Ravita Engineering Services IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Ravita Engineering Services

Price band

₹105 – ₹112

Lot size

1200 shares

Min investment

₹1,34,400

Issue size

₹116.05 Cr

About the company

Ravita Engineering Services Limited was founded in December 2007. It takes up turnkey contracts for HVAC, central air-conditioning, air flow systems, chillers, compressors and cooling equipment for commercial and industrial sites, offshore rigs and platforms. It also runs operation and maintenance for its own projects and for systems built by others. The company has done a special sub-sea discharge pipeline job for an effluent treatment plant at Paradeep, Odisha. Its work falls in three areas: onshore (Gujarat, Maharashtra, Odisha and Karnataka), offshore (rigs, platforms and marine installations in Indian waters) and data centres. In data centres it looks after cooling systems, chiller plants, HVAC and utilities for a large Indian conglomerate at its Navi Mumbai data centre. It has also secured data centre infrastructure work orders worth Rs 120 crore in Maharashtra.

Ravita Engineering Services Limited, founded in December 2007, does turnkey engineering, procurement, installation and commissioning of HVAC, central air-conditioning, chillers and other electromechanical systems. It works onshore, offshore and in data centres, and also runs operation and maintenance contracts.

IPO details

Issue price: ₹112
Price band: ₹105 – ₹112
Face value: ₹5
Lot size: 1200
Min investment: ₹1,34,400
Issue size: ₹116.05 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: RAVITA
NSE symbol: RAVITA-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,34,400
Retail (Max)	1	1,200	₹1,34,400
HNI (Min)	2	2,400	₹2,68,800

Investor reservation

CATEGORY	RESERVED
QIB	49,17,600 shares (49.98% of the Offer)
NII	14,76,000 shares (15.00% of the Offer)
Retail	34,46,400 shares (35.02% of the Offer)

Objects of the issue

1To meet long-term working capital requirements of the Company70.00

2Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment25.53

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	207.34	162.97	58.24	9.08
Total Income	97.45	277.82	109.30	13.53
Profit After Tax	10.13	28.04	11.83	1.51
EBITDA	14.04	40.05	15.65	2.86
NET Worth	109.69	99.56	15.13	3.30
Reserves and Surplus	96.03	85.90	15.03	3.20
Total Borrowing	30.88	19.21	23.11	3.52

Key performance indicators

P/E Ratio

10.42

EPS (₹)

10.75

RoE

9.68%

RoCE

10.60%

RoNW

9.68%

PAT Margin

10.40%

EBITDA Margin

14.42%

Debt / Equity

0.28

NAV (₹)

40.15

✓ Strengths

• Total income rose from Rs 13.53 crore in FY2024 to Rs 109.30 crore in FY2025 and Rs 277.82 crore in FY2026, and was Rs 97.45 crore in the three months to 30 June 2026.

• Profit after tax rose from Rs 1.51 crore in FY2024 to Rs 11.83 crore in FY2025 and Rs 28.04 crore in FY2026, and was Rs 10.13 crore in the three months to 30 June 2026.

• EBITDA was Rs 40.05 crore in FY2026, an EBITDA margin of 14.43%, and the PAT margin was 10.09%.

• Return on net worth was 48.90% and return on capital employed was 48.65% for FY2026.

• Debt to equity was 0.19 at 31 March 2026 and 0.28 at 30 June 2026, which is low against net worth of Rs 109.69 crore.

• The company works onshore, offshore and in data centres, so its income comes from short to medium term projects as well as long operation and maintenance contracts.

• The issue is priced at 10.42 times post issue earnings on an EPS of Rs 10.75 at the upper band of Rs 112, against 10.92 times on a pre issue EPS of Rs 10.26.

• The whole Rs 116.05 crore issue is fresh capital. Rs 70.00 crore is for long-term working capital and Rs 25.53 crore is for buying heavy equipment.

⚠ Risks

• The June 2026 EPS used for the post issue P/E is based on annualised earnings of one quarter, so it may not hold if the quarter was unusually strong.

• Net worth jumped from Rs 15.13 crore at 31 March 2025 to Rs 99.56 crore at 31 March 2026, while profit for FY2026 was Rs 28.04 crore, so a large part of the rise did not come from earnings.

• Return on net worth of 9.68% for the three months to 30 June 2026 is not annualised, and the FY2026 figure of 48.90% will fall on the larger net worth base.

• Total income grew from Rs 13.53 crore in FY2024 to Rs 277.82 crore in FY2026. Such a sharp jump in a short time depends on a few large contracts that may not repeat.

• Total borrowing was Rs 30.88 crore at 30 June 2026, up from Rs 19.21 crore at 31 March 2026.

• Rs 70.00 crore of the Rs 116.05 crore issue goes to working capital. That money funds contract costs and customer credit rather than new capacity.

• Promoters hold 73.74% before the issue and 53.46% after it, and the promoter group includes a company, Starwings Realtors Pvt.Ltd.

• The data centre operation and maintenance work is for one large Indian conglomerate at one site, so the loss of that client would hit income.

• Contract work in HVAC and offshore sites depends on winning new tenders and on timely client payments, and a delay can lock up cash.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.34 lakh at the upper band of Rs 112, and SME shares usually trade in low volume after listing.

Promoters & holding

Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors Pvt.Ltd

Pre-issue promoter holding

73.74%

Post-issue promoter holding

53.46%

Promoters hold 73.74% before the issue and will hold 53.46% after it.

Data refreshed 09 Nov 2026, 04:00 am IST. GMP is unofficial market sentiment, not investment advice.