Minerva Capital Research Solutions

Ravita Engineering Services

ListedListed 22 Oct 2026NSE SMENSE: RAVITA-SMCheck allotment
Current price₹ 103.45−7.63% since issue
Listing day0%
Issue price
₹ 112
Issue size
₹ 116.05 Cr.
Min. investment
₹ 1,34,400
Listing price
₹ 112
Subscribed
6.68x
Lot size
1,200 shares
P/E
10.42
RoNW
9.68%
RoCE
10.60%
Debt / Equity
0.28
PAT margin
10.40%
EBITDA margin
14.42%
RoE
9.68%
EPS
₹ 10.75
NAV
₹ 40.15
Promoter stake
53.46%

About

Ravita Engineering Services Limited was founded in December 2007. It takes up turnkey contracts for HVAC, central air-conditioning, air flow systems, chillers, compressors and cooling equipment for commercial and industrial sites, offshore rigs and platforms. It also runs operation and maintenance for its own projects and for systems built by others. The company has done a special sub-sea discharge pipeline job for an effluent treatment plant at Paradeep, Odisha. Its work falls in three areas: onshore (Gujarat, Maharashtra, Odisha and Karnataka), offshore (rigs, platforms and marine installations in Indian waters) and data centres. In data centres it looks after cooling systems, chiller plants, HVAC and utilities for a large Indian conglomerate at its Navi Mumbai data centre. It has also secured data centre infrastructure work orders worth Rs 120 crore in Maharashtra.

Timeline

  1. Opens
    14 Oct
    done
  2. Closes
    16 Oct
    done
  3. Allotment
    19 Oct
    done
  4. Refunds
    21 Oct
    done
  5. Demat credit
    21 Oct
    done
  6. Listing
    22 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 12 on 10 Oct 2026
Lowest
₹ 0 on 8 Oct 2026
First quoted
₹ 0 on 8 Oct 2026

Subscription

How many times each investor group bid for its share, as of 22 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,34,400
Retail (Max)11,200₹ 1,34,400
HNI (Min)22,400₹ 2,68,800

Company overview

Financials

Financials by year
Assets207.34162.9758.249.08
Total Income97.45277.82109.313.53
Profit After Tax10.1328.0411.831.51
EBITDA14.0440.0515.652.86
NET Worth109.6999.5615.133.3
Reserves and Surplus96.0385.915.033.2
Total Borrowing30.8819.2123.113.52

Strengths

  • Total income rose from Rs 13.53 crore in FY2024 to Rs 109.30 crore in FY2025 and Rs 277.82 crore in FY2026, and was Rs 97.45 crore in the three months to 30 June 2026.
  • Profit after tax rose from Rs 1.51 crore in FY2024 to Rs 11.83 crore in FY2025 and Rs 28.04 crore in FY2026, and was Rs 10.13 crore in the three months to 30 June 2026.
  • EBITDA was Rs 40.05 crore in FY2026, an EBITDA margin of 14.43%, and the PAT margin was 10.09%.
  • Return on net worth was 48.90% and return on capital employed was 48.65% for FY2026.
  • Debt to equity was 0.19 at 31 March 2026 and 0.28 at 30 June 2026, which is low against net worth of Rs 109.69 crore.
  • The company works onshore, offshore and in data centres, so its income comes from short to medium term projects as well as long operation and maintenance contracts.
  • The issue is priced at 10.42 times post issue earnings on an EPS of Rs 10.75 at the upper band of Rs 112, against 10.92 times on a pre issue EPS of Rs 10.26.
  • The whole Rs 116.05 crore issue is fresh capital. Rs 70.00 crore is for long-term working capital and Rs 25.53 crore is for buying heavy equipment.

Risks

  • The June 2026 EPS used for the post issue P/E is based on annualised earnings of one quarter, so it may not hold if the quarter was unusually strong.
  • Net worth jumped from Rs 15.13 crore at 31 March 2025 to Rs 99.56 crore at 31 March 2026, while profit for FY2026 was Rs 28.04 crore, so a large part of the rise did not come from earnings.
  • Return on net worth of 9.68% for the three months to 30 June 2026 is not annualised, and the FY2026 figure of 48.90% will fall on the larger net worth base.
  • Total income grew from Rs 13.53 crore in FY2024 to Rs 277.82 crore in FY2026. Such a sharp jump in a short time depends on a few large contracts that may not repeat.
  • Total borrowing was Rs 30.88 crore at 30 June 2026, up from Rs 19.21 crore at 31 March 2026.
  • Rs 70.00 crore of the Rs 116.05 crore issue goes to working capital. That money funds contract costs and customer credit rather than new capacity.
  • Promoters hold 73.74% before the issue and 53.46% after it, and the promoter group includes a company, Starwings Realtors Pvt.Ltd.
  • The data centre operation and maintenance work is for one large Indian conglomerate at one site, so the loss of that client would hit income.
  • Contract work in HVAC and offshore sites depends on winning new tenders and on timely client payments, and a delay can lock up cash.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.34 lakh at the upper band of Rs 112, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
To meet long-term working capital requirements of the Company70
Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment25.53
General Corporate Purposes—

Promoters

  • Vibhoar Agrawal
  • Rachita Agrawal
  • Starwings Realtors Pvt.Ltd
Promoter holding73.74%→53.46%before → after the issue · down 20.28 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 5 a share
Registrar
MUFG Intime India Private Limited
Lead managers
Vivro Financial Services Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.