Rays of Belief profit reaches Rs 34.49 lakh as US revenue leads

Rays of Belief Limited reported consolidated profit after tax of Rs 34.49 lakh for the quarter ended September 30, 2026, as the US business generated 53.76% of revenue, or Rs 14.56 crore, exceeding India’s Rs 12.53 crore. Consolidated revenue from operations rose to Rs 27.09 crore.

How did Rays of Belief perform in the September quarter?

Rays of Belief recorded consolidated revenue from operations of Rs 27.09 crore in the quarter ended September 30, 2026, compared with Rs 25.31 crore in the June 2026 quarter and Rs 22.99 crore in the September 2025 quarter. Total income, including other income of Rs 26.50 lakh, was Rs 27.36 crore, against Rs 25.36 crore in the preceding quarter.

Consolidated profit after tax was Rs 34.49 lakh, compared with Rs 27.87 lakh in June 2026 and Rs 22.16 lakh in September 2025. Profit before tax reached Rs 47.32 lakh, while total expenses were Rs 2.26 crore, versus Rs 2.16 crore in June. Tax expense was Rs 12.83 lakh, comprising Rs 6.86 lakh of current tax and Rs 5.97 lakh of deferred tax.

For the half year ended September 30, 2026, revenue from operations was Rs 52.40 crore, compared with Rs 33.70 crore in the corresponding 2025 half year. Half-year profit after tax rose to Rs 62.36 lakh from Rs 16.02 lakh. Rays of Belief said the corresponding 2025 consolidated figures were prepared by management and had not been reviewed or audited because the company was not listed during that period.

Why did Rays of Belief’s US revenue overtake India?

Rays of Belief’s US segment generated Rs 14.56 crore of external revenue in the September 2026 quarter, representing 53.76% of consolidated revenue, while India generated Rs 12.53 crore, or 46.24%. The US share had also exceeded India’s in the June 2026 quarter, at 50.66%, whereas India represented 55.44% in the September 2025 quarter.

US revenue increased from Rs 12.82 crore in June 2026 and Rs 10.24 crore in September 2025. India revenue was nearly unchanged from Rs 12.49 crore in June but below Rs 12.75 crore a year earlier. The reported revenue mix therefore shifted from 44.56% US and 55.44% India in September 2025 to 53.76% US and 46.24% India in September 2026.

The US segment delivered Rs 24.45 lakh of segment result before finance costs and tax, equal to 45.96% of the group’s Rs 53.20 lakh segment result. India delivered Rs 28.75 lakh, or 54.04%. US expenses were Rs 1.22 crore, compared with Rs 1.04 crore in India, and US depreciation and amortisation amounted to Rs 50.70 lakh of the group total of Rs 97.80 lakh.

What changed in Rays of Belief’s US business during the half year?

Rays of Belief’s wholly owned US subsidiary acquired 100% of City Pro Group Inc. on September 18, 2026 for Rs 19.74 crore. The consideration included Rs 7.68 crore of deferred consideration, classified as a current other financial liability, while the consolidated cash-flow statement recorded Rs 12.07 crore of acquisition cash outflow, net of cash acquired.

The acquisition was provisionally accounted for under Indian Accounting Standard 103, Business Combinations, resulting in Rs 19.78 crore of goodwill at September 30, 2026. That goodwill may be adjusted within one year of the acquisition date. City Pro Group’s results were included in the consolidated accounts from September 18, which Rays of Belief said limits comparison with earlier periods.

US segment assets were Rs 48.65 crore at September 30, 2026, compared with Rs 14.83 crore at June 30, 2026 and Rs 11.62 crore a year earlier. US segment liabilities were Rs 22.15 crore, up from Rs 9.28 crore at June-end. Total consolidated assets increased to Rs 206.57 crore from Rs 51.00 crore at March 31, 2026.

How did the IPO affect Rays of Belief’s funding and balance sheet?

Rays of Belief completed an initial public offering of 52.30 lakh fresh equity shares at Rs 239 each during the quarter, raising Rs 12.50 crore before issue expenses. The shares were allotted on September 4, 2026 and listed on NSE and BSE on September 8, 2026. Issue expenses of Rs 1.21 crore were adjusted against securities premium.

Including pre-IPO placements, Rays of Belief disclosed total fund raising of Rs 130.892 crore, of which Rs 43.453 crore had been used by September 30, 2026. The largest disclosed utilisation was Rs 26.500 crore for inorganic growth and general corporate purposes, followed by Rs 9.010 crore for issue-related expenses and Rs 7.635 crore for new leased centres and associated technology.

Consolidated cash and cash equivalents were Rs 21.66 crore at September 30, 2026, compared with Rs 3.26 crore at March 31, 2026, while bank balances other than cash equivalents were Rs 69.14 crore. Total equity rose to Rs 152.64 crore from Rs 30.92 crore at March-end. Current borrowings increased to Rs 19.94 crore from Rs 86.10 lakh.

What does Rays of Belief’s cash flow show?

Rays of Belief used Rs 3.34 crore in operating activities during the half year ended September 30, 2026, compared with Rs 28.19 lakh used in the corresponding 2025 period. Operating profit before working-capital changes was Rs 1.11 crore, but working-capital movements resulted in an outflow of Rs 4.45 crore.

The largest working-capital movement was a Rs 4.26 crore increase in other current assets, alongside a Rs 1.03 crore increase in trade receivables. These were partly offset by a Rs 45.19 lakh increase in trade payables and a Rs 36.95 lakh increase in other current liabilities. Investing activities used Rs 8.00 crore, including Rs 6.62 crore invested in bank deposits with original maturities of more than three months.

Financing activities provided Rs 13.18 crore during the half year, led by a Rs 12.22 crore increase in securities premium and Rs 1.90 crore of net borrowing proceeds. Rays of Belief also issued Rs 1.50 crore of unlisted redeemable non-convertible debentures during the quarter, backed by the managing director’s personal guarantee and classified as current borrowings.

Conclusion

Rays of Belief’s September-quarter result combined higher consolidated revenue and profit with a changed geographic mix. US revenue of Rs 14.56 crore exceeded India revenue of Rs 12.53 crore, while the US supplied 45.96% of segment result before finance costs and tax. Consolidated profit after tax reached Rs 34.49 lakh on Rs 27.09 crore of revenue.

The next disclosures to watch are the integration of City Pro Group and the accounting for its Rs 19.78 crore of provisional goodwill, which remains subject to adjustment within one year of the September 18, 2026 acquisition. Investors can also monitor the deployment of the balance of Rs 130.892 crore raised through the IPO and pre-IPO placements, after Rs 43.453 crore had been used by September 30 with no reported deviation from stated objects.