1. IPO Snapshot
| Particular | Details |
|---|
| Company name | Ravita Engineering Services Limited |
| IPO type | 100% book-built fresh issue |
| Fresh issue | 1,03,62,000 equity shares; up to ₹116.05 crore at the upper price |
| Offer for sale | Nil |
| Total issue size | 1,03,62,000 shares; up to ₹116.05 crore |
| Face value | ₹5 per equity share |
| Price band | ₹105–₹112 per share |
| Issue price | Not finalized in the supplied documents; price band disclosed |
| Lot size | 1,200 shares; minimum application 2,400 shares |
| Opening date | 13 October 2026 |
| Closing date | 15 October 2026 |
| Listing exchange | NSE EMERGE / NSE SME platform |
| Registrar | MUFG Intime India Private Limited |
| Book-running lead manager | Vivro Financial Services Private Limited |
2. IPO Details
| Particular | At Floor Price ₹105 | At Cap Price ₹112 |
|---|
| Fresh Issue Shares | 1,03,62,000 | 1,03,62,000 |
| Fresh Issue Amount | ₹10,880.10 lakhs | ₹11,608.44 lakhs |
| Market Maker Shares | 5,22,000 | 5,22,000 |
| Market Maker Value | ₹548.10 lakhs | ₹584.64 lakhs |
| Net Issue Shares to Public | 98,40,000 | 98,40,000 |
| Net Issue Value to Public | ₹10,332.00 lakhs | ₹11,020.80 lakhs |
| Total Offer Shares | 1,03,62,000 | 1,03,62,000 |
| Total Offer Value | ₹10,880.10 lakhs | ₹11,608.44 lakhs |
| Pre-Issue Shares | 2,73,18,682 | 2,73,18,682 |
| Post-Issue Shares | 3,76,80,682 | 3,76,80,682 |
| Post-Issue Market Capitalisation | ₹39,379.87 lakhs | ₹42,201.72 lakhs |
3. Issue Reservation
| Category | Reservation / shares |
|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the net issue |
| Non-Institutional Investors (NII) | Not less than 15% of the net issue |
| Individual / retail investors | Not less than 35% of the net issue |
| Market maker | 5,22,000 shares |
| Anchor investors | Up to 60% of the QIB portion may be allocated to anchors, subject to the RHP terms |
4. IPO Lot Size
| Applicant category | Lots | Shares | Amount at ₹105/share | Amount at ₹112/share |
|---|
| Individual investor — minimum | 2 | 2,400 | ₹2,52,000 | ₹2,68,800 |
| Individual investor — maximum shown in advertisement | 2 | 2,400 | ₹2,52,000 | ₹2,68,800 |
| Small HNI (S-HNI) — minimum | 3 | 3,600 | ₹3,78,000 | ₹4,03,200 |
| S-HNI — maximum shown | 7 | 8,400 | ₹8,82,000 | ₹9,40,800 |
| Big HNI (B-HNI) — minimum | 8 | 9,600 | ₹10,08,000 | ₹10,75,200 |
5. About the Company
Ravita Engineering Services Limited was originally incorporated as Sayo Construction Private Limited on December 28, 2007. Its name changed to Powermech Services Private Limited in 2010 and to Ravita Engineering Services Private Limited in September 2025. It was converted into a public limited company in 2025 and received its fresh certificate of incorporation on December 16, 2025.
The company describes its business as electro-mechanical engineering projects and services across onshore and offshore industries. Its offerings include Engineering, Procurement, Installation and Commissioning (EPIC) and Operations and Maintenance (O&M) services. Its activities cover HVAC systems, central air-conditioning, air-flow systems, chiller plants, industrial compressors, cooling equipment and other electromechanical equipment.
Its disclosed operating areas include onshore projects, offshore installations and data-centre-related work. Onshore activities cover commercial, hospitality, corporate and industrial establishments, while offshore activities include rigs, platforms and marine installations. O&M work may cover systems installed by the company and third-party solution providers.
The company identifies multi-site project execution, a combined EPIC and O&M offering, engineering workforce, client relationships, electro-mechanical capabilities and specialised offshore experience among its stated competitive strengths. These are company disclosures, not an independent assessment.
6. Restated Financial Information
| Particulars (₹ lakhs, except EPS) | 3 months ended 30 Jun 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 9,731.36 | 27,763.29 | 10,861.27 | 1,349.25 |
| Other income | 14.07 | 19.03 | 68.75 | 3.52 |
| Total income | 9,745.43 | 27,782.32 | 10,930.02 | 1,352.77 |
| Cost of services rendered | 7,740.59 | 22,158.73 | 8,534.27 | 831.27 |
| Employee benefit expenses | 79.76 | 301.34 | 192.80 | 157.95 |
| Finance costs | 20.70 | 71.82 | 34.54 | 64.58 |
| Depreciation and amortisation | 43.22 | 204.86 | 17.99 | 16.14 |
| Other expenses | 507.39 | 1,298.30 | 569.19 | 73.90 |
| Total expenses | 8,391.66 | 24,035.05 | 9,348.79 | 1,143.84 |
| Profit before tax | 1,353.77 | 3,747.27 | 1,581.23 | 208.93 |
| Tax expense | 340.72 | 943.11 | 398.53 | 58.13 |
| Profit after tax | 1,013.05 | 2,804.16 | 1,182.70 | 150.80 |
| Basic EPS (₹; quarterly not annualised) | 3.71 | 11.05 | 5.85 | 0.75 |
| Diluted EPS (₹; quarterly not annualised) | 3.71 | 11.05 | 5.85 | 0.75 |
7. Key Performance Indicators
| KPI | 3 months ended 30 Jun 2026 | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations (₹ lakh) | 9,731.36 | 27,763.29 | 10,861.27 | 1,349.25 |
| Total income (₹ lakh) | 9,745.43 | 27,782.32 | 10,930.02 | 1,352.77 |
| EBITDA (₹ lakh) | 1,403.62 | 4,004.92 | 1,565.01 | 286.13 |
| EBITDA margin | 14.42% | 14.43% | 14.41% | 21.21% |
| PAT (₹ lakh) | 1,013.05 | 2,804.16 | 1,182.70 | 150.80 |
| PAT margin | 10.40% | 10.09% | 10.82% | 11.15% |
| Cash profit after tax (₹ lakh) | 1,056.27 | 3,009.02 | 1,200.69 | 166.94 |
| Current ratio (x) | 2.05 | 2.45 | 1.12 | 1.67 |
| Net worth (₹ lakh) | 10,968.89 | 9,955.84 | 1,513.12 | 330.42 |
| Debt-equity ratio (x) | 0.28 | 0.19 | 1.53 | 1.07 |
| Return on equity | 9.68%* | 48.90% | 128.31% | 59.13% |
| Return on capital employed | 10.60%* | 48.65% | 71.71% | 37.05% |
| Order book (₹ lakh) | 49,112.12 | 36,512.95 | 8,387.12 | 1,782.33 |
8. IPO Valuation and Basis of Offer Price
| Metric / disclosure | Value or RHP statement |
|---|
| Price band | ₹105–₹112 per share |
| Market capitalisation | ₹422.02 crore at the upper price |
| FY2026 basic/diluted EPS | ₹11.05 |
| NAV per share | ₹40.15 at June 30, 2026; ₹36.44 at March 31, 2026 |
9. Shareholding and Capital Structure
| Particulars | Details |
|---|
| Pre-issue equity shares | 2,73,18,682 |
| Post-issue equity shares | 3,76,80,682 |
| Issue as % of post-issue paid-up capital | 27.50% for total issue; 26.11% for net issue |
| Promoters | Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors Private Limited |
| Face value | ₹5 per share |
10. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure in plain language | Potential impact |
|---|
| Business / operational | Execution of projects may be affected by delays, cost overruns, equipment/material availability, site conditions and client readiness. | Delays or additional costs could affect project completion, margins and financial performance. |
| Customer / order concentration | The RHP identifies risks related to customer relationships and the ability to secure new orders; contract-based revenue depends on customers and project awards. | Loss or delay of projects could affect revenue visibility and capacity utilisation. |
| Supplier / procurement | The RHP refers to limited OEM vendors, long lead times for HVAC equipment and dependence on suppliers/subcontractors. | Supply interruptions or input-cost changes could delay execution or increase costs. |
| People / management | The company may be affected by inability to hire, train or retain skilled personnel and availability of appropriately skilled workmen. | Staffing constraints could affect multi-site execution and delivery timelines. |
| Financial / performance variability | The RHP says operating performance can vary due to input costs, economic conditions, technology upgrades, project delays and other factors. | Quarterly results may not reflect full-year performance; results below expectations could affect the share price. |
| Debt / liquidity / working capital | The company seeks IPO proceeds for long-term working capital; the RHP describes working-capital needs and financing options. | Working-capital pressure or funding shortfalls could affect project execution and cash flows. |
| Legal / tax / contingent liabilities | The RHP discloses ₹446.66 lakh of claims against the company not acknowledged as debt, excluding interest, in the contingent-liability summary. | If claims materialise, the company’s financial condition or results could be affected. |
| IPO / market | The RHP states there has been no formal market for the equity shares and gives no assurance of active or sustained trading after listing. | Post-listing liquidity and market price may differ from the issue price. |
| Industry information | The RHP uses a commissioned third-party industry report and cautions that industry information may be based on estimates and assumptions. | Industry data may not fully reflect current conditions or be directly comparable. |
11. Litigation and Contingent Liabilities
| Particulars | Details |
|---|
| Company — indirect tax | 2 claims; ₹446.66 lakh involved, excluding interest |
| Company — contingent liabilities | Claims against the company not acknowledged as debt: ₹446.66 lakh |
12. Registrar
| Field | Details |
|---|
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Address | C 101, Embassy 247, L. B. S. Marg, Vikhroli West, Mumbai – 400 083 |
| Contact person | Shanti Gopalkrishnan |
| Telephone | +91 810 811 4949 |
| Email | ravitaengineering.smeipo@in.mpms.mufg.com |
| Website | www.in.mpms.mufg.com |
| SEBI registration no. | INR000004058 |
13. Book-Running Lead Manager
| Field | Details |
|---|
| Name | Vivro Financial Services Private Limited |
| Address | 607/608, Marathon Icon, Opp. Peninsula Corporate Park, Off Ganpatrao Kadam Marg, Veer Santaji Lane, Lower Parel, Mumbai – 400 013, Maharashtra, India |
| Contact persons | Regis Patel / Samir Santara |
| Telephone | +91 22 6666 8040 |
| Email / investor grievance | investors@vivro.net |
| Website | www.vivro.net |
| SEBI registration no. | INM000010122 |
14. Company Contact Details
| Field | Details |
|---|
| Registered office | Office No. 202, 2nd Floor, Mayuresh Square, Plot No. 17, Sector 15, CBD Belapur, Thane – 400614, Maharashtra, India |
| Corporate office | Godrej Genesis, Unit No. 906, 9th Floor, Street No. 18, Block EP GP, Sector V, Salt Lake, Bidhan Nagar, CK Market, North 24 Parganas, Salt Lake, Kolkata – 700091, West Bengal, India |
| Telephone | +91-9136446482 |
| Email | cs@ravita.co.in |
| Website | https://ravita.co.in/ |
| Company Secretary / Compliance Officer | Shah Kinjal Nitinkumar |
