Ravita Engineering Services IPO
Ravita Engineering Services IPO Details
-
Open Date
13 Oct 2026
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Close Date
15 Oct 2026
- IPO Price Range
₹ 105 to ₹112
- IPO Size
₹ 116.05 Cr
Ravita Engineering Services IPO Timeline
Last Updated: 08 October 2026 4:43 PM by 5paisa
Ravita Engineering Services Limited is an engineering solutions company specialising in Engineering, Procurement, Installation and Commissioning (EPIC) and Operations and Maintenance (O&M) services. Its core operations involve heating, ventilation and air conditioning (HVAC), central air-conditioning systems, chillers, temperature-control equipment and associated electromechanical infrastructure.
The company undertakes onshore and offshore engineering projects, serving industrial facilities, commercial establishments and data centres. Its services cover equipment procurement, installation, testing, commissioning, maintenance and technical support. Ravita secures contracts through competitive tenders and direct project awards, with operations spanning multiple locations across India.
Data centre infrastructure has emerged as an additional business area, with the company providing cooling-system maintenance and undertaking engineering projects involving chillers, HVAC installations and mechanical utilities. As of 30 June 2026, its outstanding order book stood at approximately ₹491.12 crore, covering projects across its engineering and maintenance operations.
Established in: 2007
Managing Director and Chief Executive Officer: Sunildutt Narayan Goswami
Ravita Engineering Services Objectives
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
1. Meeting long-term working capital requirements of the company.
2. Funding capital expenditure towards the purchase of certain heavy equipment.
3. General corporate purposes.
4. Meeting issue-related expenses.
The company proposes to allocate approximately ₹70.00 crore towards long-term working capital requirements and ₹25.53 crore towards purchasing heavy equipment. The remaining net proceeds will be allocated towards general corporate purposes, subject to the applicable limits.
Ravita Engineering Services IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹116.05 Cr |
| Offer For Sale | – |
| Fresh Issue | ₹116.05 Cr |
Ravita Engineering Services IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 2400 | 252000 |
| Individual Investors (IND) (Max) | 2 | 2400 | 268800 |
| HNI (Min) | 3 | 3600 | 378000 |
| S-HNI (Max) | 7 | 8400 | 940800 |
| B-HNI (Min) | 8 | 9600 | 1008000 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 13.49 | 108.61 | 277.63 |
| EBITDA | 2.86 | 15.65 | 40.05 |
| PAT | 1.51 | 11.83 | 28.04 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 9.08 | 58.24 | 162.97 |
| Share Capital | 0.10 | 0.10 | 13.66 |
| Total Liabilities | 5.77 | 43.11 | 63.41 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (Used In) Operating Activities | 0.17 | -8.94 | -46.85 |
| Net Cash Generated From / (Used In) Investing Activities | 0.03 | -10.03 | -0.40 |
| Net Cash Generated From / (Used In) Financing Activities | -3.26 | 19.24 | 51.77 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -3.06 | 0.26 | 4.52 |
Strengths
1. The company provides integrated engineering, procurement, installation, commissioning and maintenance services, enabling it to undertake multiple stages of HVAC and electromechanical projects.
2. Its outstanding order book stood at approximately ₹491.12 crore as of 30 June 2026, providing visibility into contracted work, subject to project execution.
3. Revenue from operations increased from ₹108.61 crore in FY25 to ₹277.63 crore in FY26, accompanied by higher EBITDA and profit after tax.
4. Ravita operates across onshore, offshore and data centre projects, providing exposure to different engineering and infrastructure requirements.
5. The company's EPIC and O&M capabilities allow it to participate in both new infrastructure development and ongoing maintenance contracts.
Weaknesses
1. Operations remain geographically concentrated, with Maharashtra, Gujarat and India's territorial waters collectively accounting for 86.96% of FY26 revenue.
2. Operating cash flow was negative at ₹46.85 crore in FY26, indicating substantial working capital absorption despite reported profitability.
3. The company depends on securing repeat contracts and maintaining relationships with major customers, creating exposure to customer concentration.
4. Its project-based operations require significant bank guarantees, security deposits and working capital to support contract execution.
5. A change in promoter control during February 2025 introduces a relatively recent management transition within the company's operating history.
Opportunities
1. Increasing investments in data centres can support demand for precision cooling, HVAC installations, chiller systems and maintenance services.
2. Expansion of commercial and industrial infrastructure creates opportunities for integrated engineering and electromechanical project execution.
3. The proposed investment in heavy equipment may strengthen the company's ability to execute larger or more technically demanding projects.
4. Increasing adoption of energy-efficient cooling systems and automation can create opportunities for equipment upgrades, retrofits and specialised engineering services.
5. Long-term maintenance requirements across industrial facilities and data centres provide opportunities to expand O&M contracts alongside project-based revenue.
Threats
1. Intense competition in engineering and HVAC contracts can affect project pricing, tender success rates and operating margins.
2. Delays in project execution, customer approvals or payments could increase working capital requirements and affect cash flows.
3. Cost escalation in equipment, materials and skilled labour may reduce profitability where contract terms limit price adjustments.
4. Dependence on qualified engineers and technical personnel exposes the company to recruitment, retention and execution-related risks.
5. Cancellation, modification or delay of large projects could affect the order book, revenue recognition and utilisation of operational resources.
Revenue and earnings growth: Revenue increased from ₹13.49 crore in FY24 to ₹277.63 crore in FY26, while PAT rose from ₹1.51 crore to ₹28.04 crore during the same period.
Established order book: The company reported an outstanding order book of approximately ₹491.12 crore as of 30 June 2026, representing contracted work across its operating segments.
Data centre infrastructure exposure: Ravita provides cooling-system engineering and maintenance services for data centres, including HVAC equipment, chillers and associated mechanical utilities.
Integrated engineering capabilities: Its EPIC and O&M business model covers installation, commissioning and maintenance, allowing participation across different stages of infrastructure projects.
IPO proceeds for operational expansion: The proposed allocation of ₹70.00 crore towards working capital and ₹25.53 crore towards heavy equipment is intended to support project execution and operating capacity.
India's HVAC industry has expanded alongside commercial construction, industrial investment and demand for energy-efficient cooling infrastructure. The industry report incorporated in the company's prospectus estimates the Indian HVAC market at approximately ₹1,45,000 crore in FY25, compared with ₹1,01,637 crore in FY21, representing a CAGR of approximately 9.3%.
The market is projected to reach approximately ₹2,87,862 crore by FY30, implying an estimated CAGR of 14.7% between FY25 and FY30. Commercial applications accounted for approximately 42% of the market in FY25, followed by residential applications at 38% and industrial applications at 20%.
Industrial HVAC demand is increasingly associated with data centres, manufacturing facilities, specialised cooling requirements and equipment maintenance. The industry report also anticipates a growing contribution from services and operations, reflecting demand for ongoing maintenance and system efficiency.
Ravita Engineering Services operates within this ecosystem through its EPIC and O&M offerings. Its presence in data centre cooling infrastructure, combined with engineering and maintenance capabilities, provides exposure to infrastructure development and recurring service requirements. However, the company's ability to benefit from industry expansion will depend on securing contracts, maintaining execution quality and managing working capital effectively.
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FAQs
Ravita Engineering Services IPO opens on 13 October 2026 and closes on 15 October 2026.
The Ravita Engineering Services IPO comprises a fresh issue of 1,03,62,000 equity shares, aggregating to approximately ₹116.05 crore at the upper price band.
The price band of Ravita Engineering Services IPO is fixed at ₹105 to ₹112 per equity share.
To apply for the Ravita Engineering Services IPO:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Ravita Engineering Services IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification to block funds in your UPI app.
The minimum application size is 2,400 shares, equivalent to two lots of 1,200 shares each. At the floor price of ₹105 per share, the minimum investment is ₹2,52,000.
The basis of allotment for the Ravita Engineering Services IPO is expected to be finalised on 16 October 2026.
The Ravita Engineering Services IPO is tentatively scheduled to list on the NSE SME / NSE Emerge platform on 21 October 2026.
Vivro Financial Services Private Limited is the book-running lead manager for the Ravita Engineering Services IPO. MUFG Intime India Private Limited is the registrar to the issue.
The company proposes to utilise the net proceeds from the IPO for the following purposes:
- Meeting long-term working capital requirements of approximately ₹70.00 crore.
- Funding capital expenditure of approximately ₹25.53 crore towards purchasing heavy equipment.
- General corporate purposes.
- Meeting issue-related expenses.