IPO Analysis
Ravita Engineering Services Limited IPO Analysis: GMP, Financials, Valuation & Risks
Ravita Engineering Services Limited IPO opens on October 13, 2026, with a price band of 105 to 112 per share and a GMP of 10 as of 12 Oct 2026, 5:05 pm IST.
By Vatsal Patel
ยท 4 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Ravita Engineering Services Limited IPO is an SME issue on NSE SME, with a price band of 105 to 112 per share and an issue size of Approx 116.05 Crores. The IPO is open from October 13, 2026 to October 15, 2026.
IPO snapshot
| Particulars | Details |
|---|---|
| Price band | 105 to 112 Per Share |
| Market lot | 2 |
| Shares per lot | 2400 |
| Retail minimum application | 2,68,800 |
| Issue size | Approx 116.05 Crores |
| Fresh issue | 98,40,000 shares (agg. up to 110 Cr) |
| Offer for sale | Not available |
| Issue type | Bookbuilding IPO |
| Face value | 5 per share |
| Exchange | NSE SME |
| IPO type | SME |
Dates table
| Event | Date |
|---|---|
| IPO open | October 13, 2026 |
| IPO close | October 15, 2026 |
| Allotment | October 16, 2026 |
| Refunds | October 19, 2026 |
| Credit to demat | October 19, 2026 |
| Listing | October 21, 2026 |
Business
Ravita Engineering Services Limited, incorporated in December 2007, provides Engineering, Procurement, Installation and Commissioning services for HVAC systems, central air-conditioning solutions, air flow systems, chiller plants, industrial compressors, cooling equipment and other electromechanical equipment on a turnkey basis.
The company also provides Operations and Maintenance services for projects it has executed and for systems installed by third-party solution providers. Its operations cover Onshore, Offshore and Data Center work.
As of June 30, 2026, the company had 399 permanent employees, including 369 in site operations.
Financials
| Period ended | Assets | Revenue | Profit after tax | EBITDA | Net worth | Reserves and surplus | Total borrowing |
|---|---|---|---|---|---|---|---|
| 31 Mar 2024 | 9.08 | 13.53 | 1.51 | 2.86 | 3.30 | 3.20 | 3.52 |
| 31 Mar 2025 | 58.24 | 109.30 | 11.83 | 15.65 | 15.13 | 15.03 | 23.11 |
| 31 Mar 2026 | 162.97 | 277.82 | 28.04 | 40.05 | 99.56 | 85.90 | 19.21 |
| 30 Jun 2026 | 207.34 | 97.45 | 10.13 | 14.04 | 109.69 | 96.03 | 30.88 |
Valuation
| Metric | Value |
|---|---|
| ROE | 9.68% |
| ROCE | 10.60% |
| Debt to equity ratio | 0.28 |
| Return on net worth | 9.68% |
| PAT margin | 10.40% |
| EBITDA margin | 14.42% |
| Net asset value | 40.15 |
| Price to book value | 2.79 |
| Earnings per share | 11.05(Basic) |
| Price earning ratio | N/A |
GMP
The unofficial grey market premium is 10 as of 12 Oct 2026, 5:05 pm IST. That works out to an estimated listing price of 122, with an estimated listing percent of 8.93.
GMP history
| Date | GMP | Estimated listing percent |
|---|---|---|
| 2026-10-09 | 0 | 0 |
| 2026-10-10 | 12 | 10.7 |
| 2026-10-11 | 0 | 0 |
| 2026-10-12 | 10 | 8.93 |
Strengths
The company works across Onshore, Offshore and Data Center projects, which gives it exposure to different end markets.
It has reported work across 6 rigs and 16 associated offshore oil and gas platforms during the last three fiscal years and the three months ended June 30, 2026.
Its Data Center business has secured data center infrastructure work orders aggregating 12,000.00 lakhs in Maharashtra.
Risks
The company had total borrowing of 30.88 as of 30 Jun 2026, compared with 19.21 at 31 Mar 2026.
Its business depends on project execution in EPIC and O&M services, so delays or changes in project flow can affect results.
The IPO is an SME issue, so listing and liquidity conditions may differ from larger mainboard issues.
Important dates
| Event | Date |
|---|---|
| Open | October 13, 2026 |
| Close | October 15, 2026 |
| Allotment | October 16, 2026 |
| Refunds | October 19, 2026 |
| Credit to demat | October 19, 2026 |
| Listing | October 21, 2026 |
Promoters
The promoters are Vibhoar Agrawal, Rachita Agrawal and Starwings Realtors Pvt.Ltd.
FAQs
What is the price band for Ravita Engineering Services IPO?
The price band is 105 to 112 per share.
What is the issue size?
The issue size is Approx 116.05 Crores.
What is the lot size for retail investors?
The retail minimum and maximum application is 2 lots, or 2400 shares, for 2,68,800.
What is the unofficial grey market premium right now?
The unofficial grey market premium is 10 as of 12 Oct 2026, 5:05 pm IST.
When is the listing date?
The listing date is October 21, 2026.