About the Business
Incorporated in 2017, Rays of Belief Limited is a specialized for-profit social enterprise delivering personalized intervention and therapy plans for children with Neurodevelopmental Disorders (NDDs). The company addresses conditions including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Learning Disabilities, Intellectual Disabilities, and Global Developmental Delays.
Operating under the well-recognized brand Mom’s Belief, the organization has expanded rapidly from 71 centres in FY23 to 136 centres across 57 cities and 20 states and union territories in India as of March 31, 2026. Its network is strategically distributed across 42 Tier 1, 77 Tier 2, and 17 Tier 3 locations, delivering specialized clinical care to semi-urban and underserved markets.
- Multidisciplinary care portfolio comprising occupational therapy, speech and language therapy, early intervention, and family guidance programs.
- Extensive clinical infrastructure equipped with 150+ in-centre tools and 2,000+ home-based learning modules supported by 340+ full-time clinicians.
- International expansion via the acquisition of US-based Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC operating 3 centres in Virginia.
The company’s promoters are Nitin Bindlish and Carving Futures Pte. Ltd.
Financial Overview
Rays of Belief Ltd. experienced significant top-line expansion, with total revenue rising by 125% from ₹36.54 Cr in FY25 to ₹82.06 Cr in FY26.
| Metric (₹ Cr) | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹82.06 | ₹36.54 | ₹30.76 |
| EBITDA | ₹11.91 | ₹3.02 | ₹1.49 |
| PAT (Profit After Tax) | ₹4.96 | ₹5.88 | ₹0.85 |
| Net Worth | ₹30.81 | ₹15.02 | ₹5.78 |
| Reserves & Surplus | ₹15.22 | ₹14.70 | ₹5.47 |
| Total Borrowings | ₹3.61 | ₹4.36 | ₹0.00 |
| Total Assets | ₹50.89 | ₹26.12 | ₹12.89 |
Note: FY26 figures represent Consolidated data; prior periods Restated Standalone | Source: RHP Filings
Key Financial Metrics (FY26)
Issue Reservation
| Investor Category | Allocation Limit |
|---|---|
| QIB Shares Offered | Not less than 75% of the Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Issue |
| Retail (RII) Shares Offered | Not more than 10% of the Issue |
Objects of the Issue
The net proceeds from the ₹125.00 Cr 100% fresh issue are proposed to be deployed towards:
- Setting up Company Learning Centres and Centres in partnership with Licensed Professionals ₹26.88 Cr
- Lease payments for existing therapy centres in India ₹14.45 Cr
- Brand awareness campaigns and inclusive community outreach programs ₹10.21 Cr
- Investment in US Subsidiary (Moms Belief US Inc.) for lease/license payments ₹10.13 Cr
- School Collaboration Centres & Technology Hardware Infrastructure ₹9.98 Cr
- Centre for Excellence & Research, Upskilling Academy, and General Corporate Purposes Balance
Rays of Belief Limited operates a differentiated, niche social-healthcare model addressing neurodevelopmental disorders through its 136-centre Mom’s Belief network. The company has scaled revenues aggressively while maintaining low leverage (Debt/Equity of 0.12) and solid return ratios (ROCE of 29.74%).
However, at the upper price band of ₹239, the issue is priced at a rich valuation with a post-issue P/E of 100.84x against a market capitalization of ₹499.55 Cr. Furthermore, with 75% reserved for QIBs and only 10% for retail, the structure reflects institutional focus. Investors with high risk appetite seeking pure-play developmental therapy growth can track this offering.
