Rays of Belief IPO

Rays of Belief Limited is a for-profit social enterprise operating under the brand name Mom’s Belief. The company provides personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. 

The company was incorporated as Rays of Belief Private Limited on 23 August 2017 and was subsequently converted into a public limited company. It is headquartered in New Delhi, while its corporate office is located in Gurugram, Haryana. 

Mom’s Belief operates integrated learning and intervention centres where children receive multidisciplinary support. Its services include occupational therapy, speech-language therapy, behavioural interventions, parent training and other developmental support programmes. The company's model is designed around personalised intervention plans based on a child's individual needs and condition severity. 

As of 31 March 2026, the company had 136 developmental centres across 57 cities and 20 states and Union Territories in India. The company also had more than 340 full-time clinical professionals, including psychologists, occupational therapists, speech-language pathologists and special educators. 

The company also has an international presence through its subsidiary, Mom’s Belief US, Inc. The IPO proceeds include a proposed investment in the subsidiary for lease or licence payments relating to its existing centres in the United States. 

The company's official website states that it has served more than 58,000 children and currently operates 136 centres across 57 cities, with a staff strength of more than 500, including more than 340 clinicians.

Rays of Belief has built a specialised business around intervention and developmental support for children with Neurodevelopmental Disorders. Its Mom’s Belief brand provides a focused platform for delivering multidisciplinary services to children and supporting their parents and caregivers.

The company has expanded its centre network considerably. As of 31 March 2026, it had 136 centres across 57 cities and 20 states and Union Territories, compared with 71 centres in FY2023. This expansion provides the company with a broad physical presence across different city tiers. 

Financial performance has also improved over the reported periods. Total income increased from ₹30.76 crore in FY2024 to ₹36.54 crore in FY2025 and ₹82.06 crore in FY2026. PAT was ₹0.85 crore in FY2024, ₹5.88 crore in FY2025 and ₹4.96 crore in FY2026. 

EBITDA increased from ₹1.49 crore in FY2024 to ₹3.02 crore in FY2025 and ₹11.91 crore in FY2026. Net worth increased from ₹5.78 crore in FY2024 to ₹15.02 crore in FY2025 and ₹30.81 crore in FY2026. 

At the upper IPO price of ₹239, the reported pre-IPO EPS is ₹3.16 and the post-IPO EPS is ₹2.37. Based on these figures, the pre-IPO P/E is approximately 75.63x and the post-IPO P/E is approximately 100.84x. 

The company's FY2026 RoE and RoNW were 21.64%, while ROCE stood at 29.74%. EBITDA margin was 14.59% and PAT margin was 6.07%. Debt-to-equity was reported at 0.12. 

The IPO is entirely a fresh issue of up to 52,30,000 equity shares, meaning the proceeds are being raised by the company rather than through an offer for sale by existing shareholders. At the upper price band, the issue size is ₹125 crore. 

The proposed use of funds is closely linked to the company's expansion strategy. The company plans to establish new centres, develop school collaboration centres, invest in research and training, make lease payments and expand brand awareness. This could support its centre-led growth strategy, but execution and the ability to maintain service quality while expanding remain important factors for investors to consider.

Overall, Rays of Belief offers exposure to a specialised and growing healthcare-services segment through the Mom’s Belief brand. Its expanding centre network, improving operating performance and specialised clinical model are key positives. However, investors should also evaluate the valuation, execution risk, dependence on specialised professionals, lease obligations and risks associated with rapid expansion before making an investment decision.

As the IPO is scheduled to open on 1 September 2026, there is currently no public subscription data. The final subscription figures will be available only after bidding begins.

Rays of Belief IPO applications can be made through the ASBA process and UPI-supported IPO applications. The minimum application consists of one lot of 62 shares, requiring ₹14,818 at the upper price band of ₹239.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Rays of Belief IPO.
4. Enter the number of lots you want to apply for.
5. Select the bid price. Retail investors can generally choose Cut-off when available.
6. Enter your valid UPI ID.
7. Submit the IPO application.
8. Open your UPI app when the mandate request arrives.
9. Approve the mandate using your UPI PIN.
10. 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.