31 Mar 2024
Assets12.89
Total Income30.76
EBITDA1.49
Profit After Tax0.85
NET Worth5.78
Reserves and Surplus5.47
At a glance
Updated 2026-08-24Rays of Belief is a Mainboard IPO with an issue size of ₹0.52 crore, proposed for listing on BSE, NSE. The issue structure includes a fresh issue of ₹0.52 crore.
Issue details
Listing atBSE, NSE
Issue typeBook Build Issue
Issue size₹125.00 Cr
Fresh issue₹125.00 Cr
Face value₹10
Price band₹227.00–₹239.00
Grey market
GMP page ↗Latest GMPNO GMP
GMP / upper priceNO DATA
Est. listingNO DATA
GMP is unofficial sentiment data, not an exchange price.
Subscription demand
Full bidding ↗NO DATAWaiting for a verified live exchange update.
Reservation
QIB—Not less than 75% of the Issue size shares
Retail—Not more than 10% of the Issue shares
NII—Not more than 15% of the Issue shares
Company
Use of proceeds
| Object | Amount |
|---|---|
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | ₹26.88 Cr |
| School Collaboration Centres | ₹5.54 Cr |
| Centre for Excellence and Research | ₹2.45 Cr |
| Upskilling Academy | ₹2.05 Cr |
| Technology (hardware) costs | ₹4.44 Cr |
| Expenditure for lease payments for existing centres in India | ₹14.45 Cr |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | ₹10.13 Cr |
| Expenditure for brand awareness and inclusive outreach programs | ₹10.21 Cr |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | — |
| Total | ₹76.15 Cr |
Financials
Full financials ↗31 Mar 2025
Assets26.12
Total Income36.54
EBITDA3.02
Profit After Tax5.88
NET Worth15.02
Reserves and Surplus14.70
Total Borrowing4.36
31 Mar 2026
Assets50.89
Total Income82.06
EBITDA11.91
Profit After Tax4.96
NET Worth30.81
Reserves and Surplus15.22
Total Borrowing3.61
Trend chart₹ crore
KPIs
| KPI | Mar 31, 2025 | Mar 31, 2026 |
|---|---|---|
| ROE | 56.56% | 21.64% |
| ROCE | 7.49% | 29.74% |
| Debt / Equity | 0.29% | 0.12% |
| RoNW | 56.56% | 21.64% |
| PAT Margin | 16.15% | 6.07% |
| EBITDA Margin | 8.28% | 14.59% |
| Price to Book Value | 0.88 |
Valuation & shareholding
Pre-IPO EPS3.16
Post-IPO EPS2.37
Pre-IPO P/E75.63
Post-IPO P/E100.84
Promoter holding pre92.93%
Promoter holding post0.00%
Market cap₹499.55 Cr.
Registrar & lead managers
Registrar
Kfin Technologies Ltd.Lead managers
- Mefcom Capital Markets Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-08-24.