Ravita Engineering Services IPO: price band, dates, issue size, business, financials and key risks

Ravita Engineering Services Limited is set to launch an SME initial public offering (IPO) with a price band of ₹105 to ₹112 per share. The issue opens on 13 October 2026 and closes on 15 October 2026, with listing scheduled for 21 October 2026. The IPO size is ₹116.05 crore and it is entirely a fresh issue (₹116.05 crore) with no offer for sale (OFS), meaning the proceeds are intended to go to the company rather than selling shareholders.

What Ravita Engineering Services does

Ravita Engineering Services Limited operates in electro-mechanical engineering and heating, ventilation and air-conditioning (HVAC) services. Its scope spans turnkey engineering, procurement, installation and commissioning work (described as EPIC/EPC) and ongoing operations & maintenance (O&M) for HVAC, cooling, mechanical and electrical utilities.

The company positions itself as an end-to-end service provider across the asset lifecycle. The offering covers design and engineering through procurement, installation and commissioning, followed by maintenance and integrated facility support. This mix includes project-led execution and service-led engagements, which can operate alongside each other depending on the contract.

Operationally, Ravita works across onshore industrial and commercial facilities, offshore oil & gas and marine installations, and data centres. These environments typically involve different execution and maintenance requirements, including uptime-focused O&M in data centres and safety-oriented protocols in offshore settings.

Key milestones and operating evolution

Ravita traces its origins to 2008, when it was incorporated as Sayo Construction Private Limited. In 2011, the company underwent a change in management/control to Sunilutt Narayan Goswami, Vatsala Goswami and other investors, alongside a name change to Powertech Services Private Limited.

A series of project wins marked expansion into segments with specialised operating requirements. In 2014, the company secured its first data centre O&M project from Reliance Corporate IT Park Limited. In 2016, it secured its first offshore EPIC/O&M project from a public-sector oil exploration and production company.

In 2021, Ravita crossed 100+ on-roll employees and received an O&M contract from nuclear research facilities for a chiller plant and mechanical utilities.

In February 2025, the promoter group acquired control; the company was renamed Ravita Engineering Services Private Limited and converted into a public limited company, Ravita Engineering Services Limited.

In 2026, the company reported receipt of a work order for a sub-sea pipeline for an ETP discharge facility at Paradip, Odisha from Numaligarh Refinery Limited. It also stated that its cumulative order book crossed ₹47,500 lakhs and that it had crossed 500+ on-roll employees.

Financial trajectory and disclosed profitability/return metrics

Over the reported period, the company’s financials reflect a step-up in scale, alongside a reported PAT (profit after tax) margin in a similar band across the years shown.

From FY2024 to FY2026, total revenue increased from ₹13.49 crore to ₹277.63 crore, while PAT rose from ₹1.51 crore to ₹28.04 crore. Over the same period, total assets expanded from ₹9.08 crore to ₹162.97 crore. The financial table captures the year-wise trajectory and the reported PAT margin trend.

For the IPO, Ravita has disclosed key performance indicators (KPIs) and valuation context including EPS (earnings per share) of ₹10.26 and a pre-IPO P/E (price-to-earnings) of 10.92 times. The company has also reported an EBITDA margin of 14.42% and a PAT margin of 10.40% in the disclosed KPI set.

Return and leverage metrics disclosed alongside the issue include ROE (return on equity) and RoNW (return on net worth) of 9.68%, ROCE (return on capital employed) of 10.60%, and a debt-to-equity ratio of 0.28 times. These metrics provide a standardised view of reported profitability, returns, and leverage in the IPO documentation.

IPO structure, investor allocation, and proposed use of proceeds

The Ravita Engineering Services IPO is a ₹116.05 crore fresh issue with no OFS component. A fresh issue increases the company’s equity base, and the net proceeds (after issue expenses) are proposed to be deployed towards the objects of the issue.

The stated objects of the issue are:

Meeting long-term working capital requirements.

Funding capital expenditure requirements towards purchase of certain heavy equipment.

General corporate purposes.

In the proposed allocation disclosed, ₹70.00 crore is earmarked for long-term working capital and ₹25.53 crore for heavy equipment capital expenditure. General corporate purposes are included as an object of the issue, though a specific amount is not allocated in the provided objective split.

The company’s IPO description indicates that a key rationale is to move towards ownership of certain heavy equipment that is currently hired, with the stated intent of improving cost efficiency and execution control for project work.

On investor reservation, the disclosed allocation is 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII). Within the QIB portion, the issue discloses an anchor allocation framework of up to 60% of the QIB portion, and a domestic mutual fund reservation of 33.33% within the anchor portion.

The lot size is 1,200 shares. At the upper end of the price band, the minimum application amount is ₹1,34,400.

Business model context: EPIC execution plus O&M services

Ravita’s operating model combines project execution with service and maintenance engagements. EPIC/EPC work typically involves engineering and design, procurement, installation of HVAC and utility systems, and commissioning. O&M involves structured preventive maintenance, standard operating procedures, uptime management and integrated facility support.

The company highlights experience in mission-critical environments such as offshore platforms and data centres, and describes capabilities spanning design/engineering through commissioning plus lifecycle maintenance. It also points to a deployable technical workforce and long-standing client relationships, with a high share of revenue from repeat clients as stated in the supplied context.

The IPO positioning emphasises scaling its EPIC project execution and multi-year O&M model across onshore, offshore and data-centre segments. It also references a growing order book, which is relevant to workload visibility in an execution-led services business.

Key risks and monitoring points

Risk factors highlighted in the supplied SWOT-style disclosures are centred on concentration, execution, and operating constraints.

Customer concentration is described as high, implying that the loss of a large client could impact revenue, cash collection, and order book visibility. The disclosures also flag that revenue is heavily concentrated in a few western regions, creating exposure to local policy changes or project delays that could disrupt operations.

Execution-related risk is a recurring theme. Competitive bidding and tight timelines can affect margins, and delays or weaker execution may lead to penalties, lost tenders, or weaker cash flows. The company also flags supply-chain disruptions and long lead times for key equipment, including imported HVAC systems, which can affect schedules and commitments.

Manpower availability is another stated risk. Skilled manpower shortages can increase labour costs and execution risk, while training constraints can extend timelines and affect quality. The company also notes rapid technology change, including adoption of IoT and AI controls and smart-building integration, which can shift client expectations and require continuous capability upgrades.

Monitoring points, based on the disclosed business model and risk statements:

Order book conversion into billed execution and cash collections, given the stated working-capital objective.

Customer concentration trends and repeat-client dependency as the company scales.

Delivery performance under tight timelines in offshore and data-centre work where standards and penalties can be stringent.

Project schedule sensitivity to equipment availability and supply-chain lead times.

Grey market premium (GMP) observations are not provided in the supplied snapshot, so there are no GMP data points to report. As of 09 October 2026, the issue has not opened for subscription; category-wise bidding data is expected to update once the IPO opens on 13 October 2026.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (09 Oct 2026)