Rays of Belief Ltd IPO
Miscellaneous
Price Band
₹227 – ₹239
Lot Size
62
Minimum Bid Quantity
62
Minimum Investment
₹14818
Issue Size
₹125Cr
Opens
2026-09-01
Closes
2026-09-03
Listing
08-09-2026
Subscription Status
Qualified Institutional Buyers
9.06 x
Non-Institutional Investor
278.82 x
Retail Individual Investor
190.99 x
Total
106.83 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1FCO01014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Rays of Belief Limited is a for-profit social enterprise that provides intervention plans for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. Its personalised intervention plans are based on each child's needs and condition severity. The company provides early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e-therapy programmes. Its services primarily cater to children aged 18 months to 12 years, with programmes for children up to 15 years focused on vocational and life skills. The company operates under the brand name Mom’s Belief and had 136 centres across 57 cities in 20 states and Union Territories in India as of March 31, 2026. It also has three centres in Virginia, USA, following its acquisition of Mom’s Belief US, Inc. in June 2025.
Pros
- • As of March 31, 2026, the company had 136 centres across 57 cities in 20 states and Union Territories in India, compared with 71 centres in FY24. The network includes centres across Tier 1, Tier 2, and Tier 3 cities, with a higher concentration in Tier 2 locations.
- • Based on the CARE report, the company ranked first in India and seventh globally among listed players by the number of centres offering intervention plans for children with neurodevelopmental disorders as of March 31, 2026.
- • As of March 31, 2026, the company had more than 340 full-time clinical professionals, including 74 developmental and clinical psychologists, 139 occupational therapists, 72 speech-language pathologists, and 50 special educators. The team also includes behaviour therapists and early childhood development professionals.
Cons
- • The company operates its centres on leases with tenures ranging from 11 months to three years, while immovable capex accounts for 36% of total capex for Tier I centres, 33% for Tier II centres, 30% for Tier III centres and 3% for School Collaboration Centres. Any non-renewal or termination of leases, closure or relocation of centres could result in the company being unable to recover or reuse this expenditure, leading to write-offs and additional capex requirements.
- • The company’s revenue is concentrated in certain geographies and city tiers. During FY26, centres in Uttar Pradesh, Delhi, and Karnataka contributed Rs 12.54 crore (15.36%) of its revenue from operations, while centres in Tier 2 cities contributed Rs 14.36 crore (17.58%). Any adverse political, geographical or economic developments, natural disasters, increased competition or changes in demand in these regions could adversely affect the company’s revenues and profitability.
- • The company derived Rs 20.87 crore (25.56%) of its revenue from operations in FY26 from the export of support services to its holding company and corporate promoter, Carving Futures Pte. Ltd., and promoter group entity, Carving Futures Inc. Any adverse change in, or termination of, these agreements, including a reduction in the scope of services, revision of commercial terms, or delays in payments, could adversely affect the company’s revenue, profitability and cash flows.
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