Ravita Engineering Services IPO

About Ravita Engineering Services IPO

Ravita Engineering Services IPO, an SME IPO, opens on Tuesday, October 13, 2026 and closes on Thursday, October 15, 2026. The allotment of shares will take place on Friday, October 16, 2026. The listing of shares will take place on Wednesday, October 21, 2026.

Ravita Engineering Services IPO's price band is set at ₹105 to ₹112 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor is ₹2,68,800 (2,400 shares) based on the upper price.

The offer consists of a fresh issue component. The fresh issue will include 1,03,62,000 shares aggregating up to ₹116.05 crore.

Ravita Engineering Services undertakes Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems, chiller plants, industrial compressors, and related electromechanical equipment on a turnkey basis. It also provides operation and maintenance (O&M) services for systems it installs and for systems installed by third-party providers, serving commercial, industrial, offshore, and data centre clients.

Ravita Engineering Services IPO Objectives

1. To meet long-term working capital requirements of the company.
2. Funding capital expenditure requirements of the Company towards purchase of certain heavy equipment, including trucks, dumpers, dozers, and cranes.
3. General corporate purposes.

Ravita Engineering Services Anchor Investor Bidding Date

Monday, October 12, 2026

About Ravita Engineering Services Limited

Ravita Engineering Services was incorporated on December 28, 2007 as Sayo Construction Private Limited. It later operated as Powermech Services Private before adopting its current name and converting into a public company in December 2025. The Company is registered in Thane, Maharashtra, with a corporate office in Salt Lake, Kolkata.

Its business runs across three verticals. In FY 26, Onshore contributed ₹164.36 crore (59.16%) of revenue from operations, Offshore ₹80.13 crore (28.84%), and Data Centre ₹33.15 crore (11.93%). Offshore work has covered 6 rigs and 16 associated oil and gas platforms in Indian territorial waters. The Company is also laying sub-sea discharge pipelines for an effluent treatment plant at a Numaligarh Refinery crude oil import terminal in Paradip, Odisha.

Promoters Vibhoar Agrawal, Rachita Agrawal, and Starwings Realtors Private acquired 100% of the Company in February 2025. Vibhoar Agrawal is Chairman and Executive Director. Sunildutt Narayan Goswami, a Merchant Marine Officer with over 20 years of experience, has been with the Company since 2010 and serves as Managing Director and Chief Executive Officer. The workforce stood at 399 employees as of June 30, 2026.

Strengths

1. The company's order book stood at ₹491.12 crore across 21 projects as of June 30, 2026.
2. Data centre work orders worth ₹120 crore were recently secured from a global technology and cloud services company's Indian subsidiary and a listed real estate developer.
3. O&M contracts lasting 12 to 36 months contributed 24.00% of FY 26 revenue from operations and provide recurring income alongside EPIC projects.
4. Repeat clients accounted for 62.60% of revenue from operations in FY 26.
5. Offshore experience spans 6 rigs and 16 oil and gas platforms in Indian territorial waters, where HVAC systems face saline exposure, vibration, and strict safety norms.

Risks

1. Most work orders are won through competitive bidding, so pricing pressure or lost tenders can directly slow revenue growth.
2. Maharashtra, Gujarat, and Indian territorial waters together contributed 86.96% of FY 26 revenue from operations, leaving the business exposed to adverse developments in these regions.
3. Operating cash flow was negative at ₹46.85 crore in FY 26 due to rising receivables and inventories, increasing the Company's dependence on borrowings and fresh capital.

Business Model

Ravita Engineering Services earns its revenue through two service lines: turnkey EPIC projects for HVAC and electromechanical systems, and multi-year O&M contracts. Most contracts are won through competitive tenders, and payments are tied to contractual milestones and client certification of work.

Growth Trajectory

Ravita Engineering Services Limited's Total Income for FY 26 was ₹277.82 crore, whereas in FY 25 and FY 24 it was ₹109.30 crore and ₹13.53 crore, respectively.

The Profit After Tax for FY 26 was ₹28.04 crore, whereas in FY 25 and FY 24 it was ₹11.83 crore and ₹1.51 crore, respectively.

Their EBITDA for FY 26 was ₹40.05 crore, whereas in FY 25 and FY 24 it was ₹15.65 crore and ₹2.86 crore, respectively.

Market Position

Ravita Engineering Services has executed Onshore operations in Gujarat, Maharashtra, Odisha, and Karnataka, and has extended its presence to West Bengal and Tamil Nadu. In FY 26, Maharashtra contributed 34.52% of revenue from operations, Gujarat 25.45%, Odisha 11.96%, and Indian territorial waters 26.99%. It provides data centre O&M services to Reliance Corporate IT Park at its Navi Mumbai facility.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹277.82 crore, ₹28.04 crore, and ₹40.05 crore, respectively.

Industry Outlook

Industrial capex, warehousing and logistics build-outs, and high-value manufacturing are the main demand drivers. Data centres stand out. Within the HVAC engineering, procurement, installation, and commissioning market, the data centre segment is forecast to grow from ₹15,094 crore in FY 25 to ₹40,795 crore in FY 30, a CAGR of 22.0%.

Onshore projects remain the largest segment, with the market projected to rise from ₹52,385 crore in FY 25 to ₹1,04,908 crore in FY 30. Offshore grows more slowly at an 11.7% CAGR. Its pace tracks oil and gas exploration budgets and global energy prices, with offshore demand projected at ₹24,020 crore by FY 30. Ravita Engineering Services operates across all three segments: Onshore, Offshore, and Data Centre.

Peer Comparison

There are no listed companies whose business operations are similar to those of the company or are of a comparable size. Accordingly, it is not possible to provide an industry comparison for the company.

Ravita Engineering Services IPO Registrar Details & Book Managers

Registrar Details
MUFG Intime India Private Ltd
Phone: +91 810 811 4949
Email: ravitaengineering.smeipo@in.mpms.mufg.com

Book Running Lead Manager
Vivro Financial Services Private Limited

Company Contact Details

Godrej Genesis, Unit No 906, 9th Floor, Street No 18, Block EP GP, Sector V, Salt Lake Bidhan Nagar, Saltlake, 700091, West Bengal, India.
Phone +91-9136446482
Email: cs@ravita.co.in

How to Apply for Ravita Engineering Services IPO?

• Log in to your Kotak Neo account on the app/web and go to the "IPO" section.
• Select the IPO to review details such as the price band and issue size.
• Tap "Apply for IPO", select your category, and enter lots and bid price or choose the cut-off option.
• Enter your valid UPI ID or choose ASBA to block funds in your linked bank account.
• Submit the application and approve the mandate request sent to your UPI app to block funds.