Rays of Belief IPO \u2013 Flattrade Kosh<\/title>\n <style>\n \/* ==========================================================================\n 1. DESIGN TOKENS & RESET\n ========================================================================== *\/\n :root {\n --brand-primary: #16a34a;\n --brand-primary-hover: #15803d;\n --brand-light: #f0fdf4;\n --brand-border: #bbf7d0;\n \n --neutral-900: #0f172a;\n --neutral-800: #1e293b;\n --neutral-700: #334155;\n --neutral-600: #475569;\n --neutral-500: #64748b;\n --neutral-200: #e2e8f0;\n --neutral-100: #f1f5f9;\n --neutral-50: #f8fafc;\n --surface: #ffffff;\n \n --radius-sm: 6px;\n --radius-md: 10px;\n --radius-lg: 16px;\n --radius-full: 9999px;\n \n --shadow-subtle: 0 1px 3px rgba(0, 0, 0, 0.04), 0 1px 2px rgba(0, 0, 0, 0.02);\n --shadow-card: 0 4px 12px -2px rgba(15, 23, 42, 0.06), 0 2px 6px -2px rgba(15, 23, 42, 0.04);\n --shadow-hover: 0 12px 24px -4px rgba(15, 23, 42, 0.10);\n \n --font-stack: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Inter, \"Helvetica Neue\", sans-serif;\n }\n\n *, *::before, *::after {\n box-sizing: border-box;\n margin: 0;\n padding: 0;\n }\n\n body {\n font-family: var(--font-stack);\n background-color: var(--neutral-50);\n color: var(--neutral-700);\n line-height: 1.75;\n -webkit-font-smoothing: antialiased;\n }\n\n \/* ==========================================================================\n 2. LAYOUT WRAPPER\n ========================================================================== *\/\n .cmr-article-wrapper {\n max-width: 760px;\n margin: 32px px 64px;\n background: var(--surface);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-lg);\n padding: 40px 32px;\n box-shadow: var(--shadow-card);\n }\n\n \/* ==========================================================================\n 3. HEADER & META\n ========================================================================== *\/\n .meta-bar {\n display: flex;\n align-items: center;\n gap: 10px;\n margin-bottom: 18px;\n }\n\n .tag-badge {\n display: inline-flex;\n align-items: center;\n gap: 6px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: var(--radius-full);\n padding: 3px 12px;\n font-size: 11px;\n font-weight: 700;\n letter-spacing: 0.06em;\n text-transform: uppercase;\n }\n\n .tag-badge::before {\n content: \"\";\n width: 6px;\n height: 6px;\n background-color: var(--brand-primary);\n border-radius: 50%;\n }\n\n .meta-source {\n font-size: 13px;\n font-weight: 500;\n color: var(--neutral-500);\n }\n\n h1.post-title {\n font-size: 28px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n letter-spacing: -0.02em;\n margin-bottom: 24px;\n }\n\n h2.section-heading {\n font-size: 19px;\n font-weight: 700;\n color: var(--neutral-900);\n margin: 36px 0 16px;\n letter-spacing: -0.01em;\n display: flex;\n align-items: center;\n gap: 8px;\n }\n\n .cmr-article-wrapper p {\n font-size: 15.5px;\n margin-bottom: 18px;\n color: var(--neutral-700);\n text-align: justify;\n }\n\n .cmr-article-wrapper strong {\n color: var(--neutral-900);\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 4. IPO AT A GLANCE GRID\n ========================================================================== *\/\n .cmr-glance-title {\n font-size: 12px;\n font-weight: 700;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.08em;\n margin: 28px 0 14px;\n display: flex;\n align-items: center;\n gap: 12px;\n }\n\n .cmr-glance-title::after {\n content: '';\n flex: 1;\n height: 1px;\n background: var(--neutral-200);\n }\n\n .cmr-glance-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin-bottom: 16px;\n }\n\n .cmr-glance-item {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px;\n transition: all 0.2s ease-in-out;\n }\n\n .cmr-glance-item:hover {\n background: var(--surface);\n border-color: #cbd5e1;\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .cmr-glance-item.cmr-highlight {\n background: linear-gradient(145deg, #ffffff, var(--brand-light));\n border-color: var(--brand-border);\n }\n\n .cmr-glance-item.cmr-highlight .cmr-g-value {\n color: var(--brand-primary);\n }\n\n .cmr-g-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n font-weight: 600;\n letter-spacing: 0.04em;\n margin-bottom: 4px;\n }\n\n .cmr-g-value {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n line-height: 1.25;\n }\n\n .cmr-g-sub {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 4px;\n }\n\n .glance-badge {\n background: var(--neutral-100);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-sm);\n padding: 10px 14px;\n font-size: 13px;\n color: var(--neutral-600);\n margin-bottom: 28px;\n font-weight: 500;\n text-align: center;\n }\n\n \/* ==========================================================================\n 5. FEATURE LISTS\n ========================================================================== *\/\n .cmr-feature-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 12px;\n }\n\n .cmr-feature-list li {\n position: relative;\n padding-left: 28px;\n font-size: 15px;\n color: var(--neutral-700);\n }\n\n .cmr-feature-list li::before {\n \n position: absolute;\n left: 0;\n top: 1px;\n width: 18px;\n height: 18px;\n background: var(--brand-light);\n color: var(--brand-primary);\n border: 1px solid var(--brand-border);\n border-radius: 50%;\n display: flex;\n align-items: center;\n justify-content: center;\n font-size: 11px;\n font-weight: 800;\n }\n\n \/* ==========================================================================\n 6. TABLES (FINANCIAL & RESERVATION)\n ========================================================================== *\/\n .table-container {\n width: 100%;\n overflow-x: auto;\n -webkit-overflow-scrolling: touch;\n margin: 18px 0;\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n background: var(--surface);\n }\n\n .fin-table, .res-table {\n width: 100%;\n border-collapse: collapse;\n font-size: 14.5px;\n text-align: left;\n }\n\n .fin-table th, .fin-table td,\n .res-table th, .res-table td {\n padding: 12px 18px;\n border-bottom: 1px solid var(--neutral-200);\n }\n\n .fin-table thead tr, .res-table thead tr {\n background: var(--neutral-100);\n }\n\n .fin-table th {\n font-weight: 700;\n color: var(--neutral-800);\n text-align: right;\n }\n\n .fin-table th:first-child, .res-table th {\n text-align: left;\n }\n\n .fin-table td {\n color: var(--neutral-700);\n text-align: right;\n font-variant-numeric: tabular-nums;\n }\n\n .res-table td {\n color: var(--neutral-700);\n text-align: left;\n }\n\n .fin-table td:first-child, .res-table td:first-child {\n text-align: left;\n font-weight: 600;\n color: var(--neutral-900);\n }\n\n .fin-table tbody tr:hover, .res-table tbody tr:hover {\n background-color: var(--neutral-50);\n }\n\n .fin-table tbody tr:last-child td, .res-table tbody tr:last-child td {\n border-bottom: none;\n }\n\n .fin-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 6px;\n margin-bottom: 24px;\n }\n\n \/* ==========================================================================\n 7. KPI STATS CARDS\n ========================================================================== *\/\n .kpi-grid {\n display: grid;\n grid-template-columns: repeat(3, 1fr);\n gap: 12px;\n margin: 20px 0 28px;\n }\n\n .kpi-card {\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n border-radius: var(--radius-md);\n padding: 16px 12px;\n text-align: center;\n transition: all 0.2s ease;\n }\n\n .kpi-card:hover {\n background: var(--surface);\n border-color: var(--brand-border);\n transform: translateY(-2px);\n box-shadow: var(--shadow-subtle);\n }\n\n .kpi-card .kpi-value {\n font-size: 20px;\n font-weight: 800;\n color: var(--brand-primary);\n line-height: 1.2;\n }\n\n .kpi-card .kpi-label {\n font-size: 11px;\n color: var(--neutral-500);\n text-transform: uppercase;\n letter-spacing: 0.05em;\n margin-top: 4px;\n font-weight: 600;\n }\n\n \/* ==========================================================================\n 8. OBJECTS OF THE ISSUE LIST\n ========================================================================== *\/\n .objects-list {\n list-style: none;\n padding: 0;\n margin: 20px 0;\n display: flex;\n flex-direction: column;\n gap: 10px;\n }\n\n .objects-list li {\n display: flex;\n justify-content: space-between;\n align-items: center;\n padding: 14px 18px;\n border-radius: var(--radius-md);\n background: var(--neutral-50);\n border: 1px solid var(--neutral-200);\n font-size: 14.5px;\n }\n\n .objects-list li .obj-label {\n color: var(--neutral-700);\n }\n\n .objects-list li .obj-amt {\n font-weight: 700;\n color: var(--neutral-900);\n white-space: nowrap;\n margin-left: 16px;\n background: var(--surface);\n padding: 2px 8px;\n border-radius: var(--radius-sm);\n border: 1px solid var(--neutral-200);\n }\n\n \/* ==========================================================================\n 9. VERDICT BOX & CTA\n ========================================================================== *\/\n .cmr-verdict-card {\n background: linear-gradient(145deg, #ffffff 0%, var(--brand-light) 100%);\n border: 1px solid var(--brand-border);\n border-left: 5px solid var(--brand-primary);\n padding: 24px;\n border-radius: var(--radius-md);\n margin: 36px 0;\n }\n\n .cmr-verdict-title {\n font-size: 17px;\n font-weight: 800;\n color: var(--neutral-900);\n margin-bottom: 8px;\n }\n\n .cta-wrap {\n text-align: center;\n margin: 36px 0 16px;\n }\n\n .cta-btn {\n display: inline-flex;\n align-items: center;\n justify-content: center;\n gap: 8px;\n background: var(--brand-primary);\n color: #ffffff !important;\n font-size: 15px;\n font-weight: 700;\n text-decoration: none !important;\n padding: 14px 36px;\n border-radius: var(--radius-full);\n box-shadow: 0 4px 14px rgba(22, 163, 74, 0.25);\n transition: all 0.2s ease;\n cursor: pointer;\n }\n\n .cta-btn:hover {\n background: var(--brand-primary-hover);\n transform: translateY(-2px);\n box-shadow: 0 6px 20px rgba(22, 163, 74, 0.35);\n }\n\n .source-note {\n font-size: 12px;\n color: var(--neutral-500);\n margin-top: 32px;\n border-top: 1px solid var(--neutral-200);\n padding-top: 14px;\n text-align: center;\n }\n\n hr.divider {\n border: none;\n border-top: 1px solid var(--neutral-200);\n margin: 32px 0;\n }\n\n \/* ==========================================================================\n 10. RESPONSIVE MOBILE BREAKPOINTS\n ========================================================================== *\/\n @media (max-width: 640px) {\n .cmr-article-wrapper {\n margin: 16px 12px;\n padding: 24px 16px;\n border-radius: var(--radius-md);\n }\n\n h1.post-title {\n font-size: 22px;\n }\n\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .objects-list li {\n flex-direction: column;\n align-items: flex-start;\n gap: 6px;\n }\n\n .objects-list li .obj-amt {\n margin-left: 0;\n }\n\n .cta-btn {\n width: 100%;\n padding: 14px 20px;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<main class=\"cmr-article-wrapper\">\n\n\n \n <div class=\"cmr-glance-title\">IPO Summary<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b9227 \u2013 \u20b9239<\/div>\n <div class=\"cmr-g-sub\">FV: \u20b910 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Dates<\/div>\n <div class=\"cmr-g-value\">Sep 1 \u2013 3<\/div>\n <div class=\"cmr-g-sub\">Year: 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">62 Shares<\/div>\n <div class=\"cmr-g-sub\">Min: \u20b914,818<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Issue Size<\/div>\n <div class=\"cmr-g-value\">\u20b9125.00 Cr<\/div>\n <div class=\"cmr-g-sub\">100% Fresh Issue<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Sep 8<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Manager<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 14px;\">Mefcom Capital<\/div>\n <div class=\"cmr-g-sub\">Reg: Kfin Tech<\/div>\n <\/div>\n <\/div>\n\n <div class=\"glance-badge\">\n Bookbuilt Issue | Fresh Issue: \u20b9125.00 Cr (52,30,000 Shares) | Offer for Sale: Nil\n <\/div>\n\n \n <h2 class=\"section-heading\">About the Business<\/h2>\n <p>\n Incorporated in <strong>2017<\/strong>, 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.\n <\/p>\n <p>\n Operating under the well-recognized brand <strong>Mom\u2019s Belief<\/strong>, the organization has expanded rapidly from 71 centres in FY23 to <strong>136 centres across 57 cities and 20 states and union territories in India<\/strong> 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.\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li>Multidisciplinary care portfolio comprising occupational therapy, speech and language therapy, early intervention, and family guidance programs.<\/li>\n <li>Extensive clinical infrastructure equipped with 150+ in-centre tools and 2,000+ home-based learning modules supported by 340+ full-time clinicians.<\/li>\n <li>International expansion via the acquisition of US-based Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC operating 3 centres in Virginia.<\/li>\n <\/ul>\n\n <p>\n The company’s promoters are <strong>Nitin Bindlish and Carving Futures Pte. Ltd.<\/strong>\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Financial Overview<\/h2>\n <p>\n Rays of Belief Ltd. experienced significant top-line expansion, with total revenue rising by 125% from \u20b936.54 Cr in FY25 to \u20b982.06 Cr in FY26.\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Metric (\u20b9 Cr)<\/th>\n <th>FY 2026<\/th>\n <th>FY 2025<\/th>\n <th>FY 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>Total Income<\/td><td>\u20b982.06<\/td><td>\u20b936.54<\/td><td>\u20b930.76<\/td><\/tr>\n <tr><td>EBITDA<\/td><td>\u20b911.91<\/td><td>\u20b93.02<\/td><td>\u20b91.49<\/td><\/tr>\n <tr><td>PAT (Profit After Tax)<\/td><td>\u20b94.96<\/td><td>\u20b95.88<\/td><td>\u20b90.85<\/td><\/tr>\n <tr><td>Net Worth<\/td><td>\u20b930.81<\/td><td>\u20b915.02<\/td><td>\u20b95.78<\/td><\/tr>\n <tr><td>Reserves & Surplus<\/td><td>\u20b915.22<\/td><td>\u20b914.70<\/td><td>\u20b95.47<\/td><\/tr>\n <tr><td>Total Borrowings<\/td><td>\u20b93.61<\/td><td>\u20b94.36<\/td><td>\u20b90.00<\/td><\/tr>\n <tr><td>Total Assets<\/td><td>\u20b950.89<\/td><td>\u20b926.12<\/td><td>\u20b912.89<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Note: FY26 figures represent Consolidated data; prior periods Restated Standalone | Source: RHP Filings<\/p>\n\n \n <h2 class=\"section-heading\">Key Financial Metrics (FY26)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">21.64%<\/div>\n <div class=\"kpi-label\">Return on Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">29.74%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">14.59%<\/div>\n <div class=\"kpi-label\">EBITDA Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">0.12<\/div>\n <div class=\"kpi-label\">Debt \/ Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">\u20b92.37<\/div>\n <div class=\"kpi-label\">Post-IPO EPS<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">100.84x<\/div>\n <div class=\"kpi-label\">Post-IPO P\/E<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Allocation Limit<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB Shares Offered<\/td><td>Not less than 75% of the Issue<\/td><\/tr>\n <tr><td>NII (HNI) Shares Offered<\/td><td>Not more than 15% of the Issue<\/td><\/tr>\n <tr><td>Retail (RII) Shares Offered<\/td><td>Not more than 10% of the Issue<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Objects of the Issue<\/h2>\n <p>\n The net proceeds from the \u20b9125.00 Cr 100% fresh issue are proposed to be deployed towards:\n <\/p>\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">Setting up Company Learning Centres and Centres in partnership with Licensed Professionals<\/span>\n <span class=\"obj-amt\">\u20b926.88 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Lease payments for existing therapy centres in India<\/span>\n <span class=\"obj-amt\">\u20b914.45 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Brand awareness campaigns and inclusive community outreach programs<\/span>\n <span class=\"obj-amt\">\u20b910.21 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Investment in US Subsidiary (Moms Belief US Inc.) for lease\/license payments<\/span>\n <span class=\"obj-amt\">\u20b910.13 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">School Collaboration Centres & Technology Hardware Infrastructure<\/span>\n <span class=\"obj-amt\">\u20b99.98 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Centre for Excellence & Research, Upskilling Academy, and General Corporate Purposes<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n Rays of Belief Limited operates a differentiated, niche social-healthcare model addressing neurodevelopmental disorders through its 136-centre Mom\u2019s 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%).\n <\/p>\n <p style=\"margin-top: 10px;\">\n However, at the upper price band of \u20b9239, the issue is priced at a rich valuation with a post-issue P\/E of 100.84x against a market capitalization of \u20b9499.55 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.\n <\/p>\n <\/div>\n\n \n <div class=\"cta-wrap\">\n <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n Apply for Rays of Belief IPO on Flattrade →\n <\/a>\n <\/div>\n\n <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/main>\n\n<\/body>\n<\/html>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b475748 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b475748\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element 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RESPONSIVE MOBILE BREAKPOINTS\n ========================================================================== *\/\n @media (max-width: 640px) {\n .cmr-article-wrapper {\n margin: 16px 12px;\n padding: 24px 16px;\n border-radius: var(--radius-md);\n }\n\n h1.post-title {\n font-size: 22px;\n }\n\n .cmr-glance-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .kpi-grid {\n grid-template-columns: repeat(2, 1fr);\n }\n\n .objects-list li {\n flex-direction: column;\n align-items: flex-start;\n gap: 6px;\n }\n\n .objects-list li .obj-amt {\n margin-left: 0;\n }\n\n .cta-btn {\n width: 100%;\n padding: 14px 20px;\n }\n }\n <\/style>\n<\/head>\n<body>\n\n<main class=\"cmr-article-wrapper\">\n\n\n \n <div class=\"cmr-glance-title\">IPO Summary<\/div>\n \n <div class=\"cmr-glance-grid\">\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Price Band<\/div>\n <div class=\"cmr-g-value\">\u20b9227 \u2013 \u20b9239<\/div>\n <div class=\"cmr-g-sub\">FV: \u20b910 \/ share<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item cmr-highlight\">\n <div class=\"cmr-g-label\">Issue Dates<\/div>\n <div class=\"cmr-g-value\">Sep 1 \u2013 3<\/div>\n <div class=\"cmr-g-sub\">Year: 2026<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lot Size<\/div>\n <div class=\"cmr-g-value\">62 Shares<\/div>\n <div class=\"cmr-g-sub\">Min: \u20b914,818<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Total Issue Size<\/div>\n <div class=\"cmr-g-value\">\u20b9125.00 Cr<\/div>\n <div class=\"cmr-g-sub\">100% Fresh Issue<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Listing At<\/div>\n <div class=\"cmr-g-value\">BSE & NSE<\/div>\n <div class=\"cmr-g-sub\">Tentative: Sep 8<\/div>\n <\/div>\n\n <div class=\"cmr-glance-item\">\n <div class=\"cmr-g-label\">Lead Manager<\/div>\n <div class=\"cmr-g-value\" style=\"font-size: 14px;\">Mefcom Capital<\/div>\n <div class=\"cmr-g-sub\">Reg: Kfin Tech<\/div>\n <\/div>\n <\/div>\n\n <div class=\"glance-badge\">\n Bookbuilt Issue | Fresh Issue: \u20b9125.00 Cr (52,30,000 Shares) | Offer for Sale: Nil\n <\/div>\n\n \n <h2 class=\"section-heading\">About the Business<\/h2>\n <p>\n Incorporated in <strong>2017<\/strong>, 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.\n <\/p>\n <p>\n Operating under the well-recognized brand <strong>Mom\u2019s Belief<\/strong>, the organization has expanded rapidly from 71 centres in FY23 to <strong>136 centres across 57 cities and 20 states and union territories in India<\/strong> 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.\n <\/p>\n\n <ul class=\"cmr-feature-list\">\n <li>Multidisciplinary care portfolio comprising occupational therapy, speech and language therapy, early intervention, and family guidance programs.<\/li>\n <li>Extensive clinical infrastructure equipped with 150+ in-centre tools and 2,000+ home-based learning modules supported by 340+ full-time clinicians.<\/li>\n <li>International expansion via the acquisition of US-based Mom’s Belief US, Inc. and Allergy and Immunology Virginia, LLC operating 3 centres in Virginia.<\/li>\n <\/ul>\n\n <p>\n The company’s promoters are <strong>Nitin Bindlish and Carving Futures Pte. Ltd.<\/strong>\n <\/p>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Financial Overview<\/h2>\n <p>\n Rays of Belief Ltd. experienced significant top-line expansion, with total revenue rising by 125% from \u20b936.54 Cr in FY25 to \u20b982.06 Cr in FY26.\n <\/p>\n\n <div class=\"table-container\">\n <table class=\"fin-table\">\n <thead>\n <tr>\n <th>Metric (\u20b9 Cr)<\/th>\n <th>FY 2026<\/th>\n <th>FY 2025<\/th>\n <th>FY 2024<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>Total Income<\/td><td>\u20b982.06<\/td><td>\u20b936.54<\/td><td>\u20b930.76<\/td><\/tr>\n <tr><td>EBITDA<\/td><td>\u20b911.91<\/td><td>\u20b93.02<\/td><td>\u20b91.49<\/td><\/tr>\n <tr><td>PAT (Profit After Tax)<\/td><td>\u20b94.96<\/td><td>\u20b95.88<\/td><td>\u20b90.85<\/td><\/tr>\n <tr><td>Net Worth<\/td><td>\u20b930.81<\/td><td>\u20b915.02<\/td><td>\u20b95.78<\/td><\/tr>\n <tr><td>Reserves & Surplus<\/td><td>\u20b915.22<\/td><td>\u20b914.70<\/td><td>\u20b95.47<\/td><\/tr>\n <tr><td>Total Borrowings<\/td><td>\u20b93.61<\/td><td>\u20b94.36<\/td><td>\u20b90.00<\/td><\/tr>\n <tr><td>Total Assets<\/td><td>\u20b950.89<\/td><td>\u20b926.12<\/td><td>\u20b912.89<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n <p class=\"fin-note\">Note: FY26 figures represent Consolidated data; prior periods Restated Standalone | Source: RHP Filings<\/p>\n\n \n <h2 class=\"section-heading\">Key Financial Metrics (FY26)<\/h2>\n <div class=\"kpi-grid\">\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">21.64%<\/div>\n <div class=\"kpi-label\">Return on Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">29.74%<\/div>\n <div class=\"kpi-label\">ROCE<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">14.59%<\/div>\n <div class=\"kpi-label\">EBITDA Margin<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">0.12<\/div>\n <div class=\"kpi-label\">Debt \/ Equity<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">\u20b92.37<\/div>\n <div class=\"kpi-label\">Post-IPO EPS<\/div>\n <\/div>\n <div class=\"kpi-card\">\n <div class=\"kpi-value\">100.84x<\/div>\n <div class=\"kpi-label\">Post-IPO P\/E<\/div>\n <\/div>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Issue Reservation<\/h2>\n <div class=\"table-container\">\n <table class=\"res-table\">\n <thead>\n <tr>\n <th>Investor Category<\/th>\n <th>Allocation Limit<\/th>\n <\/tr>\n <\/thead>\n <tbody>\n <tr><td>QIB Shares Offered<\/td><td>Not less than 75% of the Issue<\/td><\/tr>\n <tr><td>NII (HNI) Shares Offered<\/td><td>Not more than 15% of the Issue<\/td><\/tr>\n <tr><td>Retail (RII) Shares Offered<\/td><td>Not more than 10% of the Issue<\/td><\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n\n <hr class=\"divider\" \/>\n\n \n <h2 class=\"section-heading\">Objects of the Issue<\/h2>\n <p>\n The net proceeds from the \u20b9125.00 Cr 100% fresh issue are proposed to be deployed towards:\n <\/p>\n <ul class=\"objects-list\">\n <li>\n <span class=\"obj-label\">Setting up Company Learning Centres and Centres in partnership with Licensed Professionals<\/span>\n <span class=\"obj-amt\">\u20b926.88 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Lease payments for existing therapy centres in India<\/span>\n <span class=\"obj-amt\">\u20b914.45 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Brand awareness campaigns and inclusive community outreach programs<\/span>\n <span class=\"obj-amt\">\u20b910.21 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Investment in US Subsidiary (Moms Belief US Inc.) for lease\/license payments<\/span>\n <span class=\"obj-amt\">\u20b910.13 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">School Collaboration Centres & Technology Hardware Infrastructure<\/span>\n <span class=\"obj-amt\">\u20b99.98 Cr<\/span>\n <\/li>\n <li>\n <span class=\"obj-label\">Centre for Excellence & Research, Upskilling Academy, and General Corporate Purposes<\/span>\n <span class=\"obj-amt\">Balance<\/span>\n <\/li>\n <\/ul>\n\n \n <div class=\"cmr-verdict-card\">\n <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n <p>\n Rays of Belief Limited operates a differentiated, niche social-healthcare model addressing neurodevelopmental disorders through its 136-centre Mom\u2019s 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%).\n <\/p>\n <p style=\"margin-top: 10px;\">\n However, at the upper price band of \u20b9239, the issue is priced at a rich valuation with a post-issue P\/E of 100.84x against a market capitalization of \u20b9499.55 Cr. Furthermore, with 75% reserved for QIBs and only 10% for retail, the structure reflects institutional focus. 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