Rays of Belief Limited- For Profit Social Enterprise (FPSE) IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- 52,30,000 shares · indicative
- Symbol
- MOMSBELIEF
About the company
Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas. The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills.
Financial snapshot
Figures in ₹ crore unless otherwise specified.
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 50.88 | 26.12 | 12.89 |
| Total Income | 82.06 | 36.53 | 30.75 |
| Profit After Tax | 4.95 | 5.88 | 0.8 |
| EBITDA | 11.91 | 3.01 | 1.49 |
| NET Worth | 30.81 | 15.02 | 5.78 |
| Reserves and Surplus | 15.20 | 14.7 | 5.47 |
| Total Borrowing | 3.6 | 4.35 | - |
What to consider
Business strengths
- Leading Centre NetworkRays of Belief is ranked as India's first enterprise in terms of the number of centres offering intervention plans for children with NDDs. Its network of 136 centres provides accessibility to developmental care across multiple cities.
- Proven Scalable OperationsThe company has demonstrated a track record of organic growth and scalable operations. Its expanding network supports its ability to provide intervention services across a wider geographic area.
- Accessible and Affordable CareThe company focuses on providing convenient and affordable developmental care for children with NDDs. Its network-based model enables families to access personalised intervention plans across multiple locations.
Key risks
- Leased Centre PremisesThe company's centres operate on leased premises with lease tenures ranging from 11 months to 3 years. A significant portion of its capital expenditure consists of immovable fit-outs at these properties, which may not be recoverable if leases are not renewed or centres are closed or relocated.
- Geographical ConcentrationDuring Fiscal 2026, 15.36% of Revenue from Operations was derived from centres located in Uttar Pradesh, Karnataka, and Delhi. Additionally, 17.58% of Revenue from Operations came from centres in Tier 2 cities, and any loss of business from these regions could adversely affect revenues and profitability.
- Dependence on Related Parties and Acquired CentresIn Fiscal 2026, 25.56% of Revenue from Operations was derived from export of support services to Carving Futures Pte. Ltd. and Carving Futures Inc. Any adverse change or termination of these arrangements could affect the business.