Mom's Belief FY26 surge came mainly from US and exports

Rays of Belief Limited's Mom's Belief business recorded Rs 81.662 crore of revenue from operations in FY26, but Rs 54.957 crore, or 67.30%, came from overseas centres and export services. The FY26 revenue surge was therefore driven principally by acquired US operations and cross-border support work rather than domestic child-therapy centre operations.

How was Mom's Belief FY26 revenue split?

Mom's Belief generated 41.74% of FY26 revenue from overseas centres, 25.56% from exported services and 32.70% from domestic activities. Overseas-centre revenue was Rs 34.085 crore, export-service revenue was Rs 20.872 crore, and domestic revenue, including centre operations, online services and other operating revenue, was Rs 26.705 crore. The two international and related-service categories therefore made up Rs 54.957 crore of the Rs 81.662 crore total.

The FY26 presentation is consolidated, whereas FY25 and FY24 figures are standalone, limiting a like-for-like reading of growth. The reported mix nevertheless changed materially: FY25 had no overseas-centre revenue, while exports represented Rs 14.438 crore, or 39.64%, of Rs 36.419 crore in operating revenue. In FY24, exports supplied Rs 10.444 crore, or 34.12%, of Rs 30.608 crore.

How did US centres and exports drive Mom's Belief's FY26 surge?

Mom's Belief's operating revenue rose 124.23% to Rs 81.662 crore in FY26 from Rs 36.419 crore in FY25, chiefly because FY26 included Rs 34.085 crore from overseas centres absent from the earlier standalone figures. On June 23, 2025, Mom's Belief acquired Mom's Belief US, Inc. as a wholly owned subsidiary and Allergy and Immunology Virginia, LLC as a step-down subsidiary, adding three Virginia centres in Salem, Lynchburg and Roanoke.

Export revenue increased by Rs 6.434 crore, or 44.57%, from FY25 to FY26. Mom's Belief says export services include research and development and clinical-innovation support for its holding company, plus accounting, human-resources, digital-marketing and data-management support for a promoter-group entity. Those revenues are distinct from therapy delivered through domestic centres, so the reported increase does not measure domestic centre expansion alone.

Singapore generated Rs 14.825 crore, or 71.03%, of FY26 export revenue, and the United States produced Rs 6.047 crore, or 28.97%. In FY25, Singapore accounted for Rs 12.307 crore of the Rs 14.438 crore export total, while the United States contributed Rs 2.131 crore. The international share will depend on the acquired US operations and the disclosed cross-border service relationships continuing to generate revenue.

What did domestic therapy centres contribute to Mom's Belief FY26 revenue?

Mom's Belief's domestic centre operations produced Rs 26.168 crore in FY26, equal to 32.04% of operating revenue. Online services added Rs 39.3 lakh and other operating revenue added Rs 14.4 lakh, taking domestic revenue to Rs 26.705 crore. Domestic therapy activity remained the largest domestic category, but overseas-centre revenue of Rs 34.085 crore exceeded it.

Company learning centres in partnership with licensed professionals generated Rs 21.653 crore, or 26.52% of FY26 operating revenue, compared with Rs 3.842 crore, or 4.71%, from company learning centres. Centres of Excellence and Research generated Rs 58.2 lakh and school collaboration centres generated Rs 9.2 lakh. Domestic centre-operation revenue rose by Rs 4.859 crore from Rs 21.309 crore in FY25, but its share of total operating revenue declined from 58.51% to 32.04% as overseas revenue entered the FY26 consolidated accounts.

Did Mom's Belief expand its domestic network in FY26?

Mom's Belief expanded its reported centre count to 139 at March 31, 2026, from 111 in FY25 and 71 in FY24. The FY26 total comprised 136 centres in India and three overseas centres. Of the Indian network, 77 were in Tier 2 cities, defined as urban centres with populations of 1 million to 4 million, compared with 42 Tier 1 and 17 Tier 3 centres.

The larger network did not make domestic revenue the principal source of the FY26 increase. Mom's Belief served 9,205 children in FY26 against 8,585 in FY25, while fresh enrolments rose to 6,903 from 6,512; children served were still below FY24's 9,344. For the 80 centres included in its centre-ageing analysis, average revenue from operations per centre per fiscal increased to Rs 27.5 lakh in FY26 from Rs 25.8 lakh in FY25 and Rs 21.2 lakh in FY24, although that measure excludes some reported centre categories.

What did the changed revenue mix mean for profitability?

Mom's Belief reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 11.911 crore in FY26, compared with Rs 3.017 crore in FY25, and EBITDA margin rose to 14.59% from 8.28%. The disclosure defines EBITDA as profit before tax plus finance costs and depreciation and amortisation, minus other income. The higher figure coincided with a 124.23% increase in reported operating revenue and the consolidated inclusion of overseas centres.

Profit after tax was Rs 4.959 crore in FY26, below Rs 5.881 crore in FY25, and the profit-after-tax margin fell to 6.07% from 16.15%. The FY26 reconciliation includes Rs 4.313 crore of depreciation and amortisation, Rs 1.097 crore of finance costs, Rs 1.174 crore of current tax and Rs 77 lakh of deferred tax, partly offset by Rs 40.2 lakh of other income. FY23 through FY25 key performance indicators are standalone while FY26 is consolidated; Mom's Belief also says its illustrative FY25 pro forma consolidated information may not indicate actual past or future results.

Conclusion

Mom's Belief's FY26 revenue surge was principally an international and related-services event in the reported mix. Overseas centres delivered Rs 34.085 crore and exports delivered Rs 20.872 crore, compared with Rs 26.705 crore from all domestic revenue categories. Domestic centres expanded and increased their rupee revenue, but domestic centre operations' share of operating revenue fell 26.47 percentage points from 58.51% in FY25 to 32.04% in FY26.

The next reporting periods will indicate whether this composition persists after the June 23, 2025 acquisition of the three US centres and as export services develop. The disclosed measures to watch are the consolidated-versus-standalone reporting distinction, Singapore and US export revenue, and progress in the 136-centre Indian network, where FY26 fresh enrolments were 6,903 and revenue per included centre was Rs 27.5 lakh.