{"id":7005,"date":"2026-08-31T09:24:03","date_gmt":"2026-08-31T09:24:03","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=7005"},"modified":"2026-08-31T09:25:12","modified_gmt":"2026-08-31T09:25:12","slug":"rays-of-belief-ipo","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/rays-of-belief-ipo\/","title":{"rendered":"Rays of Belief IPO Review: Key Details,Company Overview & Financials"},"content":{"rendered":"

Rays of Belief IPO is a book-built issue worth \u20b9125.00 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.<\/span><\/p>\n

The company has fixed the price band at \u20b9227 to \u20b9239 per share, with a lot size of 62 shares. Retail investors will need a minimum investment of \u20b914,818 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 <\/span>company’s RHP<\/span><\/span><\/a>.<\/span><\/p>\n

Company Overview<\/b><\/h2>\n

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\u2019s 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

As of March 31, 2026, it had more than 340 full-time clinical professionals. Revenue from operations grew from \u20b930.61 crore in Fiscal 2024 to \u20b981.66 crore in Fiscal 2026, representing a 63.34% CAGR.<\/span><\/p>\n

IPO Details<\/b><\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Particulars<\/th>\nDetails<\/th>\n<\/tr>\n<\/thead>\n
IPO Date<\/td>\n1 to 3 Sep, 2026<\/td>\n<\/tr>\n
Allotment<\/td>\nFriday, Sep 4, 2026<\/td>\n<\/tr>\n
Listing Date<\/td>\nTuesday, Sep 8, 2026<\/td>\n<\/tr>\n
Face Value<\/td>\n\u20b910 per share<\/td>\n<\/tr>\n
Price Band<\/td>\n\u20b9227 to \u20b9239<\/td>\n<\/tr>\n
Lot Size<\/td>\n62 Shares<\/td>\n<\/tr>\n
Issue Type<\/td>\nBookbuilding IPO<\/td>\n<\/tr>\n
Sale Type<\/td>\nFresh capital only<\/td>\n<\/tr>\n
Total Issue Size<\/td>\n52,30,000 shares (agg. up to \u20b9125 Cr)<\/td>\n<\/tr>\n
Fresh Issue<\/td>\n52,30,000 shares (agg. up to \u20b9125 Cr)<\/td>\n<\/tr>\n
Shareholding Pre-Issue<\/td>\n1,56,71,682 shares<\/td>\n<\/tr>\n
Shareholding Post-Issue<\/td>\n2,09,01,682 shares<\/td>\n<\/tr>\n
Listing Exchange<\/td>\nBSE, NSE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

(Compiled from RHP and market updates)<\/span><\/i><\/span><\/p>\n

Industry Context<\/b><\/h2>\n
    \n
  • India\u2019s 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.<\/span><\/li>\n
  • 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.<\/span><\/li>\n
  • India\u2019s ASD therapy market grew from around \u20b9708.8 crore in CY18 to \u20b91,090 crore in CY25, registering a 6.34% CAGR and highlighting the sector\u2019s expanding addressable market.<\/span><\/li>\n
  • 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.<\/span><\/li>\n
  • 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.<\/span><\/li>\n<\/ul>\n

    Business Strengths<\/b><\/h2>\n
      \n
    • 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.<\/span><\/li>\n
    • 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\u2019s developmental needs.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • 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.<\/span><\/li>\n<\/ul>\n

      Business Risks<\/b><\/h2>\n
        \n
      • A large portion of the company\u2019s 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.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • 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.<\/span><\/li>\n
      • The company\u2019s 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.<\/span><\/li>\n<\/ul>\n

        Financial Performance<\/b><\/h2>\n

        Rays of Belief Ltd. – Financials (\u20b9 in Million)<\/b><\/h3>\n

        <\/p>\n

        \n\n\n\n\n\n\n\n\n\n\n\n
        Particulars<\/th>\nFiscal 2026<\/th>\nFiscal 2025<\/th>\nFiscal 2024<\/th>\n<\/tr>\n<\/thead>\n
        Revenue from Operations<\/td>\n816.62<\/td>\n364.19<\/td>\n306.08<\/td>\n<\/tr>\n
        Total Income<\/td>\n820.64<\/td>\n365.35<\/td>\n307.57<\/td>\n<\/tr>\n
        EBITDA<\/td>\n119.11<\/td>\n30.17<\/td>\n14.91<\/td>\n<\/tr>\n
        EBITDA Margin (%)<\/td>\n14.59%<\/td>\n8.28%<\/td>\n4.87%<\/td>\n<\/tr>\n
        Profit \/ (Loss) After Tax (PAT)<\/td>\n49.59<\/td>\n58.81<\/td>\n8.53<\/td>\n<\/tr>\n
        PAT Margin (%)<\/td>\n6.07%<\/td>\n16.15%<\/td>\n2.79%<\/td>\n<\/tr>\n
        Return on Equity (%)<\/td>\n21.64%<\/td>\n56.56%<\/td>\n16.83%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

        <\/p>\n

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