Rays of Belief
Rays of Belief is a mainboard IPO raising ₹125 Cr at ₹227 – ₹239 a share. It listed on 8 Sept 2026 at ₹239, 0.0% against its issue price of ₹239, and trades at ₹219 today (−8.4% since issue). It was subscribed 108× in total.
107.7 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.
Rays of Belief Limited, operating under the brand 'Mom's Belief', is a for-profit social enterprise that provides personalised therapy intervention plans for children with neurodevelopmental disorders (NDDs) such as Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. It runs physical therapy centres across India and a few in the USA, complemented by online/e-therapy sessions and home-delivered learning kits. Services are aimed at children aged roughly 18 months to 15 years, and parents are trained to act as co-therapists.
How it earns
Primarily through subscription-based, guided therapy programs delivered at its own centres and at partner-led centres, plus online therapy, export of clinical and business-support services to its Singapore-based Holding Company and Promoter Group entities, and revenue from three acquired centres in Virginia, USA.
Who buys
End customers are families of children with NDDs (served 9,205 children in Fiscal 2026 and over 58,000 since 2018); no customer-concentration percentage is disclosed. On the export side, revenue is earned from related entities in Singapore (₹148.25 million in Fiscal 2026) and from USA-based work (₹60.47 million in Fiscal 2026).
Scale
139 centres total at end of Fiscal 2026 (136 in India across 57 cities/20 states/UTs: 42 Tier 1, 77 Tier 2, 17 Tier 3; plus 3 overseas centres in Salem, Lynchburg and Roanoke, Virginia, USA); over 340 full-time clinical professionals; revenue from operations grew from ₹30.608 crore (Fiscal 2024) to ₹81.662 crore (Fiscal 2026) — note amounts originally stated in ₹ millions, converted at 1 crore = 10 million.
What it says sets it apart
- Ranked #1 in India and #7 globally by number of centres offering intervention plans for children with NDDs (CARE Report, p.64)
- Largest pan-India physical footprint for NDD intervention: 136 centres across 57 cities in 20 states/UTs, with deliberate penetration into Tier 2 (77 centres) and Tier 3 (17) cities that are typically underserved
- Asset-light, scalable model: all centres operate on leased premises or partner-school spaces, including partnership-based 'Company Learning Centres with Licensed Professionals' which contributed 26.52% of Fiscal 2026 revenue
- Multidisciplinary clinical team of over 340 full-time professionals (74 developmental/clinical psychologists, 139 occupational therapists, 72 speech-language pathologists, 50 special educators) supported by standardised protocols and IEP/IGP plans
- Omni-channel delivery: in-centre therapy plus e-therapy, plus home-delivered learning kits with 2,000+ teaching tools, with a dedicated 7-person R&D team and a LEGO Foundation-backed Family Support Plan
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs239 / stated EPS Rs3.21 (FY26 (March 31, 2026) diluted EPS, restated consolidated). 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 consolidated (FY2026 consolidated; FY2025 and FY2024 standalone, which per the auditor is identical to consolidated as the Company had no subsidiary in those years)). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹82 Cr+124% | ₹5 Cr-16% | 6.1% | ₹31 Cr | ₹4 Cr |
| FY2025 | ₹36 Cr+19% | ₹6 Cr+589% | 16.1% | ₹15 Cr | ₹4 Cr |
| FY2024 | ₹31 Cr | ₹1 Cr | 2.8% | ₹6 Cr | ₹0 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
63 mainboard 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 →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 279× their allocation. QIB: 9.06×.
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.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Mefcom Capital Markets Limited — median −8.4% across the 5 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 15 Oct 2026.
What to watch
- The asking multiple is 74.5× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Related-party export revenue to Holding Company (prospectus page 29).
- Its cohort's record: median +33.9% since issue price, 27% 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 RAYS OF BELIEF LIMITED
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.