Ravita Engineering Services IPO
Closes Fri 16 Oct14–16 Oct 2026
Our IPO analysis
The five questions
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1How it makes money₹76 of every ₹100 of sales comes from its "EPIC projects" segment. ₹62 of every ₹100 comes from Maharashtra and Territorial Waters of India.
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2Is it growing, and is profit turning into cash?Sales grew 20.6x from 2024 to 2026 (₹13.5 cr → ₹278 cr).
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3How much cushion does it have?Our first read of the document missed this. We are reading it again.
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4What you pay, and who gets the moneyAll the money raised goes to the company. At ₹112 you pay about ₹15 for every ₹1 of last year's profit.
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5Who controls it, and what is on record?Promoters own 73% before the IPO. The document discloses 2 legal matters.
From the draft document. The final prospectus may change it.
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Latest update:
GMP +1.8% (₹2) · Price band ₹105–₹112 · Closes 16 Oct 2026 · Allotment 19 Oct 2026 (Confirmed) · Lists 22 Oct 2026 (Expected)
GMP is a compass, not a ruler: across the 60 IPOs we followed to listing it pointed the right way 80% of the time. The record
What Ravita Engineering Services does
Ravita Engineering Services Limited is an engineering solutions company engaged in the Engineering, Procurement, Installation, and Commissioning (EPIC) of heating, ventilation, and air-conditioning (HVAC) systems, central air-conditioning solutions, airflow systems, chiller plants, industrial compressors, cooling equipment, and other related electromechanical equipment on a turnkey basis. The company also provides comprehensive operation and maintenance (O&M) services.
Ravita Engineering Services financials
Rs crore · Annual| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 13 | 109 | 278 | |
| Operating Profit | — | — | — | |
| OPM % | — | — | — | |
| Net Profit | — | — | — | |
| Total Debt | 4 | 23 | 19 |
Ravita Engineering Services IPO offer structure
Fresh issue: ₹116 cr
The fresh issue alone, not the total raise: the document we read does not state the offer-for-sale part.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- To meet long-term working capital requirements of our Company: ₹70 cr
- Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment: ₹26 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
- A significant portion of our Order Book and revenue from operations is attributable to certain key customers. (p.26)
- A large portion of our work orders are secured through competitive bidding, and delays may affect future opportunities. (p.26)
- Our operations are geographically concentrated in the western region of India, particularly Maharashtra and Gujarat. (p.26)
- Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings (p.182)
- Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts (p.183)
- Large engineering workforce enabling fast deployment, multi‑site coverage and manpower scalability (p.183)
Ravita Engineering Services market and competition
Ravita Engineering Services Ltd. operates in the specialized HVAC, MEP, and electro-mechanical engineering services space. 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. Along with expansion in emerging, high-growth industries, we also intend to expand and diversify our geographical presence.
Ravita Engineering Services IPO: common questions
What is the Ravita Engineering Services IPO GMP (grey-market premium) today?
As of 14 Oct 2026 the indicative grey-market premium (GMP) for the Ravita Engineering Services IPO is +1.8% from a single grey-market source. GMP is unregulated and self-reported, so treat it as a sentiment signal, never a guarantee. For context, across the 60 IPOs we have tracked from a pre-listing GMP quote through to the actual listing, grey-market premium pointed the right way 80% of the time. Never decide on GMP alone.
When does the Ravita Engineering Services IPO open and close?
The Ravita Engineering Services IPO is open for bidding from 14 Oct 2026 to 16 Oct 2026. You can bid on any working day in that window through a broker app or net banking, and a UPI mandate has to be approved by the cut-off time on the closing day. Allotment is fixed on the working day after the close.
What is the Ravita Engineering Services IPO price band?
The Ravita Engineering Services IPO price band is ₹105–₹112 per share. You can bid at any price inside the band, and a retail investor can bid at cut-off, which accepts the final issue price, usually the top of the band. The minimum investment is always worked out at that upper end.
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 19 Oct 2026, refund/unblock around 20 Oct 2026 and listing around 22 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. We do not recommend brokers and carry no broker links. How to apply, start to finish →
How often do these actually open above the issue price?
Of the 718 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.
Check it at the source: The offer document · NSE issues · SEBI offer documents