Ravita Engineering Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 13.21×
- Big non-institutionalbNII · above ₹10 lakh
- 9.11×
- Small non-institutionalsNII · ₹2–10 lakh
- 4.06×
- Retail individualRII · up to ₹2 lakh
- 3.50×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 19,69,200 | 2,60,12,400 | ₹291 Cr | 13.21× |
| Non-institutional | 14,76,000 | 1,09,51,200 | ₹123 Cr | 7.42× |
| Big non-institutionalwithin NII | 9,82,800 | 89,50,800 | ₹100 Cr | 9.11× |
| Small non-institutionalwithin NII | 4,93,200 | 20,00,400 | ₹22.40 Cr | 4.06× |
| Retail individual | 34,46,400 | 1,20,52,800 | ₹135 Cr | 3.50× |
| Total | 68,91,600 | 4,90,16,400 | ₹549 Cr | 7.11× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 16 Oct, 05:51 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 14 Oct 2026 – 16 Oct 2026
- Listing date
- 22 Oct 2026
- Face value
- ₹5 per share
- Price band
- ₹105 – ₹112
- Issue price
- ₹112 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹116 Cr
- Fresh issue
- ₹110 Cr 98,40,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹422 Cr
- Promoter holding
- 73.74% → 53.46% pre-issue → post-issue
- ISIN
- INE1UEL01023
- CIN
- U74900MH2007PLC177152
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Office No. 202 2nd Floor, Mayuresh Square, Plot No. 17 Sector 15 CBD Belapur, Thane, 400614, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 19,69,200 | 28.57% | 26.56% |
| Anchor investor · within QIB | 29,48,400 | — | 39.77% |
| NII (HNI) | 14,76,000 | 21.42% | 19.91% |
| bNII > ₹10L · within NII | 9,82,800 | — | 13.26% |
| sNII < ₹10L · within NII | 4,93,200 | — | 6.65% |
| Retail (RII) | 34,46,400 | 50.01% | 46.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 5,22,000 | — | 7.04% |
| Total issue | 74,13,600 | — | 100.00% |
Net offer to the public of 68,91,600 shares, out of a total issue of 74,13,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹112
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,34,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,68,800 |
| S-HNI (max) | 7 | 8,400 | ₹9,40,800 |
| B-HNI (min) | 8 | 9,600 | ₹10,75,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.26 | 10.75 |
| P/E (×) | 10.92 | 10.42 |
| Price to book (×) | 3.07 | — |
| Market cap | — | ₹422 Cr |
Key performance indicators
- Return on net worth
- 48.90%
- ROCE
- 48.65%
- Debt / equity
- 0.19
- PAT margin
- 10.09%
- EBITDA margin
- 14.43%
- NAV per share
- ₹36.44
- Price to book
- 3.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 277.82 | 109.3 | 13.53 |
| Revenue from operations | 277.63 | 108.61 | 13.49 |
| Other income | 0.19 | 0.69 | 0.04 |
| Total expenses | 240.35 | 93.49 | 11.44 |
| Operating profit | 37.47 | 15.81 | 2.09 |
| Operating margin | 13.49% | 14.46% | 15.45% |
| Profit before tax | 37.47 | 15.81 | 2.09 |
| Profit after tax | 28.04 | 11.83 | 1.51 |
| PAT margin | 10.09% | 10.82% | 11.16% |
| Balance sheet | |||
| Total assets | 162.97 | 58.24 | 9.08 |
| Current assets | 152.8 | 46.75 | 7.33 |
| Current liabilities | 62.35 | 41.93 | 4.38 |
| Total liabilities | 63.41 | 43.11 | 5.77 |
| Net worth | 99.56 | 15.13 | 3.3 |
| Current ratio | 2.45× | 1.11× | 1.67× |
| Return on equity | 28.16% | 78.19% | 45.76% |
| Cash flow | |||
| Operating cash flow | -46.85 | -8.94 | 0.17 |
| Investing cash flow | -0.4 | -10.03 | 0.03 |
| Financing cash flow | 51.77 | 19.24 | -3.26 |
| Net cash flow | 4.52 | 0.26 | -3.06 |
Objects of the issue
1 To Meet Long-Term Working Capital Requirements ₹70 Cr
The company intends to utilize a portion of the Net Proceeds to meet its long-term working capital requirements for Fiscal 2027 and Fiscal 2028, supporting incremental business needs arising from its growing order book across onshore, offshore, and data centre segments.
2 Funding Capital Expenditure for Purchase of Heavy Equipment ₹25.53 Cr
The company proposes to utilize Net Proceeds towards purchasing heavy equipment including trucks, dumpers, dozers, cranes, and allied machinery to reduce reliance on leased/rented equipment, optimize operating costs, and improve operational control.
3 General Corporate Purposes —
The balance Net Proceeds are intended for general corporate purposes including maintenance of machineries, strategic initiatives, brand building, administration, insurance, marketing, repairs, taxes, and other ordinary business expenses, subject to prescribed regulatory limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Ravita Engineering Services
Ravita Engineering Services Limited (formerly Powermech Services Private Limited) was incorporated as Sayo Construction Private Limited on December 28, 2007, under the Companies Act, 1956, with CIN U74900MH2007PLC177152. It was renamed Powermech Services Private Limited in 2010 and Ravita Engineering Services Private Limited in September 2025, and was converted into a public limited company, with a certificate of incorporation dated December 16, 2025. The company works in engineering solutions for HVAC systems and temperature control systems and related services. Demand for its services is closely linked to capital expenditure by government authorities, public sector undertakings and private enterprises across infrastructure, oil and gas, industrial manufacturing, commercial real estate and data centres. Revenue from operations was 27,763.29 lakhs in FY2026, 10,861.27 lakhs in FY2025 and 1,349.25 lakhs in FY2024, and 9,731.36 lakhs in the quarter ended June 30, 2026. Cost of services rendered was 22,158.73 lakhs in FY2026. The company prepares cost estimates for projects, so cost increases during a contract's validity may not be passed on to clients.
Management
Vibhoar Agrawal
MD
Sunildutt Narayan Goswami
CEO
Strengths
As stated in the offer document
Comprehensive Electro-Mechanical Engineering Capabilities with Separate EPIC and O&M Service Offerings
The company provides end-to-end electro-mechanical solutions through two complementary service lines — EPIC and O&M — enabling it to address client needs across the full asset lifecycle. Revenue from EPIC projects was ₹21,099.07 lakhs (76%) and O&M was ₹6,664.22 lakhs (24%) in Fiscal 2026.
Balanced Revenue Mix with Short to Medium Tenor Project Execution Cycle and Multi-Year O&M Contracts
The company benefits from a dual revenue structure combining short-to-medium cycle EPIC projects (typically 6–14 months) and multi-year O&M contracts (12–36 months), providing both growth opportunities and revenue stability across multiple industries and geographies.
Large Engineering Workforce Enabling Fast Deployment, Multi-Site Coverage and Manpower Scalability
The company maintains a workforce of 399+ employees (368 engineering/technical staff as of June 30, 2026), enabling rapid mobilisation across multiple sites simultaneously; on-roll manpower cost stood at ₹406.40 lakhs for Q1 FY2027, representing 5.20% of total operating cost.
Long-Standing Relationships with Large Clients Supporting Repeat Business
The company has served clients for over 5 years, with repeat clients contributing 62.27%, 62.60%, 79.18%, and 100.00% of total revenue from operations in Q1 FY2027, Fiscal 2026, Fiscal 2025, and Fiscal 2024 respectively, reinforcing credibility in competitive tender qualifications.
Management-Driven Domain Expertise and Industry Relationships
The company is led by experienced professionals including a Chairman with EPC industry background and an MD with 20+ years of marine engineering experience; management-led relationships with PSUs, private clients, and vendors support repeat business, contributing 62.27%–100% of revenues across periods.
Specialised Operational Experience in Adverse Environments and Data Centers
The company has developed deep expertise in HVAC and electro-mechanical systems for offshore platforms and data centres; Offshore operations contributed 28.86% of revenue in Fiscal 2026, while Data Center operations contributed 11.94%, with established SOPs and emergency-response frameworks for mission-critical environments.
Risk factors
As stated in the offer document
Customer Concentration Risk
A significant portion of the company's Order Book and revenue is attributable to a few key customers — top five clients accounted for up to 99.49% of revenue in Fiscal 2024 and 78.65% in Fiscal 2026. Loss of one or more key customers or reduction in their demand could materially and adversely affect the company's business, results of operations, and financial condition.
Competitive Bidding and Contract Execution Risk
A large portion of the company's contracts are secured through competitive tendering, with no assurance of winning bids even after meeting eligibility criteria — onshore success rates ranged from 16.67% to 26.58% in recent fiscals. Delays in execution may result in penalties, blacklisting, or contract termination, adversely affecting financial condition and growth prospects.
Geographic Concentration Risk
The company's operations are heavily concentrated in Maharashtra, Gujarat, and territorial waters of India, which together contributed between 59.12% and 100% of revenue from operations across recent periods. Any adverse regulatory, political, or economic development in these regions could materially impact business performance and growth prospects.
Negative Cash Flows and Working Capital Risk
The company has experienced negative net cash flows from operating activities — recording ₹(1,115.90) lakhs, ₹(4,685.10) lakhs, and ₹(894.36) lakhs for the three-month period ended June 30, 2026, and Fiscals 2026 and 2025, respectively. Inability to secure adequate working capital financing may disrupt operations, delay project execution, and adversely impact profitability and cash flows.
Project Implementation and Execution Risks
The company's ongoing projects are exposed to various execution risks including cost overruns, design errors, supply chain disruptions, labour shortages, and potential liquidated damages or contract terminations. Any failure to meet performance standards or contractual timelines could adversely affect the company's reputation, financial condition, and ability to secure future projects.
Disqualification, Suspension, or Blacklisting Risk
The company's operations are heavily reliant on contracts from public sector undertakings and corporate clients, and any perceived non-performance, regulatory non-compliance, or breach of contract could result in disqualification, suspension, or permanent blacklisting. Such actions could limit access to a significant portion of revenue and have a disproportionate negative effect on business operations, financial performance, and reputation.
Regulatory Compliance and Historical Records Risk
The company has been unable to trace certain historical corporate records and has experienced multiple instances of delays and discrepancies in statutory filings under the Companies Act, 2013, including delays of up to 1,645 days. Regulatory proceedings or penalties initiated by competent authorities could adversely affect the company's financial condition and reputation.
Company Analysis
from RHPRavita Engineering Services Limited provides engineering solutions and related services for HVAC and temperature control systems.
Ravita Engineering Services Limited (formerly Powermech Services Private Limited) was incorporated as Sayo Construction Private Limited on December 28, 2007, under the Companies Act, 1956, with CIN U74900MH2007PLC177152. It was renamed Powermech Services Private Limited in 2010 and Ravita Engineering Services Private Limited in September 2025, and was converted into a public limited company, with a certificate of incorporation dated December 16, 2025. The company works in engineering solutions for HVAC systems and temperature control systems and related services. Demand for its services is closely linked to capital expenditure by government authorities, public sector undertakings and private enterprises across infrastructure, oil and gas, industrial manufacturing, commercial real estate and data centres. Revenue from operations was 27,763.29 lakhs in FY2026, 10,861.27 lakhs in FY2025 and 1,349.25 lakhs in FY2024, and 9,731.36 lakhs in the quarter ended June 30, 2026. Cost of services rendered was 22,158.73 lakhs in FY2026. The company prepares cost estimates for projects, so cost increases during a contract's validity may not be passed on to clients.
Objects of the Issue
- Repayment of borrowings
- To meet long-term working capital requirements of the Company 7,000.00 lakhs (estimated amount from Net Proceeds) p.112
- Funding capital expenditure towards purchase of certain heavy equipment 2,552.92 lakhs (estimated amount from Net Proceeds) p.112
- General Corporate Purposes [●] lakhs (not exceeding 15% of Gross Proceeds or ₹ 1,000.00 lakhs, whichever is lower) p.112
- Purchase of certain equipment and machinery (dumper trucks, trucks, crawler excavators, backhoe loaders, rough terrain cranes and electric forklifts) currently leased or hired for project execution ₹ 2,552.92 lakhs p.194
Issue Structure
- Total Issue
- Issue of 1,03,62,000 Equity Shares of face value of ₹5/- each at a price of ₹ [●] per Equity Share aggregating to ₹ [●] lakhs.
- Fresh Issue
- Present Issue of Equity Shares by our Company: 1,03,62,000 Equity Shares of face value of ₹5/- each
- Face Value
- ₹5/- per Equity Share
Business Model
The company earns revenue from operations by rendering HVAC and temperature control engineering services to its customers, largely on projects. It prices projects using cost estimates that factor in raw material costs, skilled labour and project time, and it may bear cost overruns if input prices rise during the contract validity period. Revenue from operations was 27,763.29 lakhs in FY2026.
Business Segments
SWOT Analysis
- • No history of defaulting on repayments to lenders(p.57)
- • Insurance cover exceeds total tangible assets in every period shown(p.50)
- • Revenue from operations rose sharply in FY2026(p.73)
- • Profit after tax grew to 2,804.16 lakhs in FY2026(p.73)
- • Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M offerings(p.127)
- • Balanced revenue mix across project execution and multi-year O&M contracts(p.127)
- • Large engineering workforce supporting fast deployment and multi-site coverage(p.127)
- • Long-standing relationships with large clients supporting repeat business(p.127)
- • Specialised experience in adverse environments and mission-critical data centres(p.127)
- • Order book of ₹ 49,112.12 lakhs as on June 30, 2026(p.114)
- • Revenue from EPC and O&M contracts grew from ₹1,349.25 lakh in FY2024 to ₹27,763.29 lakh in FY2026.(p.273)
- • Profit after tax rose from ₹150.80 lakh in FY2024 to ₹2,804.16 lakh in FY2026.(p.261)
- • Cumulative order book of above ₹47,500 lakh across onshore, offshore and data centre verticals.(p.227)
- • Total equity grew to ₹10,968.89 lakh at June 30, 2026, up from ₹330.42 lakh at March 31, 2024.(p.260)
- • Received an O&M service contract from nuclear research facilities of the country for chiller plant and other mechanical utilities (2021).(p.227)
- • Payroll crossed 500 employees.(p.227)
- • Data Centre segment has historically had the highest gross margin(p.286)
- • Order book of ₹36,512.95 lakhs at March 31, 2026(p.292)
- • Repeat orders from existing clients support revenue(p.291)
- • Revenue from operations grew 155.62% in FY2026(p.291)
- • Equity issue of ₹5,638.56 lakhs raised net worth in FY2026(p.296)
- • Revenue and order book concentrated in a few key customers(p.29)
- • Geographic concentration in western India with limited diversification(p.33)
- • Promoter-linked entity under compulsory strike-off could disqualify promoter-director(p.33)
- • Recent change in promoters and management with limited track record(p.33)
- • History of negative net cash flows(p.45)
- • Gaps in historical corporate records and delayed or inconsistent statutory filings(p.35)
- • Outstanding indebtedness with lender covenants and acceleration rights(p.48)
- • Certain borrowings secured by personal guarantees from Promoters, which may be withdrawn or require substitution(p.50)
- • Unsecured loans of 1,901.77 lakhs repayable on demand(p.55)
- • Promoters have relatively limited HVAC domain experience(p.53)
- • Several premises held on leave and license or lease from third parties(p.54)
- • Logo not yet registered as a trademark(p.52)
- • Pending government approvals and trademark registrations(p.56)
- • Exposure to variable and fixed borrowing rates of 8.57% to 12.00%(p.56)
- • Contingent liabilities of 446.66 lakhs from unacknowledged claims(p.51)
- • Heavy reliance on rented equipment with fixed recurring outflows and third-party dependence(p.121)
- • Equipment rental arrangement with a Group Company(p.121)
- • No confirmed purchase orders for the heavy equipment proposed under the Objects(p.124)
- • Higher receivable days from shift to EPC and turnkey projects(p.118)
- • Fund requirements and deployment not independently appraised(p.113)
- • Short-term borrowings rose to ₹3,058.39 lakh at June 30, 2026, from ₹268.07 lakh at March 31, 2024.(p.260)
- • Operating cash flow was negative in FY2026 (₹4,685.10 lakh outflow) and in the June 2026 quarter, despite positive profit.(p.262)
- • Trade receivables of ₹10,056.49 lakh at June 30, 2026, which is about equal to one quarter's revenue of ₹9,731.36 lakh.(p.260)
- • Unsecured loans from other parties are repayable on demand.(p.268)
- • Promoters and directors personally guarantee the company's secured loans.(p.236)
- • Revenue depends on a single business segment (electro-mechanical projects and services).(p.266)
- • Control of the company changed hands in February 2025, when the current promoters replaced the earlier ones.(p.249)
- • High customer concentration: top five customers and largest customer share of revenue(p.300)
- • High supplier concentration: top five suppliers share of cost of services(p.300)
- • Negative operating cash flow in FY2026(p.297)
- • Project portfolio concentrated in Maharashtra(p.287)
- • Promoter-linked group entity under money laundering case; promoter shareholding attached(p.306)
- • Bank facilities backed by personal guarantees of promoters and a group company(p.303)
- • Large rent expense paid to a related party with a common director(p.279)
- • Debtor, creditor and advance balances not yet confirmed(p.281)
- • Growth strategy covering new services, new locations, efficiency, revenue and acquisitions(p.57)
- • Plan to grow the business and maintain brand value(p.57)
- • Demand linked to capital expenditure across named sectors(p.64)
- • Bidding for larger, high-growth and O&M projects to build a recurring revenue base(p.115)
- • Projected growth in the Indian industrial HVAC market(p.151)
- • Data centre segment expected to lead industry growth(p.155)
- • Shift in commercial HVAC spend toward services(p.150)
- • Government infrastructure capex supporting construction demand(p.142)
- • Added HVAC operation, maintenance and monitoring services for data centres and mission-critical facilities to the main objects in January 2026.(p.225)
- • Added a project management object covering EPC project coordination, government and PSU liaison, and payment facilitation (November 2025).(p.226)
- • Management states its membership in ISHRAE has helped develop the HVAC solutions business to global standard.(p.233)
- • Data centre work orders of ₹12,000 lakhs strengthen the segment(p.285)
- • Plans to expand geographically, including offshore clients(p.287)
- • Management expects diverse client and geographic wins to grow the order book(p.287)
- • Highly competitive industry with numerous local and global players(p.42)
- • Competitive bidding pressure on profit margins(p.30)
- • Input cost volatility in manpower, equipment, materials and fuel(p.40)
- • OEM cost escalation exposed to raw material prices, trade policy and currency(p.40)
- • Geopolitical tensions, wars or armed conflicts may delay projects(p.34)
- • Stringent and possibly tightening labour legislation(p.43)
- • Geopolitical conflicts and Middle East shipping disruption raising input and freight costs(p.64)
- • Volatile inflation raising costs that may not be passed on to customers(p.55)
- • Indian economic slowdown reducing infrastructure and industrial investment(p.65)
- • Changes in laws, regulations and approval requirements(p.64)
- • Competition Act enforcement by CCI(p.67)
- • Decline in India's foreign exchange reserves affecting the Rupee and liquidity(p.62)
- • Change in central or Maharashtra state government and policies(p.65)
- • Geopolitical risk affecting global markets and supply chains(p.139)
- • Tariffs and uncertainty expected to weigh on economic activity(p.139)
- • Cost fluctuations and market dynamics may force revisions to estimates(p.113)
- • Competitive sector requiring ongoing business plan adaptation(p.113)
- • Offshore segment growth tied to oil and gas cycles and energy prices(p.155)
- • Income tax law change (Income Tax Act, 2025) alters rates, procedures and compliance obligations, with impact unknown until final provisions apply.(p.223)
- • Remaining provisions of the labour codes are not yet in force and will take effect when the government notifies them.(p.218)
- • Contravention of the Contract Labour Act carries fines or imprisonment, and the principal employer must step in for contractor amenities.(p.218)
- • Environmental non-compliance may lead to imprisonment or fines.(p.219)
- • Data protection regime gives the Data Protection Board power to impose penalties under the DPDP Act.(p.221)
- • Employers must pay professional tax on employees' salaries even when the employee's share was not deducted.(p.223)
- • Competition from large domestic players with aggressive bidding and possibly greater resources(p.287)
- • Rise or disruption in material and manpower costs(p.285)
- • Weather and seasonal factors can delay project execution(p.287)
- • Labour Codes change wage and leave rules(p.281)
- • Government policy and economic growth affect operations(p.299)
- • Variable-rate loans expose the company to interest rate changes(p.299)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vibhoar Agrawal | Promoter | 20.86% | — |
| Rachita Agrawal | Promoter | 46.97% | — |
| Starwings Realtors Private Limited | Promoter | 5.17% | — |
| Suchitra Agrawal | Promoter Group | 0.37% | — |
| Shashi Goenka | Promoter Group | 0.37% | — |
| Vibhoar Agrawal | Promoter | 20.86% | — |
| Rachita Agrawal | Promoter | 46.97% | — |
| Starwings Realtors Private Limited | Promoter | 5.17% | — |
| Suchitra Agrawal | Promoter Group | 0.37% | — |
| Shashi Goenka | Promoter Group | 0.37% | — |
| Vibhoar Agrawal | Promoter | — | — |
| Vibhoar Agrawal | Promoter | 20.86% | — |
| Rachita Agrawal | Promoter | 46.97% | — |
| Starwings Realtors Private Limited | Promoter | 5.17% | — |
| Vibhoar Agrawal | Promoter | — | — |
| Starwings Realtors Private Limited | Promoter | — | — |
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.