IPO Overview
Ravita Engineering Services Limited is an engineering solutions company incorporated in December 2007. It provides turnkey electro-mechanical engineering solutions, particularly for heating, ventilation and air-conditioning (HVAC) systems, chiller plants, industrial compressors, central cooling systems, and related equipment. The company’s services cover engineering, procurement, installation and commissioning (EPIC), along with operation and maintenance (O&M) of installed systems. Ravita operates across three major business environments — onshore (electro-mechanical and HVAC solutions for industrial and commercial facilities), offshore (engineering and cooling-system services for marine installations and offshore platforms), and data centres (cooling-system installation, operations, and maintenance). The company’s registered office is in Maharashtra, while its corporate office is in Kolkata, West Bengal.
The company is now launching its SME IPO on the NSE Emerge (SME) platform. The IPO is a fully fresh issue of 1,03,62,000 equity shares, aiming to raise approximately ₹116.05 crore at the upper price band of ₹112 per share. The IPO opens on 13 October 2026 and closes on 15 October 2026, with listing expected on 21 October 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE Emerge (SME) |
| Anchor Investor Date | 12 October 2026 |
| IPO Open Date | 13 October 2026 |
| IPO Close Date | 15 October 2026 |
| Allotment Date | 16 October 2026 (Expected) |
| Refund / Unblocking | 19 October 2026 |
| Credit to Demat | 19 October 2026 |
| Listing Date | 21 October 2026 (Tentative) |
| Price Band | ₹105 – ₹112 per share |
| Face Value | ₹5 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,68,800 (2 lots = 2,400 shares) |
| Issue Size | ₹116.05 crore |
| Fresh Issue | 1,03,62,000 shares (₹116.05 crore) |
| Offer For Sale (OFS) | Nil |
Note: There is no offer for sale (OFS), meaning the issue proceeds, after expenses, will go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker Reservation | 5,22,000 shares |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will flow directly to the company.
Objects of the Issue (Fund Utilization)
The company intends to use the fresh issue proceeds as follows: ₹70 crore towards long-term working capital requirements (₹36 crore in FY27 and ₹34 crore in FY28), and approximately ₹25.53 crore towards purchase of heavy equipment. The balance will be used for general corporate purposes, subject to a cap of 15% of gross issue proceeds or ₹10 crore, whichever is lower.
- Long-term working capital requirements — ₹70.00 crore
- Purchase of heavy equipment — ₹25.53 crore
- General corporate purposes — remaining proceeds (capped)
Lead Managers & Registrar
- Book Running Lead Manager: Vivro Financial Services Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The promoters of Ravita Engineering Services Limited are Vibhoar Agrawal, Rachita Agrawal, and Starwings Realtors Private Limited. The promoters collectively held 72.99% of the pre-issue equity capital. Post-IPO, the promoter and group holding is expected to reduce to approximately 53.46%.
Important: The current promoters acquired control of the company in February 2025, giving them a relatively limited operating track record under the present controlling shareholders.
Company Details
Ravita Engineering Services earns revenue through two principal business activities — EPIC projects (designing, equipment procurement, installation, testing and commissioning of electro-mechanical systems) and O&M contracts (preventive maintenance, monitoring, inspection, repairs, troubleshooting and operational support). The company also maintains systems installed by third-party service providers, expanding its customer base beyond its own project execution business.
Sectors Served:
- Industrial & Commercial Onshore Projects
- Offshore Marine Installations & Platforms
- Data Centre Cooling & Maintenance
Key Services:
- HVAC System Design, Installation & Commissioning
- Industrial Compressor & Chiller Plant Solutions
- Central Cooling Systems for Data Centres
- Operation & Maintenance (O&M) Contracts
Office Locations:
- Registered Office: Maharashtra
- Corporate Office: Kolkata, West Bengal
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | EBITDA Margin |
| FY25 | ₹108.61 | ₹11.83 | ₹15.65 | 14.41% |
| FY26 | ₹277.63 | ₹28.04 | ₹40.05 | 14.43% |
| Q1 FY27 | ₹97.31 | ₹10.13 | ₹14.04 | 14.42% |
Key Financial Metrics
- Revenue grew 155.62% YoY in FY26; PAT grew 137.1% YoY — driven by higher order inflows and increased EPIC project execution.
- Post-issue market capitalisation at upper band: ~₹422.02 crore. Post-issue FY26 P/E: ~15.05x. Market Cap / Revenue: ~1.52x.
- Order book stood at ₹491.12 crore as of 30 June 2026, spread across 21 ongoing projects — approximately 1.77x FY26 revenue, providing strong near-term visibility.
- Debt Position (June 2026): Total debt ₹30.88 crore, Debt-to-Equity ratio 0.28x — manageable but rising.
Company Strengths
- Specialised engineering capabilities in technically demanding electro-mechanical projects across industrial, offshore, and data centre environments.
- Integrated EPIC and O&M services — participates at both installation and maintenance stages, supporting recurring customer relationships.
- Strong and growing order book of ₹491.12 crore as of June 2026, with data centre projects accounting for 36.16% of order book — well above their current revenue share, indicating future growth potential.
- Explosive revenue growth — 155% in a single year — demonstrating strong project execution capability
- Entire IPO is a fresh issue — zero promoter exit, all funds going directly into business operations
- Q1 FY27 revenue of ₹97.31 crore suggests strong momentum continuing into the new financial year
Key Risks & Challenges
- Negative operating cash flow — ₹46.85 crore in FY26 and ₹11.16 crore in Q1 FY27 — despite reporting positive profits. The company must convert growing revenues into positive cash generation.
- High customer concentration — top 5 customers contributed 78.65% of FY26 revenue, and the single largest customer alone contributed 26.99%. Loss of a major customer could materially impact financials.
- Geographic concentration — Maharashtra, Gujarat, and India’s territorial waters contributed ~86.96% of FY26 revenue, making the company vulnerable to region-specific disruptions.
- Promoter-related governance concerns — including a compulsory strike-off process for an associated entity, an Enforcement Directorate matter involving a promoter group company (Ganesh Infraworld Limited), and a potential director-disqualification risk for promoter Vibhoar Agrawal, as disclosed in the RHP.
- A GST show-cause notice of ~₹2.15 crore for alleged historical non-compliance, and a commercial dispute with a subcontractor involving a claim of ~₹1.11 crore, are pending resolution.
- SME listing liquidity risk — limited secondary market trading volumes and potential price volatility on NSE Emerge
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.
