Ravita Engineering Upcoming
What they do: The company provides engineering services, focusing on expanding its operations and increasing its market share, as evidenced by its growing revenue and asset base.
By IPO Milega Research · Published
Ravita Engineering Services Limited has shown significant growth in revenue and 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
- ₹112
- Lot size
- 2400 shares
- Min. investment
- ₹2,68,800
- Issue size
- N/A
- 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
- Timing5.0
- Risk4.0
The approximate gains potential is based on the company's strong financial performance and growth prospects, despite the lack of GMP data. Ravita Engineering has shown significant revenue and profit growth, a diversified order book, and strategic expansion plans. However, external market conditions and risks could impact the actual gains.
Strengths3
- Revenue growth from ₹1,856.50 lakhs in FY 2023 to ₹10,861.27 lakhs in FY 2025.
- Profit after tax increased from ₹10.84 lakhs in FY 2023 to ₹1,182.70 lakhs in FY 2025.
- Successful expansion into data center operations with significant order book.
Concerns5
- Dependence on major customers for revenue
- Geographical concentration in Maharashtra
- Potential delays in large-scale projects
- 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
5.0/10The IPO is being launched amidst significant external risks, including geopolitical conflicts and potential economic slowdown in India, which could affect investor sentiment and the company's operational costs. While the company has shown revenue growth, the external environment presents uncertainties that could impact the IPO's success.
- Time to market
- The company's decision to go public now may be driven by its recent financial growth, but the timing is risky due to external geopolitical and economic factors that could negatively impact market conditions and investor confidence.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 4.0
- 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
- 13.0
- Debt to equity
- 0.18
- 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 has shown significant growth in revenue and profit over the past years. The company has a strong asset base and a manageable level of liabilities, indicating a stable financial position. However, the high increase in trade receivables and inventories suggests potential cash flow management issues.
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 risks3
- Market risks2
- Operational risks1
- Regulatory risks1
Ravita Engineering faces high customer concentration, regional dependency, and financial reporting risks, with limited mitigation strategies.
How the company offsets these
Mitigation includes prudent liquidity management and structuring borrowings for competitive funding.
Financial risks3
- Dependence on major customers for revenue
- Interest rate risk due to variable-rate borrowings
- Credit risk from trade receivables
Market risks2
- Geographical concentration in Maharashtra
- Market volatility affecting share price post-IPO
Operational risks1
- Potential delays in large-scale projects
Regulatory risks1
- Regulatory changes impacting operations
Performance
8.0/10Ravita Engineering Services Ltd. operates in the specialized HVAC, MEP, and electro-mechanical engineering services space, offering end-to-end project execution and O&M services. The company has shown significant growth in revenue and profitability over the past few years, driven by its unique integrated service model and strong execution capabilities. It has a diversified order book across onshore, offshore, and data center segments, with a focus on long-term client relationships and recurring revenue streams from O&M contracts.
- Historical growth
- The company has experienced rapid growth in revenue and profitability over the past few years., High
- Market comparison
- Ravita Engineering Services Ltd. operates in a fragmented market with no direct peers offering a fully comparable service model. Its integrated execution and service model provides a competitive edge.
- Future potential
- The company is well-positioned for future growth, targeting emerging high-growth industries and geographical expansion.
- Operational consistency
- The company has shown significant growth in recent years, but the revenue pattern has been inconsistent with a major jump in FY 2025.
- 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 expansion into new segments.
Key achievements
- 01Revenue growth from ₹1,856.50 lakhs in FY 2023 to ₹10,861.27 lakhs in FY 2025.
- 02Profit after tax increased from ₹10.84 lakhs in FY 2023 to ₹1,182.70 lakhs in FY 2025.
- 03Successful expansion into data center operations with significant order book.
Flexibility
8.0/10Ravita operates in a fragmented, relationship-driven market with no direct peers matching its integrated service model. Its ability to offer end-to-end solutions and maintain high execution standards positions it well in a competitive landscape. The company is also aligning with energy efficiency regulations, which is crucial for securing long-term contracts.
Ravita has shown significant financial growth, with revenue increasing from ₹1,856.50 lakhs in Fiscal 2023 to ₹10,861.27 lakhs in Fiscal 2025. Its EBITDA and profit after tax have also improved, indicating strong financial health. The company's debt-to-equity ratio has decreased, reflecting better financial management.
Ravita's large engineering workforce and ability to mobilize skilled manpower across multiple sites enhance its operational agility. The company maintains a scalable workforce, allowing it to respond promptly to client requirements and undertake projects simultaneously across various locations.
Ravita Engineering Services Ltd. demonstrates strong flexibility and adaptability in the competitive HVAC and electro-mechanical services market. The company has a unique integrated service model, a diversified product portfolio, and a balanced revenue mix from EPIC and O&M contracts. Its financial growth, strategic expansion into high-growth sectors, and robust order book further enhance its 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. It serves diverse sectors such as oil & gas, mining, defence, data centres, and marine.
- Future adaptability
- Ravita plans to expand into high-growth industries like luxury hospitality, pharmaceuticals, and shipyards. It is also focusing on geographical expansion and selective bidding for profitable tenders, which will enhance its adaptability and growth 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.