Rays of Belief Ltd, which operates under the Mom's Belief brand, is launching its IPO in September 2026, offering investors exposure to India's organised neurodevelopmental disorder (NDD) intervention and child therapy sector. The company operates 136 centres across 57 cities in 20 states and union territories and has served more than 58,000 children since its inception in 2018. The Rays of Belief IPO is a 100% fresh issue, with the company planning to use the proceeds primarily for new centre expansion, lease payments, US subsidiary support and brand awareness.
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Table of Contents
- Rays of Belief IPO Details
- Rays of Belief IPO GMP and Listing Expectations
- Rays of Belief Financial Performance
- Objects of the Rays of Belief IPO
- Business Model and Competitive Positioning
- Expansion Plan: 319 New Centres by FY29
- Promoters and Management
- Rays of Belief IPO Valuation and Peer Comparison
- Key Strengths of Rays of Belief IPO
- Rays of Belief IPO Risks and Red Flags
- Rays of Belief IPO Date and Timetable
- How to Apply for Rays of Belief IPO
- Analyst Views and Broker Recommendations
- Should You Apply for Rays of Belief IPO?
- Rays of Belief IPO Review: Final Verdict
- Frequently Asked Questions About Rays of Belief IPO
The Rays of Belief IPO is a mainboard public issue scheduled to open on 1 September 2026 and close on 3 September 2026. The company is offering 52.30 lakh equity shares through a fresh issue, with the issue size ranging from ₹118.72 crore to ₹125 crore depending on the final issue price.
The Rays of Belief IPO price band has been fixed at ₹227 to ₹239 per share, with a face value of ₹10 per share. The shares are proposed to be listed on both the BSE and NSE.
| IPO Parameter |
Details |
| IPO Name |
Rays of Belief IPO |
| Issue Type |
100% Fresh Issue |
| Price Band |
₹227 to ₹239 per share |
| Face Value |
₹10 per share |
| Issue Size |
₹118.72 crore to ₹125 crore |
| Fresh Issue |
52.30 lakh equity shares |
| Lot Size |
62 shares |
| Retail Minimum Investment |
₹14,818 |
| Maximum Retail Investment |
₹1,92,634 |
| IPO Open Date |
1 September 2026 |
| IPO Close Date |
3 September 2026 |
| Listing |
BSE and NSE |
| Implied Post-IPO Market Cap |
₹474 crore to ₹500 crore |
At the upper price band of ₹239, one retail lot of 62 shares requires an investment of ₹14,818. Retail investors can apply for up to 13 lots, equivalent to 806 shares, requiring ₹1,92,634 at the upper band.
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Get all the latest updates on the Rays of Belief IPO, including its price band, issue size, lot size, subscription dates and proposed listing details.
As of 29 August 2026, the Rays of Belief IPO GMP is reported in the range of ₹6 to ₹29 per share. Based on the upper price band of ₹239, this indicates an unofficial listing premium of approximately 3% to 12%.
Rays of Belief IPO GMP Today
| GMP Indicator |
Details |
| Reported GMP Range |
₹6 to ₹29 |
| Indicative Premium |
3% to 12.13% |
| Estimated Listing Price Range |
₹245 to ₹268 |
| Upper IPO Price Band |
₹239 |
At the reported GMP range of ₹6 to ₹29, the implied listing price could be around ₹245 to ₹268, assuming the upper IPO price band of ₹239 as the base.
However, GMP is an unofficial and highly volatile indicator. It does not guarantee the actual listing price or listing gains. The final listing performance can be influenced by IPO subscription levels, broader market sentiment and overall IPO market conditions.
Therefore, investors should not rely solely on the Rays of Belief IPO GMP when deciding whether to apply. The company's financial performance, valuation, expansion plans, profitability and associated risks are more important factors for evaluating the IPO.
Rays of Belief has recorded strong revenue growth over the last three financial years. Revenue from operations increased from around ₹30.61 crore to ₹31 crore in FY24 to ₹36.42 crore to ₹36.54 crore in FY25, before rising sharply to ₹81.66 crore to ₹82.06 crore on a consolidated basis in FY26.
The company reported a revenue CAGR of 63.34% between FY24 and FY26.
FY24 Financial Performance
| Financial Metric |
FY24 |
| Revenue from Operations |
₹30.61-31.00 crore |
| Total Expenses |
₹30.66 crore |
| EBITDA |
₹1.49-2.10 crore |
| EBITDA Margin |
4.87% |
| Profit Before Tax (PBT) |
₹0.10 crore |
| Profit After Tax (PAT) |
₹0.85 crore |
FY25 Financial Performance
| Financial Metric |
FY25 |
| Revenue from Operations |
₹36.42-36.54 crore |
| Total Expenses |
₹36.19 crore |
| EBITDA |
₹3.02-7.80 crore |
| EBITDA Margin |
8.27%-14.59% |
| Profit Before Tax (PBT) |
₹0.35 crore |
| Profit After Tax (PAT) |
₹5.88 crore |
FY26 Financial Performance
| Financial Metric |
FY26 |
| Revenue from Operations |
₹81.66-82.06 crore |
| Total Expenses |
₹75.16 crore |
| EBITDA |
₹11.91 crore |
| EBITDA Margin |
14.51%-14.59% |
| Profit Before Tax (PBT) |
₹6.90 crore |
| Profit After Tax (PAT) |
₹4.96 crore |
FY24 and FY25 figures are standalone, while FY26 figures are consolidated.
Revenue increased by approximately 125% from ₹36.54 crore in FY25 to ₹82.06 crore in FY26. The increase was driven by rapid centre expansion and higher patient inflow.
EBITDA also improved substantially, rising from ₹1.49 crore in FY24 to ₹11.91 crore in FY26. This represents an approximately seven-fold increase and indicates improved operating leverage and cost optimisation.
However, PAT declined from ₹5.88 crore in FY25 to ₹4.96 crore in FY26. The decline was attributed to one-time expenses and higher depreciation associated with new centre rollouts.
The company's Return on Net Worth (RoNW) stands at 21.64%, indicating efficient capital utilisation based on the provided financial information.
The Rays of Belief IPO is entirely a fresh issue, meaning the proceeds will go directly to the company rather than existing shareholders through an offer for sale. The company plans to use the funds primarily to expand its centre network and strengthen its operations.
| Use of IPO Proceeds |
Amount and Allocation |
| Capital expenditure for new centres |
₹41.36 crore (~33%) |
| Lease payments in India |
₹14.45 crore (~12%) |
| US subsidiary support |
₹10.13 crore (~8%) |
| Brand awareness and outreach |
₹10.21 crore (~8%) |
| General corporate purposes |
Unspecified (remaining amount) |
The ₹41.36 crore allocated to new-centre capital expenditure includes ₹34.99 crore for centre fit-outs, ₹1.93 crore for therapy material inventory and ₹4.44 crore for technology hardware.
A further ₹10.13 crore is earmarked for Mom's Belief US Inc., while ₹10.21 crore will be used for brand awareness and outreach.
Rays of Belief operates under the Mom's Belief brand and provides personalised intervention programmes for children with neurodevelopmental disorders. Its services cover conditions and developmental challenges including autism, ADHD, speech delays and learning disabilities.
The company's service portfolio includes:
-
Centre-based therapy sessions
-
School integration programmes
-
Online therapy consultations
-
Home-based therapy kits
-
Parent training and counselling
The primary target group is children aged 18 months to 12 years, with specialised programmes extending up to age 15.
Network Scale
Rays of Belief operates 136 centres across 57 cities in 20 states and union territories and has served more than 58,000 children since 2018.
The company positions itself as India's largest organised NDD intervention network. Its centres operate on leasehold premises with lease tenures ranging from 11 months to three years. This model allows the company to expand its network with relatively limited upfront capital expenditure.
The lease-based model therefore supports scalability, although the short lease tenure also creates a renewal and continuity risk for the business.
Expansion is a central part of the company's IPO strategy. Rays of Belief plans to establish 319 new centres between FY27 and FY29, with a particular focus on Tier II and Tier III cities.
The strategy is intended to increase access to structured NDD intervention services in markets where availability remains limited. The company's stated objective is to democratise access to affordable, evidence-based therapy for children with neurodevelopmental disorders.
However, rapid expansion also brings execution challenges. Newly opened centres may require 12 to 18 months to reach profitability, which could affect near-term margins as the company adds capacity.
The promoters of Rays of Belief are Nitin Bindlish and Carving Futures Pte. Ltd.
The company is professionally managed, with leadership experience spanning healthcare, education and operations.
Its operating model combines physical therapy centres with school integration, online consultations, home-based therapy products and parent-focused services.
At the upper price band of ₹239 per share, the implied post-IPO market capitalisation of Rays of Belief is approximately ₹500 crore.
Based on FY26 financials, the IPO commands a high earnings valuation.
| Valuation Metric |
FY26 Basis |
| Post-IPO Market Cap |
~₹500 crore |
| P/E Ratio |
~100x |
| P/S Ratio |
~6.1x |
The approximately 100x P/E ratio is based on FY26 PAT of ₹4.96 crore, while the P/S ratio of around 6.1x is based on FY26 revenue of ₹82.06 crore.
There are no direct listed peers in India's NDD intervention and child therapy space. This makes conventional peer-based valuation benchmarking difficult.
Consequently, investors need to assess the valuation based on the company's revenue growth, margin expansion, scalability, market leadership and ability to execute its planned expansion.
Rays of Belief combines a rapidly expanding centre network with a specialised healthcare and education-focused business model. Its key strengths include:
1. First-Mover Advantage
The company describes itself as India's largest and most organised NDD intervention network, giving it an established operating footprint and brand recognition in a relatively specialised segment.
2. Strong Revenue Growth
Revenue increased approximately 125% in FY26, while revenue grew at a 63.34% CAGR from FY24 to FY26.
3. Improving EBITDA Margins
EBITDA margins improved from 4.87% in FY24 to approximately 14.59% in FY26. The expansion indicates stronger operating leverage as the centre network scales.
4. Scalable Lease-Based Model
Operating centres from leased premises reduces the upfront capital requirement associated with expansion and allows the company to establish new locations more quickly.
5. Large Untapped Market
The provided data estimates that India has more than 10 million children with NDDs, while less than 5% currently access structured therapy. This indicates a significant potential market for organised intervention services.
6. Clear Use of IPO Proceeds
A substantial portion of the IPO proceeds is directly linked to expansion, including capital expenditure for new centres, lease payments and brand-building initiatives. The company plans to establish 319 additional centres by FY29.
Despite its growth profile, the Rays of Belief IPO carries several risks that investors need to consider before applying.
1. Rich Valuation
At approximately 100x FY26 earnings, the valuation is demanding. The company would need to sustain strong growth and improve profitability to justify this multiple over the longer term.
2. No Listed Peers
The absence of direct listed peers in India's NDD intervention and child therapy segment makes it difficult to determine whether the IPO valuation is attractive relative to comparable businesses.
3. Related-Party Revenue Dependence
A portion of revenue comes from export services to promoter group entities. This creates a governance consideration that investors should examine carefully in the offer documents.
4. Short-Term Lease Structure
All centres operate from leased premises, with lease tenures ranging from 11 months to three years. Non-renewal or disruption of leases could affect centre operations.
5. Negative Operating Cash Flows
Despite reporting profitability, the company has recorded negative operating cash flows during certain periods because of working capital requirements. Investors should therefore assess cash generation alongside accounting profits.
6. US Expansion Risk
The company has recently expanded into the US market through three centres in Virginia. This introduces additional execution, integration and regulatory risks.
7. New Centre Breakeven Period
New centres may take approximately 12 to 18 months to become profitable. Rapid expansion could therefore put pressure on near-term margins before newly opened centres reach maturity.
8. Centre Concentration Risk
Revenue is heavily dependent on a few high-performing centres. Underperformance at these locations could affect the company's overall financial performance.
The key Rays of Belief IPO dates run from the anchor investor bidding process on 31 August 2026 through the proposed listing on 8 September 2026.
| IPO Event |
Date |
| Anchor Investor Bidding |
31 August 2026 |
| IPO Opens |
1 September 2026 |
| IPO Closes |
3 September 2026 |
| Allotment Finalisation |
4 September 2026 |
| Refund Initiation |
5 September 2026 |
| Credit of Shares to Demat |
5 September 2026 |
| Listing on BSE and NSE |
8 September 2026 |
Retail investors can apply for a minimum of one lot comprising 62 shares. At the upper price band of ₹239, the minimum investment is ₹14,818.
The maximum retail application is 13 lots, or 806 shares, requiring ₹1,92,634 at the upper price band.
Applications can be made through:
-
ASBA through participating banks
-
UPI through broker applications
-
Physical application forms through the registrar
The IPO registrar is yet to be confirmed in the RHP based on the provided information.
Early analyst commentary presents a mixed picture. Analysts recognise the company's strong revenue growth and first-mover advantage but have also highlighted valuation and execution risks.
Bajaj Broking has highlighted the need to monitor revenue contribution from Tier II and Tier III cities, the breakeven period for newly established centres and risks associated with the US expansion.
Finowings and IPO Cracker classify the issue as a high-risk, high-reward opportunity, particularly for investors with a long-term investment horizon and an appetite for growth businesses operating at the intersection of healthcare and education.
These views reinforce the importance of looking beyond the IPO GMP and assessing whether the company's expansion strategy can translate into sustained earnings and cash-flow growth.
The Rays of Belief IPO may suit high-risk investors with a 3 to 5-year investment horizon, but the approximately 100x FY26 P/E valuation and execution and governance risks make it unsuitable for conservative or valuation-sensitive investors.
Investors May Consider Applying If:
-
They believe in the long-term growth potential of India's child therapy and NDD intervention market.
-
They are comfortable paying a premium valuation for market leadership and rapid expansion.
-
They have a 3 to 5-year investment horizon for the company to scale and improve margins.
-
They can limit their exposure as part of a diversified portfolio.
Investors May Avoid the IPO If:
-
They are valuation-sensitive and prefer established, cash-flow-positive businesses.
-
They are uncomfortable with related-party transactions and associated governance concerns.
-
They are primarily seeking immediate listing gains, particularly since the reported GMP indicates a relatively modest 3% to 12% potential premium.
-
They are risk-averse and prefer dividend-paying large-cap companies.
The Rays of Belief IPO 2026 offers exposure to a specialised and underpenetrated child therapy and NDD intervention business. The company has demonstrated strong operating growth, with revenue increasing by approximately 125% in FY26 and a 63.34% revenue CAGR between FY24 and FY26. EBITDA also expanded significantly, while the EBITDA margin improved to approximately 14.59%.
The planned addition of 319 centres by FY29 provides a clear growth roadmap, while the lease-based model gives the company flexibility to expand its physical network. The company's existing footprint of 136 centres across 57 cities and 20 states and union territories provides an established base for further expansion.
However, the IPO is not without significant risks. At around 100x FY26 earnings and approximately 6.1x FY26 sales, the valuation is demanding. The absence of listed peers makes valuation assessment more difficult. Related-party revenue, short-term leases, negative operating cash flows in certain periods, US expansion risks and the 12 to 18-month breakeven period for new centres also require careful consideration.
For investors with a high risk tolerance and a 3 to 5-year investment horizon, Rays of Belief could represent a growth-oriented opportunity if the company successfully executes its expansion strategy and converts revenue growth into sustainable profitability and cash generation.
Conservative or valuation-sensitive investors may prefer to wait for post-listing performance and clearer evidence of sustained profitability before investing.
Want to compare the Rays of Belief valuation with other recent mainboard offerings? Use this IPO dashboard to track issue pricing, listing trends and key offer details across the primary market.
1. What is the Rays of Belief IPO price?
The Rays of Belief IPO price band is ₹227 to ₹239 per share. The face value of each equity share is ₹10, and the minimum retail investment is ₹14,818 for one lot of 62 shares at the upper price band.
2. When is the Rays of Belief IPO opening and closing date?
The Rays of Belief IPO will open on 1 September 2026 and close on 3 September 2026. The IPO allotment is expected to be finalised on 4 September 2026, while the shares are scheduled to list on BSE and NSE on 8 September 2026.
3. What is the Rays of Belief IPO GMP today?
As of 29 August 2026, the Rays of Belief IPO GMP is reported in the range of ₹6 to ₹29 per share. Based on the upper price band of ₹239, this indicates an unofficial premium of approximately 3% to 12.13%, implying an estimated listing price range of ₹245 to ₹268. GMP is unofficial and can change before listing.
4. What is the Rays of Belief IPO size?
The Rays of Belief IPO size is ₹118.72 crore to ₹125 crore, depending on the final issue price. The issue is entirely a fresh issue of 52.30 lakh equity shares, meaning the IPO proceeds will go directly to the company.
5. Should you apply for the Rays of Belief IPO?
The Rays of Belief IPO may suit investors with a high risk tolerance and a 3 to 5-year investment horizon, given the company's strong revenue growth, expanding centre network and planned addition of 319 centres by FY29. However, the IPO carries risks including an approximately 100x FY26 P/E valuation, related-party revenue, lease-related risks, negative operating cash flows in certain periods and execution risks from rapid expansion. Conservative and valuation-sensitive investors may prefer to wait for clearer post-listing profitability and cash-flow trends.
Disclaimer: This Rays of Belief IPO analysis is based on publicly available DRHP, RHP and news sources as of 29 August 2026. Investors should read the complete RHP and consult a qualified financial adviser before making investment decisions.