Rays of Belief Limited plans 319 centres, more than twice network

Rays of Belief Limited plans to add 319 neurodevelopmental-care centres in India during fiscal 2027 to fiscal 2029, against 136 Indian centres at March 31, 2026. The proposed rollout is more than twice the existing network and carries planned capital expenditure of Rs 41.361 crore for new centres and technology hardware.

How large is Rays of Belief's planned centre expansion?

Rays of Belief plans to establish 319 centres over fiscal 2027 to fiscal 2029, compared with its 136-centre Indian network at March 31, 2026. The plan schedules 92 openings in fiscal 2027, 159 in fiscal 2028 and 68 in fiscal 2029. Both the 136 existing Indian centres and the proposed 319 additions exclude the company's three centres in the United States.

The proposed pace is substantially above Rays of Belief's recent expansion record. Its Indian network rose from 71 centres in fiscal 2023 to 111 in fiscal 2025 and 136 in fiscal 2026, an increase of 65 centres over three fiscal years. During fiscal 2026, the company opened 27 centres and closed eight centres, while the new plan calls for 319 additions over the following three fiscal years.

Rays of Belief's board approved the capital-expenditure proposal for the new centres on August 8, 2025. The company says each rollout requires location identification, lease arrangements, standardised renovations, recruitment and professional training. Delivering the plan therefore depends on securing sites and leases, completing fit-outs and building enough qualified staffing capacity over the three-year period.

What neurodevelopmental-care centre formats will Rays of Belief add?

Rays of Belief plans 190 Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals, 121 School Collaboration Centres, three Centres of Excellence and Research, or COER, and five Upskilling Academies. The 190 Company Learning and partnership locations account for the largest part of the proposed 319-centre rollout.

The combined Company Learning and partnership-centre category is scheduled to add 48 locations in fiscal 2027, 95 in fiscal 2028 and 47 in fiscal 2029. These locations are planned with average carpet area of 1,500 square feet. Company Learning Centres are established and managed by Rays of Belief, while partnership centres involve Licensed Professionals in clinical and operational delivery alongside the company's therapy services, protocols, training and branded setup.

School Collaboration Centres are planned at 42 locations in fiscal 2027, 61 in fiscal 2028 and 18 in fiscal 2029, with average carpet area of 300 square feet. The three COER hubs are planned at 5,000 square feet each and the five Upskilling Academies at 3,025 square feet each. At March 31, 2026, Rays of Belief operated 19 Company Learning Centres, 104 partnership centres, 11 School Collaboration Centres, one COER and one Upskilling Academy in India.

Where will Rays of Belief open the 319 new centres?

Rays of Belief plans 128 new centres in Tier 1 cities, 121 in Tier 2 cities and 70 in Tier 3 cities from fiscal 2027 through fiscal 2029. Tier 2 and Tier 3 cities together account for 191 of the planned openings, while fiscal 2028 is the largest rollout year with 159 centres across all three tiers.

The tier-by-tier timing places 54 Tier 1 openings in fiscal 2027, 56 in fiscal 2028 and 18 in fiscal 2029. Tier 2 is allocated 26, 67 and 28 locations respectively, while Tier 3 is allocated 12, 36 and 22. The plan covers more than 25 states and union territories, but Rays of Belief says the city list remains indicative and may change with market demand, operational readiness and partner availability.

Rays of Belief had 42 Tier 1 centres, 77 Tier 2 centres and 17 Tier 3 centres at March 31, 2026, compared with 26, 36 and nine centres respectively in fiscal 2024. The company evaluates prospective sites based on proximity to healthcare centres, doctors' clinics, daycares and preschools. Its 33-member business-development team monitors target markets, while the company says it generally begins identifying Licensed Professionals about three months before a planned partnership-centre launch.

How much funding is planned for Rays of Belief's rollout?

Rays of Belief proposes to deploy Rs 41.361 crore for new-centre capital expenditure and technology hardware over fiscal 2027 to fiscal 2029. The schedule allocates Rs 11.385 crore to fiscal 2027, Rs 19.965 crore to fiscal 2028 and Rs 10.011 crore to fiscal 2029, making fiscal 2028 the peak spending year as well as the peak opening year.

Fit-outs account for Rs 34.991 crore of the new-centre allocation, followed by Rs 4.443 crore for hardware and Rs 1.927 crore for initial therapy-material inventory. The hardware category principally covers printers and laptops. Fit-outs cover interior work, electrical and lighting work, furniture and branding, with estimates based on bills of quantities, vendor quotations and an independent architect's certificate dated February 11, 2026.

The estimated cost per Company Learning Centre or partnership centre is Rs 16.4 lakh in Tier 1 cities, Rs 13.8 lakh in Tier 2 cities and Rs 12.2 lakh in Tier 3 cities. A School Collaboration Centre is estimated to require around Rs 4.6 lakh. Rays of Belief says all centres are leased, with planned lease tenures for new locations ranging from 11 months to three years.

What could change the three-year centre rollout?

Rays of Belief states that the deployment schedule may be reduced, extended or accelerated based on issue completion, market conditions, business needs, economic trends and the competitive environment. If scheduled use of proceeds is not completed in a fiscal year, the company says the balance may be deployed in a subsequent fiscal, subject to applicable law and board decisions.

The new-centre estimates have not been appraised by a bank or financial institution, and Rays of Belief had not entered definitive agreements with vendors for fit-outs or equipment. The company says vendor quotations and bills of quantities were valid for 12 months from their dates. If costs rise because of revised commercial terms, inflation or other economic factors, the company may fund additional expenditure through internal accruals, future debt or other available funding modes.

Rays of Belief also proposes Rs 14.445 crore for lease payments at existing Indian centres, Rs 10.131 crore for lease or licence payments at existing US centres and Rs 10.208 crore for brand-awareness and inclusive-outreach programmes. The final net proceeds remain to be determined after the issue price is finalised, while the combined amount for unidentified acquisitions and general corporate purposes is subject to stated limits.

Conclusion

Rays of Belief's 319-centre proposal would extend a 136-centre Indian network by more than twice its March 31, 2026 size. The plan is concentrated in fiscal 2028, combines 190 Company Learning and partnership centres with 121 school-based locations, and directs 191 openings to Tier 2 and Tier 3 cities.

The next measure to watch is whether the company follows its fiscal 2027 to fiscal 2029 deployment schedule, especially the planned Rs 19.965 crore in fiscal 2028. The company has disclosed that site availability, leases, staffing, vendor costs, funding conditions and board decisions can shift the timing or allocation of the proposed spending.