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₹112 - 112 Amounts at the upper price band.
Ravita Engineering Services Ltd
EngineeringIPOSME
₹112 - 112
Incorporated in 2007, Ravita Engineering Services Limited builds and commissions industrial heating, ventilation, and air conditioning (HVAC) networks, chiller plants, and heavy piping across factory floors, offshore oil rigs, and server facilities. The company pairs upfront engineering, procurement, installation, and commissioning (EPIC, or turnkey project delivery) with multi-year operations and maintenance (O&M, or ongoing equipment servicing) contracts to secure predictable post-handover cash flows.
Lot1,200Min Invest₹2,68,800Face Value₹5Issue Size₹116 CrFresh Issue₹116 Cr
Timeline
14 Oct
Bidding opens
16 Oct
Bidding closes
19 Oct
Allotment
21 Oct
Refund & demat credit
22 Oct
Listing
Subscription · As of 7:00 PM, 16 Oct
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB13.2x46.10 L6.10 Cr682.82NII5.74x13.84 L79.46 L88.99Retail3.50x32.31 L1.13 Cr126.55Total6.68x1.04 Cr6.92 Cr727.01
Reports
Offer Details
Terms
Issue Size₹116 Cr1.04 Cr shares
Fresh Issue₹116 Cr
Face Value₹5
Lot Size1,200 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹2,68,8001-1 lots
sNII₹2,68,800from 2 lots
bNII₹10,75,200from 8 lots
Managers & Registrar
Lead ManagerVivro Financial Services Private Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group73.74%53.46%Public26.26%46.54%
Objects of the Issue
- To meet long-term working capital requirements of the Company
- Funding capital expenditure requirements of its Company towards purchase of certain heavy equipment
- General corporate purposes
Anchor Book
Bid Date13-Oct-2026Bid Price₹112Shares29,48,400Amount₹33 Cr30-day lock-in17-Nov-202690-day lock-in16-Jan-2027
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 19 | 13 | 109 | 278 |
| Operating ProfitCr | 1 | 3 | 15 | 40 |
| OPM% | 5.4 | 21.2 | 13.9 | 14.4 |
| PBTCr | 0 | 2 | 15 | 37 |
| PATCr | 0 | 2 | 11 | 28 |
| EPS | 11 | 151 | 6 | 11 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 14 |
| ReservesCr | 2 | 3 | 15 | 86 |
| BorrowingsCr | 6 | 4 | 23 | 19 |
| Fixed AssetsCr | - | - | - | 9 |
| Total AssetsCr | 10 | 9 | 58 | 163 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 1 | 0 | -9 | -47 |
| Investing Cash FlowCr | 0 | 0 | -10 | 0 |
| Financing Cash FlowCr | 3 | -3 | 19 | 52 |
| Net Cash FlowCr | 3 | -3 | 0 | 5 |
Strengths & Risks
Strengths · as stated in the DRHP
- Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings.
- Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts.
- Large engineering workforce enabling fast deployment, multi-site coverage and manpower scalability.
- Long-standing relationships with large clients supporting repeat business.
- Management-driven domain expertise and industry relationships.
- Specialised operational experience in adverse environments and mission-critical data centers.
Strategies · as stated in the DRHP
- Targeting emerging, high-growth industries and geographical expansion.
- Selective bidding for profitability-focused tenders and long-term O&M services contracts, resulting in stable and recurring revenue streams.
- Further expansion into niche engineering projects and strategically diversify into allied infrastructure sectors.
- Improve cost efficiency and execution control by strengthening our owned equipment base.
- Capitalising on the growing adoption of smart building technologies.
Risks · as stated in the DRHP
- significant portion of its Order Book and revenue from operations is attributable to certain key customers, and the company's business and profitability is dependent on its ability to win repeat work orders from such customers. Loss of one or more of the company's customers or reduction in their demand for its services could adversely affect the company's business, results of operations and financial condition.
- A large portion of the company's work orders are secured through competitive bidding. Any delay in completing work orders within the stipulated contractual timelines may adversely affect its future business opportunities and financial performance. Additionally, the company's inability to qualify for, secure, or successfully execute new contracts could have a material adverse effect on its business, financial condition, results of operations, growth prospects and cash flow stability.
- The company's operations are geographically concentrated in the western region of India, particularly in the State of Maharashtra, and territorial waters of India, which together contributed to 65.81%, 84.16%, 100.00% and 99.97% its revenue from operations for the nine-month period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively. Any adverse development in these regions could materially affect the company's business and growth prospects.
- The company's present order book consists of certain large-scale projects. Any delay or impediment to such projects may have an adverse impact on its financial position.
- The company's ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond its control, which may adversely affect the company's business, financial condition and results of operation.
- The company faces the risk of disqualification, suspension or blacklisting by project owners or client, which may bar the company from participating in or executing any future projects. Such actions could limit access to a significant portion of its revenue and have a disproportionate negative effect on the company's business operations, financial performance, cash flows and reputation.