Rays of BeliefIPO Review — Financials, Valuation & Peers
A data-only look at the Rays of Belief IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 30.76 | 0.85 | 1.49 | 5.78 | 12.89 | — | — |
| FY 2025 | 36.54 | 5.88 | 3.02 | 15.02 | 26.12 | 4.36 | — |
| FY 2026 | 82.06 | 4.96 | 11.91 | 30.81 | 50.89 | 3.61 | 3.16 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 21.64%
- RoE
- 21.64%
- RoCE
- 29.74%
- Debt / Equity
- 0.12
- EPS (pre-issue)
- ₹3.16
- EPS (post-issue)
- ₹2.37
- EBITDA Margin
- 14.59%
- PAT Margin
- 6.07%
- NAV / share
- ₹15.67
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Nitin Bindlish, Carving Futures Pte.Ltd.</p>
- Holding (pre-issue)
- 92.93%
- Holding (post-issue)
- 0%
- Dilution
- 92.93%
Analysis in brief
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Rays of Belief operates at an EBITDA margin of 14.59% and a net (PAT) margin of 6.07% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 29.74% and a return on equity (RoE) of 21.64%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward company learning centres and company learning centres in partnership with licensed professionals (₹26.88 crore), alongside expenditure for lease payments for existing centres in india (₹14.45 crore). In all, 9 objects are disclosed.
Financials
In FY2026, Rays of Belief reported revenue of ₹82.06 crore and a net profit of ₹4.96 crore. Revenue grew from ₹30.76 crore in FY2024 to ₹82.06 crore in FY2026 (+167.0%). Net worth stood at ₹30.81 crore at the end of FY2026.
Promoters
The promoters of the company are <p>Nitin Bindlish, Carving Futures Pte.Ltd.</p>. Promoter holding stands at 92.93% before the issue and comes down to 0% after listing.
Frequently asked questions
- Who are the promoters of Rays of Belief and what is their holding?
- The promoters are <p>Nitin Bindlish, Carving Futures Pte.Ltd.</p>. Promoter holding is 92.93% before the issue and 0% after listing.
- What are the objects of the Rays of Belief IPO?
- The net proceeds go primarily toward company learning centres and company learning centres in partnership with licensed professionals, among 9 disclosed objects.