 3 cities reflects its focus on reaching underserved markets, while its digital initiatives provide an additional channel for delivering services.
The IPO proceeds are proposed to support new centre expansion, lease payments, technology requirements, brand awareness, its US operations and potential inorganic growth. At the same time, investors should consider factors such as dependence on leased premises, reliance on Licensed Professional partnerships, regional revenue concentration and the need to maintain consistent service quality. Investors should review the company’s financial performance, valuation, industry conditions and risk factors in the offer documents before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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