Ravita Engineering
What they do: Ravita Engineering Services Limited operates in the engineering services sector, focusing on providing specialized services that have driven significant revenue growth and profitability. The business model emphasizes operational efficiency and strategic market positioning.
By IPO Milega Research · Published
Ravita Engineering Services Limited shows strong revenue growth and profitability, with a significant increase in total revenue and net profit over the past years.
- GMP (unofficial)
- N/A
- Grey market premium
- Opens
- 13 Oct
- Closes 15 Oct
- Min. investment
- ₹2,68,800
- 2400 shares
GMP is an unofficial grey market indication.
- Price band
- ₹105-112
- Lot size
- 2400 shares
- Min. investment
- ₹2,68,800
- Issue size
- 116.05 Cr.
- Open13 Oct 2026
- Close15 Oct 2026
- Allotment16 Oct 2026
- Listing21 Oct 2026
Overview
Grey market data isn't available for this issue, so the gains estimate uses fundamentals only and ignores listing-day sentiment.
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance8.0
- Flexibility8.0
- Timing6.0
- Risk4.0
The approximate gains potential is based on the company's strong historical revenue growth, profitability, and strategic positioning in high-growth sectors. However, the lack of GMP data limits the precision of this estimate, and external market conditions pose additional risks.
Strengths3
- Significant revenue growth from ₹1,856.50 lakhs in Fiscal 2023 to ₹10,861.27 lakhs in Fiscal 2025.
- Improved EBITDA from ₹100.94 lakhs in Fiscal 2023 to ₹1,565.01 lakhs in Fiscal 2025.
- Expanded order book to ₹47,966.23 lakhs as of December 31, 2025.
Concerns5
- High dependency on major customers, with top client contributing over 30% of revenue.
- Geographical concentration in Maharashtra, exposing to regional risks.
- Potential project delays affecting financial performance.
- Interest rate risk due to variable-rate borrowings.
- Market volatility affecting share price post-IPO.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,68,8002 lots, 2400 shares
- Retail Maximum2,68,8002 lots, 2400 shares
- S-HNI Minimum4,03,2003 lots, 3600 shares
- S-HNI Maximum9,40,8007 lots, 8400 shares
- B-HNI Minimum10,75,2008 lots, 9600 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,68,800 |
| Retail Maximum | 2 | 2400 | 2,68,800 |
| S-HNI Minimum | 3 | 3600 | 4,03,200 |
| S-HNI Maximum | 7 | 8400 | 9,40,800 |
| B-HNI Minimum | 8 | 9600 | 10,75,200 |
Timing
6.0/10The timing of the IPO is moderately favorable. While there are significant external risks such as geopolitical tensions and economic uncertainties, the company's recent financial performance shows strong growth, which could appeal to investors. The market environment is not optimal, but the company's growth trajectory provides a positive counterbalance.
- Time to market
- The company is entering the market at a time of geopolitical and economic uncertainty, which could affect investor sentiment and the company's operations. However, its recent financial growth suggests potential for investor interest, balancing the timing risks.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- NSE SME
Key milestones
- 13 Oct 2026IPO Opens
- 15 Oct 2026IPO Closes
- 16 Oct 2026Basis of Allotment
- 19 Oct 2026Refunds Initiated
- 19 Oct 2026Credit to Demat Account
- 21 Oct 2026Listing Date
Financials
7.0/10- Revenue
- ₹278 Cr
- +154.2%
- Profit after tax
- ₹28.04 Cr
- +137.0%
- Net margin
- 10.1%
- -0.7 pts
- Assets
- ₹58.24 Cr
- +541.4%
- Return on equity
- 12.79
- Debt to equity
- 0.59
- Current ratio
- 2.59
- Revenue CAGR
- 100%
- ROCE
- 48.65%
- Return on net worth
- 48.90%
- NAV per share (₹)
- 36.44
Financial performance trend
Amount ₹ in croresRavita Engineering Services Limited shows strong revenue growth and profitability, with a significant increase in total revenue and net profit over the past years. The company has a healthy equity base and manageable debt levels, although the current liabilities are relatively high. The financial ratios indicate a solid liquidity position, but the quick ratio suggests potential challenges in meeting short-term obligations without relying on inventory sales.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks2
- Operational risks2
- Regulatory risks1
Ravita Engineering Services faces high customer concentration, regional dependency, and financial reporting risks, impacting its financial stability and market adaptability.
How the company offsets these
Diversifying customer base and geographical presence can mitigate concentration risks.
Financial risks2
- Interest rate risk due to variable-rate borrowings.
- Potential discrepancies in financial reporting due to lack of IFRS reconciliation.
Market risks2
- Market volatility affecting share price post-IPO.
- Geographical concentration in Maharashtra, exposing to regional risks.
Operational risks2
- High dependency on major customers, with top client contributing over 30% of revenue.
- Potential project delays affecting financial performance.
Regulatory risks1
- Potential regulatory changes impacting operations and financials.
Performance
8.0/10Ravita Engineering Services Ltd. operates in the specialized HVAC, MEP, and electro-mechanical engineering services space, focusing on end-to-end project execution, installation, commissioning, and operations & maintenance (O&M). The company differentiates itself through its integrated service model, addressing complex engineering requirements and lifecycle service contracts. It has shown significant revenue growth, with a notable increase from ₹1,856.50 lakhs in Fiscal 2023 to ₹10,861.27 lakhs in Fiscal 2025. The company's EBITDA and profit after tax have also improved significantly over the same period, reflecting operational leverage and margin expansion.
- Historical growth
- The company has demonstrated strong historical growth, with revenue increasing significantly over the past three fiscal years., Revenue grew from ₹1,856.50 lakhs in Fiscal 2023 to ₹10,861.27 lakhs in Fiscal 2025.
- Market comparison
- Ravita Engineering Services Ltd. operates in a moderately to highly competitive market but differentiates itself through its integrated service model and execution reliability. It faces competition from both regional and national service providers but has no direct 'apple-to-apple' peers.
- Future potential
- The company is well-positioned for future growth, targeting emerging high-growth industries and geographical expansion.
- Operational consistency
- The company's balanced revenue mix and strong order book provide revenue stability and growth opportunities.
- Experience
- The management team, led by Vibhoar Agrawal and Sunildutt Narayan Goswami, has extensive experience in the engineering and EPC industry.
- Track record
- The management has successfully driven the company's growth and development, particularly since taking over in February 2025.
Key achievements
- 01Significant revenue growth from ₹1,856.50 lakhs in Fiscal 2023 to ₹10,861.27 lakhs in Fiscal 2025.
- 02Improved EBITDA from ₹100.94 lakhs in Fiscal 2023 to ₹1,565.01 lakhs in Fiscal 2025.
- 03Expanded order book to ₹47,966.23 lakhs as of December 31, 2025.
Flexibility
8.0/10Ravita operates in a fragmented and competitive market, leveraging its unique integrated service model to address complex engineering requirements. Its ability to offer end-to-end solutions and maintain high execution standards differentiates it from competitors, allowing it to adapt to market demands effectively.
The company maintains a large and scalable workforce, enabling rapid deployment and multi-site project execution. Its operational model supports both project execution and long-term maintenance, providing flexibility in resource allocation and service delivery.
Ravita Engineering Services Ltd. demonstrates strong flexibility and adaptability through its comprehensive service offerings, diversified client base, and strategic growth plans. The company operates across multiple sectors, including onshore, offshore, and data centers, providing both EPIC and O&M services. This diversification, along with a robust order book and strategic expansion into high-growth industries, positions Ravita well for future adaptability.
- Product diversification
- Ravita offers a wide range of services, including turnkey electro-mechanical projects, HVAC services, automation and control solutions, and integrated facility management, catering to various sectors such as oil & gas, mining, defense, data centers, and marine.
- Future adaptability
- Ravita's strategic focus on emerging high-growth industries, geographical expansion, and selective bidding for profitable tenders positions it well for future adaptability. Its plans to strengthen its equipment base and expand into allied infrastructure sectors further enhance its adaptability potential.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.