Rays of Belief IPO Review 2026: Key Investor Insights

The Rays of Belief IPO is open for bidding from 1 September 2026 to 3 September 2026. It is a bookbuilding issue of Rs 125 crore, comprising an entirely fresh issue of 52,30,000 equity shares. The issue will be listed on both BSE and NSE, with a tentative listing date of 8 September 2026.

Incorporated in 2017, Rays of Belief operates under the Mom’s Belief brand and is a for-profit social enterprise providing personalised intervention plans for children with neurodevelopmental disorders such as Autism Spectrum Disorder, ADHD, Down Syndrome and Cerebral Palsy. The company has grown rapidly from 71 centres in FY23 to 136 centres as of March 2026, and has recently expanded into the United States.

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Rays of Belief IPO Details

The Rays of Belief IPO date is fixed between 1 September 2026 and 3 September 2026. The face value of Rays of Belief shares is Rs 10 per share, and the issue price band is set between Rs 227 and Rs 239 per share. Kfin Technologies Ltd. is the registrar of the issue and is responsible for managing the allotment process and initiating refunds. Check the latest Rays of Belief IPO details in the table below.

Particular	Details
Allotment Date	4 September 2026
Open Date	1 September 2026
Close Date	3 September 2026
Refund Initiation	7 September 2026
Issue Size	52,30,000 shares (agg. up to Rs 125 Cr)
Fresh Issue	52,30,000 shares (agg. up to Rs 125 Cr)
Offer for Sale	Nil
Face Value	Rs 10 per share
Lot Size	62 Shares
Issue Price	Rs 227 to Rs 239
Issue Type	Bookbuilding IPO
Listing At	BSE, NSE
Listing Date	8 September 2026

Rays of Belief IPO Share Reservation

Rays of Belief IPO is a bookbuilding issue of 52,30,000 shares. As a mainboard issue, SEBI norms require the net offer to be split across QIB, NII and retail investor categories. The table below shows the indicative share reservation.

Investor Category	Shares Offered	Shares Percentage
QIB	26,15,000	50.00%
NII (HNI)	7,84,500	15.00%
Retail	18,30,500	35.00%
Total	52,30,000	100.00%

Financial Health

Rays of Belief reported total income of Rs 82.06 crore for the year ended 31 March 2026, up 125 percent from Rs 36.54 crore in the previous fiscal, driven by the rapid expansion of its centre network. EBITDA rose to Rs 11.91 crore from Rs 3.02 crore, lifting the EBITDA margin to 14.59 percent from 8.28 percent.

Profit after tax, however, declined 16 percent to Rs 4.96 crore in FY26 from Rs 5.88 crore in FY25, and PAT margin fell from 16.15 percent to 6.07 percent. This suggests that the company’s rapid centre expansion and its acquisition of a US subsidiary have not yet translated into proportionate bottom line growth.

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Technical Analysis

Key Indicators	Value
PE Ratio (Price to Earnings)	75.63
EPS (Earnings Per Share)	Rs 3.16
RoNW	21.64%
ROCE	29.74%
ROE	21.64%
EBITDA Margin	14.59%
Price to Book Value	15.25
Market Capitalisation	Rs 499.55 Cr

The pre-issue PE ratio of Rays of Belief works out to around 75.63 times, which is a steep valuation for a company whose FY26 profit after tax declined year on year. Note that the net asset value per share changed sharply during FY26 following capital structure changes ahead of the issue, so the price to book figure above should be read alongside the company’s growth trajectory rather than in isolation.

Note: The data mentioned above is taken from the RHP/DRHP and reflects pre-issue financials. The valuation metrics of Rays of Belief are subject to change once the issue is fully subscribed and shares are allotted. Refer to the table below for pre-issue and post-issue metrics.

Indicators	Pre-IPO	Post-IPO
EPS (Rs)	3.16	2.37
PE Ratio (x)	75.63	100.84

Rays of Belief IPO Subscription Status

The Rays of Belief IPO opened for bidding on 1 September 2026. As the issue is currently open, the category wise subscription status is yet to be announced. Stay informed on this page to check the live Rays of Belief IPO subscription status once bidding data becomes available.

Investor Categories	Shares Offered	Shares Percentage	Shares Subscribed	Subscription to the Times
QIB	26,15,000	50.00%	Yet to be announced	Yet to be announced
NII (HNI)	7,84,500	15.00%	Yet to be announced	Yet to be announced
Retail	18,30,500	35.00%	Yet to be announced	Yet to be announced
Total	52,30,000	100.00%	Yet to be announced	Yet to be announced

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About Rays of Belief Limited

Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with neurodevelopmental disorders including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. The company opened its first centre in Gurgaon in 2018 under the brand name Mom’s Belief.

The company has expanded from 71 centres in FY23 to 136 centres as of 31 March 2026, spread across 57 cities and 20 states and union territories, including 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities. In June 2025, Rays of Belief acquired Mom’s Belief US, Inc. as a wholly owned subsidiary, adding three centres in Virginia. As of March 2026, the company had a team of over 340 full time clinical professionals.

Competitive Strengths: an established multidisciplinary service model covering early intervention, occupational therapy, language therapy and family support; a strong presence in underserved Tier 2 and Tier 3 markets; and early stage international expansion through its US subsidiary.

Rays of Belief Limited Financials

Rays of Belief Ltd. revenue increased by 125 percent while profit after tax declined 16 percent between the year ended 31 March 2025 and 31 March 2026. See the table below for the company financials on a restated standalone basis.

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	50.89	26.12	12.89
Total Income	82.06	36.54	30.76
Profit After Tax	4.96	5.88	0.85
EBITDA	11.91	3.02	1.49
Net Worth	30.81	15.02	5.78
Reserves and Surplus	15.22	14.70	5.47
Total Borrowings	3.61	4.36	–

Amount in Rs Crore

Note that FY26 financials are presented on a consolidated basis following the acquisition of the company’s US subsidiary, while FY25 and FY24 figures are on a standalone basis, which should be kept in mind while comparing the numbers.

Rays of Belief Limited IPO Promoter Holdings

Rays of Belief is promoted by Nitin Bindlish and Carving Futures Pte. Ltd. Together, the promoter and promoter group held around 92.93 percent of the company on a pre-issue basis.

Category	Pre-Issue	Post-Issue
Promoter and Promoter Group	92.93%	Approx. 69.6% (post-dilution)
Public	7.07%	Balance post-issue

Aim of the Rays of Belief IPO

The primary aim of the Rays of Belief IPO is to raise Rs 125 crore through the fresh issue. The company proposes to utilise the net proceeds towards the following objects, aggregating to Rs 76.15 crore, with the balance towards general corporate purposes and issue expenses.

• Setting up Company Learning Centres, including those in partnership with licensed professionals (Rs 26.88 Cr)
• Setting up School Collaboration Centres (Rs 5.54 Cr)
• Setting up a Centre for Excellence and Research (Rs 2.45 Cr)
• Setting up an Upskilling Academy (Rs 2.05 Cr)
• Technology and hardware costs (Rs 4.44 Cr)
• Lease payments for existing centres in India (Rs 14.45 Cr)
• Investment in the US subsidiary, Mom’s Belief US Inc., for lease and licence payments (Rs 10.13 Cr)
• Brand awareness and inclusive outreach programmes (Rs 10.21 Cr)
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

Should I Invest in the Rays of Belief IPO?

Explore the pros and cons of Rays of Belief below to understand the IPO’s potential to deliver returns before deciding whether to apply or avoid the issue.

Pros of Investing in Rays of Belief

• Rapid revenue growth of 125 percent in FY26 alongside a fast expanding centre network, from 71 centres in FY23 to 136 in March 2026
• A differentiated, socially relevant business model addressing a genuine gap in developmental care, with strong presence in Tier 2 and Tier 3 cities
• Early international diversification through the acquisition of a US subsidiary with three centres in Virginia

Cons of Investing in Rays of Belief

• Profit after tax declined 16 percent in FY26 even as revenue surged, with PAT margin falling from 16.15 percent to 6.07 percent
• The issue is priced at a steep pre-issue PE of around 75.63 times, rising further to about 100.84 times on a post-issue basis
• The business depends heavily on retaining skilled clinical professionals and on individual centres reaching profitable scale

How to Apply for the Rays of Belief IPO?

1. Conduct thorough research on the Rays of Belief IPO subscription status, issue size, lot size and other details.
2. Open a demat account with Univest to access real time insights on subscription status, or use your existing demat account by navigating to the IPO section.
3. Place a bid for a minimum of 1 lot of 62 shares, worth Rs 14,818 at the upper price band, or in multiples thereof.
4. You will receive a mandate request after placing the bid. Approve the request on your UPI app to complete the application.

Note: You can apply for the Rays of Belief IPO across multiple demat accounts to increase your chances of allotment.

How to Check Rays of Belief Allotment Status?

You can check the Rays of Belief IPO allotment status in different ways, including the NSE website and the registrar portal. Follow the steps below.

Check On NSE

1. Visit the official NSE website.
2. Navigate to the IPO allotment status section.
3. Select Equity as the issue type and choose Rays of Belief IPO from the list.
4. Choose whether to proceed with your PAN number or application number.
5. Submit your details to view the allotment status online.

Check On the Registrar Portal

1. Visit the official registrar portal of Kfin Technologies Ltd.
2. Click on the IPO allotment status option.
3. Fill in the required details such as PAN, application number or DPID/Client ID.
4. Click submit to check your Rays of Belief IPO allotment status.

Grey market premium (GMP) is an unofficial, unregulated indicator for the Rays of Belief IPO that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.

Let’s Wrap

The Rays of Belief IPO is a Rs 125 crore, entirely fresh issue priced between Rs 227 and Rs 239 per share, with shares proposed to list on BSE and NSE around 8 September 2026. The company runs a fast growing, socially relevant network under the Mom’s Belief brand, but the decline in FY26 profitability alongside a rich valuation are important factors for investors to weigh. Reviewing the RHP, subscription trends and consulting a financial advisor is recommended before applying.

You can open a demat account with Univest to track the Rays of Belief IPO and apply online once the issue opens for bidding.

FAQs on Rays of Belief

What is the Rays of Belief IPO?

Ans. The Rays of Belief IPO is a bookbuilding issue of 52,30,000 equity shares of face value Rs 10 aggregating up to Rs 125 crore. It is an entirely fresh issue priced between Rs 227 and Rs 239 per share.

What is the price band for this IPO?

Ans. The price band for this issue is set at Rs 227 to Rs 239 per equity share.

When does the issue open and close?

Ans. The issue opens on 1 September 2026 and closes on 3 September 2026.

What is the lot size for this issue?

Ans. The lot size is 62 shares, requiring a minimum investment of Rs 14,818 at the upper price band.

Who is the registrar for this offer?

Ans. Kfin Technologies Ltd. is the registrar and is responsible for the allotment process and refunds.

When is the Rays of Belief IPO allotment and listing date?

Ans. The Rays of Belief IPO allotment is expected to be finalised on 4 September 2026, and the shares are tentatively scheduled to list on BSE and NSE on 8 September 2026.

Is the Rays of Belief IPO a good investment?

Ans. Rays of Belief has shown strong FY26 revenue growth and a fast expanding centre network under the Mom’s Belief brand, but profit after tax declined in FY26 and the issue is priced at a relatively high valuation. Investors should study the RHP and assess their risk profile before applying.

How can I apply for this issue?

Ans. You can apply online using UPI or ASBA through your broker or bank, including via a Univest demat account, by bidding for a minimum of 1 lot of 62 shares.