Ravita Engineering Services IPO (₹116 cr) is open Oct 13–15 at ₹105–112. Check lot size, category-wise subscription, financials and allotment steps.
Last updated: Tue, Oct 13, 2026, 11:10 AM IST
- IPO dates: Tue, Oct 13, 2026 to Thu, Oct 15, 2026
- Price band: ₹105 to ₹112 per share
- Lot size: 2,400 shares (₹2,68,800 at the upper band)
- Issue size: ₹116 crore
Ravita Engineering Services Ltd., an engineering solutions company specializing in HVAC and industrial compressor systems, is raising ₹116 crore through its IPO, which opened on Tue, Oct 13, 2026 and closes on Thu, Oct 15, 2026 at a price band of ₹105 to ₹112 per share. As of Tue, Oct 13, 2026, 11:10 AM IST, the issue is currently open for subscription. Here is everything you need to know about the Ravita Engineering Services IPO.
Ravita Engineering Services IPO Details
| Field | Value |
|---|---|
| IPO date | Tue, Oct 13, 2026 to Thu, Oct 15, 2026 |
| Listing date | To be announced |
| Face value | ₹5 per share |
| Price band | ₹105 to ₹112 per share |
| Lot size | 2,400 shares |
| Total issue size | 1,03,62,000 shares (₹116 crore) |
| Listing at | NSE |
| Lead managers | Vivro Financial Services Pvt Ltd |
| Registrar | MUFG Intime India Pvt Ltd. |
Ravita Engineering Services IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Mon, Oct 12, 2026 (tentative) |
| IPO opens | Tue, Oct 13, 2026 |
| IPO closes | Thu, Oct 15, 2026 |
| UPI mandate cut-off | Thu, Oct 15, 2026, 5 PM |
| Basis of allotment | Fri, Oct 16, 2026 (tentative) |
| Refunds initiated | Mon, Oct 19, 2026 (tentative) |
| Shares credited to demat | Mon, Oct 19, 2026 (tentative) |
| Listing date | Tue, Oct 20, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
About Ravita Engineering Services
Ravita Engineering Services Ltd. is an engineering solutions company specializing in the Engineering, Procurement, Installation, and Commissioning (EPIC) of HVAC systems, central air-conditioning, chiller plants, and industrial compressors. As per the DRHP, the company also provides comprehensive operation and maintenance (O&M) services for its own projects and third-party systems. It serves a diverse range of commercial and industrial clients, including offshore rigs, platforms, and data centers. The company classifies its business operations into three distinct segments: Onshore, Offshore, and Data Center.
The company operates as an engineering solutions provider rather than a manufacturing establishment. Consequently, it does not have a specified installed manufacturing capacity. Its business model focuses on delivering high-criticality engineering services, which allows the company to maintain a presence in specialized environments. The company leverages its large engineering workforce to ensure manpower scalability across varying project sizes and service requirements, supporting its ability to deliver services in complex, mission-critical settings.
By providing both EPIC and O&M services, the company maintains a balanced revenue mix. This dual-service approach is designed to create technical differentiation and support premium engagement opportunities with its clients. The company’s historical focus has been on building long-standing relationships with large clients, which it identifies as a key driver for repeat business. The company’s operations are managed by its promoters, Vibhoar Agrawal, Rachita Agrawal, and Starwings Realtors Pvt Ltd., who oversee the strategic direction and execution of its engineering projects.
Ravita Engineering Services Financial Performance
| Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 1,086.13 | 134.93 | 185.65 |
| Total income (₹ crore) | 1,093.00 | 135.28 | 186.02 |
| Profit after tax (₹ crore) | 118.27 | 15.08 | 1.08 |
| Net worth (₹ crore) | 151.31 | 33.04 | 17.96 |
| Total borrowings (₹ crore) | 222.68 | 22.97 | 36.49 |
| EPS (₹) | 1,182.70 | 150.80 | 10.84 |
- Revenue from operations fell 27.3% in FY 2023-24 from ₹185.65 crore to ₹134.93 crore, followed by a 705% growth in FY 2024-25 to ₹1,086.13 crore, indicating significant volatility in top-line performance.
- Profit after tax grew 1291.1% in FY 2023-24 to ₹15.08 crore and further increased by 684.3% in FY 2024-25 to reach ₹118.27 crore, reflecting a rapid expansion in net profitability.
- The PAT margin stood at 0.58% in FY 2022-23, rising to 11.18% in FY 2023-24 before settling at 10.89% in FY 2024-25, suggesting a stabilization in the company’s ability to convert revenue into profit.
- Total borrowings rose from ₹22.97 crore to ₹222.68 crore in FY 2024-25, resulting in a debt-to-equity ratio of 1.47x, which highlights a substantial increase in the company’s reliance on external debt financing.
Ravita Engineering Services IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2024-25 (%) | 128.31 |
| Debt-to-equity, FY 2024-25 (x) | 1.47 |
| PAT margin, FY 2024-25 (%) | 10.89 |
The company reported a return on equity of 128.31% for FY 2024-25, alongside a PAT margin of 10.89% and a debt-to-equity ratio of 1.47x for the same period. These figures provide a snapshot of the company’s financial efficiency and leverage at the end of the last financial year. As per the DRHP, there are no listed companies whose business operations are similar to that of the company or are of a comparable size. Consequently, it is not possible to provide an industry comparison or a comparison of accounting ratios with industry peers to assess the valuation.
Promoters and Shareholding
Promoters: Vibhoar Agrawal, Rachita Agrawal, Starwings Realtors Pvt Ltd..
| Holder | Pre-issue % | Post-issue % |
|---|---|---|
| Promoter & promoter group | 73.74% | — |
| Public | 26.26% | — |
The promoters of the company are Vibhoar Agrawal, Rachita Agrawal, and Starwings Realtors Pvt Ltd. Before the issue, the promoter and promoter group held 73.74% of the equity, while the public held 26.26%. The post-issue shareholding pattern will be determined upon the successful completion of the IPO and the final allotment of shares.
Objects of the Issue
| Purpose | Amount (₹ crore) |
|---|---|
| To meet long-term working capital requirements | 70.00 |
| Funding capital expenditure requirements towards purchase of | 25.53 |
The company intends to use the net proceeds from the fresh issue to meet long-term working capital requirements, for which it has allocated ₹70.00 crore. Additionally, it plans to allocate ₹25.53 crore for capital expenditure towards the purchase of heavy equipment. The IPO consists entirely of a fresh issue of up to 1,25,00,000 equity shares, meaning the funds raised will be injected directly into the company to support its operational and expansion goals.
Strengths and Risks
Strengths
- The company possesses comprehensive electro-mechanical engineering capabilities, offering both EPIC and O&M services to maintain a balanced revenue mix.
- It maintains a large engineering workforce that allows for manpower scalability across varying project sizes and diverse service requirements.
- The company has developed long-standing relationships with large clients, which supports its ability to secure repeat business opportunities.
- It holds specialized operational experience in high-criticality environments, such as offshore rigs and data centers, which creates technical differentiation.
Risks
- The company faces significant customer concentration, with the top five customers accounting for 81.48% of revenue for the nine months ended December 31, 2025.
- Supplier concentration is also a risk, as the top five suppliers accounted for 60.77% of revenue for the nine months ended December 31, 2025.
- The company is involved in legal proceedings, including three indirect tax claims totaling ₹236.86 lakhs and one material civil litigation involving ₹325.50 lakhs.
- There are instances of inconsistencies and discrepancies in filing certain forms under the Companies Act, and the company is unable to trace some historical records.
Things Investors Should Know
- The minimum investment for retail investors at the upper price band of ₹112 per share is ₹2,68,800 for a lot size of 2,400 shares.
- The IPO is open for subscription until the UPI mandate cut-off time of 5 PM on Thu, Oct 15, 2026.
- Vivro Financial Services Pvt Ltd is the lead manager for this issue, and MUFG Intime India Pvt Ltd is the registrar.
- While there is no litigation against the promoters, the company itself faces three indirect tax claims and one material civil litigation.
- The IPO consists of a fresh issue of shares, meaning all proceeds will go to the company for its stated business objectives.
How to Check Ravita Engineering Services IPO Allotment Status
- Registrar: open the IPO allotment status page of MUFG Intime India Pvt Ltd. (https://in.mpms.mufg.com/), select Ravita Engineering Services, and enter your PAN, application number or DP/client ID.
- BSE: on bseindia.com, open the IPO allotment status page, choose “Equity”, select the issue name, and enter your application number and PAN.
- NSE: look up the issue on nseindia.com and use its application status option with your application number and PAN.
- Broker or UPI app: most brokers and UPI apps also show whether your application was allotted.
If you are not allotted shares, the amount blocked in your bank account through ASBA or your UPI mandate is released after the refund date. No money is debited.
Ravita Engineering Services IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | NSE |
Ravita Engineering Services IPO FAQs
What is the Ravita Engineering Services IPO price band?
The price band for the Ravita Engineering Services IPO is set between ₹105 and ₹112 per share. Investors looking to participate in the issue must place their bids within this specified range. The face value of each equity share is ₹5, and the final issue price will be determined after the bidding process concludes.
When does the Ravita Engineering Services IPO open and close?
The Ravita Engineering Services IPO opened for public subscription on Tue, Oct 13, 2026. The issue will remain open for bidding until Thu, Oct 15, 2026. Investors must ensure their applications are submitted and their UPI mandates are approved by the cut-off time of 5 PM on the closing date.
What is the Ravita Engineering Services IPO lot size and minimum investment?
The lot size for the Ravita Engineering Services IPO is 2,400 shares. At the upper price band of ₹112 per share, the minimum investment required for a single retail application is ₹2,68,800. Investors must bid for this minimum lot size or in multiples thereof to be eligible for the allotment.
What is the Ravita Engineering Services IPO allotment date and how do I check allotment status?
The basis of allotment for the Ravita Engineering Services IPO is tentatively scheduled for Fri, Oct 16, 2026. Once the allotment is finalized, investors can check their status through the official website of the registrar, MUFG Intime India Pvt Ltd, or via the NSE portal using their application details.
Who are the promoters of Ravita Engineering Services and how much will they hold after the IPO?
The promoters of Ravita Engineering Services are Vibhoar Agrawal, Rachita Agrawal, and Starwings Realtors Pvt Ltd. Before the IPO, the promoter and promoter group held 73.74% of the company’s equity. Their exact shareholding percentage after the completion of the fresh issue will be updated once the final allotment process is concluded.
How will Ravita Engineering Services use the IPO money?
Ravita Engineering Services plans to use the net proceeds from the fresh issue for two primary objectives. The company has allocated ₹70.00 crore to meet its long-term working capital requirements and ₹25.53 crore to fund capital expenditure requirements towards the purchase of certain heavy equipment for its engineering operations.
Who is the registrar and lead manager of the Ravita Engineering Services IPO?
The lead manager appointed for the Ravita Engineering Services IPO is Vivro Financial Services Pvt Ltd. The registrar for the issue is MUFG Intime India Pvt Ltd. Investors can visit the registrar’s website at https://in.mpms.mufg.com/ to track their application status and address any queries related to the allotment process.
Is the Ravita Engineering Services IPO a fresh issue or an offer for sale?
The Ravita Engineering Services IPO consists entirely of a fresh issue of up to 1,25,00,000 equity shares. There is no offer for sale component in this issue. This means that all the funds raised through the IPO will go directly to the company to support its long-term working capital and capital expenditure.
What are the key risks of the Ravita Engineering Services IPO?
Key risks include high customer and supplier concentration, with the top five customers accounting for 81.48% of revenue for the nine months ended December 31, 2025. Additionally, the company faces three indirect tax claims totaling ₹236.86 lakhs and one material civil litigation involving ₹325.50 lakhs, alongside potential issues regarding historical record-keeping.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Tue, Oct 13, 2026, 11:10 AM IST. IPO investments are subject to market risks; read the offer document carefully before investing.
