Ravita Engineering Services IPO
Ravita Engineering Services shares listed on NSE SME on 22 October 2026 after an IPO priced at ₹112, an issue of ₹116.05 crore.
- Minimum investment
- ₹2,68,8002 lots of 1,200 shares, at the issue price
- Issue price
- ₹112
- Lot size
- 1,200 sharesApply for 2 lots minimum
- Issue size
- ₹116.05 croreFresh issue only
- Bidding
- 14 Oct to 16 Oct
- Listing
- 22 OctNSE SME
Dates
Ravita Engineering Services IPO dates
Corrigendum cum addendum dated 12 Oct 2026, which revised the RHP dates- 13 OctAnchor bidding
- 14 OctBidding opens
- 16 OctBidding closes, UPI by 5 pm
- 19 OctAllotment
- 21 OctRefunds and demat credit
- 22 OctListing
- Today7 Nov
Read before you apply
Ravita Engineering Services IPO review: read before you apply
Worth checking
- SeriousGroup company under ED investigation
The corrigendum adds a risk factor: group company Ganesh Infraworld is under investigation under the Prevention of Money Laundering Act. Promoter Vibhoar Agrawal's shares in it were attached and later released. Ravita itself is not accused.
- SeriousNew owners, very fast growth
The current promoters took control in February 2025. Revenue rose about 20 times in two years, from ₹13.49 crore in FY24 to ₹277.63 crore in FY26 (our calculation), so the track record under them is short (Risk factor 5).
- Cash from operations is negative
Operating cash flow was negative ₹46.85 crore in FY26 and ₹11.16 crore in April to June 2026. Trade receivables were ₹100.56 crore in June 2026. ₹70 crore of the issue goes to working capital.
- A big order was dropped
A ₹149.05 crore chiller contract for a forging company in Jharkhand was in the order book until December 2025 and then terminated by the company (corrigendum, point 4).
- Few customers hold the order book
The top 5 clients account for 67.05% of the June 2026 order book (Risk factor 1).
- Promoter group company being struck off
M.R. Foods, linked to the promoters, is being struck off by the RoC, which could disqualify Vibhoar Agrawal as a director (Risk factor 4).
Strengths
- Large order book
The order book was ₹491.12 crore in June 2026, about 1.8 times FY26 revenue (our calculation).
- Profitable
Profit after tax was ₹28.04 crore in FY26 and ₹10.13 crore in April to June 2026.
- Offshore work
It has worked on 6 rigs and 16 offshore oil and gas platforms in Indian waters.
- Valuation in rupees
At ₹112, the P/E on FY26 EPS of ₹11.05 is 10.1x (our calculation). The RHP says there are no comparable listed peers.
What Ravita Engineering Services does
Ravita Engineering designs, supplies, installs and commissions heating, ventilation and air-conditioning (HVAC) systems, chiller plants and related equipment on a turnkey basis. It also runs operation and maintenance contracts.
Its work is split into onshore (commercial, hotel and industrial sites), offshore (oil rigs and platforms) and data centres. It is also laying sub-sea discharge pipelines at a Numaligarh Refinery terminal in Paradip. The promoters are Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors.
Listing and subscription
Ravita Engineering Services IPO subscription status
Listing day
Our calculation: gain vs upper price- Issue price
- ₹112
- Listing price
- ₹112
- Gain at open
- 0.0%
- Day close
- ₹113.7
Subscription
The final category-wise numbers from NSE SME will appear here.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Ravita Engineering Services IPO price band, lot size and issue size
RHP cover page and corrigendum (point 3). Issue size in rupees is our calculation at ₹112.| Issue price | ₹112 |
| Lot size | 1,200 shares, minimum 2 lots (2,400 shares) |
| Issue size | ₹116.05 crore, 1,03,62,000 shares |
| Fresh issue | ₹116.05 crore |
| Face value | ₹5 per share |
| Market maker | 5,22,000 shares (₹5.85 crore) |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
Of the 98,40,000 shares in the net issue, the corrigendum sets 49,17,600 for QIBs, 14,76,000 for non-institutional investors and 34,46,400 for individual investors.
What the company will do with the money
RHP, Objects of the Issue| Object of the issue | ₹ crore |
|---|---|
| Long-term working capital | 70.00 |
| General corporate purposes (up to 15% of the issue or ₹10 crore, whichever is lower) |
Minimum and maximum investment
Our calculation: at ₹112 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 2,400 | ₹2,68,800 |
| Small NII (min) | 3 | 3,600 | ₹4,03,200 |
| Small NII (max) | 7 | 8,400 | ₹9,40,800 |
| Big NII (min) | 8 | 9,600 | ₹10,75,200 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Statements and Basis for Issue PriceSet to the issue price, ₹112. Change it to see what you would be paying for.
- Market cap
- ₹422 cr
- P/E (FY26)
- 10.1x
- Price to book
- 3.8x
- Market cap to sales
- 1.5x
Based on FY26 EPS of ₹11.05, 3.77 crore shares, net worth of ₹109.69 crore (June 2026) and revenue of ₹277.63 crore. Shares after the IPO, from the RHP. The RHP gives no listed peers to compare with.
Financials
Ravita Engineering Services financials
RHP, Restated Financial Statements (p. 69), ₹ croreRevenue and money owed by customers
Revenue rose about 20 times from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 13.49 | 108.61+705.1% | 277.63+155.6% | 97.31 |
| EBITDA margin | 21.21% | 14.41% | 14.43% | 14.42% |
| Profit after tax | 1.51 | 11.83+683.4% | 28.04+137.0% | 10.13 |
| EPS (₹) | 0.75 | 5.85 | 11.05 | 3.71 |
| Net worth | 3.30 | 15.13 | 99.56 | 109.69 |
| Borrowings | 3.52 | 23.11 | 19.21 | 30.88 |
| Trade receivables | 3.71 | 26.33 | 73.26 | 100.56 |
| Cash from operations | 0.17 | -8.94 | -46.85 | -11.16 |
Q1 FY27 is April to June 2026 and is not annualised. Borrowings add long and short term amounts (our calculation).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Key performance indicatorsOrder book (₹ crore), PAT margin, Return on equity and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Order book (₹ crore) | 17.82 | 83.87 | 365.13 | 491.12 |
| PAT margin | 11.15% | 10.82% | 10.09% | 10.40% |
| Return on equity | 59.13% | 128.31% | 48.90% | 9.68% |
Q1 FY27 return on equity is for three months only.
RHP, Basis for Issue Price, KPIs
Company
About Ravita Engineering Services
Business
RHP, Objects of the Issue and Our BusinessOnshore projects are the largest part of the order book, followed by data centres at ₹177.57 crore. Maharashtra, Gujarat and offshore waters gave 86.96% of FY26 revenue (Risk factor 3).
Order book by vertical, June 2026
- Order book, Jun 2026
- ₹491.12 crore
- Ongoing projects
- 21
- Offshore sites worked on
- 6 rigs, 16 platforms
- Credit rating (long term)
- IVR BBB/Stable
Key risks
RHP, Risk Factors (p. 24) and corrigendum- Customer concentrationA few clients make up most of the order book and revenue.
- Tender based workMost orders are won through competitive bids.
- RegionMaharashtra, Gujarat and offshore waters gave 86.96% of FY26 revenue.
- Change of controlNew promoters took over in February 2025.
- Missing recordsSome historical company records cannot be traced.
- Bank guaranteesProjects need bank guarantees and security deposits.
- Contract labourOnshore and data centre work relies on contract labour.
- Group company probeGroup company Ganesh Infraworld is under a PMLA investigation.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingThey took control of the company in February 2025.
The three promoters own 73.00% before the IPO and about 52.92% after it (our calculation). They took control of the company in February 2025.
| Shareholder | Shares | Before IPO | After IPO (ours) |
|---|---|---|---|
| Rachita Agrawal (promoter) | 1,28,31,040 | 46.97% | 34.05% |
| Vibhoar Agrawal (promoter) | 56,98,420 | 20.86% | 15.12% |
| Starwings Realtors (promoter) | 14,11,778 | 5.17% | 3.75% |
RHP, Capital Structure
IndustryIndian industrial HVAC market FY2025: ₹1,45,000 crore
- Indian industrial HVAC market FY2025
- ₹1,45,000 crore
- Growth FY2021 to FY2025
- About 9.3% a year (from ₹1,01,637 crore)
- India HVAC EPC, installation and commissioning market FY2025
- ₹81,284 crore
- HVAC EPC expected by FY2030
- ₹1,69,723 crore
The HVAC EPC figures are read from a chart in the RHP.
Dun & Bradstreet report in the RHP, paid for by the company (p. 145 and p. 150)
LitigationAgainst the company: regulatory and civil: 2 · Against the company: indirect tax: 2 · Against promoters: criminal: 1
| Type | Cases | Amount |
|---|---|---|
| Against the company: regulatory and civil | 2 | ₹3.25 crore |
| Against the company: indirect tax | 2 | ₹4.47 crore |
| Against promoters: criminal | 1 | |
| Group company: criminal (PMLA) | 1 |
Corrigendum cum addendum (point 6), replacing the RHP summary
Company detailsLegal name, registered office, CIN and website
| Legal name | Ravita Engineering Services Limited |
| Former names | Sayo Construction, Powermech Services |
| Promoters | Vibhoar Agrawal, Rachita Agrawal, Starwings Realtors |
| Registered office | CBD Belapur, Navi Mumbai |
| CIN | U74900MH2007PLC177152 |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Ravita Engineering Services IPO allotment status
Out from 19 Oct 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select Ravita Engineering Services LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeNSE's IPO bid verification page works too.
Documents
Questions
Ravita Engineering Services IPO FAQs
When does the Ravita Engineering Services IPO open and close?
The Ravita Engineering Services IPO opens on Wednesday, 14 October 2026 and closes on Friday, 16 October 2026. Anchor bidding is on 13 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Ravita Engineering Services IPO price band and lot size?
The price is ₹112 per share. The lot size is 1,200 shares, so the minimum application is 2,400 shares, or ₹2,68,800 at the upper price.
What is the Ravita Engineering Services IPO size?
The Ravita Engineering Services IPO is of ₹116.05 crore. It is a fresh issue only.
What is the Ravita Engineering Services IPO allotment date?
Allotment is on Monday, 19 October 2026. Refunds and demat credit are expected on 21 October 2026.
What is the Ravita Engineering Services IPO listing date?
Ravita Engineering Services shares are due to list on NSE SME on Thursday, 22 October 2026.
Who is the registrar of the Ravita Engineering Services IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on NSE using your PAN or application number.
What does Ravita Engineering Services do?
Ravita Engineering Services installs and maintains HVAC and chiller systems for commercial, industrial and offshore oil and gas sites, and also takes on related engineering projects.
Were the Ravita Engineering IPO dates changed?
Yes. A corrigendum of 12 Oct 2026 set bidding from 14 to 16 Oct, allotment on 19 Oct and listing on 22 Oct 2026.
What will Ravita Engineering do with the IPO money?
₹70 crore for working capital and the rest for general corporate purposes and issue costs.
Where will Ravita Engineering list?
On NSE Emerge, the SME platform of NSE.
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