# Rays of Belief Limited: IPO analysis > Rays of Belief Limited (CIN U85110DL2017PLC322623) has filed a Prospectus with SEBI for an IPO. In FY26 it reported revenue of ₹82 Cr (+124.2% on FY25) and a net profit of ₹5.0 Cr. Promoters hold 91.7% before the IPO. Our fact-check of its claims found no medium or high concerns across 39 claims checked. - Page: https://ipo.innerkore.com/company/U85110DL2017PLC322623/rays-of-belief-limited/ - CIN: U85110DL2017PLC322623 - Last updated: 30 Sep 2026 ## Key facts - **Company:** Rays of Belief Limited - **CIN:** U85110DL2017PLC322623 - **Filing stage:** Prospectus - **Latest SEBI filing:** 30 Sep 2026 - **Final offer price:** ₹239.00 per share - **Bidding opens:** 1 Sep 2026 - **Bidding closes:** 3 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹82 Cr - **Revenue growth:** +124.2% - **Net profit FY26:** ₹5.0 Cr - **Revenue CAGR FY24 to FY26:** 63.3% - **Promoter holding (pre-IPO):** 91.7% - **Lead managers:** MEFCOM CAPITAL MARKETS LIMITED, Mefcom Capital Markets Limited - **Registrar:** KFIN TECHNOLOGIES LIMITED - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (concern): 75.5x P/E. At the top of the band, on FY26 profit; 12.2x book value. - **Growth** (looks fine): 63.3% a year. Sales FY24 to FY26; latest year +124.2%. - **Profitability** (look closer): 6.1% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.12x equity. ₹3.6 crore borrowed at the end of FY26. - **Profit into cash** (concern): -39% of profit. Operations brought in ₹-1.9 crore against ₹5 crore of profit in FY26. - **One-off income** (look closer): 6% of profit. Other and one-off income is 6% of pre-tax profit; management describes 8 one-off items. - **Red flags** (looks fine): None serious. 39 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; standalone) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 31 | 36 | 82 | | Sales growth | – | 19.0% | 124.2% | | Operating profit | 1.5 | 3.0 | 12 | | Operating margin | 4.9% | 8.3% | 14.6% | | Net profit | 0.85 | 5.9 | 5.0 | | Net margin | 2.8% | 16.2% | 6.1% | | Net worth | 5.8 | 15 | 31 | | Borrowings | 0.00 | 4.4 | 3.6 | | Return on equity | 14.8% | 39.2% | 16.1% | ## Non-recurring items (as described by management) - Other income increased by 246.55% in Fiscal 2026, rising from ₹11.60 Lakh in Fiscal 2025 to ₹40.20 Lakh in Fiscal 2026, primarily due to higher interest income on term deposits, higher write-back of liabilities no longer required, and higher miscellaneous income. (p.369) - The movement in tax expense between the two years is therefore primarily attributable to this one-time deferred tax credit recognised in Fiscal 2025, which is not expected to recur. (p.371) - The apparent decrease in profit after tax was attributable to the one-time deferred tax credit of ₹5.53 Crore recognised in Fiscal 2025, in the absence of which Fiscal 2025 would have reported a profit after tax of ₹34.80 Lakh. (p.371) - Other income decreased by 22.15% in Fiscal 2025, decreasing from ₹14.90 Lakh in Fiscal 2024 to ₹11.60 Lakh in Fiscal 2025. This decrease was primarily attributed to the absence of certain non-recurring income streams that were present in Fiscal 2024. (p.372) - A major contributing factor to the decrease in other income was the reduction in write-back of liabilities, which fell from ₹8.40 Lakh in Fiscal 2024 to ₹0.50 Lakh in Fiscal 2025. (p.372) - Liability no longer required written Back decreased from ₹8.40 Lakh in Fiscal 2024 to ₹0.50 Lakh in Fiscal 2025. (p.373) - Legal and Professional Fees decreased by 38.24% during the year on account of discontinue of Network Centres as part of a strategic decision to consolidate operations. (p.375) - A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. (p.378) ## Use of proceeds (fresh issue) - years) and associated technology (hardware) costs:: ₹11 crore - Funding capital expenditure towards establishment of new centres on leased premises (tenure of 11 months - 3 years) and associated technology (hardware) costs:: ₹41 crore - 268.84 * (ii) School Collaboration Centres 55.35 * (iii) Centre for Excellence and Research 24.54 * (iv) Upskilling Academy 20.45 * (v) Technology (hardware) costs: ₹4.4 crore - Expenditure for lease payments for our existing centres in India: ₹14 crore - Investment in our Subsidiary, Mom’s Belief US Inc., for making lease / license payments for our existing centres in the USA: ₹10 crore - Expenditure for brand awareness and inclusive outreach programs: ₹10 crore - Funding inorganic growth through unidentified acquisition and General corporate purposes(1)(2): ₹39 crore ## Fact-checked claims - **NONE** (PromoterBackground): The Board of Directors of Carving Futures Pte. Ltd. includes Nitin Bindlish, Arindam Bose, Pankaj Gupta, Kang Yew Keong (Jiang Youqiang), Afzal Mohammed Modak, Rajeev, Nitin Ahuja, and others.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the list of Board of Directors mentioned in the claim. - **NONE** (PromoterBackground): Nitin Bindlish holds 48.69% of the equity shareholding in Carving Futures.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Nitin Bindlish holds 48.69% of the equity shareholding in Carving Futures. - **NONE** (PromoterBackground): Nitin Bindlish holds 45,862 Equity Shares, constituting 0.29% of the issued, subscribed and paid-up share capital.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Nitin Bindlish holds 45,862 Equity Shares, constituting 0.29% of the issued, subscribed and paid-up share capital. - **NONE** (PromoterBackground): Nitin Bindlish is the Promoter and Managing Director of the Company.. No current web search results were found to corroborate or contradict the claim that Nitin Bindlish is the Promoter and Managing Director of Rays of Belief Limited. - **NONE** (PromoterBackground): Nitin Bindlish has dissociated himself from Carving Futures UK Pvt Ltd in September 2023 pursuant to strike off.. No current web search results were found to corroborate, contradict, update, or provide any information regarding Nitin Bindlish dissociating himself from Carving Futures UK Pvt Ltd in September 2023. - **NONE** (PromoterBackground): Carving Futures Pte. Ltd. was incorporated on June 13, 2017, as a private company limited by shares in Singapore.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the incorporation date or details of Carving Futures Pte. Ltd. as stated in the DRHP. - **NONE** (PromoterBackground): Nitin Bindlish is the Managing Director and Promoter of the company, having been associated since November 1, 2017 as the Founder and CEO.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Nitin Bindlish is the Managing Director and Promoter of Rays of Belief Limited, having been associated since November 1, 2017 as the Founder and CEO. - **NONE** (SubsidiaryPerformance): The company acquired all issued and outstanding shares of Mom's US from Saju Sebastian Eapen, resulting in Mom’s US becoming a wholly owned Subsidiary and Allergy & Immunology Virginia, LLC becoming a Step-Down Subsidiary, on June 23, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP concerning the acquisition and subsidiary status of Mom’s US and Allergy & Immunology Virginia, LLC. - **NONE** (SubsidiaryPerformance): The company made its first overseas investment in the United States in 2025, resulting in the formation of a wholly owned subsidiary.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Rays of Belief Limited made its first overseas investment in the United States in 2025. - **NONE** (SubsidiaryPerformance): The company launched 48 new centres across various locations in 2024-25.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Rays of Belief Limited launched 48 new centres in 2024-25. - **NONE** (SubsidiaryPerformance): The company launched various programs and centers between 2020-21 (e.g., 'Pay As You Like' therapy model, Mind Belief partnership, Mom’s Belief Pediatric Hearing Centre), 2021-22 (MB School of Moms), 2022-23 (Initiated Partnership Centres, Mom's Belief Care, launched 19 new centres, partnership with The LEGO Foundation, rolled out Family Support Program (FSP)), and 2023-24 (Launched over 20 new centres, Introduced Early Intervention Centres (EICs)).. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the specific timeline and programs mentioned in the DRHP claim for Rays of Belief Limited. - **NONE** (SubsidiaryPerformance): The authorized share capital was increased multiple times, with amendments detailed on June 12, 2020, May 17, 2021, May 16, 2022, and November 04, 2024.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the multiple increases to the authorized share capital of Rays of Belief Limited. ## Common questions ### How big is the Rays of Belief Limited IPO? The size of the Rays of Belief Limited IPO is not stated in a form we could read from its Prospectus. Draft filings often leave amounts blank until the Red Herring Prospectus. ### What are Rays of Belief Limited's revenue and profit? Rays of Belief Limited reported revenue from operations of ₹82 Cr in FY26, +124.2% versus FY25. Net profit was ₹5.0 Cr (FY25: ₹5.9 Cr). Revenue grew at a compound rate of 63.3% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Rays of Belief Limited? Promoters hold 91.7% of Rays of Belief Limited before the IPO. Largest holders listed: Carving Futures Pte. Ltd. (91.4%); Manish Agarwal (2.2%); Carving Futures Pte. Ltd. (2.0%). ### How will Rays of Belief Limited use the IPO money? The fresh-issue proceeds are earmarked for: years) and associated technology (hardware) costs: (₹11 Cr); Funding capital expenditure towards establishment of new centres on leased premises (tenure of 11 months - 3 years) and associated technology (hardware) costs: (₹41 Cr); 268.84 * (ii) School Collaboration Centres 55.35 * (iii) Centre for Excellence and Research 24.54 * (iv) Upskilling Academy 20.45 * (v) Technology (hardware) costs (₹4.4 Cr); Expenditure for lease payments for our existing centres in India (₹14 Cr); Investment in our Subsidiary, Mom’s Belief US Inc., for making lease / license payments for our existing centres in the USA (₹10 Cr); Expenditure for brand awareness and inclusive outreach programs (₹10 Cr); Funding inorganic growth through unidentified acquisition and General corporate purposes (₹39 Cr). ### What are the red flags in Rays of Belief Limited's Prospectus? We fact-checked 39 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Rays of Belief Limited do? Here’s what almost nobody noticed about the RAYS OF BELIEF IPO: the official documentation lists zero current board members. That’s a massive red flag when you’re looking at a company going public. ### Who manages the Rays of Belief Limited IPO? Book running lead managers: MEFCOM CAPITAL MARKETS LIMITED, Mefcom Capital Markets Limited. Registrar to the offer: KFIN TECHNOLOGIES LIMITED. Shares are proposed to list on BSE and NSE. ### Where can I read the original Rays of Belief Limited IPO documents? All 1 filing for Rays of Belief Limited (Prospectus) 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 - [Rays of Belief Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790747575529.pdf) (Prospectus, filed 30 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.