# Ravita Engineering Services Limited: IPO analysis > Ravita Engineering Services Limited (CIN U74900MH2007PLC177152) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 1,03,62,000 shares, priced at ₹105.00 to ₹112.00 per share. In FY26 it reported revenue of ₹278 Cr (+155.6% on FY25) and a net profit of ₹28 Cr. Promoters hold 73.0% before the IPO. Our fact-check of its claims found 3 medium or high concerns across 40 claims checked. - Page: https://ipo.innerkore.com/company/U74900MH2007PLC177152/ravita-engineering-services-limited/ - CIN: U74900MH2007PLC177152 - Last updated: 8 Oct 2026 ## Key facts - **Company:** Ravita Engineering Services Limited - **CIN:** U74900MH2007PLC177152 - **Filing stage:** RHP - **Latest SEBI filing:** 8 Oct 2026 - **Price band:** ₹105.00 to ₹112.00 per share - **Bidding opens:** 13 Oct 2026 - **Bidding closes:** 15 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹278 Cr - **Revenue growth:** +155.6% - **Net profit FY26:** ₹28 Cr - **Revenue CAGR FY24 to FY26:** 353.6% - **Promoter holding (pre-IPO):** 73.0% - **Lead managers:** Vivro Financial Services Private Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 3 medium, 2 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 15.1x P/E. From NSE's price band, on FY26 profit; 4.2x book value. - **Growth** (looks fine): 353.6% a year. Sales FY24 to FY26; latest year +155.6%. - **Profitability** (looks fine): 10.1% net margin. FY26; operating margin steady. - **Debt** (looks fine): 0.19x equity. ₹19.2 crore borrowed at the end of FY26. - **Profit into cash** (concern): -167% of profit. Operations brought in ₹-46.9 crore against ₹28 crore of profit in FY26. - **One-off income** (look closer): 2 items. Management describes 2 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. (converted using NSE's price band) - **Red flags** (look closer): 3 to review. 40 claims checked: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:| | Sales | 13 | 109 | 278 | 97 | | Sales growth | – | 705.0% | 155.6% | – | | Operating profit | 2.9 | 16 | 40 | 14 | | Operating margin | 21.2% | 14.4% | 14.4% | 14.4% | | Net profit | 1.5 | 12 | 28 | 10 | | Net margin | 11.2% | 10.9% | 10.1% | 10.4% | | Net worth | 3.3 | 15 | 100 | 110 | | Borrowings | 3.5 | 23 | 19 | 31 | | Return on equity | 45.6% | 78.2% | 28.2% | – | ## Non-recurring items (as described by management) - Other income decreased by 72.32% from ₹68.75 lakhs in the financial year ended March 31, 2025 to ₹19.03 lakhs in the financial year ended March 31, 2026, which was primarily attributable to one-time proceeds of ₹62.39 lakhs received from encashment of keyman insurance policy in the financial year March 31, 2025. (p.292) - Other income increased by 1,853.13% from ₹3.52 lakhs in the financial year ended March 31, 2024 to ₹68.75 lakhs in the financial year ended March 31, 2025, primarily attributable to one-time proceeds of ₹62.39 lakhs received from encashment of keyman insurance policy. (p.295) ## Use of proceeds (fresh issue) - To meet long-term working capital requirements of our Company: ₹70 crore - Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment: ₹26 crore - General Corporate Purposes*: amount not fixed yet ## Fact-checked claims - **MEDIUM** (PromoterBackground): The Promoter Group includes numerous entities such as Ganesh International Infrastructure Limited, Ganesh Infarworld Limited, Bhanu Farms Limited, and many others.. Search results confirm the existence and mention of 'Ganesh International Infrastructure Limited' and 'Ganesh Infarworld Limited', which is one of the entities mentioned in the claim. Some results detail changes in the structure of Ganesh International, such as conversion to a Private Limited Company, and mention of its operations. - **MEDIUM** (LitigationStatus): No material civil litigation had been initiated by the Company as of the date of the Red Herring Prospectus.. The search results include a record of a case filed in the court, which suggests that litigation might have been initiated or is currently pending. However, the search results do not explicitly confirm or deny the claim that 'No material civil litigation had been initiated' as of the Red Herring Prospectus date. - **MEDIUM** (LitigationStatus): No outstanding criminal litigation proceedings were found against the Company as of the date of the Red Herring Prospectus.. The provided search results do not directly confirm or deny the claim regarding outstanding criminal litigation proceedings against Ravita Engineering Services Limited. Some results point to court filings, but without further context linking these filings specifically to criminal litigation against the company, it is not possible to verify the claim. - **LOW** (SubsidiaryPerformance): Ravita Engineering Services Limited provides turnkey electro-mechanical engineering services for industrial, offshore, and data center environments.. The search results corroborate the claim by mentioning that Ravita Engineering Services Limited focuses on HVAC and electro-mechanical contracts across onshore, offshore, and data center projects. This aligns with the claim of providing turnkey electro-mechanical engineering services for industrial, offshore, and data center environments. - **LOW** (SubsidiaryPerformance): The company has developed deep operational expertise in managing HVAC and electro-mechanical systems across adverse environments such as offshore oil and gas platforms, defense facilities, and data centers.. The search results corroborate the claim by mentioning that Ravita Engineering Services Limited focuses on HVAC and electro-mechanical contracts across onshore, offshore, and data center projects. This aligns with the claim of managing these systems across various environments. - **NONE** (SubsidiaryPerformance): A fresh certificate of incorporation consequent upon the name change was granted on May 5, 2010.. The provided search results do not contain information regarding the granting of a fresh certificate of incorporation on May 5, 2010, for Ravita Engineering Services Limited. The search results focus on IPO details, operations, and financial indicators. - **NONE** (SubsidiaryPerformance): The industrial HVAC market is expected to grow from INR 1,45,000 Cr in FY2025 to INR 2,87,862 Cr by FY2030.. The provided search results do not contain any information regarding the projected growth of the industrial HVAC market from INR 1,45,000 Cr in FY2025 to INR 2,87,862 Cr by FY2030. Therefore, the claim cannot be corroborated, contradicted, or updated by the available search results. - **NONE** (SubsidiaryPerformance): The Indian industrial HVAC market is estimated to grow from INR 1,01,637 Crores in FY2021 to INR 1,45,000 Crores in FY2025, reflecting a CAGR of ~9.3%.. The search results do not contain any information regarding the estimated growth of the Indian industrial HVAC market as stated in the claim. The search results primarily focus on details related to the Ravita Engineering Services IPO, such as the issue size, operations, and financial indicators. - **NONE** (SubsidiaryPerformance): The India and the EU concluded a landmark Free Trade Agreement (FTA) on 27 January 2026 to deepen bilateral trade.. The search results do not contain any information regarding a landmark Free Trade Agreement concluded between India and the EU on January 27, 2026. The search results focus on the company's business operations, IPO details, and financial performance. - **NONE** (SubsidiaryPerformance): Global growth is projected to remain resilient at 3.3 percent in 2026 and at 3.2 percent in 2027.. The provided search results do not contain any information regarding the projection of global growth rates for a specific year (2026 or 2027) that would corroborate or contradict the claim. - **NONE** (PromoterBackground): Hi-Klass Trading and Investment Limited provided an Inter-corporate Deposit of ₹220.00.. The search results discuss various regulatory actions by SEBI against firms for market manipulation, including fines and impounding of funds from entities like Copthall Mauritius Investment and Mansi Share and Stock Broking Private Limited. However, none of the provided search snippets mention the specific claim regarding Hi-Klass Trading and Investment Limited providing an Inter-corporate Deposit of ₹220.00. - **NONE** (PromoterBackground): The company is currently engaged in execution of a specialized niche engineering project for laying sub-sea discharge pipelines for an effluent treatment plant (ETP) for Numaligarh Refinery Limited at a crude oil import terminal in Paradip, Odisha.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about Ravita Engineering Services Limited executing a specialized niche engineering project for laying sub-sea discharge pipelines for an ETP for Numaligarh Refinery Limited. ## Common questions ### How big is the Ravita Engineering Services Limited IPO? Ravita Engineering Services Limited's IPO comprises a fresh issue of 1,03,62,000 shares, according to its Red Herring Prospectus. The price band is ₹105.00 to ₹112.00 per share. ### What are Ravita Engineering Services Limited's revenue and profit? Ravita Engineering Services Limited reported revenue from operations of ₹278 Cr in FY26, +155.6% versus FY25. Net profit was ₹28 Cr (FY25: ₹12 Cr). Revenue grew at a compound rate of 353.6% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Ravita Engineering Services Limited? Promoters hold 73.0% of Ravita Engineering Services Limited before the IPO. ### How will Ravita Engineering Services Limited use the IPO money? The fresh-issue proceeds are earmarked for: 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 (amount not fixed yet). ### What are the red flags in Ravita Engineering Services Limited's RHP? We fact-checked 40 claims from the filing against the open web: 0 raised a high concern, 3 medium and 2 low. The most notable: Search results confirm the existence and mention of 'Ganesh International Infrastructure Limited' and 'Ganesh Infarworld Limited', which is one of the… The search results include a record of a case filed in the court, which suggests that litigation might have been initiated or is currently pending. However,… The provided search results do not directly confirm or deny the claim regarding outstanding criminal litigation proceedings against Ravita Engineering… This is an automated screen, not a verdict; each finding links to its sources. ### What does Ravita Engineering Services Limited do? Here’s a detail almost nobody notices about the RAVITA ENGINEERING SERVICES IPO: when you look at the filings, you’ll find a direct link and mention of 'Ganesh International Infrastructure Limited'—a completely separate entity—which raises a big question about the structure of this offering. ### Who manages the Ravita Engineering Services Limited IPO? Book running lead managers: Vivro Financial Services Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Ravita Engineering Services Limited IPO documents? All 1 filing for Ravita Engineering Services Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Ravita Engineering Services Limited](https://nsearchives.nseindia.com/content/ipo/RHP_RAVITA.zip) (Red Herring Prospectus, filed 8 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.