Ravita Engineering Services IPO Details, Dates & Financials 2026
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Ravita Engineering Services opens its ₹116.05 Cr SME IPO on 13 Oct 2026. Read the complete breakdown of business operations, order book, objects of the issue, and financial performance.
Direct answer: The Ravita Engineering Services SME IPO opens for bidding on 13 Oct 2026 and closes on 15 Oct 2026 with a price band set between ₹105.0 and ₹112.0 per share. Issue details and company filings are tracked via Ravita Engineering Services on BuyUnlistedShares, provided by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Business Overview and Market Operations
Founded in December 2007 as Powermech Services Private Limited and later renamed, Ravita Engineering Services Ltd. operates in turnkey Engineering, Procurement, Installation, and Commissioning (EPIC) contracts. The company provides HVAC systems, central air-conditioning, chillers, compressors, airflow equipment, and integrated electromechanical installations for commercial, industrial, offshore, and utility sector clients.
| Item | Value | As of |
|---|---|---|
| Price band | ₹105 – ₹112 | 9 Oct 2026 |
| Lot size | 1200 shares | 9 Oct 2026 |
| Issue size | ₹116.05 Cr | 9 Oct 2026 |
| Fresh issue | ₹110.21 Cr | 9 Oct 2026 |
| Exchange | NSE SME | 9 Oct 2026 |
| Issue type | SME | 9 Oct 2026 |
| Face value | ₹5 | 9 Oct 2026 |
| Opens | 13 Oct 2026 | 9 Oct 2026 |
| Closes | 15 Oct 2026 | 9 Oct 2026 |
| Allotment | 16 Oct 2026 | 9 Oct 2026 |
| Listing | 21 Oct 2026 | 9 Oct 2026 |
| Registrar | MUFG Intime India Pvt.Ltd. | 9 Oct 2026 |
Per the offer document, the company organizes its operational footprint across three core expertise verticals:
- Onshore: Project execution across industrial plants, commercial complexes, and utilities in Gujarat, Maharashtra, Odisha, and Karnataka.
- Offshore: Electro-mechanical and HVAC execution on rigs, marine platforms, and specialized offshore installations within Indian territorial waters.
- Data Centre: High-reliability cooling infrastructure, HVAC utilities, and operations and maintenance (O&M) services to support continuous uptime. As of 31 Dec 2025, the company served a major Indian conglomerate at its Navi Mumbai data centre facility, with a dedicated data centre O&M order book of ₹74.04 Cr (₹7,403.63 lakhs).
Additionally, the company executes niche engineering projects, such as laying sub-sea effluent treatment plant (ETP) discharge pipelines at Paradeep, Odisha. As of 31 Dec 2025, the total unexecuted order book stood at ₹479.66 Cr (₹47,966.23 lakhs) across 17 ongoing projects, including 10 EPIC projects worth ₹225.27 Cr (₹22,527.08 lakhs). Investors tracking engineering and industrial sector offerings can compare this profile with related filings like HD Fire Protect IPO Details, Dates, Financials & RHP Analysis (2026) and Quality Enviro Engineers: Business, Financials & SME IPO Plan (2026).
Ravita Engineering Services IPO Structure and Timeline
The public issue is a book-built issue on the NSE SME platform aggregating up to ₹116.05 Cr, with a fresh issue component of ₹110.21 Cr representing 9,840,000 equity shares of face value ₹5.0 each. Promoters Vibhoar Agrawal, Rachita Agrawal, and Starwings Realtors Pvt. Ltd. hold 73.74% pre-issue equity, which will adjust to 53.46% post-issue.
Key scheduling, bidding terms, and allocation limits reported in the offer documents are summarised below:
Investors reviewing upcoming public offerings and schedule updates can consult the IPO calendar curated by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Objects of the Issue
The gross proceeds from the fresh issue will be deployed across specific capital requirements listed in the DRHP, amounting to a total net allocation of ₹91.09 Cr alongside general corporate allocations:
- Long-Term Working Capital: ₹66.00 Cr (₹6,600.00 lakhs) to finance operational execution across ongoing EPIC contracts and project site inventories.
- Capital Expenditure: ₹25.09 Cr (₹2,509.39 lakhs) for procuring heavy machinery and specialized equipment necessary for onshore and offshore installations.
- General Corporate Purposes: Balance funds (capped at 15% of gross issue proceeds or ₹10.00 Cr, whichever is lower) reserved for administrative, corporate, and operational requirements.
Financial Summary and Operating Trends
Financial statements included in the restated offer document display growth across revenues, operating margins, and asset balances between FY23 and 9M FY26 (period ended 31 Dec 2025).
The financial trend chart illustrates total income expanding from ₹18.60 Cr in FY23 to ₹208.32 Cr in the nine-month period ended 31 Dec 2025, alongside steady EBITDA margin growth.
Key restated financial parameters for the past four reporting periods are outlined below:
- Total Income: ₹18.60 Cr in FY23, ₹13.53 Cr in FY24, ₹109.30 Cr in FY25, and ₹208.32 Cr in 9M FY26 (ended 31 Dec 2025).
- EBITDA: ₹1.01 Cr in FY23, ₹2.86 Cr in FY24, ₹15.65 Cr in FY25, and ₹30.06 Cr in 9M FY26.
- Profit After Tax (PAT): ₹0.11 Cr in FY23, ₹1.51 Cr in FY24, ₹11.83 Cr in FY25, and ₹20.99 Cr in 9M FY26.
- Net Worth: ₹1.80 Cr as of 31 Mar 2023, ₹3.30 Cr as of 31 Mar 2024, ₹15.13 Cr as of 31 Mar 2025, and ₹92.51 Cr as of 31 Dec 2025.
- Total Assets: ₹9.80 Cr in FY23, ₹9.08 Cr in FY24, ₹58.24 Cr in FY25, and ₹146.68 Cr as of 31 Dec 2025.
As of 31 Mar 2025, key performance indicators included a Return on Capital Employed (ROCE) of 71.71%, Return on Net Worth (RONW/ROE) of 128.31%, PAT Margin of 10.82%, EBITDA Margin of 14.41%, and a Debt-to-Equity ratio of 1.53. Based on the upper price band of ₹112.0, the company's market capitalisation is ₹422.02 Cr, with a pre-issue P/E of 25.87x and a post-issue P/E of 15.07x.
Strengths and Key Risk Factors
Prospective applicants should evaluate both operational capabilities and risk factors stated in the regulatory filings.
Key Strengths
- End-to-End Execution: Comprehensive turnkey capabilities spanning design, engineering, procurement, installation, commissioning, and long-term O&M services.
- Multi-Sector Reach: Diversified presence across onshore industrial facilities, offshore platforms, and data centre utilities.
- Substantial Order Book: ₹479.66 Cr in total order book value as of 31 Dec 2025, ensuring visibility for upcoming operational cycles.
Key Risk Factors
- Customer Concentration: A significant share of operational revenue and order backlog depends on a limited set of key enterprise clients and large projects.
- Execution Delays: Projects face implementation uncertainties, potential client revision cycles, and design approval dependencies that could impact completion schedules.
- Tendering and Qualification Risks: Contracting relies on competitive bidding, leaving the company exposed to potential disqualifications or contract suspensions by project owners.
- Raw Material and Subcontractor Cost Inflation: Project profitability can be adversely affected by price fluctuations in heavy machinery, subcontracting services, and specialized labour.
- Third-Party OEM Reliance: Key HVAC and server cooling components require external original equipment manufacturers, posing supply chain and cost escalation risks.
- Secretarial Tracing Gaps: As noted in internal risk disclosures, certain historical corporate and secretarial filings could not be fully traced or accessed by the company.
Next Steps and Market Overview
Investors interested in evaluating unlisted market benchmarks, pre-IPO engineering valuations, and historical peer metrics can explore the Unlisted shares screener. For specific corporate transaction queries, private placement insights, or institutional trading information, connect directly with BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 via our enquiry page.
Frequently Asked Questions
What are the open and close dates for the Ravita Engineering Services IPO?
The public issue opens for subscription on 13 Oct 2026 and closes on 15 Oct 2026. Allotment finalisation is scheduled for 16 Oct 2026, with listing expected on 21 Oct 2026 on the NSE SME platform.
What is the minimum investment required for retail investors?
The minimum application size for retail investors is 2,400 shares (2 lots of 1,200 shares), which amounts to ₹2,68,800 at the upper price band of ₹112.0 per share.
What is the issue size and price band for the IPO?
The total issue size is ₹116.05 Cr (9,840,000 shares), consisting of a ₹110.21 Cr fresh issue component. The price band is set at ₹105.0 to ₹112.0 per equity share with a face value of ₹5.0 each.
Does BuyUnlistedShares recommend applying to the Ravita Engineering Services IPO?
We do not make that call or issue subscription ratings, buy recommendations, or price targets. Investors should review the official Red Herring Prospectus, evaluate the stated risk factors, and consult a qualified financial advisor.
Where will the shares of Ravita Engineering Services be listed?
The equity shares of Ravita Engineering Services Limited are proposed to be listed on the NSE SME exchange platform.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
