Ravita Engineering Services IPO
Ravita Engineering Services IPO is a Book Built SME issue of 1,03,62,000 equity shares of ₹5 each, comprising entirely of a Fresh Issue. The IPO price band is ₹105 to ₹112 per share. The shares are proposed to be listed on NSE SME.
Ravita Engineering Services IPO Details
Ravita Engineering Services IPO is a proposed SME IPO of Ravita Engineering Services Limited. The company is engaged in turnkey engineering, procurement, installation and commissioning of HVAC, central air-conditioning, chillers, compressors, cooling equipment and other electromechanical systems. It also provides operation and maintenance services and operates across onshore, offshore and data centre segments. The IPO comprises entirely of a Fresh Issue and is scheduled to open on October 13, 2026 and close on October 15, 2026.
Ravita Engineering Services IPO GMP
Ravita Engineering Services IPO GMP is currently reported at ₹0 or no active grey-market premium by the sources reviewed. GMP is unofficial, unregulated and can change before listing. It should not be treated as a guarantee of the actual listing price.
Ravita Engineering Services IPO Timeline (Tentative)
Ravita Engineering Services IPO opens on October 13, 2026 and closes on October 15, 2026. The basis of allotment is expected on October 16, followed by refund initiation and credit of shares to demat accounts on October 19. The shares are scheduled to list on October 21, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Oct 13, 2026 |
| IPO Close Date | Thu, Oct 15, 2026 |
| Basis of Allotment | Fri, Oct 16, 2026 |
| Initiation of Refunds | Mon, Oct 19, 2026 |
| Credit of Shares to Demat | Mon, Oct 19, 2026 |
| Listing Date | Wed, Oct 21, 2026 |
Ravita Engineering Services IPO Lot Size
The Ravita Engineering Services IPO lot size is 1,200 shares. Based on the upper price band of ₹112, one lot is worth ₹1,34,400. As per the current SME application structure, the minimum retail application is 2 lots, requiring ₹2,68,800.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,68,800 |
| Retail (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 IPO Reservation
Ravita Engineering Services IPO proposes not more than 50% of the Net Issue for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Bidders, subject to the applicable regulations and valid bids.
Ravita Engineering Services IPO Subscription
Ravita Engineering Services IPO has not opened for subscription yet. Category-wise subscription figures will become available after bidding begins on October 13, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Ravita Engineering Services
Ravita Engineering Services Limited is an engineering services company engaged in turnkey execution of electro-mechanical projects. Its services include design, engineering, procurement, installation, testing and commissioning of HVAC, central air-conditioning, air flow systems, chillers, compressors, cooling equipment and related electrical and mechanical utilities.
The company operates through three key business areas: Onshore, Offshore and Data Centre. Its onshore operations cover locations including Maharashtra, Gujarat, Odisha and Karnataka, while its offshore operations are undertaken at rigs, platforms and marine installations in the territorial waters of India.
Ravita also provides operation and maintenance services for electro-mechanical systems. Its Data Centre operations include maintenance of cooling systems, chiller plants, HVAC equipment and mechanical utilities. As of December 31, 2025, the company had a Data Centre O&M order book of ₹74.04 crore.
The company was originally incorporated as Sayo Construction Private Limited in December 2007. It subsequently operated as Powermech Services Private Limited before changing its name to Ravita Engineering Services Private Limited in 2025 and then becoming Ravita Engineering Services Limited following conversion into a public limited company in December 2025.
Strengths
- Comprehensive electro-mechanical engineering capabilities through EPIC and O&M service offerings.
- Diversified operations across onshore, offshore and data centre segments.
- Ability to provide turnkey project execution from design and procurement through installation and commissioning.
- Long-standing relationships with large customers supporting repeat business.
- Large engineering workforce supporting multi-site project execution.
- Specialized operational experience in offshore environments and mission-critical data centres.
- Strong growth in revenue and profitability during FY2025 and the nine-month period ended December 31, 2025.
- Data Centre O&M order book of approximately ₹74.04 crore as of December 31, 2025.
- Order book of approximately ₹479.66 crore as of December 31, 2025.
- Combination of project-based revenue and recurring O&M contracts.
Risks to Consider
- A significant portion of revenue and order book is attributable to a limited number of customers.
- The company's operations are geographically concentrated in Western India and the territorial waters of India.
- Large projects may require substantial working capital before customer payments are received.
- The company is exposed to project execution delays, cost overruns and contract-related risks.
- The business depends on winning new contracts through competitive tendering and relationship-based project awards.
- Offshore operations expose the company to challenging weather, marine and operational conditions.
- The company is dependent on skilled engineering personnel and its ability to recruit and retain employees.
- Data Centre O&M operations currently include services for a large Indian conglomerate at its Navi Mumbai data centre, creating customer concentration risk.
- The company's debt-to-equity ratio was 1.53 for FY2025.
- The sharp increase in revenue during FY2025 and the nine-month period ended December 31, 2025 may not necessarily be sustained at the same pace.
- The company operates in a competitive engineering and EPC market.
- Working capital requirements can increase substantially with the scale of project execution.
Ravita Engineering Services Financials (₹ Cr)
Ravita Engineering Services reported strong growth in revenue from operations and profitability. Revenue from operations increased from ₹18.57 crore in FY2023 to ₹108.61 crore in FY2025 and ₹208.21 crore during the nine months ended December 31, 2025. PAT increased from ₹0.11 crore in FY2023 to ₹11.83 crore in FY2025 and ₹20.99 crore during the nine-month period ended December 31, 2025.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | 18.57 | 0.11 | 9.80 | 1.80 |
| FY2024 | 13.49 | 1.51 | 9.08 | 3.30 |
| FY2025 | 108.61 | 11.83 | 58.24 | 15.13 |
| December 31, 2025 | 208.21 | 20.99 | 146.68 | 92.51 |
KPIs & Valuation
Ravita Engineering Services reported Pre-IPO EPS of ₹4.33 and Post-IPO EPS of ₹7.43. At the upper price band of ₹112, the Pre-IPO P/E is 25.87x and the Post-IPO P/E is 15.07x. The company reported NAV of ₹7.49, RoNW of 128.31%, RoE of 128.31%, RoCE of 71.71% and EBITDA Margin of 14.41% based on the reported FY2025 valuation metrics.
Objects of the Issue
The Ravita Engineering Services IPO comprises a Fresh Issue of 1,03,62,000 equity shares. The company proposes to utilise ₹66.00 crore from the Net Proceeds towards meeting its long-term working capital requirements and ₹25.09 crore towards funding capital expenditure for the purchase of certain heavy equipment. The balance is proposed to be utilised towards general corporate purposes, subject to the applicable limit. The final allocation and amount may be subject to the terms of the final offer document. The company proposed to utilise the IPO proceeds for:
- Meeting the long-term working capital requirements of the company.
- Funding capital expenditure requirements towards the purchase of certain heavy equipment.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Ravita Engineering Services Limited is promoted by Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors Private Limited. Vivro Financial Services Private Limited is the Book Running Lead Manager to the Issue and MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| ravitaengineering.smeipo@in.mpms.mufg.com | |
| Website | http://www.in.mpms.mufg.com |
Ravita Engineering Services IPO Review
Ravita Engineering Services has built its business around electro-mechanical engineering services, with capabilities spanning project execution and operation and maintenance. Its presence across onshore, offshore and data centre operations provides exposure to several end-use segments. The company also has a substantial order book, including ₹479.66 crore as of December 31, 2025, which provides visibility into future project execution.
Financial performance has improved significantly. Revenue from operations increased from ₹18.57 crore in FY2023 to ₹108.61 crore in FY2025 and ₹208.21 crore during the nine months ended December 31, 2025. PAT increased from ₹0.11 crore in FY2023 to ₹11.83 crore in FY2025 and ₹20.99 crore for the nine-month period ended December 31, 2025. EBITDA also increased from ₹1.01 crore in FY2023 to ₹15.65 crore in FY2025 and ₹30.06 crore during the nine-month period ended December 31, 2025.
The IPO valuation needs careful consideration. At the upper price band of ₹112, the post-issue P/E is reported at 15.07x based on post-issue EPS of ₹7.43, compared with a pre-issue P/E of 25.87x based on pre-issue EPS of ₹4.33. The company plans to deploy ₹66 crore towards working capital and ₹25.09 crore towards heavy equipment. Investors should nevertheless consider customer concentration, project execution risks, working capital requirements, debt levels and the sustainability of the recent rapid growth before making an investment decision.
How to Apply
Ravita Engineering Services IPO applications can be made through the applicable ASBA and UPI mechanisms during the IPO bidding period. Investors should select the IPO through their broker or bank, enter the required number of lots and complete the UPI mandate or ASBA application process. The current minimum retail application is 2 lots, or 2,400 shares, requiring ₹2,68,800 at the upper price band.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Ravita Engineering Services IPO.
- Enter the number of lots you want to apply for.
- Enter your bid price or select the Cut-off option where available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the IPO mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
The available Draft Red Herring Prospectus of Ravita Engineering Services Limited is dated March 25, 2026. It contains details relating to the proposed Fresh Issue, business operations, financial statements, risk factors, objects of the issue and other IPO disclosures. The current IPO terms have subsequently been updated to ₹105–₹112 per share and an issue size of approximately ₹116.05 crore.
Last updated Oct 8, 2026.