Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas.
The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs.
The centres are equipped with 150+ teaching tools, while home-based learning kits provide access to 2,000+ teaching tools, supported by regular follow-ups and progress monitoring. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.
In June 2025, Rays of Belief Ltd. acquired Mom’s Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA. The acquisition added three centres in Virginia, located in Salem, Lynchburg and Roanoke.
Rays of Belief Ltd.’s revenue increased by 125% and profit after tax (PAT) dropped by 16% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.89 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| EBITDA | 11.91 | 3.02 | 1.49 |
| NET Worth | 30.81 | 15.02 | 5.78 |
| Reserves and Surplus | 15.22 | 14.70 | 5.47 |
| Total Borrowing | 3.61 | 4.36 | |
| Amount in ₹ Crore | |||
Note:- Financials for FY 2026 are on Consolidated basis.
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Mopshop Distribution Ltd. | SME | ₹27.26 Cr | ₹138 | 22.22 | ₹130.15 | -5.69% | ₹117.50 |
| Safecure Services Ltd. | SME | ₹30.60 Cr | ₹102 | 11.66 | ₹77.55 | -23.97% | ₹21.75 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | 26.88 |
| 2 | School Collaboration Centres | 5.54 |
| 3 | Centre for Excellence and Research | 2.45 |
| 4 | Upskilling Academy | 2.05 |
| 5 | Technology (hardware) costs | 4.44 |
| 6 | Expenditure for lease payments for existing centres in India | 14.45 |
| 7 | Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | 10.13 |
| 8 | Expenditure for brand awareness and inclusive outreach programs | 10.21 |
| 9 | Funding inorganic growth through unidentified acquisition and General corporate purposes | |
| Total | 76.15 |
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 21.64% | 56.56% |
| ROCE | 29.74% | 7.49% |
| Debt/Equity | 0.12 | 0.29 |
| RoNW | 21.64% | 56.56% |
| PAT Margin | 6.07% | 16.15% |
| EBITDA Margin | 14.59% | 8.28% |
| NAV | 15.67 | 272.01 |
| Price to Book Value | 0.88 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 3.16 | 2.37 |
| P/E (x) | 75.63 | 100.84 |
| IPO Date | 1 to 3 Sep, 2026 |
| Listing Date | Tue, Sep 8, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹227 to ₹239 |
| Lot Size | 62 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 52,30,000 shares (agg. up to ₹125 Cr) |
| Fresh Issue | 52,30,000 shares (agg. up to ₹125 Cr) |
As per our analysis and Based on the information we have, this is the output.
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