Rays of Belief IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Rays of Belief

Price band

₹227 – ₹239

Lot size

62 shares

Min investment

₹14,818

Issue size

₹125 Cr

About the company

Rays of Belief Ltd was started in 2017. It is a for-profit social enterprise that makes personalised intervention plans for children with neurodevelopmental disorders. These include Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, intellectual disability, learning disabilities and global developmental delays. The company opened its first centre in Gurgaon in 2018 and works under the brand name Mom's Belief. It has grown from 71 centres in FY2023 to 136 centres as on 31 March 2026, spread across 57 cities and 20 states and union territories. Of these, 42 are in Tier 1 cities, 77 in Tier 2 and 17 in Tier 3, so a large part of the network is in smaller cities where such care is harder to find. It mainly works with children between 18 months and 12 years, and runs special programmes on vocational and life skills for children up to 15 years. Its services include early intervention, parental guidance, occupational therapy, language therapy and family support. Its centres carry more than 150 teaching tools and its home based learning kits give access to more than 2,000 teaching tools, with regular follow up and progress tracking. As on 31 March 2026 it had a team of over 340 full time clinical professionals. In June 2025 it bought Mom's Belief US, Inc. as a wholly owned subsidiary along with Allergy and Immunology Virginia, LLC, adding three centres in Virginia at Salem, Lynchburg and Roanoke.

Rays of Belief Ltd is a for-profit social enterprise running personalised intervention programmes for children with neurodevelopmental disorders under the Mom's Belief brand. It grew from 71 centres in FY2023 to 136 centres across 57 cities and 20 states by March 2026, and also runs three centres in Virginia, USA.

IPO details

Issue price: ₹239
Price band: ₹227 – ₹239
Face value: ₹10
Lot size: 62
Min investment: ₹14,818
Issue size: ₹125 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 7920
NSE symbol: MOMSBELIEF.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	62	₹14,818
Retail (Max)	13	806	₹1,92,634
S-HNI (Min)	14	868	₹2,07,452
B-HNI (Min)	68	4,216	₹10,07,624

Investor reservation

CATEGORY	RESERVED
QIB	Not less than 75% of the Issue size
Retail	Not more than 10% of the Issue
NII	Not more than 15% of the Issue

Objects of the issue

1Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals26.88

2School Collaboration Centres5.54

3Centre for Excellence and Research2.45

4Upskilling Academy2.05

5Technology (hardware) costs4.44

6Expenditure for lease payments for existing centres in India14.45

7Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA10.13

8Expenditure for brand awareness and inclusive outreach programs10.21

9Funding inorganic growth through unidentified acquisition and General corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	50.89	26.12	12.89
Total Income	82.06	36.54	30.76
Profit After Tax	4.96	5.88	0.85
EBITDA	11.91	3.02	1.49
NET Worth	30.81	15.02	5.78
Reserves and Surplus	15.22	14.70	5.47
Total Borrowing	3.61	4.36

Key performance indicators

P/E Ratio

100.84

EPS (₹)

2.37

RoE

21.64%

RoCE

29.74%

RoNW

21.64%

PAT Margin

6.07%

EBITDA Margin

14.59%

Debt / Equity

0.12

NAV (₹)

15.67

✓ Strengths

• The centre network has grown fast, from 71 centres in FY2023 to 136 centres as on 31 March 2026, across 57 cities and 20 states and union territories.

• Total income grew 125% in FY2026, from Rs 36.54 crore to Rs 82.06 crore.

• EBITDA improved sharply, from Rs 1.49 crore in FY2024 to Rs 3.02 crore in FY2025 and Rs 11.91 crore in FY2026.

• The company carries almost no debt. Total borrowing was only Rs 3.61 crore against a net worth of Rs 30.81 crore as on 31 March 2026.

• A large part of the network is in smaller cities, with 77 Tier 2 and 17 Tier 3 centres, where there are few options for this kind of care.

• It has a qualified team of more than 340 full time clinical professionals and a structured set of tools, with over 150 at the centres and more than 2,000 through home kits.

• It has entered the USA through the June 2025 purchase of Mom's Belief US, Inc., adding three centres in Virginia.

• Awareness and diagnosis of neurodevelopmental disorders is rising in India, and organised providers in this field are still few.

⚠ Risks

• Profit fell even as sales more than doubled. Profit after tax came down 16% in FY2026, from Rs 5.88 crore to Rs 4.96 crore, while income rose 125%. The cost of opening centres is running ahead of the income they bring.

• The FY2026 figures are on a consolidated basis while the earlier years are standalone, as noted on the offer document, so the growth is not a like for like comparison.

• Return on capital employed is low at 7.49%, which shows the money put into building the centre network is not yet earning much.

• The price band, issue size and lot size have not been announced yet, so the valuation cannot be judged at this stage.

• A large part of the money is for rent rather than for assets. About Rs 14.45 crore is for lease payments on existing centres in India and Rs 10.13 crore for lease and licence payments in the USA, which are running costs and do not create anything that can be sold later.

• A further part is kept for an unidentified acquisition and general corporate purposes, so investors do not know where that money will go.

• The business depends on trained clinical staff. Finding and keeping therapists across 136 centres in 57 cities is difficult, and quality can vary between centres.

• Families pay for this care mostly out of their own pocket, as insurance cover for developmental therapy is limited in India, so demand is sensitive to household budgets.

• The US business is new, bought only in June 2025, and is a very different market in terms of regulation, insurance and cost.

Promoters & holding

Nitin Bindlish and Carving Futures Pte.Ltd

Pre-issue promoter holding

92.93%

Post-issue promoter holding

—

Data refreshed 07 Nov 2026, 05:00 pm IST. GMP is unofficial market sentiment, not investment advice.