| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 13.49 | 108.61 | 277.63 |
| Expenses | 11.44 | 93.49 | 240.35 |
| Other Income | 0.04 | 0.69 | 0.19 |
| Total Revenue | 13.53 | 109.30 | 277.82 |
| Profit Before Tax | 2.09 | 15.81 | 37.47 |
| Net Profit | 1.51 | 11.83 | 28.04 |
Ravita Engineering Services
Ravita Engineering Services IPO
₹2,52,000
0.65 xOver-subscribedBidding Dates 14 Oct, 26 -16 Oct, 26
Min Investment ₹2,52,000
Lot Size1,200
Price Range ₹105 – ₹112
Issue Size ₹116.05 Cr.
Download Doc
IPO Subscription Details
Retail Subscription Details
0.57 x
Non-Institutional Buyers (sHNI)
0.41 x
Non-Institutional Buyers (bHNI)
0.28 x
Qualified Institutional Buyers (QIB)
1.05 x
Total0.65 x
0.65 x IPO Timeline
IPO Offer Start
14 Oct,26
IPO Offer Ends
16 Oct,26
Allotment Finalisation
19 Oct,26
Refund Initiation
21 Oct,26
Listing of Shares
22 Oct,26
IPO Analysis
Strengths
The company provides end-to-end electro-mechanical solutions through two complementary service lines — EPIC and O&M — enabling it to address client needs across the full asset lifecycle. Revenue from EPIC projects was ₹21,099.07 lakhs (76%) and O&M was ₹6,664.22 lakhs (24%) in Fiscal 2026.
The company benefits from a dual revenue structure combining short-to-medium cycle EPIC projects (typically 6–14 months) and multi-year O&M contracts (12–36 months), providing both growth opportunities and revenue stability across multiple industries and geographies.
The company maintains a workforce of 399+ employees (368 engineering/technical staff as of June 30, 2026), enabling rapid mobilisation across multiple sites simultaneously; on-roll manpower cost stood at ₹406.40 lakhs for Q1 FY2027, representing 5.20% of total operating cost.
Risks
A significant portion of the company's Order Book and revenue is attributable to a few key customers — top five clients accounted for up to 99.49% of revenue in Fiscal 2024 and 78.65% in Fiscal 2026. Loss of one or more key customers or reduction in their demand could materially and adversely affect the company's business, results of operations, and financial condition.
A large portion of the company's contracts are secured through competitive tendering, with no assurance of winning bids even after meeting eligibility criteria — onshore success rates ranged from 16.67% to 26.58% in recent fiscals. Delays in execution may result in penalties, blacklisting, or contract termination, adversely affecting financial condition and growth prospects.
The company's operations are heavily concentrated in Maharashtra, Gujarat, and territorial waters of India, which together contributed between 59.12% and 100% of revenue from operations across recent periods. Any adverse regulatory, political, or economic development in these regions could materially impact business performance and growth prospects.
Objectives
The company intends to utilize a portion of the Net Proceeds to meet its long-term working capital requirements for Fiscal 2027 and Fiscal 2028, supporting incremental business needs arising from its growing order book across onshore, offshore, and data centre segments.
The company proposes to utilize Net Proceeds towards purchasing heavy equipment including trucks, dumpers, dozers, cranes, and allied machinery to reduce reliance on leased/rented equipment, optimize operating costs, and improve operational control.
The balance Net Proceeds are intended for general corporate purposes including maintenance of machineries, strategic initiatives, brand building, administration, insurance, marketing, repairs, taxes, and other ordinary business expenses, subject to prescribed regulatory limits.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 9.08 | 58.24 | 162.97 |
| Fixed Assets | 1.74 | 11.48 | 10.17 |
| Total Equity & Liabilities | 9.08 | 58.24 | 162.97 |
| Total Liabilities | 5.77 | 43.11 | 63.41 |
| Current Liabilities | 4.38 | 41.93 | 62.35 |
| Non Current Liabilities | 1.39 | 1.18 | 1.06 |
| Total Equity | 3.30 | 15.13 | 99.56 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -3.06 | 0.26 | 4.52 |
| Investing Activities | 0.03 | -10.03 | -0.40 |
| Operating Activities | 0.17 | -8.94 | -46.85 |
| Financing Activities | -3.26 | 19.24 | 51.77 |
About Ravita Engineering Services
Ravita Engineering Services Limited is an engineering solutions company engaged in Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems, central air-conditioning, chiller plants, industrial compressors, and related electro-mechanical equipment on a turnkey basis, along with Operation & Maintenance (O&M) services. The company's operations are structured across three verticals —...more
Website
Managing DirectorVibhoar Agrawal
we are part of Raise Financial Services
built with love
for indians who love to invest & trade
Market Community
Follow us on
