Rays of Belief IPO

About Rays of Belief IPO

The Rays of Belief IPO, a mainboard IPO, opens on Tuesday, September 1, 2026 and closes on Thursday, September 3, 2026. The allotment of shares will take place on Friday, September 4, 2026. The credit of shares to the demat account will take place on Monday, September 7, 2026. The initiation of refunds will take place on Monday, September 7, 2026. The listing of shares will take place on Tuesday, September 8, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of a fresh issue component. The fresh issue will include 5,230,000 shares aggregating up to ₹125 crore.

Rays of Belief IPO's price band is set at ₹227 to ₹239 per share. The lot size for an application is 62. The minimum amount of investment required by a retail investor is ₹14,818 (62 shares) based on the upper price band.

Rays of Belief is a for-profit social enterprise that provides personalised intervention plans for children with neurodevelopmental disorders such as autism spectrum disorder, ADHD, developmental delay, and cerebral palsy. It operates under the brand Mom's Belief.

Objectives of Rays of Belief IPO

• Funding capital expenditure towards the establishment of new centres on leased premises (tenure of 11 months to 3 years) and associated technology (hardware) costs.
  
• Expenditure for lease payments for its existing centres in India.
  
• Investment in its subsidiary, Mom's Belief US Inc., for making lease and licence payments for its existing centres in the USA.
  
• Expenditure for brand awareness and inclusive outreach programs.
  
• Funding inorganic growth through unidentified acquisition and general corporate purposes.
  

Industry Outlook

Neurodevelopmental disorders affect how a child learns, communicates, and behaves. India's total market for these disorders stood at ₹5,262.3 crore in CY25. Autism spectrum disorder, attention-deficit/hyperactivity disorder, and cerebral palsy together accounted for 72.72% of it, equivalent to ₹3,815 crore. Demand is broadening. Rising diagnostic rates, wider awareness, and greater willingness among families to seek professional support are pulling more children into structured care.

The ASD therapy market grew from ₹708.8 crore in CY18 to ₹1,090 crore in CY25, a CAGR of 6.34%, and is expected to reach ₹1,893.2 crore by CY34, growing at 6.29% over the CY26–CY34 period. The ADHD therapy market is projected to expand from ₹1,848.4 crore to ₹2,850 crore across the same window. Reported ASD cases in India rose to 19.11 million in CY25. Access, however, remains uneven, with Tier 2 and Tier 3 cities poorly served.

About Rays of Belief Limited

Rays of Belief operates under the brand Mom's Belief. It provides intervention plans for children with autism, ADHD, developmental delay, cerebral palsy, and communication disorders. Care is delivered through Company Learning Centres, centres run with Licensed Professionals, and School Collaboration Centres. The Company runs 136 centres across 57 cities in 20 states and union territories as of March 31, 2026, spread across 43 Tier 1, 76 Tier 2, and 17 Tier 3 locations.

The model is asset-light. Every centre operates on leased premises, which keeps upfront investment low and supports scalability. Revenue from operations grew from ₹30.61 crore in Fiscal 2024 to ₹81.66 crore in Fiscal 2026, a CAGR of 63.34%. On June 23, 2025, the Company acquired Mom's Belief US, Inc. as a wholly owned subsidiary, extending its footprint to the United States. Nitin Bindlish, the Managing Director and individual promoter, leads the Company alongside its corporate promoter, Carving Futures Pte. Ltd.

Strengths of Rays of Belief

• Rays of Belief ranks first in India by number of centres offering intervention plans for children with neurodevelopmental disorders, and seventh globally among listed players, as of March 31, 2026.
• The company operates 136 centres across 57 cities in 20 states and union territories, spanning Tier 1, Tier 2, and Tier 3 locations.
• An asset-light model, with all centres on leased premises, kept upfront investment low and supported a RoCE of 29.74% in Fiscal 2026.
• The Company has served upwards of 58,000 children since 2018 and built an award-winning brand in Mom's Belief.
• A partnership-led rollout through Licensed Professionals and School Collaboration Centres widens client referrals while limiting capital expenditure.

Risks of Rays of Belief

• The company operates in a highly specialised, sensitive domain of children's care, where any lapse in service quality across its 136 centres could harm its reputation and financial performance.
• Export of services to Carving Futures, a related party, contributed 25.56% of revenue from operations in Fiscal 2026, creating dependence on a single related counterparty.
• New centres are exposed to set-up delays and cost overruns, which could hold back the expansion-led growth that the issue proceeds are meant to fund.
• No comparable listed peers exist in India, making it difficult for investors to benchmark the Company's performance and valuation.
• The company has discontinued certain centre business models in the past, and new models it pilots may also fail and require closure.

Peer Comparison

The RHP states that there are no listed companies in India or in other foreign jurisdictions whose business portfolio is comparable to that of the company and comparable to its scale of operations.

Anchor Investor Bidding Date

Monday, August 31, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
KFin Technologies Limited
Email: robl.ipo@kfintech.com
Tel: +91 40 6716 2222

Book Running Lead Manager
Mefcom Capital Markets Limited

Rays of Belief Contact Details
J-1919, Basement, Chittranjan Park, New Delhi, India - 110 019
Tel: +91 124 4075498
Email: cs@momsbelief.com

Rays of Belief Business Model

The company earns its revenue through intervention and therapy services for children with neurodevelopmental disorders, billed either on a per-session basis or through the purchase of therapy plans. Revenue comes from three sources: domestic centre operations and online services, the export of support services to its corporate promoter Carving Futures Pte. Ltd. under a service agreement, and its overseas centres in the United States. In Fiscal 2026, centre operations contributed 32.04% of revenue from operations, export of services 25.56%, and overseas centres 41.74%. Its asset-light, leased-centre model and its partnerships with Licensed Professionals and schools allow it to widen its client base while keeping capital expenditure low.

Rays of Belief Growth Trajectory

Rays of Belief Limited's Total Income for FY26 was ₹82.06 crore, whereas in FY25 and FY24 it was ₹36.54 crore and ₹30.76 crore, respectively.

The Profit After Tax for FY26 was ₹4.96 crore, whereas in FY25 and FY24 it was ₹5.88 crore and ₹0.85 crore, respectively.

Their EBITDA for FY26 was ₹11.91 crore, whereas in FY25 and FY24 it was ₹3.02 crore and ₹1.49 crore, respectively.

Rays of Belief Market Position

Rays of Belief operates 136 centres across 57 cities in 20 states and union territories, with a deliberate focus on Tier 2 and Tier 3 cities where developmental care has traditionally been scarce.

As of March 31, 2026, the company ranked first in India by number of centres offering intervention plans for children with neurodevelopmental disorders, and seventh globally among listed players in the behavioural-health domain, positioning it to benefit as the market expands into underserved geographies.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹82.06 crore, ₹4.96 crore, and ₹11.91 crore, respectively.

How to apply for Rays of Belief IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.