Rays of Belief exports and US centres made 67.30% revenue

Rays of Belief Limited derived 67.30% of Fiscal 2026 revenue from operations from promoter-linked service exports and three newly acquired US centres. Rays of Belief reported Rs 81.662 crore in consolidated revenue from operations for the year ended March 31, 2026: exports supplied 25.56% and overseas centres supplied 41.74%.

How did Rays of Belief's Fiscal 2026 revenue mix change?

Rays of Belief's Fiscal 2026 revenue mix changed because its consolidated accounts included Rs 34.085 crore from overseas centres alongside Rs 20.872 crore from exported services. Revenue from operations excludes other income under the risk-factor disclosure. The two categories together accounted for 67.30% of the Rs 81.662 crore total, while Indian centre operations accounted for Rs 26.168 crore, or 32.04%.

Indian centre operations increased in rupee terms from Rs 21.309 crore in standalone Fiscal 2025 and Rs 19.325 crore in standalone Fiscal 2024 to Rs 26.168 crore in consolidated Fiscal 2026. Their share nevertheless fell from 58.51% in Fiscal 2025 and 63.14% in Fiscal 2024 because Fiscal 2026 included revenue from the acquired overseas centres. Online services added Rs 39.3 lakh, or 0.48%, and other operating revenue added Rs 14.4 lakh, or 0.18%, in Fiscal 2026.

The 67.30% measure combines two revenue categories rather than identifying a single customer or a single site. Export services were supplied to two promoter-linked entities, while overseas-centre revenue was generated by three US centres acquired in June 2025. The revenue mix will remain comparable only if the related-party service arrangements continue and the US centres retain their operating revenue.

How dependent is Rays of Belief on promoter-linked service contracts?

Rays of Belief derived Rs 20.872 crore, or 25.56% of Fiscal 2026 revenue from operations, from service exports to two promoter-linked entities. Carving Futures Pte. Ltd., the holding company and corporate promoter, contributed Rs 14.825 crore, or 18.15% of total revenue from operations. Carving Futures Inc., a US-based promoter group entity, contributed Rs 6.047 crore, or 7.40%.

A service agreement dated October 21, 2021 provides for Rays of Belief to deliver research and development coordination and programmatic and clinical innovation support to Carving Futures Pte. Ltd. A support services agreement with Carving Futures Inc. began on July 1, 2024. The prospectus states that reduced service scope, changed pricing or volume, delayed payments, or early termination could affect revenue and profitability.

Export revenue was Rs 10.444 crore, or 34.12% of standalone Fiscal 2024 revenue from operations, and Rs 14.438 crore, or 39.64%, in standalone Fiscal 2025. In pro forma consolidated Fiscal 2025 information, which illustrates the acquisition as if it had occurred before March 31, 2025, exports represented 19.74%. The Fiscal 2026 consolidated share was 25.56%, a 5.82-percentage-point increase from that pro forma comparison.

The agreements are described as arm's length and in the ordinary course of business, but the counterparties' promoter links create a disclosed governance risk. Rays of Belief identifies possible actual or perceived conflicts over commercial terms, enforcement of contractual rights, and allocation of resources and management attention. Continued export revenue at the reported level depends on both entities continuing to procure services on comparable terms and volumes.

What do the three acquired US centres contribute to Rays of Belief?

Rays of Belief's three US centres generated Rs 34.085 crore, or 41.74% of Fiscal 2026 consolidated revenue from operations. Rays of Belief acquired the three Virginia centres through subsidiary acquisitions on June 23, 2025. The company states that it had not owned or operated these centres before the transaction and that they had only recently been integrated into its network.

The prospectus says the same three centres represented 50.21% of Fiscal 2025 revenue from operations in pro forma consolidated financial information. Pro forma financial information is an illustrative presentation showing the theoretical effect of an acquisition completed before the stated date; it is not the company's actual Fiscal 2025 operating result and is not intended to indicate future performance. The overseas-centre share was therefore 8.47 percentage points lower in actual Fiscal 2026 consolidated information than in pro forma Fiscal 2025 information.

The disclosure does not give centre-level reasons for the change in the overseas-centre revenue share. It states, however, that deterioration in the centres' performance or an inability to retain their key personnel or clients could affect the revenue and profitability generated by them. The contribution from these recently acquired centres therefore depends on client retention, personnel continuity and operating performance at all three locations.

How does the overseas and export mix compare with the Indian network?

Rays of Belief's Indian network was larger by number of locations, but the three US centres generated more Fiscal 2026 revenue than all Indian centre operations. As of March 31, 2026, Rays of Belief operated 136 centres across 57 cities and 20 Indian states and union territories. The US centres' Rs 34.085 crore of revenue exceeded Indian centre operations' Rs 26.168 crore by Rs 7.917 crore.

India's 77 Tier 2 centres generated Rs 14.360 crore, or 17.58% of Fiscal 2026 revenue from operations. The 42 Tier 1 centres generated Rs 8.733 crore, or 10.69%, while the 17 Tier 3 centres generated Rs 3.075 crore, or 3.77%. These three categories totalled Rs 26.168 crore and 32.04%, matching reported Indian centre-operations revenue.

Rays of Belief operated 104 of its 136 Indian centres under the Company Learning Centres in partnership with Licensed Professionals model as of March 31, 2026. This model generated Rs 21.653 crore, or 26.52% of total Fiscal 2026 revenue from operations, compared with Rs 18.414 crore, or 50.56%, in standalone Fiscal 2025. The lower share accompanied the inclusion of overseas-centre revenue, while the model's rupee revenue increased.

The domestic network also carries lease exposure. Rays of Belief operated 91 of its 136 Indian centres from leased premises and paid Rs 4.661 crore in centre lease amounts through March 31, 2026. Lease tenures typically run from 11 months to three years, with annual rental escalations often between 5% and 10%; non-renewal, relocation or higher rents could affect the continuity and cost base of Indian centre revenue.

Conclusion

Rays of Belief's Fiscal 2026 revenue concentration reflects two sources outside its established Indian centre network: promoter-linked service exports supplied 25.56% and three US centres supplied 41.74%. Indian centre operations grew to Rs 26.168 crore, but their share fell to 32.04% as the consolidated revenue base expanded to include overseas-centre revenue.

What to watch next is whether Carving Futures Pte. Ltd. and Carving Futures Inc. retain comparable service volumes and commercial terms, and whether the three US centres retain personnel and clients. Rays of Belief has also disclosed a growth strategy involving new centres that will require leases of 11 months to three years, leaving future revenue shares dependent on both overseas performance and domestic network continuity.