Ravita Engineering Services IPO
Ravita Engineering Services IPO is a SME issue of ₹116.05 Cr (Fresh capital only). The price band is ₹105–112 per share with a lot of 1,200 shares (₹1,34,400 minimum). Bidding runs 14–16 Oct, allotment is on 19 Oct 2026 and listing on 22 Oct 2026 on NSE SME. The latest grey market premium is ₹7 (+6.25%), updated 14 Oct 2026, 03:00 PM IST. The issue has been subscribed 0.00x overall.
IPO details
| Detail | Value |
|---|---|
| Price band | ₹105–112 |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,34,400 |
| Issue size | ₹116.05 Cr |
| Issue type | Fresh capital only |
| Face value | ₹5 per share |
| Listing on | NSE SME |
| Issue price | ₹112 |
Subscription status
| Category | Subscribed |
|---|---|
| Qualified institutions (QIB) | 0.00x |
| Non-institutional (NII) | 0.00x |
| Retail | 0.00x |
| Employees | 0.00x |
Updated 14 Oct 2026, 02:30 PM IST
IPO dates
| Event | Date |
|---|---|
| Bidding opens | 14 Oct 2026 |
| Bidding closes | 16 Oct 2026 |
| Allotment | 19 Oct 2026 |
| Refunds | 21 Oct 2026 |
| Shares credited to demat | 21 Oct 2026 |
| Listing | 22 Oct 2026 |
Lot size and application amounts
| 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 |
About Ravita Engineering Services
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 financials
| ₹ crore | 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 ratios
| Ratio | Value |
|---|---|
| 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.
Allotment status
Registrar: MUFG Intime India Private Limited. Check Ravita Engineering Services IPO allotment status.
FAQs
What is the price band of Ravita Engineering Services IPO?
₹105–112 per share.
What is the lot size of Ravita Engineering Services IPO?
1,200 shares, which costs ₹1,34,400 at the upper price band.
What is the GMP of Ravita Engineering Services IPO?
₹7 (+6.25%) as of 14 Oct 2026, 03:00 PM IST. GMP is unofficial and not a prediction of the listing price.
When does Ravita Engineering Services IPO open and close?
It opens on 14 Oct 2026 and closes on 16 Oct 2026.
When is the allotment date of Ravita Engineering Services IPO?
19 Oct 2026.
When will Ravita Engineering Services IPO list?
22 Oct 2026 on NSE SME.
How many times was Ravita Engineering Services IPO subscribed?
0.00x overall.