Rays of Belief IPO
Rays of Belief IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹227-239 |
| Face Value | ₹10 |
| Lot Size | 62 Shares |
| Issue Size | ₹125 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| NSE Symbol | MOMSBELIEF.NS |
| BSE Scrip Code | 7920 |
| Min Investment | ₹14,818 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 62 | ₹14,818 |
| Retail (Max) | 13 | 806 | ₹192,634 |
| S-HNI (Min) | 14 | 868 | ₹207,452 |
| B-HNI (Min) | 68 | 4,216 | ₹1,007,624 |
Strengths & Risks
Strengths
- The centre network has grown fast, from 71 centres in FY2023 to 136 centres as on 31 March 2026, across 57 cities and 20 states and union territories.
- Total income grew 125% in FY2026, from Rs 36.54 crore to Rs 82.06 crore.
- EBITDA improved sharply, from Rs 1.49 crore in FY2024 to Rs 3.02 crore in FY2025 and Rs 11.91 crore in FY2026.
- The company carries almost no debt. Total borrowing was only Rs 3.61 crore against a net worth of Rs 30.81 crore as on 31 March 2026.
- A large part of the network is in smaller cities, with 77 Tier 2 and 17 Tier 3 centres, where there are few options for this kind of care.
- It has a qualified team of more than 340 full time clinical professionals and a structured set of tools, with over 150 at the centres and more than 2,000 through home kits.
- It has entered the USA through the June 2025 purchase of Mom's Belief US, Inc., adding three centres in Virginia.
- Awareness and diagnosis of neurodevelopmental disorders is rising in India, and organised providers in this field are still few.
Risks
- Profit fell even as sales more than doubled. Profit after tax came down 16% in FY2026, from Rs 5.88 crore to Rs 4.96 crore, while income rose 125%. The cost of opening centres is running ahead of the income they bring.
- The FY2026 figures are on a consolidated basis while the earlier years are standalone, as noted on the offer document, so the growth is not a like for like comparison.
- Return on capital employed is low at 7.49%, which shows the money put into building the centre network is not yet earning much.
- The price band, issue size and lot size have not been announced yet, so the valuation cannot be judged at this stage.
- A large part of the money is for rent rather than for assets. About Rs 14.45 crore is for lease payments on existing centres in India and Rs 10.13 crore for lease and licence payments in the USA, which are running costs and do not create anything that can be sold later.
- A further part is kept for an unidentified acquisition and general corporate purposes, so investors do not know where that money will go.
- The business depends on trained clinical staff. Finding and keeping therapists across 136 centres in 57 cities is difficult, and quality can vary between centres.
- Families pay for this care mostly out of their own pocket, as insurance cover for developmental therapy is limited in India, so demand is sensitive to household budgets.
- The US business is new, bought only in June 2025, and is a very different market in terms of regulation, insurance and cost.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 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 Borrowing | 3.61 | 4.36 |
About The Company
Rays of Belief Ltd was started in 2017. It is a for-profit social enterprise that makes personalised intervention plans for children with neurodevelopmental disorders. These include 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 and works under the brand name Mom's Belief. It has grown from 71 centres in FY2023 to 136 centres as on 31 March 2026, spread across 57 cities and 20 states and union territories. Of these, 42 are in Tier 1 cities, 77 in Tier 2 and 17 in Tier 3, so a large part of the network is in smaller cities where such care is harder to find.
It mainly works with children between 18 months and 12 years, and runs special programmes on vocational and life skills for children up to 15 years. Its services include early intervention, parental guidance, occupational therapy, language therapy and family support. Its centres carry more than 150 teaching tools and its home based learning kits give access to more than 2,000 teaching tools, with regular follow up and progress tracking. As on 31 March 2026 it had a team of over 340 full time clinical professionals. In June 2025 it bought Mom's Belief US, Inc. as a wholly owned subsidiary along with Allergy and Immunology Virginia, LLC, adding three centres in Virginia at Salem, Lynchburg and Roanoke.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 9.06× | 1,830,310 | — |
| Non-Institutional Investors (NII) | 279.11× | 784,500 | — |
| Retail Individual Investors (RII) | 195.87× | 523,000 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 107.71× | 3,137,810 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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