IPO Overview
Established in 2017, Rays of Belief Limited is a for-profit social enterprise providing personalised intervention programs for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays. Its services support children up to 15 years of age, with a focus on vocational and life skills for long-term development. The company operates multidisciplinary centres offering early intervention, occupational and language therapy, parental guidance, and family support programs. The company operates under the brand name Mom’s Belief and started its first centre in Gurgaon in 2018. As of March 31, 2026, the company has expanded to 136 centres across 57 cities and 20 states and union territories in India.
Rays of Belief IPO is a mainboard IPO of 52,30,000 equity shares of the face value of ₹10, aggregating up to ₹125 crore. The price band is set at ₹227 to ₹239 per share, with a lot size of 62 shares. The IPO opens on September 1, 2026 and closes on September 3, 2026. The shares are proposed to list on both BSE and NSE on September 8, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 31 August 2026 |
| IPO Open Date | 1 September 2026 |
| IPO Close Date | 3 September 2026 |
| Allotment Date | 4 September 2026 (Expected) |
| Refund Initiation | 7 September 2026 |
| Credit to Demat | 7 September 2026 |
| Listing Date | 8 September 2026 (Tentative) |
| Price Band | ₹227 – ₹239 per share |
| Face Value | ₹10 per share |
| Lot Size | 62 shares |
| Minimum Investment (Retail) | ₹14,818 (1 lot = 62 shares) |
| Issue Size | ₹125 crore |
| Fresh Issue | 52,30,000 shares (₹125 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~75% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~10% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The issue is entirely a fresh issue — all proceeds will flow directly into the company for business expansion and growth purposes.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds as follows:
- Setting up new Company Learning Centres and school learning centres — ₹32.42 crore
- Lease payments for existing centres in India and the US — ₹24.58 crore
- Brand awareness and outreach activities — ₹10.21 crore
- Technology hardware procurement — ₹4.44 crore
- Centre for Excellence and Research — ₹2.45 crore
- Upskilling Academy — ₹2.05 crore
- Funding acquisitions and general corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Mefcom Capital Markets Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters of the company are Nitin Bindlish and Carving Futures Pte. Ltd. The promoter and promoter group currently hold 92.93% of the company, which will come down after listing.
The company was co-founded with a mission to make high-quality developmental care accessible for children with NDDs across India, initially through its flagship Mom’s Belief brand of therapy centres.
Company Details
Rays of Belief Limited is the parent company of Mom’s Belief, a child development and therapy organization focused on supporting children with autism and other developmental challenges. The company adopts evidence-based approaches to develop personalized intervention programs aimed at improving children’s developmental, behavioural, communication, and functional abilities. Through its Integrated Learning Centres, Rays of Belief provides children with access to multidisciplinary support in an inclusive and nurturing environment. Its programs are delivered by professionals specializing in areas such as child psychology, speech and language, behavioural therapy, and occupational therapy, with an emphasis on the child’s overall development and emotional well-being.
Sectors / Conditions Served:
- Autism Spectrum Disorder (ASD)
- Attention Deficit Hyperactivity Disorder (ADHD)
- Down Syndrome
- Cerebral Palsy
- Intellectual Disability & Learning Disabilities
- Global Developmental Delays
Key Services:
- Early Intervention Programs
- Occupational Therapy & Language Therapy
- Behavioural Therapy & Child Psychology
- Parental Guidance & Family Support Programs
- Vocational & Life Skills Training (up to age 15)
Key Capabilities:
- Centre count nearly doubled in two years, from 71 in FY24 to 139 in FY26, with the entry of 3 new international centres. Children served rose to 9,205 in FY26.
- Network includes 42 centres in Tier 1, 77 in Tier 2, and 17 in Tier 3 cities, giving it a strong presence across urban and semi-urban India.
- Strategic acquisition of US-based clinics contributed over 41% to consolidated FY26 revenue.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹30.76 | ₹5.88 (est.) |
| FY25 | ₹36.55 (est.) | ₹5.88 |
| FY26 | ₹82.06 | ₹4.96 |
Key Financial Metrics
- Revenue from operations grew from ₹30.61 crore in FY24 to ₹81.66 crore in FY26, representing a CAGR of 63.34%.
- EBITDA margin improved to 14.59% in FY26. However, PAT declined by 16% to ₹4.96 crore, while PAT margin fell from 16.15% to 6.07%, indicating that rapid expansion has not yet translated into proportionate bottom-line growth.
- RoE stands at 22% — second-highest amongst its peers. Debt-to-Equity ratio of 0.12x is among the lowest in its peer set.
- At ₹239, the IPO is valued at a post-issue P/E of approximately 100.84x and a market capitalisation of ₹499.55 crore.
Company Strengths
- India’s total market for neurodevelopmental disorders stood at ₹5,262.3 crore in CY25, with Autism, ADHD, and Cerebral Palsy together accounting for 72.72% of it — indicating a large and underpenetrated addressable market.
- Strong pan-India network of 136 centres across 57 cities in 20 states and union territories, with presence across Tier 1, 2, and 3 cities.
- EBITDA margin nearly tripled from 5% in FY24 to 15% in FY26, indicating improving unit economics as the business scales.
- Asset-light model with total borrowings of only ₹3.61 crore in FY26, resulting in a debt-to-equity ratio of 0.12x — highly insulated from interest rate risks.
- Early mover advantage in organized, branded NDD therapy services in India, operating under the well-recognized Mom’s Belief brand.
- International expansion through acquisition of US-based clinics, which contributed over 41% to FY26 consolidated revenues and carry better unit economics than domestic centres.
Key Risks & Challenges
- Valuation is the biggest concern — at ₹239 per share, the IPO is priced at a post-issue P/E of approximately 100.84x. Such a valuation assumes exceptionally strong growth for several years ahead.
- The company has reported negative cash flows from operating activities of ₹1.94 crore in FY26 and ₹1.81 crore in FY25, raising concerns about conversion of revenue into actual collections.
- Employee benefit expenses accounted for 52.48% of total expenses in FY26, amounting to ₹39.45 crore. Any increase in costs due to competition for qualified clinical professionals or regulatory changes could reduce profitability.
- The number of children and families enrolled actually declined to 9,205 in FY26 from 9,344 in FY24. The company added an average of 40 centres per year in the past 3 fiscals but now plans aggressive expansion of 100 centres per annum — posing significant execution risk.
- All Indian centres and newly acquired US centres sit on leased premises, with a large share of capital spent on immovable fit-outs, civil work, and interiors that cannot be recovered if a lease ends.
- Trade receivables rose from 0.6% of revenue in FY24 to 22% of revenue in FY26 — indicating a lengthening collection cycle that could stress working capital going forward.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
