IPO Overview

Ravita Engineering Services Limited announced the opening of its Initial Public Offering on Tuesday, October 13 2026. The issue aims to raise a maximum of ₹116.05 crore by issuing 1,03,62,000 equity shares at a face value of ₹5 each, with a price band of ₹105 to ₹112 per share. Anchor bidding is scheduled for Monday, October 12 2026, and the issue will close on Thursday, October 15 2026.

Share Allocation

The equity share allocation is structured as follows:

  • Anchor Portion: up to 29,48,400 shares
  • Net QIB: up to 19,69,200 shares
  • NII (Non‑Institutional Investors): not less than 14,76,000 shares
  • Individual Investors: not less than 34,46,400 shares
  • Market Maker: 5,22,000 shares

The Book Running Lead Manager for the issue is Vivro Financial Services Private Limited, and the Registrar to the Issue is MUFG Intime India Private Limited.

Use of Proceeds

The net proceeds will be utilized for three primary purposes: (i) meeting long‑term working capital requirements, (ii) funding capital expenditure for the purchase of specific heavy equipment, and (iii) general corporate purposes. These funds are intended to support the execution of the existing order book and to strengthen in‑house project delivery capabilities, particularly as the company expands its presence in the data‑centre segment.

Management Comments

  • Vibhoar Agrawal, Chairman & Executive Director of Ravita Engineering Services Limited, stated that the IPO marks an important milestone in the company’s growth journey and will enable the deployment of net proceeds toward working capital and heavy‑equipment purchases to support order‑book execution.
  • Roshan Vaishnav, Director of Vivro Financial Services Private Limited, highlighted the size of India’s HVAC EPC I&C market (estimated at ₹81,284 crore in FY25, projected to reach ₹1,69,723 crore by FY30) and the HVAC O&M market (expected to grow from ₹36,905 crore to ₹68,205 crore). He noted Ravita’s operations across onshore, offshore, and data‑centre HVAC engineering and O&M contracts.

Financial Highlights

  • Revenue: increased from ₹1,349.25 lakhs in FY24 to ₹27,763.29 lakhs in FY26.
  • PAT: stood at ₹2,804.16 lakhs in FY26.
  • EBITDA Margin (FY26): 14.43%; PAT Margin (FY26): 10.09%.
  • For the three‑month period ended June 2026, revenue was ₹9,731.36 lakhs, EBITDA margin 14.42%, and PAT margin 10.40%.
  • Order Book (as of June 30 2026): ₹49,112.12 lakhs across 21 ongoing projects, including ₹12,000 lakhs of data‑centre work orders.

Business Overview

Incorporated in 2007, Ravita Engineering Services Ltd provides Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems, central air‑conditioning, airflow systems, chiller plants, industrial compressors, and cooling equipment on a turnkey basis. It also offers comprehensive O&M services for projects it executes and for systems installed by third‑party providers. The business is organized into three expertise areas:

  • Onshore: commercial establishments, hospitality units, corporate parks, and industrial facilities in Maharashtra, Gujarat, Odisha, and Karnataka.
  • Offshore: rigs, platforms, and marine installations in Indian territorial waters, having worked on 6 rigs and 16 offshore oil and gas platforms over the last three fiscal years and the three months ended June 2026.
  • Data Centre: O&M of cooling systems, chiller plants, HVAC equipment, and mechanical utilities, with recent work orders totaling ₹12,000 lakhs in Maharashtra.

The company is also executing the laying of sub‑sea discharge pipelines for an effluent‑treatment plant at a crude‑oil import terminal operated by Numaligarh Refinery Limited in Paradip, Odisha.

Market Context

The HVAC market in India is projected to experience robust growth, with the EPC I&C segment expected to more than double by FY30 and the O&M segment nearly doubling as well. Ravita’s IPO seeks to capitalize on this expanding market opportunity while bolstering its balance sheet for future project execution.