Rays of Belief Share Price & Stock Analysis

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Key Stock Information

ViewIPO AI Analysis Score

The Rays of Belief Stock scored 60/100 (Moderate Risk) in our deep analysis.

Frequently Asked Questions

What services does Rays of Belief Limited provide?

The company provides intervention plans for children with neurodevelopmental disorders, including early intervention, parental guidance, occupational therapy, language therapy, and family support programmes through its centres and digital e‑therapy platforms.

What is the geographic footprint of the company's centres?

As of March 31, 2026, Rays of Belief operated 136 centres across 57 cities in 20 Indian states and Union Territories, plus three centres in Virginia, USA following the acquisition of Mom’s Belief US, Inc. in June 2025.

How has the company's revenue grown over the past three years?

Revenue increased from ₹30.61 crore in FY24 to ₹36.42 crore in FY25 and ₹81.66 crore in FY26, representing a CAGR of 63.34% over the FY24‑FY26 period.

What are the main risks highlighted in the IPO prospectus?

Key risks include lease renewal exposure, geographic and client concentration (especially US centres and export to promoter group entities), dependence on a small number of US centres for ~50% of FY25 revenue, potential care quality issues, negative operating cash flows, high trade receivables, low public awareness of neurodevelopmental disorders, and employee cost inflation.

What is the company's exposure to related‑party transactions?

The company derived ₹20.87 crore (25.56% of FY26 revenue) from export of support services to its holding company Carving Futures Pte. Ltd. and promoter group entity Carving Futures Inc., which constitutes a material related‑party transaction.

Why does the company report negative operating cash flows despite profit growth?

Negative operating cash flows in FY25 and FY26 (₹1.81 crore and ₹1.94 crore) were primarily due to timing differences between revenue recognition and actual collections, along with an increase in accrued income and trade receivables.

What is the size of the IPO and the price band?

The IPO issue size is ₹125 crore, with a price band of ₹227‑₹239 per share and a lot size of 62 shares.

What is the intended use of IPO proceeds?

The prospectus does not specify the detailed use of proceeds; however, the funds are expected to support centre expansion, working capital, and general corporate purposes.

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Home›India›Rays of Belief ()
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Rays of BeliefNSE / BSE:

Analyzed by ViewIPO Financial Research Team
Healthcare services for children with neurodevelopmental disordersIndiaFiled 2026-09-01Listed 2026-09-08Size Pending Data
Listing Price ₹254
Live Subscription
106.83x Total
Check Allotment
Status Link

Is Rays of Belief a Good Stock? Quick Verdict

Rays of Belief IPO scored 60/100 (Moderate Risk) in our deep analysis. The strongest pillar is Financial at 70/100, while Valuation is the primary concern at 50/100. Rays of Belief Limited shows strong revenue growth and an expanding clinical network, but faces liquidity pressures and significant revenue concentration risks.

Stock Score
60/100
Moderate Risk

Quick Verdict

Revenue CAGR of 63.34% from FY24 to FY26.
EBITDA grew from ₹1.49 crore to ₹11.91 crore over FY24‑FY26.
Operates 136 centres across 57 Indian cities, ranked #1 in India for neurodevelopmental disorder centres.
Negative operating cash flows in FY25 and FY26.
High revenue concentration: US centres contributed ~50% of revenue in FY25.
Trade receivables represent 22% of FY26 revenue, posing liquidity risk.

Company Snapshot

Revenue (TTM)
₹81.66Cr↑ 124.22% YoY
Profitability
—Pending Data
Gross Margin
— 
Market Cap
—Pending Data
Issue Size
— 
Industry
Healthcare services for children with neurodevelopmental disorders 
P/E Ratio
—Pending Data

Risk Breakdown

Governance
65
Moderate
Financial
70
Moderate
Valuation
50
Expensive
Competition
55
Expensive
Dilution
60
Moderate
Promoter / Mgmt
60
Moderate

AI Summary

Rays of Belief Limited is a for‑profit social enterprise that provides intervention plans for children with neurodevelopmental disorders under the Mom’s Belief brand. As of March 31, 2026, it operated 136 centres across 57 Indian cities and three centres in the United States, serving over 58,000 children since inception. The company reported revenue growth of 63.34% CAGR from FY24 to FY26, with EBITDA rising from ₹1.49 crore to ₹11.91 crore, although operating cash flows turned negative in the last two years. Key risks include geographic and client concentration, lease‑related capex exposure, and reliance on related‑party export revenues.

Overall Verdict: Rays of Belief Limited shows strong revenue growth and an expanding clinical network, but faces liquidity pressures and significant revenue concentration risks.

Key Highlights

  • •Operates 136 centres across 57 Indian cities and 3 centres in the USA as of March 2026.
  • •Revenue grew at a CAGR of 63.34% from FY24 (₹30.61 cr) to FY26 (₹81.66 cr).
  • •EBITDA increased from ₹1.49 crore in FY24 to ₹11.91 crore in FY26.
  • •Employed over 340 full‑time clinical professionals, including psychologists, OTs, SLPs, and special educators.
  • •Recipient of the UN Zero Project Innovative Practice Award (2019) and featured as a top mother‑child brand by Times of India (2020).
  • •Services delivered via owned centres, partnership centres, school collaborations, and digital e‑therapy platforms.
  • •Negative operating cash flow of ₹1.94 crore in FY26, reflecting working‑capital timing differences.

Financial Performance

Revenue (Annual)

↑ +124.2% YoY

INR in Crores

Net Income (Annual)

Profitability

INR in Crores

Cash Flow vs Profit

↓ -7.2% YoY

INR in Crores

CF
NP

EBITDA vs PAT

EBITDA YoY

INR in Crores

EBITDA
PAT

Listing Timeline

IPO Opens2026-09-01
IPO Closes2026-09-03
Basis of Allotment2026-09-04
Refunds & Demat2026-09-05
Listing Date2026-09-08

Valuation Analysis

Issue Price₹227 - ₹239
Estimated Fair Value
Pending Data
Valuation Premium
Pending
vs Fair Value

Stock DNA

Growth
62
Governance
65
Profitability
70
Valuation
50
Competition
55
Execution
60

Pros vs Cons

Pros

  • Revenue grew at a CAGR of 63.34% from FY24 to FY26, reaching ₹81.66 crore in FY26.
  • EBITDA increased from ₹1.49 crore in FY24 to ₹11.91 crore in FY26, showing strong profitability improvement.
  • Operates 136 centres across 57 Indian cities/UTs as of March 2026, ranked #1 in India and #7 globally for neurodevelopmental disorder centres.
  • Employs over 340 full‑time clinical professionals, including psychologists, occupational therapists, speech‑language pathologists, and special educators.
  • Recipient of the UN Zero Project Innovative Practice Award (2019) and featured as a valued mother‑child brand by Times of India (2020).

Cons

  • Negative operating cash flows in FY25 (₹1.81 crore) and FY26 (₹1.94 crore), indicating working‑capital pressures.
  • High revenue concentration: US centres contributed ~50% of revenue in FY25; export to promoter group entities contributed ~25.6% in FY26; geographic concentration in Uttar Pradesh, Delhi, Karnataka (~15.4%) and Tier‑2 cities (~17.6%).
  • Lease‑based model exposes the company to write‑offs and additional capex if leases are not renewed or centres are closed.
  • Trade receivables stood at ₹18.09 crore (22.2% of FY26 revenue), posing liquidity risk if collections are delayed.
  • Employee benefit expenses exceed 50% of total expenses, making profitability sensitive to wage inflation or competition for qualified clinical staff.

Financial Health

Revenue Growth
63.34% CAGR (FY24-FY26) (Excellent)

Institutional Signals

Anchor Investors
Undisclosed
VC Backing Tier
Undisclosed
Strategic Partners
Undisclosed

Rays of Belief IPO Reddit Pulse & Sentiment

Real-time Reddit discussions & retail sentiment

No Public Data Available

We couldn't find any significant public discussions or retail sentiment threads for this IPO at the moment.

Disclaimer: These are raw community discussions aggregated from public forums. The AI summary and Reddit comments do not constitute financial advice. Always conduct your own independent research.

Rays of Belief Stock — Frequently Asked Questions

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Market Terminology Explained

Confused by terms like GMP, Kostak, or Subject to Sauda? Read our detailed guides in the IPO Glossary to understand the terminology before you invest.

Grey Market Premium (GMP)Subject to SaudaASBAOffer for Sale (OFS)
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Source Citation: All financial data and risk metrics are derived from the official prospectus filed with the regulator (SEBI DRHP/RHP). ViewIPO algorithms process this public data for informational purposes. Not financial advice.

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