Rays Of Belief Ltd. IPO

Rays of Belief

• Rays of Belief is coming out with a 100% book building; initial public offering (IPO) of 52,30,000 shares of face value Rs 10 each in a price band Rs 227 - 239 per equity share. 
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on September 01, 2026 and will close on September 03, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 22.70 times of its face value on the lower side and 23.90 times on the higher side.
• Book running lead manager to the issue is Mefcom Capital Markets.
• Compliance officer for the issue is Mayank Bhargava.

Profile of the company

Rays of Belief is a For-Profit Social Enterprise providing intervention plans for children with Neurodevelopmental Disorders (NDDs). Such plans are personalised based on each child’s unique needs and condition severity. NDDs include Autism Spectrum Disorder (ASD), Attention-Deficit/ Hyperactivity Disorder (ADHD), Down Syndrome (DS), Cerebral Palsy (CP), Intellectual Disability (ID”), Learning Disabilities (LD), and Global Developmental Delays (GDD). The Company was founded, primarily to address key barriers related to NDDs in the behavioural health domain, including lack of awareness, limited access, inadequate quality of care and affordability. Accordingly, its intervention plans are prepared to empower parents and families to become co-therapists in their child’s developmental journey.

The company started with its first centre in Gurgaon in 2018 and subsequently scaled its operations from 71 centres in Fiscal 2023 to 136 centres (excluding three centres recently acquired under its Step-Down Subsidiary in US) as of March 31, 2026. These 136 centres are spread across 57 cities spanning 20 states and union territories in India under its brand name, Mom’s Belief. With 42 centres in Tier 1, 77 centres in Tier 2 and 17 centres in Tier 3 cities in India, it has established a presence beyond major urban hubs to provide services in underrepresented and semi-urban geographies where access to developmental care has traditionally been limited. Its presence is predominantly in Tier 2 cities.

Its services primarily cater to children from 18 months up to 12 years of age, with specialized programs for older children up to the age of 15 years focusing on vocational and life skills to facilitate a smooth transition to adulthood. Its centres offer a comprehensive and multidisciplinary suite of services, spanning early intervention, parental guidance, occupational therapy, language therapy and family support programs. Its centres are equipped with 150 plus teaching tools, including sensory equipment, puzzles, and worksheets. Additionally, it provides home-based learning kits with 2,000 plus teaching tools, supported by structured follow-ups and monitoring to track progress.

Proceed is being used for: 

• Funding capital expenditure towards establishment of new centres on leased premises (tenure of 11 months - 3 years) and associated technology (hardware) costs: (i) Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals; (ii) School Collaboration Centres; (iii) Centre for Excellence and Research; (iv) Upskilling Academy; and (v) Technology (hardware) costs.
• Expenditure for lease payments for its existing centres in India
• Investment in its Subsidiary, Mom’s Belief US Inc., for making lease / license payments for its existing centres in the USA.
• Expenditure for brand awareness and inclusive outreach programs
• Funding inorganic growth through unidentified acquisition and General corporate purposes

Industry overview

Neuro-Developmental disorders (NDDs) represent a broad spectrum of conditions that disrupt typical brain development, leading to challenges in areas such as learning, behaviour, memory, emotional regulation, and communication. Key market drivers for neurodevelopmental disorders in India include the growing prevalence of genetic mutations, increasing public awareness, and advancements in diagnostic tools like neuroimaging and genetic testing. These innovations enable earlier detection and intervention, improving clinical outcomes. Furthermore, rising investments in research, the development of targeted therapies, and the adoption of integrated multidisciplinary treatment approaches are significantly enhancing the management of these disorders. The need for personalized treatment plans, improved healthcare accessibility, and the increasing demand for effective rehabilitation techniques to address diverse individual needs present significant growth opportunities for the company.

The NDD care and intervention industry in India is experiencing robust growth, driven by rising prevalence of conditions like ASD, ADHD, DS, and others, as well as increased awareness, earlier diagnoses, and significant advancements in technology and therapeutic approaches. The market size for NDDs was estimated at Rs 52,623 million as of March 2025, with ASD, ADHD, and Cerebral Palsy comprising the majority share; sub-segments such as ASD and ADHD therapy are expected to maintain strong compound annual growth rates over the next decade. Key growth drivers include public awareness campaigns, government and NGO initiatives, and the adoption of digital health tools and multidisciplinary care models, though the industry faces ongoing challenges related to regulatory fragmentation, workforce shortages, cost barriers, regional disparities in service access, and residual social stigma. With no Indian listed peers, the sector references larger-scale global behavioral health providers for benchmarking, while domestic leaders like Rays of Belief are distinguished by extensive networks and geographic reach. The outlook for the sector remains positive as policy reforms, continued investment, and technological innovation progressively address care gaps and enable better outcomes for children and families affected by NDDs across India.

Pros and strengths 

Pan India presence and geographic penetration: The company is an enterprise offering intervention plans for children with neurodevelopmental disorders like autism, ADHD, developmental delay care, cerebral palsy care, communication disorder care etc. Based on number of centres, as of March 31, 2026, the company ranks first in India in offering intervention plans for children with neurodevelopmental disorders (NDDs), and seventh globally among the listed players operating in a similar behavioural health domain. It started with its first centre in Gurgaon in 2018 and subsequently scaled its operations from 71 centres in Fiscal 2023 to 136 centres (excluding three centres recently acquired under its Step-Down Subsidiary in US) as of March 31, 2026. These 136 centres are spread across 57 cities spanning 20 states and union territories in India. With 43 centres in Tier 1, 76 centres in Tier 2 and 17 centres in Tier 3 cities in India, it has established a presence beyond major urban hubs to provide services in underrepresented and semi-urban geographies where access to developmental care has traditionally been limited.

Accessibility by spreading awareness through outreach programs and collaborations: It is focused on creating awareness about NDDs and fostering community involvement, which is crucial for early identification, appropriate support and reducing stigma. Its initiatives include advocacy, social media campaigns and community engagement. It conducts community awareness and engagement programs for disseminating relevant information and guidance to affected families and caregivers. Its outreach is also done through its digital channels, where it delivers live webinars, and informative content to ensure that early-identification messaging reaches families across all socioeconomic strata. These are delivered through various channels including a portal on its website under the name Mom’s Belief Community. Through this portal, parents and caregivers of children with NDDs get to connect with each other and share their experiences. Free counselling and advice is also provided by its clinical professionals. Along with the website, it has Whatsapp groups with parents to allow for co-ordination and communication amongst parents.

Comprehensive, multidisciplinary care that is client focused: Its strength lies in a clear and structured approach to help children with ASD, ADHD, CP, DS, ID, LD, and GDD. With its seven years of experience, and in-house clinical team, it offers development-focused intervention plans tailored to the specific needs of each child drawing from established clinical practices and structured methodologies. Its therapy services include Speech and language therapy; Occupational therapy; and Behavioural support with an emphasis on helping children achieve measurable developmental milestones. It maintains a structured operational framework built on standardized protocols and quality assurance mechanisms across all centres. This structured approach ensures that every child and family, regardless of location, receives a consistent, care experience. It focuses on a client centric approach to ensure high client satisfaction. Each child enrolled at its centres receives a personalised intervention plan, referred to as Individualized Education Plan (IEP) and Individualized Goal Plan (IGP) that outline specific developmental goals.

Research-informed social enterprise: Its programs and plans, especially the Family Support Program, are prepared using evidence-based practices to ensure that its programs are effective and hence, are based on researched studies such as those focused on family and parent mediated training and care provided to children covering established studies and techniques such as the preschool autism communication trial (PACT) and joint attention, symbolic play, engagement, and regulation (JASPER), which are disclosed on its website. It has also published two research reports in an international journal, also disclosed on its website. It is focused on continuously building and refining its programmes to align with global best practices. Its internal R&D function develops tools such as child progress tracking frameworks, parent guidance modules, and developmental play-based activities, which are designed to personalize therapeutic and developmental support and enhance outcome measurability. It has a team of seven employees dedicated towards its R&D efforts.

Risks and concerns

Concentration of operations and revenue in certain geographies: Although, the company’s business operations span 57 cities and 20 states and union territories across India, as of March 31, 2026, of its 136 centres in India, 27 (twenty-seven) were situated in the state of Uttar Pradesh, which contributed to 7.62% of its Revenue from Operations in March 31, 2026. Followed by Uttar Pradesh, the union territory of Delhi with 5 centres and the state of Karnataka 20 centres contributed to 3.80% and 3.94%, respectively. Accordingly, 15.36% of its Revenue from Operations at March 31, 2026, can be attributed to its operations in the centres in these three regions. Additionally, 17.58% of its Revenue from Operations was derived from centres in Tier 2 cities. Any loss of business from these regions may adversely affect its revenues and profitability.

A significant portion of revenue is derived from promoter and promoter group entities: In Fiscal 2026, it derived 25.56% of its Revenue from Operations from the export of support services to Carving Futures Pte. Ltd., its Holding Company, who is also its Corporate Promoter, and Carving Futures Inc., its Promoter Group entity. The company has entered into a service agreement with Carving Futures, pursuant to which it provides, certain services including, but not limited to, R&D coordination and programmatic and clinical innovation support to its Corporate Promoter and Holding Company (Service Agreement). Further, on July 1, 2024, the company entered into an agreement with a Promoter Group entity based in the US, Carving Futures, Inc. following which, it has been providing certain support services to this entity (Support Services Agreement). Any adverse change in, or termination of, this agreement, or any conflict of interest arising from such related party arrangements, could adversely affect its business, financial condition, results of operations and cash flows. 

Revenue is significantly dependent on Company Learning Centres in Partnership with Licensed Professionals: Its ‘Company Learning Centres in partnership with Licensed Professionals’ contribute to majority of the Revenue from Operations generated by the Company. The company’s ‘Company Learning Centres in partnership with Licensed Professionals’ contributed 26.52%, 50.56% and 56.28% of its Revenue from Operations in the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. A material change in the terms of the arrangement or termination or suspension of such arrangements resulting from reasons including a dispute, change in government regulations or policies, could impair its ability to provide services to its clients at the centres operating under the “Company Learning Centres in partnership with Licensed Professionals”, which could have an adverse effect on its business, financial position, prospects, results of operations and prospects. 

New centres may take longer than expected to achieve operational breakeven: The company is currently in a growth phase and intend to expand its network by opening new centres across multiple geographies. It opened 27, 48, and 20 New Centres for the Fiscals 2026, 2025, and 2024. Additionally, it closed 2, 8, and 20 Network Centres for the Fiscals 2026, 2025, and 2024. Network Centres were first discontinued in Fiscal 2021 to ensure its operations were consolidated under a more standardized and centrally governed structure. These discontinuations may have resulted in sunk costs, underutilized assets, or operational inefficiencies. Newly opened centres typically require a ramp-up period of around 8-12 months to achieve operational breakeven. During this period, such centres incur operating expenses without generating sufficient revenue to cover costs, which may contribute to negative cash flows from operations. The timing and extent of breakeven for each centre depend on factors such as location, market demand, operational efficiency, and brand awareness in the region. If the revenue from newly opened centres is lower than expected or their breakeven period is longer than anticipated, its cash requirements will increase and its profitability and liquidity could be adversely affected. Prolonged periods of negative cash flows could limit its ability to fund future expansion, meet operational needs, or invest in other strategic initiatives, which could, in turn, impact its growth prospects.

Outlook

Rays of Belief, along with its subsidiaries, is in the business of providing therapy plans and programs for children with neurodevelopmental challenges, including ASD, Attention- ADHD, DS, CP, ID, LD, and GDD. The company is specialized organization for autism and developmental delay care. On the concern side, it operates in a highly specialized and sensitive domain, providing care to children with Neurodevelopmental Disorders. Till date, it has served upwards of 58,000 children since commencement of its operations in 2018. Its business depends on its continued ability to maintain standardised and reliable quality of services at all its centres. Any disruption, limitation, or deficiency in the delivery of its services may adversely affect its reputation, business operations and financial performance.

The issue has been offering 52,30,000 shares in a price band of Rs 227-239 per equity share. The aggregate size of the offer is around Rs 118.72 crore to Rs 125.00 crore based on lower and upper price band respectively. Minimum application is to be made for 62 shares and in multiples thereon, thereafter. On performance front, its total income for Fiscal 2026 stood at Rs 820.64 million, as compared to Rs 365.35 million in Fiscal 2025, representing an increase of 124.62%. The restated profit after tax for Fiscal 2026 stood at Rs 49.59 million, as compared to Rs 58.81 million in Fiscal 2025.

Meanwhile, the success of its operations is highly dependent the competence and skill of its clinical professionals. As it expands further, it will have to enhance its measures for recruitment, training, upskilling, and retention of clinical professionals. As a part of such endeavour, it aims to continue providing training and upskilling opportunities to its clinical professionals through CME and other workshops and webinars. It will also continue providing a platform to its clinical professionals by organising workshops and webinars. It strives to only enhance its commitment to imparting the best services by providing to its clinical professionals, comprehensive training and upskilling opportunities, and further attracting high-quality talent.

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 3274.77 crore in index futures and options segments, as per Thursday’s data, September 10, 2026.

FIIs were net sellers of index futures to the tune of Rs 857.42 crore and net buyers of index options worth Rs 4132.19 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 1629.44 crore and they bought stock options worth Rs 4.54 crore.

Futures & Options (F&O) total turnover stood at 86,22,467.81 crore on September 10 and the total number of contracts traded on the day were 5,90,21,014.

Of the total turnover, Index Futures contributed Rs 7,726.57 crore, Stock Futures Rs 42,446.73 crore and Index Options Rs 82,14,238.26 crore, while the contribution of the Stock Options was of Rs 3,58,056.25 crore.

For the day, the total F&O Put Call ratio stood at 0.86, while the Index Options Put Call ratio was 0.90 and that of Stock Options was 0.51.