Ravita Engineering Services IPO
Upcoming13–15 Oct 2026
What stands out in the offer document
The five questions
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1How it makes money₹54 of every ₹100 of sales comes from its "Onshore" segment. ₹66 of every ₹100 comes from Territorial Waters of India and Maharashtra.
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2Is it growing, and is profit turning into cash?Sales grew 5.9x from FY 2023 to FY 2025 (₹18.6 cr → ₹109 cr). Over 3 years it made ₹13.4 cr of profit and brought in −₹8.1 cr of cash from operations.
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3How much cushion does it have?It owes ₹1.53 for every ₹1 of its own money. The line for infrastructure / epc is ₹3.
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4What you pay, and who gets the moneyAll the money raised goes to the company. At ₹112 you pay about ₹19 for every ₹1 of last year's profit (two figures in the document don't match; check p.273).
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5Who controls it, and what is on record?Promoters own 74% before the IPO. The document discloses 2 legal matters.
New to these terms? What a DRHP is · New shares vs shareholders selling · Lock-in periods
From the draft document. The final prospectus may change it.
Latest update:
Price band ₹105–₹112 · Closes 15 Oct 2026 · Allotment 16 Oct 2026 (Confirmed) · Lists 21 Oct 2026 (Expected)
What Ravita Engineering Services does
We are an engineering solutions company engaged in Engineering, Procurement, Installation and Commissioning (“EPIC”) of heating, ventilation and air-conditioning (“HVAC”) systems, central air-conditioning solutions, air flow systems, chiller plants, industrial compressors, cooling equipment and other related electromechanical equipment on a turnkey basis for diverse commercial and industrial establishments including offshore rigs, platforms and other installations. We also provide comprehensive operation and maintenance (“O&M”) services for both projects executed by us and systems installed by third-party solution providers.
Ravita Engineering Services financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| FY 2023 | FY 2024 | FY 2025 | 9M ended December 31, 2025 | ||
|---|---|---|---|---|---|
| Sales | 19 | 13 | 109 | 208 | |
| Operating Profit | 1 | 3 | 16 | 30 | |
| OPM % | 5.4% | 21.2% | 14.4% | 14.4% | |
| Net Profit | 0 | 2 | 12 | 21 | |
| Total Debt | 6 | 4 | 23 | 16 |
Ravita Engineering Services IPO offer structure
Fresh issue: ₹116 cr
The offer-for-sale component is not stated in what we extracted from the offer document, so the full issue size and the split between the two are unknown. This figure is the fresh issue alone, not the total raise. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- To meet long-term working capital requirements of our Company: ₹66 cr
- Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment: ₹25 cr
- General Corporate Purposes
Ravita Engineering Services promoters and holding
- VIBHOAR AGRAWAL: Chairman and Executive Director
- RACHITA AGRAWAL: Promoter
- STARWINGS REALTORS PRIVATE LIMITED: Corporate Promoter
Ravita Engineering Services risks and strengths
Risk factors the company discloses, then the strengths it claims, both from the offer document.
- A significant portion of our Order Book and revenue from operations is attributable to certain key customers, and our business and profitability is dependent on our ability to win repeat work orders. (p.28)
- Our operations are geographically concentrated in the western region of India, particularly in the State of Maharashtra, and territorial waters of India. (p.31)
- Our Company has experienced a recent change in management and control pursuant to the acquisition of shareholding by our current Promoters in February 2025. (p.42)
- Our Company is subject to certain outstanding tax demands. (p.38)
- Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings (p.179)
- Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts (p.181)
- Large engineering workforce enabling fast deployment, multi‑site coverage and manpower scalability (p.181)
- Long-standing relationships with large clients supporting repeat business (p.182)
- Management-driven domain expertise and industry relationships (p.183)
Ravita Engineering Services market and competition
While the broader market includes multiple regional and national service providers offering HVAC, air-conditioning, refrigeration, and allied engineering services, there is no direct “apple-to-apple” peer that matches Ravita’s integrated execution and service model.
Ravita Engineering Services outlook, as the document states it
We intend to expand our business operations by targeting new industry verticals such as luxury hospitality, shipyards, pharmaceuticals, biotechnology, sophisticated manufacturing facilities, airports and data centres, which require advanced and reliable HVAC and electro-mechanical solutions. Along with expansion in emerging, high-growth industries, we also intend to expand and diversify our geographical presence.
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Ravita Engineering Services IPO: common questions
When does the Ravita Engineering Services IPO open and close?
The Ravita Engineering Services IPO is open from 13 Oct 2026 to 15 Oct 2026.
What is the Ravita Engineering Services IPO price band?
The price band is ₹105–₹112 per share.
What is the lot size and minimum investment for the Ravita Engineering Services IPO?
One lot is 1200 shares, and a retail application must be at least one lot. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
When are the Ravita Engineering Services IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 16 Oct 2026, refund/unblock around 19 Oct 2026 and listing around 21 Oct 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Ravita Engineering Services IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. Bidding opens 13 Oct 2026. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 717 SME IPOs that have listed on the NSE since 2016, 566 (79%) opened above their issue price, at a median of +11%. That is the segment's own record, not a forecast for this issue.