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
Read from the 501-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 442 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
In Fiscal 2026, we derived 25.56% of our Revenue from Operations from the export of support services to Carving Futures Pte. Ltd., our Holding Company, who is also our Corporate Promoter, and Carving Futures Inc., our Promoter Group entity.
as reflected in our Pro Forma Consolidated Financials, 50.21% of our Revenue from Operations for Fiscal 2025 was derived from 3 (three) centres in the United States that we acquired pursuant to the acquisition of our Subsidiaries in June 2025.
our trade receivables amounted to ₹ 180.88 million, representing 22.15% of the total revenue from operations... The amount is inclusive of a payment of ₹ 112.91 million due from Carving Futures Inc. and Carving Futures Pte. Ltd as on year ended March 31, 2026
Our Company recorded a loss of ₹ 84.56 million in Fiscal 2023 and first became profitable in Fiscal 2024... negative cash flow from operating activities of ₹ 19.41 million and from investing activities of ₹ 61.83 million in Fiscal 2026
Our recently acquired Subsidiaries, Mom's Belief US, Inc. and Allergy & Immunology, Virginia, LLC. have operations in USA... we will be subject to various healthcare, labour, controlled substances and environmental related laws... Non-compliance, which may be caused due to our unfamiliarity with these laws, would expose us to legal and regulatory actions from the US authorities
we derived 73.79% of our revenue from our centre operations, of which, 26.52% was derived from our centre type - "Company Learning Centres in partnership with Licensed Professionals"... In some cases, centre closures in the past have resulted from differences arising due to concerns regarding service delivery by the Licensed Professionals
Immovable capex primarily comprises interior fit-outs and other civil and structural improvements undertaken on leased premises... Immovable capex is specific to the leased premises and cannot be transferred to or utilised at alternate locations.
Movement in working capital (142.90) (48.11) 5.59
During Fiscal 2026, 15.36% of our Revenue from Operations was derived from our centres located in the states of Uttar Pradesh and Karnataka and union territory of Delhi. Additionally, 17.58% of our Revenue from Operations was derived from centres in Tier 2 cities.
Our Registered Office, Corporate Office, 91 out of 136 of our centres in India and our newly acquired centres in the United States are in premises not owned by us and we have only leasehold rights... our lease and leave and license obligations often include annual rent escalations ranging between 5% and 10% per annum ... some on the condition of rent hikes up to 20%.
Our services primarily cater to children from 18 months up to 12 years of age, there is a risk that children enrolled with us could be harmed by one or more of our employees... we cannot guarantee that each child will achieve the anticipated developmental progress.
We have applied for, but not obtained the CERR registrations for some of our centres in Uttar Pradesh, Sikkim, Telangana, West Bengal, Rajasthan, Bihar and Jharkhand
In Fiscal 2026, approximately 52.48% of the Company's total expenses were attributable to salaries and professional fees of clinical and therapeutic staff... Average Monthly Attrition Rate [for clinical professionals] FY 2025-26 4.41%
None of the directors of our Company possess formal qualifications or specialized expertise directly related to the specific business activities and industry in which our Company operates
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹2.5 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 1 | 0 | 2 | ₹2.5 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Directors | 0 | 0 | 0 | — |
| Promoters | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
Company vs Pankaj Kumar, Naini Anand, Ankush Jariyal & Bharat Home Medicare Pvt Ltd — suit before Delhi HC for permanent injunction and damages of Rs 20.01 million (Rs 2.001 crore) for breach of contract, data theft, copyright infringement and passing off by former employees
Company vs Dr. Manish Samnani (ex-consultant) — civil suit before Civil Judge Gurugram for permanent injunction and damages of Rs 2.00 million plus additional compensation of Rs 2.49 million (aggregate Rs 4.49 million / Rs 0.449 crore) for breach of MOU/client solicitation
Company criminal complaint (Oct 26, 2022) vs ex-employee Pankaj Kumar before Cyber Cell Police Station Gurugram alleging theft and unauthorised misappropriation of proprietary data; FIR registered March 7, 2023 under Section 66B IT Act 2000 — pending before District Court Gurugram (amount not stated)
Amounts originally stated in Rs million and converted to Rs crore (1 crore = 10 million). Counts combine proceedings 'filed by' and 'filed against' each party as the prospectus does not provide a consolidated summary table. For the Company: the lone criminal matter and the two civil matters were all filed BY the Company (no proceedings against the Company in any category). No criminal, tax, regulatory or other material proceedings disclosed against/by Subsidiaries, Directors, Promoters, KMP, SMP or Group Companies. Materiality threshold for 'other material' civil/arbitration proceedings is Rs 1.95 million (Rs 0.195 crore) per relevant party. Total amount of Rs 2.45 crore is the sum of the two quantified civil suits filed by the Company; the criminal matter has no stated monetary amount. The 'Government and Other Approvals' section flags pending CERR/shops-establishment/professional-tax registrations for centres in UP, Sikkim, Telangana, West Bengal, Rajasthan, Bihar, Jharkhand, Karnataka, J&K and GST certificate updations across seven states (p393-394) — administrative, not litigation.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
