Ravita Engineering's Rs 116 Cr SME IPO Opens 13 October on NSE Emerge

Ravita Engineering Services Ltd., an engineering solutions provider specialising in heating, ventilation and air-conditioning (HVAC), opens its maiden Rs 116.05 crore book-built IPO on 13 October 2026, closing on 15 October 2026. The issue is priced in a band of Rs 105 to Rs 112 per share, with a minimum lot of 2,400 shares, and will list on NSE SME Emerge.

The company is raising through 10,362,000 equity shares of face value Rs 5 each, constituting 27.5% of post-IPO paid-up capital, implying a market capitalisation of about Rs 422.02 crore at the upper band. From the net proceeds, Rs 70 crore is earmarked for working capital, Rs 25.53 crore for capital expenditure on heavy equipment, and the balance for general corporate purposes. Vivro Financial Services is the sole lead manager and MUFG Intime India the registrar.

Ravita's financials show a steep growth curve: total income and net profit of Rs 13.53 crore / Rs 1.51 crore in FY24, Rs 109.30 crore / Rs 11.83 crore in FY25, and Rs 277.82 crore / Rs 28.04 crore in FY26, with Q1 FY27 (ended 30 June 2026) delivering Rs 97.45 crore of income and Rs 10.13 crore of profit. Its order book stood at Rs 177.57 crore as of 30 June 2026. The company operates across onshore, offshore and data-centre segments, providing data-centre O&M services to Reliance Corporate IT Park in Navi Mumbai and recently securing Rs 120 crore of data-centre work orders in Maharashtra, including a Rs 55 crore order from the Indian subsidiary of a global technology and cloud-services company. Its operations are supported by 399+ employees and 246 contract workers.

Analyst Dilip Davda's review notes that trade receivables of Rs 100.56 crore exceed the quarter's top line, flagging a sustainability question, and calls the issue fully priced — suitable, he writes, for well-informed investors willing to park funds for the medium to long term.