Ravita Engineering Services SME IPO – Full Details, Financial Analysis & Review
Book Building Issue
Live GMP: ₹2
Ravita Engineering Services Limited has officially announced its initial public offering (IPO), which opens for public subscription on October 14, 2026. The company operates as an integrated engineering solution provider, specializing in Engineering, Procurement, Installation, and Commissioning (EPIC) as well as Operations and Maintenance (O&M) for HVAC and electromechanical systems.
Below is an in-depth analysis covering the complete IPO timetable, price band, lot sizes, financials, competitive strengths, valuation, objects of the issue, and grey market premium (GMP) updates.
Ravita Engineering Services IPO Key Overview
| Parameter | Details |
|---|---|
| Company Name | Ravita Engineering Services Limited |
| Issue Type | Book Built Issue SME IPO |
| Listing Exchange | NSE SME (NSE Emerge) |
| Total Issue Size | 1,03,62,000 Shares (aggregating up to ₹116.05 Crore) |
| Fresh Issue Portion | 1,03,62,000 Shares (100% Fresh Issue) |
| Offer for Sale (OFS) | Nil (0 Shares) |
| Price Band | ₹105 to ₹112 per Equity Share |
| Face Value | ₹5 per Share |
| Market Capitalization (at Cut-Off) | ₹422.02 Crore |
| Market Maker Reservation | 5,22,000 Shares (Pace Stock Broking Services Pvt. Ltd.) |
2. IPO Timetable & Important Dates
Investors planning to bid for the issue must take note of the crucial tentative schedule below:
| IPO Event Schedule | Date |
|---|---|
| IPO Bidding Opens | Wednesday, October 14, 2026 |
| IPO Bidding Closes | Friday, October 16, 2026 |
| Finalization of Basis of Allotment | Monday, October 19, 2026 |
| Initiation of Refunds to Unsuccessful Bidders | Wednesday, October 21, 2026 |
| Credit of Shares to Demat Accounts | Wednesday, October 21, 2026 |
| Tentative Listing Date on NSE SME | Thursday, October 22, 2026 |
3. Application Lot Size & Minimum Investment
The bid lot size for application is fixed at 1,200 shares. Retail investors must bid for a minimum of 2 lots (2,400 shares) due to SME listing regulations.
| Investor Category | Minimum Lots | Minimum Shares | Minimum Investment Amount (At Upper Band ₹112) |
|---|---|---|---|
| Retail Individual Investor (RII) (Min) | 2 Lots | 2,400 Shares | ₹2,68,800 |
| Retail Individual Investor (RII) (Max) | 2 Lots | 2,400 Shares | ₹2,68,800 |
| Small HNI (sNII) (Min < ₹10L) | 3 Lots | 3,600 Shares | ₹4,03,200 |
| Small HNI (sNII) (Max < ₹10L) | 7 Lots | 8,400 Shares | ₹9,40,800 |
| Big HNI (bNII) (Min > ₹10L) | 8 Lots | 9,600 Shares | ₹10,75,200 |
4. Net Offer Distribution & Quotas
| Investor Quota | Allocation Percentage | Total Shares Allocated |
|---|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50.00% of Net Issue | Up to 49,20,000 Shares |
| Non-Institutional Investors (NII / HNI) | Not less than 15.00% of Net Issue | At least 14,76,000 Shares |
| Retail Individual Investors (RII) | Not less than 35.00% of Net Issue | At least 34,44,000 Shares |
| Market Maker Portion | 5.04% of Total Issue | 5,22,000 Shares |
5. About Ravita Engineering Services Limited
Incorporated in December 2007, Ravita Engineering Services Limited provides turn-key Engineering, Procurement, Installation, and Commissioning (EPIC) solutions. The company executes turnkey projects across complex HVAC central cooling architectures, industrial chillers, compressor systems, and specialized electro-mechanical utility networks.
The company operates extensively across three core industry verticals:
- Onshore Operations: Servicing high-capacity commercial spaces, industrial plants, corporate campuses, and hospitality projects.
- Offshore Operations: Delivering specialized electromechanical installations and cooling systems on offshore marine platforms, oil rigs, and vessel structures. During the past three financial years up to June 30, 2026, the company successfully executed services across 6 offshore rigs and 16 oil and gas platforms.
- Data Center Solutions: Providing specialized engineering O&M services for data center cooling frameworks, industrial chillers, and mechanical infrastructure. Notably, the company secured data center infrastructure work orders totaling ₹120 Crore in Maharashtra.
As of June 30, 2026, Ravita Engineering Services maintains a full-time workforce of 399 employees, including 369 dedicated field site engineers and operation execution experts.
6. Restated Financial Performance (₹ in Crores)
The company has recorded substantial growth over the past three fiscal cycles:
| Financial Metrics | Q1 FY27 (Jun 30, 2026) | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|---|
| Total Income / Revenue | ₹97.45 Cr | ₹277.82 Cr | ₹109.30 Cr | ₹13.53 Cr |
| EBITDA | ₹14.04 Cr | ₹40.05 Cr | ₹15.65 Cr | ₹2.86 Cr |
| Profit After Tax (PAT) | ₹10.13 Cr | ₹28.04 Cr | ₹11.83 Cr | ₹1.51 Cr |
| Total Assets | ₹207.34 Cr | ₹162.97 Cr | ₹58.24 Cr | ₹9.08 Cr |
| Net Worth | ₹109.69 Cr | ₹99.56 Cr | ₹15.13 Cr | ₹3.30 Cr |
| Total Borrowings | ₹30.88 Cr | ₹19.21 Cr | ₹23.11 Cr | ₹3.52 Cr |
7. Valuation Metrics & Key Performance Indicators (KPIs)
Based on the upper price band of ₹112 per share, the valuation multiples and return ratios are outlined below:
| Metric | Pre-IPO | Post-IPO / Latest Status |
|---|---|---|
| Basic Earnings Per Share (EPS) | ₹10.26 | ₹10.75 |
| Price-to-Earnings (P/E) Ratio | 10.92x | 10.42x |
| Return on Equity (ROE) | — | 48.90% (FY26) / 9.68% (Q1 FY27) |
| Return on Capital Employed (ROCE) | — | 48.65% (FY26) / 10.60% (Q1 FY27) |
| Debt-to-Equity Ratio | — | 0.28x |
| PAT Margin (%) | — | 10.40% |
| EBITDA Margin (%) | — | 14.42% |
| Price-to-Book Value (P/B) | — | 2.79x |
8. Objects of the Net Issue
The gross funds of ₹116.05 Crore raised through the fresh issue will be utilized towards the net objects estimated at ₹95.53 Crore:
- Long-Term Working Capital Requirements: Allocation of ₹70.00 Crore to fund project execution, procurement, and contract operations.
- Capital Expenditure for Equipment Purchase: Allocation of ₹25.53 Crore towards purchasing heavy machinery and specialized equipment.
- General Corporate Purposes: General business expansion and administrative operations.
9. Promoter Shareholding Pattern
The company promoters are Vibhoar Agrawal, Rachita Agrawal, and Starwings Realtors Pvt. Ltd.
| Category | Pre-Issue Equity Shareholding | Post-Issue Equity Shareholding |
|---|---|---|
| Promoter & Promoter Group | 73.74% | 53.46% |
| Public Shareholding | 26.26% | 46.54% |
| Total | 100.00% | 100.00% |
10. Ravita Engineering Services IPO GMP Today & Trend
Grey Market Premium (GMP) Overview
As of the latest grey market update, the Grey Market Premium (GMP) for Ravita Engineering Services SME IPO is standing at ₹2 per share.
- Upper Issue Price: ₹112
- Current GMP: ₹2
- Estimated Listing Price: ₹114 per share
- Expected Listing Gain: ~1.79%
- Estimated Gain Per Retail Lot (2,400 shares): ₹4,800
| GMP Tracking Date | GMP Value | Estimated Listing Price | Est. Profit Per Lot | Grey Market Trend |
|---|---|---|---|---|
| October 13, 2026 | ₹2 (1.79%) | ₹114 | ₹4,800 | Stable |
| October 12, 2026 | ₹4 (3.57%) | ₹116 | ₹9,600 | Stable |
| October 11, 2026 | ₹10 (8.93%) | ₹122 | ₹24,000 | Stable |
| October 10, 2026 | ₹12 (10.71%) | ₹124 | ₹28,800 | Initial |
11. Lead Manager, Registrar & Contact Details
| Entity Role | Contact Details |
|---|---|
| Book Running Lead Manager (BRLM) | Vivro Financial Services Pvt. Ltd. |
| Registrar to the Issue | MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: ravitaengineering.smeipo@in.mpms.mufg.com |
| Market Maker | Pace Stock Broking Services Pvt. Ltd. |
| Company Registered Office | Ravita Engineering Services Ltd. Office No. 202, 2nd Floor, Mayuresh Square, Plot No. 17, Sector 15, CBD Belapur, Thane, Maharashtra – 400614. Phone: +91-9136446482 | Email: cs@ravita.co.in |
SEBI Compliance Note: ipoind.com is an independent financial analytics and primary market research portal provided solely for educational and informational purposes. We are NOT a SEBI-registered Investment Advisor or Research Analyst. Financial market investments, equity securities, and Initial Public Offerings (IPOs) carry inherent market risks.
Grey Market Premium (GMP) Notice: Figures regarding Grey Market Premium (GMP), Kostak rates, and subject-to-sauda deals reflect unofficial, unregulated over-the-counter market sentiment. These figures do not guarantee exchange listing prices or actual trading outcomes. Always evaluate official Draft Red Herring Prospectus (DRHP / RHP) documents filed with BSE/NSE and consult a certified financial advisor prior to executing financial bidding decisions.