Company Overview
Rays of Belief Limited is a for-profit social enterprise providing personalized intervention plans for children with neurodevelopmental disorders (NDDs) including Autism Spectrum Disorder, ADHD, Down Syndrome, Cerebral Palsy, and Learning Disabilities. The company operates through 136 centers across 57 cities in 20 Indian states and 3 centers in Virginia, USA via subsidiaries Mom's Belief US Inc. and Allergy & Immunology Virginia, LLC. Ranking first in India and seventh globally among listed behavioral health players, the company has served over 58,000 children since 2018, with 9,205 children served in Fiscal 2026.
Offer Details
The IPO comprises a fresh issue of 5,230,000 equity shares at ₹239 per share (price band ₹227-239), aggregating to ₹1,249.97 million. The issue opens September 1-3, 2026, with NSE as the designated stock exchange. The company raised ₹58.95 million through pre-IPO placements at ₹284-290 per share, reducing the fresh issue size. Post-IPO, promoter holding will dilute from 91.72% to 68.77%.
Financial Performance
Revenue grew at 63.34% CAGR from ₹306.08 million in FY24 to ₹816.62 million in FY26, with US operations contributing 41.74% of FY26 revenue. Profit After Tax reached ₹49.59 million in FY26 (₹58.81 million in FY25, ₹8.53 million in FY24). The company turned profitable in FY25 with improving operational metrics and expanding margins.
Use of Proceeds
Net proceeds of ₹1.15 billion will fund: new center expansion (₹413.61 million for 319 centers), lease payments for existing Indian centers (₹144.45 million), US subsidiary lease payments (₹101.31 million), brand awareness programs (₹102.08 million), and inorganic growth through acquisitions (₹385.47 million). CARE Ratings will monitor fund utilization.
Risk Factors
Key risks include dependence on leased premises (91 of 136 Indian centers on short-term leases), high clinical professional attrition (4.41% in FY26), regulatory compliance across multiple jurisdictions, competition for skilled professionals, and economic conditions affecting discretionary therapy spending. The company faces litigation including data theft complaints against ex-employees.
Management & Governance
Promoter Nitin Bindlish (Managing Director) holds 0.29% stake, with corporate promoter Carving Futures Pte. Ltd. (Singapore) holding 91.43%. The board comprises 5 directors including 3 independent directors and 1 woman director. The management team includes 340+ clinical professionals across psychology, occupational therapy, speech pathology, and special education.
Market Context
The Indian neurodevelopmental disorders therapy market was estimated at ₹52,623 million in 2025, with ASD, ADHD and cerebral palsy comprising 72.72% of market. The company benefits from growing awareness, reduced stigma, and government initiatives supporting healthcare access. With no directly comparable listed peers in India, the IPO represents a unique investment opportunity in the specialized healthcare segment.