Ravita Engineering Services IPO
Ravita Engineering Services IPO is an SME IPO raising ₹116 Cr at ₹105 – ₹112 a share. It listed on 22 Oct 2026 at ₹112, 0.0% against its issue price of ₹112, and trades at ₹113 today (+1.2% since issue). It was subscribed 8.32× in total.
8.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Ravita Engineering Services Limited is a turnkey engineering, procurement, installation and commissioning (EPIC) contractor for HVAC systems, central air-conditioning, chiller plants, industrial compressors, air-flow systems and related electromechanical equipment at commercial, industrial and offshore-marine facilities, including rigs and platforms in India's territorial waters. It also runs multi-year operation & maintenance (O&M) service contracts for systems it has installed and for systems installed by third parties, and has begun executing niche sub-sea pipeline work and data-center cooling work.
How it earns
Primarily from one-time turnkey EPIC project execution contracts (75.99% of FY26 revenue from operations), supplemented by recurring multi-year O&M service contracts (24.01% of FY26), billed as project milestones and periodic service fees.
Who buys
Named clients include Numaligarh Refinery Limited (sub-sea ETP discharge pipelines at Paradip, Odisha) and Reliance Corporate IT Park Limited (data center at Navi Mumbai); newly secured data-center work orders are ₹5,500 lakhs from the Indian subsidiary of a globally recognised technology / cloud services company and ₹6,500 lakhs from a leading listed real-estate developer. Repeat clients contributed 62.27%, 62.60%, 79.18% and 100.00% of revenue for Q1FY27, FY26, FY25 and FY24 respectively, with 5–6 clients associated for more than 5 years.
Scale
Workforce of 399+ (368 engineering/technical) as on 30 June 2026; offshore operations spanning 6 rigs and 16 platforms in Indian territorial waters; closing order book of ₹49,112.12 lakhs (≈ ₹491.12 crore, using 1 crore = 100 lakh) as on 30 June 2026, against revenue from operations of ₹9,731.36 lakhs in Q1FY27 and ₹27,763.29 lakhs (≈ ₹277.63 crore) in FY26.
What it says sets it apart
- Two-sided EPIC + O&M model covering full asset lifecycle – FY26 mix was 75.99% EPIC (₹21,099.07 lakhs) and 24.01% O&M (₹6,664.22 lakhs), with O&M providing multi-year recurring cash flows.
- Specialised offshore HVAC capability – executed work at 6 rigs and 16 associated oil & gas platforms in India's territorial waters over FY24–Q1FY27, with custom SOPs and emergency-response frameworks for saline, vibration and harsh-weather environments.
- Data-center cooling presence with marquee clients – O&M for Reliance Corporate IT Park Limited's data center at Navi Mumbai and ₹12,000 lakhs of new data-center work orders (₹5,500 lakhs from a global cloud-services company's Indian subsidiary and ₹6,500 lakhs from a listed real-estate developer).
- Repeat-client heavy order book – 62.60% of FY26 revenue (₹17,378.68 lakhs) came from repeat clients; 5–6 clients have been with the Company for more than 5 years.
- Large in-house engineering workforce enabling multi-site execution – 399+ total employees as on 30 June 2026, of which 368 are engineering/technical staff, reducing dependence on external manpower for core project and maintenance work.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs112 / stated EPS Rs11.05 (Fiscal 2026 (year ended March 31, 2026) BASIC EPS; document only prints Basic EPS, not Diluted EPS. EPS computed after share split (Rs10 to Rs5, Jan 29, 2026) and 100:1 bonus (Feb 19, 2026).). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Three months ended June 30, 2026 | ₹97 Cr | ₹10 Cr | 10.4% | ₹110 Cr | ₹31 Cr |
| FY26 | ₹278 Cr+156% | ₹28 Cr+137% | 10.1% | ₹100 Cr | ₹19 Cr |
| FY25 | ₹109 Cr+705% | ₹12 Cr+684% | 10.9% | ₹15 Cr | ₹23 Cr |
| FY24 | ₹13 Cr | ₹2 Cr | 11.2% | ₹3 Cr | ₹4 Cr |
Where the money goes
The offer →100% of this issue is existing shareholders cashing out — only the fresh issue reaches the business.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by Vivro Financial Services Private Limited — median +6.1% across the 8 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 27 Nov 2026.
What to watch
- 100% of the issue is offer for sale — only ₹116 Cr of new money reaches the company.
- The asking multiple is 10.1× earnings, and the issuer names no listed peers to compare it against.
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track RAVITA ENGINEERING SER L
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.