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Ravita Engineering Services Ltd IPO
Ravita Engineering Services Ltd
₹2,52,000 /2400 sharesMinimum investment
IPO details
Minimum investment
₹2,52,000
Price range
₹105 - ₹112
Lot size
1,200
Issue size
116.05 Cr
Face value
5
IPO document
Subscription rate
Data will be available soon
Schedule
13 Oct 2026
IPO open date
15 Oct 2026
IPO close date
16 Oct 2026
Allotment date
16 Oct 2026
Funds unblock or debit
21 Oct 2026
Tentative listing date
About
Founded in
2007
MD/CEO
Mr Sunildutt Narayan Goswami
Parent organisation
Ravita Engineering Services Ltd
Ravita Engineering Services Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company offers both EPIC and O&M services for electromechanical systems. Its EPIC services cover design, engineering, procurement, installation, testing, and commissioning of HVAC systems, chiller plants, compressors, and related utilities. It also provides O&M services for equipment installed by both the company and third-party providers.
The company has a sizeable engineering and technical workforce. As of June 30, 2026, it had 399 employees, including 368 engineering and technical staff. This workforce is deployed across project execution and O&M contracts at multiple sites.
The company has experience working in offshore environments and data centres. During the three fiscal years and the three months ended June 30, 2026, it operated six rigs and 16 associated offshore oil and gas platforms in Indian territorial waters. Its data centre operations include O&M of cooling systems, chiller plants, HVAC equipment and mechanical utilities.
The company has a mix of short- to medium-term EPIC projects and multi-year O&M contracts. Its EPIC projects are typically executed over six to 14 months, while several O&M contracts extend beyond one year. As of June 30, 2026, it had eight O&M contracts scheduled for completion within three years.
The company had an order book of Rs 491.12 crore as of June 30, 2026. This included Rs 308.66 crore from EPIC projects, Rs 90.81 crore from O&M services, and Rs 91.65 crore from hybrid projects. Its order book increased from Rs 83.87 crore as of March 31, 2025, to Rs 365.13 crore as of March 31, 2026.
The company’s management has experience in the engineering, EPC, and marine sectors. Chairman and Executive Director Vibhoar Agrawal has been associated with the engineering and EPC industry for several years, while Managing Director and CEO Sunildutt Narayan Goswami has over 20 years of experience and has been associated with the company since 2010.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 13.49 crore in FY24 to Rs 108.61 crore in FY25 and Rs 277.63 crore in FY26. PAT increased from Rs 1.51 crore in FY24 to Rs 11.83 crore in FY25 and Rs 28.04 crore in FY26.
A significant portion of the company’s revenue from operations and order book is concentrated among its top five customers. The top five customers contributed Rs 80.63 crore (82.85%) of revenue from operations in the three months ended June 30, 2026, and Rs 218.35 crore (78.65%) in FY26, while accounting for Rs 329.28 crore (67.05%) of the order book as of June 30, 2026. Any loss of key customers, reduction in demand, or failure to secure repeat work orders could adversely affect the company’s business, profitability and financial condition.
A significant portion of the company’s contracts are awarded through competitive bidding, and its bid success rates have varied across its business segments. In the three months ended June 30, 2026, the company had success rates of 22.22% for Onshore bids, 0% for Offshore bids and 33.33% for Data Centre bids. Any inability to qualify for or secure new contracts, or delays in completing awarded projects within stipulated timelines, could adversely affect its revenue, cash flows, profitability, and future business opportunities.
A significant portion of the company’s revenue from operations is concentrated in Maharashtra, Gujarat, and India's territorial waters. These regions contributed 59.12% of revenue from operations in the three months ended June 30, 2026, 86.96% in FY26, 84.18% in FY25 and 100.00% in FY24. Maharashtra and Gujarat alone contributed 54.37% of revenue in the three months ended June 30, 2026, and 59.97% in FY2026. Any adverse changes in government policies, regulatory requirements, procurement priorities, or project activity in these regions could adversely affect the company’s business, revenue, and profitability.
The company operates in the highly competitive HVAC and temperature control systems industry, with competition from established players and new entrants in the public and private sectors. Competitors may have greater financial, operational, or technical resources, stronger client relationships, or longer track records in specific sectors and geographies. Increased competition and aggressive bidding could reduce the company’s margins, increase business acquisition costs, and affect its ability to secure new contracts.
The company has reported negative cash flows from operating activities of Rs 11.16 crore, Rs 46.85 crore, and Rs 8.94 crore in the three months ended June 30, 2026, FY26 and FY25, respectively, compared with positive operating cash flow in FY24. These negative operating cash flows were primarily due to increases in inventories, trade receivables, short-term loans and advances and other current assets, partly offset by increases in trade payables, current liabilities, and provisions. The company also reported negative cash flows from investing activities in the three months ended June 30, 2026, FY26 and FY25, primarily due to the purchase of fixed assets. Continued negative operating cash flows could adversely affect its ability to meet working capital requirements and repay borrowings without relying on external financing.
The company had contingent liabilities of Rs 4.47 crore as of June 30, 2026. If these liabilities materialise, it could affect the company’s financial position, results of operations and cash flows.
The company had outstanding financial indebtedness of Rs 34.32 crore as of June 30, 2026. Any failure to service or repay its borrowings on time could adversely affect the company’s business, financial condition, and cash flows.
The company had trade receivables of Rs 100.56 crore as of June 30, 2026. Any delay or failure in collecting these receivables could increase working capital requirements and adversely affect the company’s cash flows and financial condition.
Application details
For Ravita Engineering Services IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹105 - ₹112 | ₹2 - ₹5 Lakhs | 1200 |