Ravita Engineering Services IPO is a Book Build SME IPO of ₹116.05 crore comprising an entirely fresh issue of 98,40,000 equity shares. The company has fixed the price band at ₹105 to ₹112 per share, with a lot size of 1,200 shares. The IPO is scheduled to open on 13 October 2026 and close on 15 October 2026.
Ravita Engineering Services Limited is engaged in engineering and related business activities, serving customers through its range of products and services. The IPO proceeds from the fresh issue are proposed to be used for the purposes specified by the company, along with meeting other stated corporate requirements.
The shares of Ravita Engineering Services are proposed to be listed on the NSE SME platform on 21 October 2026. Investors can check the IPO details, including the price band, issue size, important dates, lot size, subscription status, allotment, listing details, financial performance, strengths, risks and other key information before making an investment decision.
Table of Contents
Ravita Engineering Services IPO Details
| Particulars | Details |
|---|---|
| IPO Name | Ravita Engineering Services IPO |
| IPO Opening Date | 13 October 2026 |
| IPO Closing Date | 15 October 2026 |
| Listing Date | 21 October 2026 |
| IPO Price Band | ₹105 to ₹112 per share |
| Face Value | ₹5 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | ₹116.05 Cr |
| Fresh Issue | 98,40,000 Shares |
| Offer for Sale | Nil |
| Issue Type | Book Build Issue |
| Listing At | NSE SME |
| Market Maker Reservation | 5,22,000 Shares |
| Promoters | Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Lead Manager | Vivro Financial Services Private Limited |
Ravita Engineering Services IPO is a Book Build SME issue consisting entirely of a fresh issue of 98,40,000 equity shares. The IPO has a price band of ₹105 to ₹112 per share, with a lot size of 1,200 shares. The total issue size is ₹116.05 crore, and the shares are proposed to be listed on the NSE SME platform.
Ravita Engineering Services IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 12 October 2026 |
| IPO Open Date | 13 October 2026 |
| IPO Close Date | 15 October 2026 |
| Basis of Allotment | 16 October 2026 |
| Initiation of Refunds | 19 October 2026 |
| Credit of Shares | 19 October 2026 |
| Listing Date | 21 October 2026 |
The Ravita Engineering Services IPO will open for subscription on 13 October 2026 and close on 15 October 2026. The basis of allotment is expected to be finalised on 16 October 2026, followed by refunds and share credit. The shares are proposed to be listed on the NSE SME platform on 21 October 2026.
Ravita Engineering Services IPO Reservation
Ravita Engineering Services IPO follows the SME IPO allocation structure. Not more than 50% of the net issue is available for allocation to Qualified Institutional Buyers, while not less than 15% is reserved for Non-Institutional Bidders and not less than 35% is available for Individual Bidders. A separate portion of 5,22,000 shares is reserved for the market maker.
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% |
| NII | Not less than 15% |
| Retail | Not less than 35% |
| Market Maker | 5,22,000 Shares |
Ravita Engineering Services IPO Lot Size
The minimum lot size for Ravita Engineering Services IPO is 1,200 shares. Retail investors are required to apply for a minimum of two lots, or 2,400 shares. At the upper price band of ₹112, the minimum retail investment is ₹2,68,800.
| Application | Lots | Shares | Amount at ₹112 |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,68,800 |
| Retail Maximum | 2 | 2,400 | ₹2,68,800 |
| sNII Minimum | 3 | 3,600 | ₹4,03,200 |
| bNII Minimum | 8 | 9,600 | ₹10,75,200 |
About Ravita Engineering Services
Ravita Engineering Services Limited is an engineering solutions company engaged in Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems, central air-conditioning solutions, air-flow systems, chiller plants, industrial compressors, cooling equipment and other related electromechanical equipment on a turnkey basis.
The company also provides operation and maintenance (O&M) services for projects executed by it as well as systems installed by third-party solution providers. Its operations are divided into three primary segments: onshore, offshore and data centre.
Ravita Engineering Services was originally incorporated as Sayo Construction Private Limited in December 2007. It was subsequently renamed Powermech Services Private Limited, then Ravita Engineering Services Private Limited, and was converted into a public limited company in December 2025.
Business Model
Ravita Engineering Services operates through two complementary business models: EPIC project execution and O&M services. Under EPIC contracts, the company handles design, procurement, installation, testing and commissioning of HVAC and other electro-mechanical systems.
Its O&M business provides recurring services for maintaining HVAC systems, cooling equipment, chiller plants and mechanical utilities. The combination of project-based revenue and long-term maintenance contracts provides the company with both project opportunities and recurring service relationships.
The company serves commercial establishments, hospitality units, corporate parks, industrial facilities, offshore rigs and platforms and data centres.
Industry Overview
The industrial HVAC and electro-mechanical engineering industry serves sectors where reliable cooling, ventilation, temperature control and mechanical infrastructure are essential for operations. Demand is supported by industrial development, commercial infrastructure, data-centre expansion and increasing requirements for specialised engineering systems.
Ravita operates in specialised environments including offshore installations and mission-critical data centres. These applications require technical expertise, reliable execution and continuous maintenance, creating opportunities for companies with relevant experience and skilled engineering manpower.
Business Strategy
Ravita Engineering Services aims to strengthen its engineering capabilities and expand its presence across onshore, offshore and data-centre segments. The company focuses on executing turnkey projects while building long-term O&M relationships with customers.
The company also intends to use IPO proceeds to strengthen its working capital position and purchase heavy equipment. These investments are expected to support its ability to execute larger projects and manage its operational requirements.
Ravita Engineering Services Financial Information
Ravita Engineering Services reported significant growth in revenue and profitability during the nine months ended December 31, 2025. Revenue from operations stood at ₹208.21 crore and profit after tax was ₹20.99 crore during the period.
| Financial Year | 9M FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Total Assets | ₹146.68 Cr | ₹58.24 Cr | ₹9.08 Cr | ₹9.80 Cr |
| Revenue from Operations | ₹208.21 Cr | ₹108.61 Cr | ₹13.49 Cr | ₹18.57 Cr |
| Total Income | ₹208.32 Cr | ₹109.30 Cr | ₹13.53 Cr | ₹18.60 Cr |
| EBITDA | ₹30.06 Cr | ₹15.65 Cr | ₹2.86 Cr | ₹1.01 Cr |
| Profit After Tax | ₹20.99 Cr | ₹11.83 Cr | ₹1.51 Cr | ₹0.11 Cr |
| Net Worth | ₹92.51 Cr | ₹15.13 Cr | ₹3.30 Cr | ₹1.80 Cr |
| EPS (₹) | ₹1,713.79* | ₹1,182.70* | ₹150.80* | ₹10.84* |
*The restated financial statements report EPS based on the applicable weighted average share capital and should not be directly compared with the IPO price-band EPS used for valuation.
Ravita Engineering Services IPO KPIs
For FY2025, Ravita Engineering Services reported an EBITDA margin of 14.41%, PAT margin of 10.82%, ROE of 128.31% and ROCE of 71.71%. The company had a debt-to-equity ratio of 1.53 in FY2025.
| KPI | FY2025 |
|---|---|
| ROE | 128.31% |
| ROCE | 71.71% |
| RoNW | 128.31% |
| PAT Margin | 10.82% |
| EBITDA Margin | 14.41% |
| Debt / Equity | 1.53 |
| NAV per Share | ₹7.49 |
| EPS (Pre-IPO) | ₹4.33 |
| EPS (Post-IPO) | ₹7.43 |
Ravita Engineering Services IPO Valuation
At the upper price band of ₹112, Ravita Engineering Services has a market capitalisation of approximately ₹422.02 crore. Based on the disclosed pre-issue and post-issue EPS figures, the P/E works out to approximately 25.87x on the pre-issue EPS and 15.07x on the post-issue EPS.
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (₹) | ₹4.33 | ₹7.43 |
| P/E (x) | 25.87x | 15.07x |
| Market Cap at ₹112 | ₹422.02 Cr | ₹422.02 Cr |
Objects of the Issue
Ravita Engineering Services proposes to utilise the net proceeds from the IPO to strengthen its working capital, fund capital expenditure for heavy equipment and meet general corporate requirements.
- Long-term working capital requirements: ₹66.00 crore.
- Purchase of certain heavy equipment: ₹25.09 crore.
- General Corporate Purposes: Balance amount as applicable.
The identified objects account for ₹91.09 crore of the estimated net proceeds, with the remaining amount being used towards general corporate purposes and issue-related requirements.
Ravita Engineering Services IPO GMP
Ravita Engineering Services IPO GMP is currently reported at ₹0 in available grey-market data. Since the IPO has not yet opened for subscription, the GMP may change as the issue date approaches. GMP is an unofficial market indicator and is not regulated by the stock exchanges.
Ravita Engineering Services IPO GMP History
| GMP Date | GMP | Estimated Listing Price | Estimated Gain |
|---|---|---|---|
| 8 October 2026 | ₹0 | ₹112 | 0.00% |
Ravita Engineering Services IPO Subscription Status
Ravita Engineering Services IPO will open for subscription on 13 October 2026. The live subscription figures will be updated after bidding begins.
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
| 13 October 2026 | Yet to be Updated | Yet to be Updated | Yet to be Updated | Yet to be Updated |
| 14 October 2026 | Yet to be Updated | Yet to be Updated | Yet to be Updated | Yet to be Updated |
| 15 October 2026 | Yet to be Updated | Yet to be Updated | Yet to be Updated | Yet to be Updated |
Ravita Engineering Services IPO Review
Ravita Engineering Services has established capabilities in HVAC and electro-mechanical engineering, with operations across onshore, offshore and data-centre environments. Its combination of EPIC projects and O&M contracts provides exposure to both project-based and recurring service revenues.
The company’s financial performance has improved significantly. Total income increased from ₹13.53 crore in FY2024 to ₹109.30 crore in FY2025, while nine-month FY2026 total income reached ₹208.32 crore. PAT increased from ₹1.51 crore in FY2024 to ₹11.83 crore in FY2025 and ₹20.99 crore for the nine months ended December 2025.
At the same time, investors should consider the sharp increase in scale, working-capital requirements and dependence on project execution. The IPO is also an SME issue with a large minimum application size, which may limit participation compared with Mainboard IPOs.
Ravita Engineering Services IPO Strengths
- Integrated Engineering Capabilities: The company provides EPIC and O&M services for HVAC and electro-mechanical systems.
- Diversified Operations: Business is spread across onshore, offshore and data-centre segments.
- Strong Recent Growth: Total income reached ₹208.32 crore during the nine months ended December 2025.
- Improving Profitability: PAT increased to ₹20.99 crore during the nine-month period.
- Data Centre Exposure: The company provides O&M services for mission-critical cooling infrastructure.
- Experienced Management: The management team has experience in engineering, HVAC and project execution.
Ravita Engineering Services IPO Risk Factors
- Working Capital Requirement: ₹66 crore of the issue proceeds are proposed for long-term working capital.
- Project Execution Risk: Delays in project execution can affect revenue and profitability.
- Customer Concentration: Certain large projects and O&M contracts contribute significantly to business.
- Offshore Operational Risk: Offshore activities involve additional operational and safety requirements.
- Rapid Financial Growth: The sharp increase in revenue and assets requires continued execution at a higher scale.
- SME Listing: The minimum investment requirement is significantly higher than that of a typical Mainboard retail application.
Ravita Engineering Services Promoters
The promoters of Ravita Engineering Services Limited are Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors Private Limited. The promoter group held approximately 73.74% before the IPO.
Promoter Holding
| Particulars | Holding |
|---|---|
| Promoter Holding Pre-IPO | 73.74% |
| Promoter Holding Post-IPO | Yet to be Updated |
Ravita Engineering Services Management Team
| Name | Designation |
|---|---|
| Vibhoar Agrawal | Chairman |
| Sunildutt Narayan Goswami | Managing Director & CEO |
| Mayuri Saxena | Chief Financial Officer |
| Shah Kinjal Nitinkumar | Company Secretary & Compliance Officer |
| Golock Chandra Sahoo | Independent Director |
| Rupal Dhiren Haria | Independent Director |
| Man Bujharat Singh | Vice President – Operations |
| Subhash Vasudev Pandit | Safety and Compliance Head |
| Deepak Gondhali | Technical Head |
Ravita Engineering Services IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting equity shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | MUFG Intime India Private Limited |
| Contact Person | Shanti Gopalkrishnan |
| Email ID | [email protected] |
| Contact Number | +91 810 811 4949 |
MUFG Intime India Private Limited has been appointed as the Registrar to the Offer.
Ravita Engineering Services IPO Lead Manager Details
The Book Running Lead Manager is responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Vivro Financial Services Private Limited |
| Contact Person | Regis Patel / Samir Santara |
| Email ID | [email protected] |
| Contact Number | 022 6666 8040 |
Vivro Financial Services Private Limited is the Book Running Lead Manager to the proposed offer.
Ravita Engineering Services Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Ravita Engineering Services Limited |
| Registered Office | Office No. 202, 2nd Floor, Mayuresh Square, Plot No. 17, Sector 15, CBD Belapur, Thane, Maharashtra – 400614 |
| Website | https://ravita.co.in/ |
| Email ID | [email protected] |
| Contact Number | +91 9136446482 |
The company’s registered office is located at Mayuresh Square, CBD Belapur, Thane, Maharashtra.
How to Check Ravita Engineering Services IPO Allotment Status
Investors can check Ravita Engineering Services IPO allotment status after the basis of allotment is finalised on 16 October 2026. The allotment status can be checked through the registrar’s website using the application number, PAN or demat account details. Investors can also check the allotment information through the relevant stock exchange website.
Through MUFG Intime India Private Limited
- Visit the official MUFG Intime IPO allotment portal.
- Select Ravita Engineering Services IPO from the IPO list.
- Choose PAN Number, Application Number or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE/NSE
- Visit the applicable official stock-exchange IPO section.
- Select the Ravita Engineering Services IPO from the IPO list.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Ravita Engineering Services IPO Conclusion
Ravita Engineering Services IPO is a ₹116.05 crore SME IPO comprising a fresh issue of 98.40 lakh shares. The company operates in HVAC and electro-mechanical engineering and provides EPIC and O&M services across onshore, offshore and data-centre environments.
The company has reported strong recent growth, with total income of ₹208.32 crore and PAT of ₹20.99 crore for the nine months ended December 2025. The IPO proceeds are primarily intended for working capital and heavy equipment purchases. Investors should nevertheless evaluate the company’s rapid growth, working-capital requirements, project execution risks and SME-IPO investment size before making an investment decision.
Ravita Engineering Services IPO FAQs
What is Ravita Engineering Services IPO?
Ravita Engineering Services IPO is an SME Book Build Issue of ₹116.05 crore comprising a fresh issue of 98,40,000 equity shares.
When will Ravita Engineering Services IPO open?
Ravita Engineering Services IPO will open for subscription on 13 October 2026.
What is the price band of Ravita Engineering Services IPO?
The price band is ₹105 to ₹112 per equity share.
What is the lot size of Ravita Engineering Services IPO?
The lot size is 1,200 shares. Retail investors need to apply for a minimum of two lots, or 2,400 shares.
When is the Ravita Engineering Services IPO listing date?
Ravita Engineering Services shares are scheduled to list on NSE SME on 21 October 2026.
What is Ravita Engineering Services IPO GMP?
Ravita Engineering Services IPO GMP is currently reported at ₹0. GMP is unofficial and may change before listing.
What was the Final GMP of Ravita Engineering Services IPO?
The final GMP is Yet to be Updated because the IPO has not yet closed and listed.
What was the Actual Listing Price of Ravita Engineering Services IPO?
The actual listing price is Yet to be Updated. The company is scheduled to list on 21 October 2026.
What is the minimum investment in Ravita Engineering Services IPO?
The minimum retail investment is ₹2,68,800 for two lots, or 2,400 shares, at the upper price band of ₹112.
Who is the registrar of Ravita Engineering Services IPO?
MUFG Intime India Private Limited is the registrar of the Ravita Engineering Services IPO.
