Ravita Engineering Services IPO

Ravita Engineering Services Limited, incorporated in December 2007, provides engineering, procurement, installation and commissioning services for HVAC, central air-conditioning, air-flow systems, chillers, compressors, cooling equipment and other electromechanical systems on a turnkey basis. The company operates across onshore, offshore and data centre segments, serving commercial and industrial projects, offshore rigs and platforms, and mission-critical data centre facilities. It also provides operation and maintenance services for its projects and third-party systems. Its specialised capabilities include sub-sea discharge pipeline work for effluent treatment facilities. The company has undertaken projects across Gujarat, Maharashtra, Odisha and Karnataka, while its offshore operations cover marine installations in Indian territorial waters.

Ravita Engineering Services Limited IPO Overview

Ravita Engineering Services Limited is launching a bookbuilding IPO of ₹116.05 crore, comprising an issue of 1,03,62,000 shares. The IPO will open for subscription on 13 October 2026 and close on 15 October 2026. The price band has been fixed at ₹105 to ₹112 per share, with a face value of ₹5 per share. The IPO is proposed to be listed on the NSE SME platform, with the tentative listing date set for 21 October 2026. The IPO allotment is expected to be finalised on 16 October 2026, followed by refund initiation and credit of shares to demat accounts on 19 October 2026. Vivro Financial Services Pvt. Ltd. is the book running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar. Investors can apply in lots of 1,200 shares, with individual investors required to bid for a minimum of two lots, or 2,400 shares.

Ravita Engineering Services Limited IPO Details

Particulars	Details
IPO Date	13 to 15 October 2026
Listing Date	21 October 2026
Face Value	₹5 per share
Issue Price Band	₹105 to ₹112 per share
Lot Size	1,200 Shares
Total Issue Size	1,03,62,000 shares (aggregating up to ₹116.05 Cr)
Fresh Issue	98,40,000 shares (aggregating up to ₹110 Cr), excluding Market Maker portion
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	2,73,18,682 shares
Share Holding Post Issue	3,76,80,682 shares
Market Maker Portion	5,22,000 shares (aggregating up to ₹6 Cr)

Ravita Engineering Services Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Ravita Engineering Services Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (Min)	2	2,400	₹2,68,800
Individual Investors (Max)	2	2,400	₹2,68,800
S-HNI (Min)	3	3,600	₹4,03,200
S-HNI (Max)	7	8,400	₹9,40,800
B-HNI (Min)	8	9,600	₹10,75,200

Ravita Engineering Services Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	73.74%
Post-Issue	53.46%

Ravita Engineering Services Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹7.43
Price/Earnings (P/E) Ratio	15.07x
Return on Net Worth (RoNW)	128.31%
Net Asset Value (NAV)	₹7.49
Return on Equity	128.31%
Return on Capital Employed (ROCE)	71.71%
EBITDA Margin	14.41%
PAT Margin	10.82%
Debt to Equity Ratio	1.53x

Objectives of the Proceeds

I. Working Capital:
₹66.00 crore will fund the company’s long-term working capital requirements and support ongoing business operations.

II. Capital Expenditure:
₹25.09 crore will finance the purchase of heavy equipment required to strengthen project execution capabilities.

III. General Corporate Purposes:
The remaining proceeds will support general corporate requirements and provide flexibility for business needs.

Key Financials (in ₹ crore)

Particulars	31 Dec 2025	31 Mar 2025	31 Mar 2024
Assets	146.68	58.24	9.08
Revenue / Total Income	208.32	109.30	13.53
Profit After Tax	20.99	11.83	1.51
Reserves and Surplus	92.38	15.03	3.20
Net Worth	92.51	15.13	3.30

IPO Strengths

I. Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings.

II. Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts

III. Long-standing relationships with large clients supporting repeat business.

IV. Management-driven domain expertise and industry relationships.

V. Specialised operational experience in adverse environments and mission‑critical data centres.

Peer Group Comparison

As stated in the DRHP, there are no listed companies whose business operations are similar to those of Ravita Engineering Services Limited or are of a comparable size. Accordingly, an industry peer comparison is not available for the company.