Rays of Belief Ltd saw its shareholding pattern shift as LRSD Capital Private Limited disposed of 93,000 equity shares in an open market transaction on October 9, 2026. This sale reduced the seller’s aggregate holding to 4.16% of the company’s total voting capital.

The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. LRSD Capital Private Limited, formerly known as LRSD Securities Private Limited, acted as the seller. The transaction was executed in the open market, with no warrants or convertible securities involved in this specific disposal.

Transaction details

The following table outlines the change in holding position before and after the sale:

The total equity share capital of Rays of Belief remained unchanged at 2,09,01,682 equity shares of ₹10 each both before and after the transaction. The seller’s holding along with Persons Acting in Concert (PAC), specifically RGSL Investment LVF 1, fell below the 5% threshold following this disposal.

Context of recent holdings

This latest sale follows a period of significant activity for the entity. The previous disclosure under Regulation 29(1) occurred on September 9, 2026, reporting the acquisition of 13,54,233 equity shares (6.48%) through allotment in the Initial Public Offer (IPO) dated September 4, 2026.

Between that IPO allotment and the current sale, LRSD Capital and its PAC had already disposed of 3,92,056 equity shares (1.88%) in the open market. That earlier reduction brought the holding down to 4.60%. The present sale of 93,000 shares takes the aggregate disposal since the last major disclosure to 4,85,056 equity shares (2.32%).

What the numbers show

The data reveals a rapid transition from a substantial IPO allocation to a sub-5% strategic holding within approximately one month. The entity acquired 6.48% via the IPO on September 4, 2026, and by October 9, 2026, had reduced its stake to 4.16%. This sequence indicates an immediate exit strategy from the IPO allotment, with the combined disposals of 3,92,056 shares (pre-disclosure) and 93,000 shares (current) totaling nearly 2.32% of the company’s capital sold shortly after listing.

Rays of Belief Limited reported a consolidated net profit of ₹27.87 million for the quarter ended June 30, 2026 (Q1FY27), swinging from a loss of ₹5.37 million in the corresponding period last year. The company’s EBITDA rose 865.21% to ₹50.77 million, with margins expanding to 20.06% from 4.45% year-on-year.

This profitability turnaround was underpinned by robust top-line growth. Consolidated revenue from operations stood at ₹253.14 million, reflecting a substantial increase of 136.45% from ₹107.06 million recorded in Q1FY26. The Board of Directors approved these unaudited standalone and consolidated financial results on September 28, 2026, which were reviewed by Suri & Sudhir, Chartered Accountants.

Financial Performance Overview

The shift from loss to profit was driven by robust top-line growth and improved operational efficiency. Employee benefits expense increased to ₹108.44 million from ₹65.84 million year-on-year, while other expenses rose to ₹94.43 million from ₹36.52 million. Despite the rise in costs, the significant jump in revenue allowed for positive operating leverage. The net profit margin improved to 11.01%, marking an increase of 1,603 bps YoY.

Segment Analysis: India and USA

The company operates across two primary geographical segments: India and the USA. In Q1FY27, the USA segment contributed ₹128.23 million to revenue, slightly exceeding the India segment’s contribution of ₹124.91 million. This represents a major shift from Q1FY26, where India accounted for over 91% of total revenue.

The USA segment reported a profit before tax and finance costs of ₹18.13 million, while the India segment contributed ₹21.81 million. The balanced contribution highlights the diversification of the company’s earnings base following its recent listing and international expansion.

What the Numbers Show

A key observation is the rapid scaling of the US operations alongside margin expansion. Revenue from the USA grew from ₹8.96 million in Q1FY26 to ₹128.23 million in Q1FY27, indicating aggressive expansion or consolidation effects. Concurrently, total assets grew to ₹553.80 million from ₹448.59 million in the prior year, supporting this operational scale-up. The company also noted that Mom’s Belief US Inc acquired City Pro Group Inc in September 2026, which may impact future consolidated figures.

Business Operations and Management Commentary

Rays of Belief Limited operates primarily under the Mom's Belief brand, providing personalized intervention programmes for children with neurodevelopmental needs such as autism and ADHD. The company runs 136 centres across India and is developing a broader developmental-care ecosystem combining clinical services, family participation, and technology.

Nitin Bindlish, Managing Director, Rays of Belief Limited, stated that the strong financial performance reflects the focus on strengthening presence in child development and behavioural healthcare through therapy centres and digital programmes. In FY26, the company achieved ₹816.62 million in revenue and ₹50.04 million in net profit.

Subsequent Events and Listing

Rays of Belief Limited was listed on the National Stock Exchange of India Limited and BSE Limited on September 8, 2026. Consequently, the comparative figures for the quarter ended June 30, 2025, were prepared by management and were not subject to audit or review, as the company was unlisted at that time. The statutory auditors have issued limited review reports for the current quarter’s financials.