NSE SME Ravita Engineering Services' market debut lacks lift
The counter hit a high of Rs 112.30 and a low of Rs 106.40. About 36.91 lakh shares changed hands on the NSE.
Ravita Engineering Services' IPO was subscribed 6.68 times. The IPO opened for subscription on 14 October 2026 and closed on 16 October 2026. The price band was Rs 105-112 per share.
The IPO comprised an entirely fresh issue of 1.0362 crore shares aggregating to approximately Rs 116.05 crore.
Ravita Engineering Services plans to utilise Rs 70 crore of the IPO proceeds to meet its long-term working capital requirements and Rs 25.53 crore towards capital expenditure for the purchase of heavy equipment. The balance of the net proceeds will be used for general corporate purposes, subject to the final allocation disclosed in the offer documents.
The company raised Rs 33.02 crore from anchor investors on 13 October 2026 through the allocation of 29.48 lakh shares. The promoter and promoter group shareholding declined to 53.46%.
Incorporated in December 2007, Ravita Engineering Services is an engineering solutions company engaged in engineering, procurement, installation and commissioning (EPIC) of heating, ventilation and air-conditioning (HVAC) systems, central air-conditioning solutions, air-flow systems, chiller plants, industrial compressors, cooling equipment and other electromechanical equipment on a turnkey basis. The company also provides operations and maintenance (O&M) services for projects executed by it and systems installed by third-party solution providers.
The company operates across three business segments: onshore, offshore and data centres. Its onshore operations serve commercial, hospitality, corporate and industrial establishments, while its offshore business caters to rigs, platforms and other offshore marine installations. During the last three fiscal years and the three months ended 30 June 2026, the company undertook operations at six rigs and 16 associated offshore oil and gas platforms. Its data centre business provides maintenance services for cooling systems, chiller plants, HVAC equipment and mechanical utilities. The company has also secured data centre infrastructure work orders aggregating Rs 120 crore in Maharashtra.
As of 30 June 2026, the company had 399 permanent employees, including 369 in site operations. Its business model combines project execution with recurring maintenance services, supported by an engineering workforce and experience across industrial, offshore and data centre infrastructure.
The company's revenue from operations increased to Rs 277.63 crore in FY2026 from Rs 109.30 crore in FY2025, while profit after tax (PAT) rose to Rs 28.04 crore from Rs 11.83 crore. EBITDA increased to Rs 40.05 crore from Rs 15.65 crore over the same period. Total borrowings declined to Rs 19.21 crore in FY2026 from Rs 23.11 crore in FY2025.
For the three months ended 30 June 2026, the company reported total income of Rs 97.45 crore and PAT of Rs 10.13 crore, while EBITDA stood at Rs 14.04 crore. Net worth increased to Rs 109.69 crore from Rs 99.56 crore as of 31 March 2026, while reserves and surplus rose to Rs 96.03 crore from Rs 85.90 crore. Total borrowings increased to Rs 30.88 crore from Rs 19.21 crore during the same period.