Ravita Engineering Services Ltd IPO
Engineering
Price Band
₹105 – ₹112
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹268800
Issue Size
₹116.05Cr
Opens
2026-10-14
Closes
2026-10-16
Listing
22-10-2026
Subscription Status
Qualified Institutional Buyers
13.22 x
Non-Institutional Investor
5.7 x
Retail Individual Investor
3.35 x
Total
6.6 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE1UEL01023
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Ravita Engineering Services Limited is an engineering solutions company engaged in the engineering, procurement, installation, and commissioning (EPIC) of heating, ventilation and air-conditioning (HVAC) systems, central air-conditioning solutions, airflow systems, chiller plants, industrial compressors, cooling equipment and related electromechanical equipment on a turnkey basis. The company also provides operation and maintenance (O&M) services for projects it executes and systems installed by third-party providers. Its operations are classified into three areas: onshore, offshore, and data centre. Onshore operations cover commercial establishments, hospitality units, corporate parks, and industrial facilities across Gujarat, Maharashtra, Odisha, and Karnataka. Offshore operations are carried out at rigs, platforms, and other offshore marine installations in Indian territorial waters. Its data centre operations include O&M of cooling systems, chiller plants, HVAC equipment, and mechanical utilities. The company is also executing a project for laying sub-sea discharge pipelines for an effluent treatment plant at a crude oil import terminal in Paradip, Odisha.
Pros
- • The company offers both EPIC and O&M services for electromechanical systems. Its EPIC services cover design, engineering, procurement, installation, testing, and commissioning of HVAC systems, chiller plants, compressors, and related utilities. It also provides O&M services for equipment installed by both the company and third-party providers.
- • The company has a sizeable engineering and technical workforce. As of June 30, 2026, it had 399 employees, including 368 engineering and technical staff. This workforce is deployed across project execution and O&M contracts at multiple sites.
- • The company has experience working in offshore environments and data centres. During the three fiscal years and the three months ended June 30, 2026, it operated six rigs and 16 associated offshore oil and gas platforms in Indian territorial waters. Its data centre operations include O&M of cooling systems, chiller plants, HVAC equipment and mechanical utilities.
Cons
- • A significant portion of the company’s revenue from operations and order book is concentrated among its top five customers. The top five customers contributed Rs 80.63 crore (82.85%) of revenue from operations in the three months ended June 30, 2026, and Rs 218.35 crore (78.65%) in FY26, while accounting for Rs 329.28 crore (67.05%) of the order book as of June 30, 2026. Any loss of key customers, reduction in demand, or failure to secure repeat work orders could adversely affect the company’s business, profitability and financial condition.
- • A significant portion of the company’s contracts are awarded through competitive bidding, and its bid success rates have varied across its business segments. In the three months ended June 30, 2026, the company had success rates of 22.22% for Onshore bids, 0% for Offshore bids and 33.33% for Data Centre bids. Any inability to qualify for or secure new contracts, or delays in completing awarded projects within stipulated timelines, could adversely affect its revenue, cash flows, profitability, and future business opportunities.
- • A significant portion of the company’s revenue from operations is concentrated in Maharashtra, Gujarat, and India's territorial waters. These regions contributed 59.12% of revenue from operations in the three months ended June 30, 2026, 86.96% in FY26, 84.18% in FY25 and 100.00% in FY24. Maharashtra and Gujarat alone contributed 54.37% of revenue in the three months ended June 30, 2026, and 59.97% in FY2026. Any adverse changes in government policies, regulatory requirements, procurement priorities, or project activity in these regions could adversely affect the company’s business, revenue, and profitability.
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