Rays of Belief
- Issue price
- ₹ 239
- Issue size
- ₹ 125 Cr.
- Min. investment
- ₹ 14,818
- Listing price
- ₹ 239
- Subscribed
- 107.71x
- Lot size
- 62 shares
- P/E
- 100.84
- RoNW
- 21.64%
- RoCE
- 29.74%
- Debt / Equity
- 0.12
- PAT margin
- 6.07%
- EBITDA margin
- 14.59%
- RoE
- 21.64%
- EPS
- ₹ 2.37
- NAV
- ₹ 15.67
About
Rays of Belief Ltd was started in 2017. It is a for-profit social enterprise that makes personalised intervention plans for children with neurodevelopmental disorders. These include Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, intellectual disability, learning disabilities and global developmental delays. The company opened its first centre in Gurgaon in 2018 and works under the brand name Mom's Belief. It has grown from 71 centres in FY2023 to 136 centres as on 31 March 2026, spread across 57 cities and 20 states and union territories. Of these, 42 are in Tier 1 cities, 77 in Tier 2 and 17 in Tier 3, so a large part of the network is in smaller cities where such care is harder to find. It mainly works with children between 18 months and 12 years, and runs special programmes on vocational and life skills for children up to 15 years. Its services include early intervention, parental guidance, occupational therapy, language therapy and family support. Its centres carry more than 150 teaching tools and its home based learning kits give access to more than 2,000 teaching tools, with regular follow up and progress tracking. As on 31 March 2026 it had a team of over 340 full time clinical professionals. In June 2025 it bought Mom's Belief US, Inc. as a wholly owned subsidiary along with Allergy and Immunology Virginia, LLC, adding three centres in Virginia at Salem, Lynchburg and Roanoke.
Timeline
- doneOpens1 Sep
- doneCloses3 Sep
- doneAllotment4 Sep
- doneRefunds7 Sep
- doneDemat credit7 Sep
- doneListing8 Sep
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
- ₹ 48 on 31 Aug 2026
- Lowest
- ₹ 10 on 27 Aug 2026
- First quoted
- ₹ 18 on 26 Aug 2026
Subscription
How many times each investor group bid for its share, as of 08 Sep 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.
| Retail (Min) | 1 | 62 | ₹ 14,818 |
| Retail (Max) | 13 | 806 | ₹ 1,92,634 |
| S-HNI (Min) | 14 | 868 | ₹ 2,07,452 |
| B-HNI (Min) | 68 | 4,216 | ₹ 10,07,624 |
Company overview
Financials
| Assets | 50.89 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| NET Worth | 30.81 | 15.02 | 5.78 |
| Reserves and Surplus | 15.22 | 14.7 | 5.47 |
| Total Borrowing | 3.61 | 4.36 | — |
Strengths
- The centre network has grown fast, from 71 centres in FY2023 to 136 centres as on 31 March 2026, across 57 cities and 20 states and union territories.
- Total income grew 125% in FY2026, from Rs 36.54 crore to Rs 82.06 crore.
- EBITDA improved sharply, from Rs 1.49 crore in FY2024 to Rs 3.02 crore in FY2025 and Rs 11.91 crore in FY2026.
- The company carries almost no debt. Total borrowing was only Rs 3.61 crore against a net worth of Rs 30.81 crore as on 31 March 2026.
- A large part of the network is in smaller cities, with 77 Tier 2 and 17 Tier 3 centres, where there are few options for this kind of care.
- It has a qualified team of more than 340 full time clinical professionals and a structured set of tools, with over 150 at the centres and more than 2,000 through home kits.
- It has entered the USA through the June 2025 purchase of Mom's Belief US, Inc., adding three centres in Virginia.
- Awareness and diagnosis of neurodevelopmental disorders is rising in India, and organised providers in this field are still few.
Risks
- Profit fell even as sales more than doubled. Profit after tax came down 16% in FY2026, from Rs 5.88 crore to Rs 4.96 crore, while income rose 125%. The cost of opening centres is running ahead of the income they bring.
- The FY2026 figures are on a consolidated basis while the earlier years are standalone, as noted on the offer document, so the growth is not a like for like comparison.
- Return on capital employed is low at 7.49%, which shows the money put into building the centre network is not yet earning much.
- The price band, issue size and lot size have not been announced yet, so the valuation cannot be judged at this stage.
- A large part of the money is for rent rather than for assets. About Rs 14.45 crore is for lease payments on existing centres in India and Rs 10.13 crore for lease and licence payments in the USA, which are running costs and do not create anything that can be sold later.
- A further part is kept for an unidentified acquisition and general corporate purposes, so investors do not know where that money will go.
- The business depends on trained clinical staff. Finding and keeping therapists across 136 centres in 57 cities is difficult, and quality can vary between centres.
- Families pay for this care mostly out of their own pocket, as insurance cover for developmental therapy is limited in India, so demand is sensitive to household budgets.
- The US business is new, bought only in June 2025, and is a very different market in terms of regulation, insurance and cost.
What the money is for
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | 26.88 |
| School Collaboration Centres | 5.54 |
| Centre for Excellence and Research | 2.45 |
| Upskilling Academy | 2.05 |
| Technology (hardware) costs | 4.44 |
| Expenditure for lease payments for existing centres in India | 14.45 |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | 10.13 |
| Expenditure for brand awareness and inclusive outreach programs | 10.21 |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | — |
Promoters
- Nitin Bindlish
- Carving Futures Pte.Ltd
Anchor investors
5 anchors put in ₹ 50 Cr..
| VINEY GROWTH FUND | 6,27,626 | 15 | 30% |
| LRSD SECURITIES PVT.LTD. | 6,27,626 | 15 | 30% |
| NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | 4,18,438 | 10 | 20% |
| 31 Degrees North Fund I | 2,09,250 | 5 | 10% |
| VISIONARY VALUE FUND | 2,09,250 | 5 | 10% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- KFin Technologies Limited
- Red herring prospectus (RHP)
- Open
- 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.