Rays of Belief (Mom's Belief) IPO: Check Price Band, Timeline & Key Details
- Rays of Belief (Mom's Belief) files DRHP for IPO, listing scheduled for September 8, 2026.
- India's #1 NDD intervention network with 136 centres across 57 cities and 20 states.
- Revenue grew at a CAGR of 63.34% to ₹81.66 Crore (FY2026 consolidated).
- Identified proceeds of ₹76.15 Crore earmarked for new centre expansion and lease payments.
- Key risks include negative operating cash flows, short-term lease dependencies, and related-party revenue concentration.
*this image is generated using AI for illustrative purposes only.
Rays of Belief Limited (Mom's Belief) has filed its DRHP for an IPO, marking a significant step for India's largest Neurodevelopmental Disorder (NDD) intervention network. The company plans to list on September 8, 2026, seeking to raise funds for aggressive expansion across Tier 2 and Tier 3 cities. While specific issue size and price band details remain undisclosed, the filing highlights strong revenue growth and a robust operational footprint of 136 centres nationwide.
Company Overview
Rays of Belief Limited, incorporated in 2017 and operating under the brand Mom's Belief, is a For-Profit Social Enterprise specializing in intervention plans for children with Neurodevelopmental Disorders (NDDs). The company serves children aged 18 months to 15 years with conditions including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, and Intellectual Disabilities.
As of March 31, 2026, the company operates 136 centres across 57 cities in 20 states and union territories. It holds the #1 position in India by number of centres offering NDD intervention plans and ranks #7 globally among listed players in the behavioral health domain. The management team is led by Managing Director Nitin Bindlish, who has over 12 years of experience in the healthcare industry.
Offer Details
The company has outlined the following timeline for its public offering:
| Event | Date |
|---|---|
| IPO Opening Date | 01-Sep-2026 |
| IPO Closing Date | 03-Sep-2026 |
| Allotment Date | 04-Sep-2026 |
| Listing Date | 08-Sep-2026 |
Price Band: Not Available Issue Size: Not Available Lot Size: Not Available
Objects of the Issue
The total identified proceeds amount to approximately ₹76.15 Crore, allocated as follows:
- New Centre Establishment: ₹41.36 Crore for capital expenditure towards new Company Learning Centres, technology hardware, and research facilities.
- Lease Payments (India): ₹14.45 Crore for lease payments for existing centres in India for the next 3 fiscal years.
- US Subsidiary Support: ₹10.13 Crore for lease/license payments for 3 existing US centres in Virginia.
- Brand Awareness: ₹10.21 Crore for digital marketing, webinars, and community outreach programs.
- General Corporate Purposes: Unspecified amount for inorganic growth and working capital.
Financial Highlights
The company has demonstrated significant revenue growth, driven by organic expansion and the consolidation of US subsidiaries. Note that FY2024 and FY2025 data are standalone, while FY2026 data is consolidated.
| Metric (₹ Crore) | FY2024 (Standalone) | FY2025 (Standalone) | FY2026 (Consolidated) |
|---|---|---|---|
| Revenue from Operations | 30.61 | 36.42 | 81.66 |
| Total Expenses | 30.66 | 36.19 | 75.16 |
| Profit Before Tax (PBT) | 0.10 | 0.35 | 6.90 |
| Total Profit (PAT) | 0.85 | 5.88 | 4.96 |
| EBITDA | 1.491 | NA | 11.911 |
Revenue from Operations grew at a CAGR of 63.34% from FY2024 to FY2026. However, investors should note that operating cash flows were negative at ₹-1.94 Crore in FY2026 consolidated.
Risk Factors
- Leased Premises Dependency: All 136 centres operate on short-term leases (11 months to 3 years). Approximately 30–37% of capex for Company Learning Centres is non-recoverable if leases are not renewed.
- Negative Operating Cash Flows: Despite reporting profits, the company recorded negative cash flows from operations of ₹-1.94 Crore in FY2026, which may persist during the aggressive expansion phase.
- Related Party Concentration: 25.56% of FY2026 Revenue from Operations was derived from export services to related parties, posing a concentration risk.
- High Trade Receivables: Trade receivables stood at ₹18.088 Crore as of March 31, 2026, with an average collection period of 81 days.
- Implementation Risk: The plan to establish 319 new centres lacks identified locations or definitive agreements, creating execution uncertainty.
Valuation & Peer Comparison
Specific peer comparison data and valuation metrics such as P/E ratios are not available in the current DRHP data as the price band has not been disclosed. The company positions itself against global listed players in the behavioral health domain, ranking #7 globally.
Bottom Line
Rays of Belief presents a unique investment proposition as India's leading organized player in the NDD intervention space. With a strong revenue growth trajectory and a clear expansion roadmap, the company aims to capitalize on the underserved market in Tier 2 and Tier 3 cities. However, investors must carefully weigh the high growth potential against structural risks, including negative operating cash flows, heavy reliance on leased premises, and related-party revenue concentration. The final decision will likely hinge on the undisclosed price band and the execution capability of the proposed 319-centre expansion.
How will the company address the sustainability of its business model given the persistent negative operating cash flows amidst aggressive expansion?
What specific strategies will Rays of Belief employ to mitigate the risk of lease non-renewal for its 136 centres, where 30-37% of capex is non-recoverable?
To what extent will the planned expansion into Tier 2 and Tier 3 cities impact customer acquisition costs and average revenue per user compared to existing metro operations?
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