Rays of Belief Ltd IPO Date, Price, GMP, Review, Details

Business Overview

Rays of Belief Limited, operating under the brand name “Mom’s Belief”, is a for profit social enterprise that provides personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), Attention-Deficit/Hyperactivity Disorder (ADHD), Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. Incorporated in 2017 and operational since its first Gurgaon centre in 2018, the Company delivers a multidisciplinary suite of services spanning early intervention, parental guidance, occupational therapy, speech and language therapy, ABA based behaviour modification support and special education. Services primarily cater to children from 18 months to 12 years, with specialised vocational and life skills programs for children up to 15 years. The Company has served upwards of 58,000 children since 2018, including 9,205 children in Fiscal 2026.

As of March 31, 2026, the Company operated 136 centres across 57 cities spanning 20 states and union territories in India, comprising 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, up from 71 centres in Fiscal 2023. Based on number of centres, the Company ranks first in India in offering intervention plans for children with NDDs and seventh globally among listed players in the behavioural health domain. In June 2025 the Company acquired Mom’s Belief US, Inc. as a wholly owned subsidiary and Allergy and Immunology Virginia, LLC as a step down subsidiary, adding three centres in Salem, Lynchburg and Roanoke, Virginia. The network is supported by a team of over 340 full time clinical professionals, with centres equipped with over 150 teaching tools and home based learning kits providing access to over 2,000 teaching tools.

IPO Synopsis

Objective of the Issue

• Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals – ₹26.88 Crores.

• Expenditure for lease payments for existing centres in India – ₹14.45 Crores.

• Investment in Subsidiary, Mom’s Belief US Inc., for making lease / license payments for existing centres in the USA – ₹10.13 Crores.

• Expenditure for brand awareness and inclusive outreach programs – ₹10.21 Crores.

• Funding inorganic growth through unidentified acquisition and general corporate purposes.

Strengths

• India’s Largest NDD Intervention Network
  Based on number of centres, the Company ranks first in India in offering intervention plans for children with neurodevelopmental disorders and seventh globally among listed players operating in a similar behavioural health domain. The network has grown from 71 centres in Fiscal 2023 to 136 centres excluding three centres acquired under the step down subsidiary in the United States. In a fragmented category with no listed Indian peer, this scale creates referral density and brand recall that a new entrant would take years to replicate.

• Broad Geographic Spread with Deep Tier 2 and Tier 3 Presence
  The 136 centres are spread across 57 cities spanning 20 states and union territories, comprising 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres. More than half the network sits outside Tier 1 cities, extending developmental care into underrepresented and semi-urban geographies where access has traditionally been limited. This reach spans different linguistic, socio-economic and regional groups, allowing the Company to maintain a diverse client base and limiting reliance on any single geography, which reduces the impact of a potential operational shutdown in one area on overall revenue.

• Asset Light, Lease Based Centre Rollout Model
  All centres are opened on a lease basis, which allows the Company to roll out new centres with optimal upfront investment, limited capital expenditure and high scalability. A dedicated Business Development team continuously monitors target markets, with site selection criteria including proximity to healthcare centres, doctor clinics, daycares and preschools. This model supports geographic expansion without the capital intensity of owned real estate and underpins the improvement in EBITDA margin from 4.87% in Fiscal 2024 to 14.59% in Fiscal 2026.

Risks

• Significant Related Party and Overseas Revenue Concentration
  In Fiscal 2026 the Company derived 25.56% of Revenue from Operations from the export of support services to Carving Futures Pte. Ltd., its Holding Company and Corporate Promoter, and Carving Futures Inc., a Promoter Group entity. Any adverse change in, or termination of, this arrangement, or any conflict of interest arising from such related party dealings, could adversely affect revenues and cash flows. Separately, 50.21% of Revenue from Operations for Fiscal 2025 was derived from the three newly acquired centres in the United States.

• History of Losses and Negative Operating Cash Flows
  The Company has faced losses in the past and may incur losses in the future. It recorded negative cash flow from operating activities of ₹1.94 Crores and negative cash flow from investing activities of ₹6.18 Crores in Fiscal 2026. Reported profitability has therefore not yet translated into cash generation at the operating level.

• Dependence on Leasehold Premises with Short Tenures
  The Registered Office, Corporate Office, 91 of the 136 centres in India and the newly acquired centres in the United States are on premises not owned by the Company, held only under leasehold rights. Lease amount paid for centres was ₹4.66 Crores, on tenures ranging from 11 months to 3 years, and a portion of the Net Proceeds will be applied towards rent on such leased premises. If landlords do not renew leases or renegotiate terms, the immovable fit outs that form a significant part of capital expenditure may not be recoverable.

Financial Snapshot