Rays of͏͏ Belief IPO

Rays of Belief is a social enterprise that provides intervention plans for children with Neurodevelopmental Disorders (NDDs) such as Autism, ADHD, and Cerebral Palsy. Since its first centre in 2018, the brand has expanded to 136 centres in 57 cities under the brand Mom’s Belief. The company provides total care with a multidisciplinary team approach from early intervention to occupational and language therapy to increase accessibility and affordability for families.

Ray͏s of Belief Limited IPO Overvie͏w

Rays of Belief IPO is a book-built issue of ₹125 crore, comprising an entirely fresh issue of 52 lakh equity shares. There is no offer-for-sale (OFS) component in the issue.

The IPO will open for subscription on 1 September 2026 and close on 3 September 2026. The allotment is expected to be finalised on 4 September 2026, while the shares are scheduled to list on the NSE and BSE on 8 September 2026.

The IPO has a price band of ₹227 to ₹239 per share, with a lot size of 62 shares. At the upper end of the price band, the minimum investment required by a retail investor is ₹14,818 for one lot of 62 shares. Mefcom Capital Markets Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. is the registrar.

Rays of Belief Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	52,30,000 shares (agg. up to ₹125 Cr)
Fresh Issue	52,30,000 shares (agg. up to ₹125 Cr)
Offer for Sale (OFS)	–
IPO Dates	1 September 2026 to 3 September 2026
Price Band	₹227 to ₹239 per share
Lot Size	62 shares
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding Pre-Issue	1,56,71,682 shares
Shareholding Post-Issue	2,09,01,682 shares

IPO Lots

Application Category	Lots	Shares	Amount
Retail (Min)	1	62	₹14,818
Retail (Max)	13	806	₹1,92,634
S-HNI (Min)	14	868	₹2,07,452
S-HNI (Max)	67	4,154	₹9,92,806
B-HNI (Min)	68	4,216	₹10,07,624

Rays of Belief Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Issue
Retail Shares Offered	Not more than 10% of the Issue
NII (HNI) Shares Offered	Not more than 15% of the Issue

Rays of Belief Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹3.16
Price/Earnings (P/E) Ratio	75.63
Return on Net Worth (RoNW)	21.64%
Net Asset Value (NAV)	15.67
Return on Equity (RoE)	21.64%
Return on Capital Employed (RoCE)	29.74%
EBITDA Margin	14.59%
PAT Margin	6.07%
Debt to Equity Ratio	0.12

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilized as per the details provided in the table below:

Issue Objects	Estimated Amount (₹ Cr.)
Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals	26.88
School Collaboration Centres	5.54
Centre for Excellence and Research	2.45
Upskilling Academy	2.05
Technology (hardware) costs	4.44
Expenditure for lease payments for existing centres in India	14.45
Investment in Subsidiary, Moms Belief US Inc., for making lease/license payments for existing centres in the USA	10.13
Expenditure for brand awareness and inclusive outreach programmes	10.21
Funding inorganic growth through unidentified acquisition and general corporate purposes	—*
Total	76.15

*Note: To be determined upon finalisation of the Offer Price.

Rays of Belief Limited Financials (in ₹ Crore)

Particulars	Mar 31, 2026	Mar 31, 2025	Mar 31, 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
Reserves and Surplus	15.22	14.70	5.47
Total Borrowing	3.61	4.36	—

Financial Status of Rays of Belief Limited

Rays of Belief Limited IPO Strengths

1. India’s Leading Enterprise in NDD Intervention

Rays of Belief Limited ranks first in India based on the number of centres offering intervention plans for children with Neurodevelopmental Disorders (NDDs). This leadership position provides a significant competitive advantage, establishing the company as a trusted and pre-eminent brand in a niche yet rapidly growing sector, which aids in attracting clients and partnerships.

2. Proven Track Record of Organic Growth and Scalable Operations

Rays of Belief Limited has demonstrated a strong ability to scale, growing from 71 centres in Fiscal 2023 to 136 centres by September 2025. Its lease-based model ensures optimal upfront investment and high scalability, allowing the company to expand efficiently. This is evidenced by a revenue CAGR of 28.28% from Fiscal 2023 to 2025.

3. Focus on Accessibility to Affordable Developmental Care

Rays of Belief Limited strategically locates its centres across Tier 1, 2, and 3 cities, ensuring equitable access. The company further enhances accessibility through digital therapy programs and a unique insurance plan that covers therapy costs. This focus on affordability and convenience helps penetrate underserved markets and build a diverse client base.

4. Comprehensive, Multidisciplinary, High-Quality Care

Rays of Belief Limited offers a holistic suite of services, including speech, occupational, and behavioural therapy, backed by a team of over 339 full-time clinical professionals. The company’s client-focused approach, using personalized intervention plans like IEPs and IGPs, ensures high-quality care and measurable developmental milestones for children.

5. Professional and Experienced Management Team

Rays of Belief Limited benefits from a leadership team with deep industry expertise, led by Promoter and Managing Director Nitin Bindlish, who has over 11 years of experience. Supported by skilled senior management and a large clinical team, the company’s leadership is instrumental in its strategic vision, operational success, and expansion.

Research and Development (R&D) Focused Approach and Digital Adaptability
Rays of Belief Limited is a research-informed social enterprise, with a dedicated R&D team developing tools and refining programs. Its digital adaptability was proven during the pandemic, allowing it to provide e-therapy globally. This commitment to innovation ensures its services remain aligned with global best practices and clinically effective.

Other IPO Pages Linking

1. More About Rays of Belief Limited

Rays of Belief Limited, operating under the brand “Mom’s Belief,” is a for-profit social enterprise with a mission to improve the lives of children with Neurodevelopmental Disorders (NDDs). Since its inception in 2018 with a single centre in Gurgaon, the company has achieved remarkable growth.

2. Geographic Presence and Reach:

A. Extensive Network: As of September 30, 2025, the company operates 136 centres across 57 cities in India, spanning 20 states and union territories.

B. Strategic Focus: With 76 centres in Tier 2 cities and 17 in Tier 3 cities, the company has established a strong presence beyond major urban hubs, targeting underrepresented communities where developmental care is traditionally limited.

C. International Expansion: The company has expanded globally through the acquisition of Mom’s Belief US Inc., gaining three centres in Virginia, USA, with plans to further expand into the UAE and UK.

3. Service Offerings and Approach:

A. Comprehensive Care: Rays of Belief offers a range of services including early intervention, occupational therapy, speech-language therapy, and behavioural support, primarily for children aged 18 months to 12 years.

B. Client-Centric Model: Each child receives a personalized Individualized Education Plan (IEP) and Individualized Goal Plan (IGP), which are regularly reviewed by a team of over 339 clinical professionals, including psychologists, therapists, and special educators.

C. Parental Empowerment: The company’s approach extends to caregivers through parental guidance and family support programs, empowering them with the skills to support their child’s development effectively.

4. Key Achievements and Awards:

A. Industry Recognition: Recognized as one of the most valued mother and child brands by the Times of India in 2020.

B. Global Acknowledgment: Awarded the Innovative Practice Award, 2019, by the Zero Project at the United Nations, Vienna, Austria.

C. Founder Accolades: Nitin Bindlish was honoured as the Social Entrepreneur of the Year 2023 and featured in the “BW 40 under 40” list.

5. Outreach and Awareness:

A. Community Engagement: The company conducts community awareness programs, social media campaigns, and webinars to reduce stigma and promote early identification of NDDs.

B. Training Programs: Large-scale training programs are initiated for frontline workers like ASHA and ANM workers to strengthen early identification of neurodivergent children.

C. Professional Collaboration: The company actively conducts Continuing Medical Education (CME) programs for paediatricians and child health professionals to build a strong referral network.

Industry Outlook

The Indian market for intervention services for Neurodevelopmental Disorders (NDDs) is poised for significant growth. The sector is driven by a rising incidence of neurological and developmental conditions, coupled with increasing awareness among parents and caregivers. Innovations in therapy techniques and assistive technologies are further boosting market demand.

A. Market Drivers: Key growth drivers include growing investments in healthcare infrastructure, expanding access to specialized care, and an increasing focus on early intervention. Government initiatives and a gradual reduction in stigma are also contributing to more families seeking professional help for conditions like Autism, ADHD, and Cerebral Palsy.

B. Growth Prospects: The industry is expected to witness a robust Compound Annual Growth Rate (CAGR) in the coming years. The market is characterized by a shift towards comprehensive, multidisciplinary care models. The rising prevalence of NDDs, combined with a growing middle class and increased healthcare spending, will fuel market expansion. Additionally, the adoption of digital health platforms and e-therapy services is creating new avenues for growth, enabling providers to reach remote and underserved populations, further accelerating the market’s trajectory. (Source: CARE Report referenced in DRHP)

How Will Rays of Belief Limited Benefit

1. By being India’s first enterprise in terms of number of NDD centres, the company is poised to capture a significant share of the growing market as awareness and demand for specialised care increase.

2. The company’s established pan-India presence, particularly in Tier 2 and Tier 3 cities, allows it to tap into large, underserved communities, creating a first-mover advantage in these geographies.

3. With a proven track record of scalable operations through a lease-based model, the company can efficiently execute its expansion plans, leveraging the IPO proceeds to establish 414 new centres.

4. The company is well-positioned to benefit from the rising demand for affordable and accessible care, as its focus on value and a unique insurance plan makes its services more attainable for a wider demographic.

5. As the industry moves towards multidisciplinary care, the company’s comprehensive, client-focused model, backed by a large team of clinical professionals, will be a key differentiator.

6. The company’s R&D focus and digital adaptability allow it to integrate modern technology like AI/ML into its services, improving efficiency and outcomes, and staying ahead of industry trends.

7. By expanding its global footprint into markets like the US, UAE, and UK, the company can diversify its revenue streams and tap into high-quality clinical talent and new client bases.

8. The company’s strong brand recognition, supported by awards and community outreach, enhances its trustworthiness, which is crucial in the sensitive healthcare sector.

Peer Group Comparison

There are no comparable listed companies in India that engage in a business similar to that of the company. Accordingly, it is not possible to provide an industry comparison as per the DRHP.

Key Strategies for Rays of Belief Limited

1. Continued Expansion of Network with Focus on Cost Efficiencies

Rays of Belief Limited intends to continue expanding its geographic footprint by setting up new centres in new and existing cities. The company’s lease-based model will be leveraged to roll out new centres with optimal upfront investment, improving operational efficiency and profitability as it scales. The IPO proceeds will fund the establishment of 414 new centres between Fiscal 2027 and 2029.

2. Attracting and Retaining Qualified Clinical Professionals

Rays of Belief Limited aims to enhance its measures for recruitment, training, and retention of clinical professionals. As part of this strategy, the company will set up seven new “Upskilling Academies” to provide continuous training and development opportunities, fostering a culture of professional growth and maintaining high service excellence across its expanding network.

3. Continuance of R&D for Further Integration of Modern Technology

Rays of Belief Limited plans to leverage its data and integrate modern technologies like AI/ML into its therapy services. To advance this, the company will utilize IPO proceeds to set up six “Centres of Excellence and Research” (COERs). These centres will validate new approaches, improve service quality, and disseminate best practices across all operations.

4. Continue to Improve on Service Portfolio and Build on Value Leadership

Rays of Belief Limited will continue to enhance its value proposition by improving service offerings and introducing new programs. The company aims to drive enrolments and increase cross-sell by providing substantial value at affordable price points, strengthening its image as a holistic care provider for children with NDDs.

5. Continue to Grow Brand Awareness and Brand Loyalty

Rays of Belief Limited’s vision is to make the “Mom’s Belief” brand the most trusted therapy care provider in India. The company will continue its marketing activities through digital and conventional channels, as well as through its network of licensed professionals and healthcare providers, to further strengthen its brand and connect with its target audience.